14 Dec

Daily Watch – Exports hit ₦3.57b in Q3, Jibowu & Costain bridges to make way for new rail line

  • The NBS says Nigeria’s total exports in Q3 2017 reached ₦3.57 billion, a 13.19 percent increase over the amount recorded in Q2. In its ‘Foreign Trade Statistics for the Third Quarter 2017’, the statistics agency said the value of Q3 exports were 35 percent higher than the amount recorded in the same period in 2016. The export of raw materials increased by 16.88 percent compared to Q3 2016 while solid minerals exports grew by 85.3 percent in Q3
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13 Dec

Daily Watch – PENGASSAN meets govt today , NUATE pickets Kenya Airways

  • A major Nigerian oil union that has threatened to launch a nationwide strike next week will meet government officials today to discuss their labour dispute, the union’s general secretary. PENGASSAN, whose members mainly work in the upstream oil industry, would hold talks with the Labour Ministry without one of the firms at the centre of the row being present, Lumumba Okugbawa, general secretary of the union, said in a statement. The strike, planned from 18
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12 Dec

Daily Watch – Lagos unveils trillion naira budget, APC in frenzy over possible cabinet reshuffle

  • CBN Governor Godwin Emefiele says the cash reserve ratio of banks who lend a certain portion of funds to SMEs may be reduced. Speaking at the ninth Banker’s Committee retreat in Lagos on Sunday, Emefiele said the interest rate will not be more than five percent and the fund’s tenor should be at a minimum of seven years so that those who access the fund would have ample time to repay. The CRR is used to determine the minimum deposit commercial banks must
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11 Dec

Daily Watch – Mass tender trails NNPC insurance renewal, 7up mulls mega decision

  • The NNPC says 577 firms have indicated interest to secure the insurance renewal contract for its oil and non-oil assets. Spokesman Ndu Ughamadu, said the bidding was part of its efforts to ensure transparency. Group General Manager (Risk Management and Insurance), Modupe Bameke said the bidding was also a BPP requirement and the public opening bids measure is aimed at providing a level playing field for all bidding companies. About 245 brokers tendered for oil
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08 Dec

Daily Watch – 61 percent of flights delayed in Q3, Kellogg makes ₦6bn bet on Nigeria

  • PENGASSAN has threatened to stage a countrywide strike from 18 December over a “mass sacking of workers”. The union said that it disputed the treatment of its workers by domestic oil and gas companies and marginal field operators. There had been “an apparent failure of relevant authorities of government to call to order these recalcitrant organisations,” it said. “I have directed that they should be engaged quickly to resolve what the issues are as
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07 Dec

Daily Watch – Dangote-BUA cement spat reaches PMB’s desk, FPI rises to highest mark since 2014

  • The SEC plans to go ahead with a forensic audit of oil company Oando, it said in a statement late on Tuesday, despite the suspension of the commission’s director. The finance minister suspended SEC Director General Mounir Gwarzo last week over allegations of financial impropriety, a month after Gwarzo started an investigation into Oando’s shareholding structure and froze trading in its shares. Lawmakers on Tuesday opened an investigation into Gwarzo’s suspension,
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06 Dec

Daily Watch – Senate tweaks oil benchmark, Dangote Cement goes cheaper for Jumia debut

  • The Senate has increased the crude oil benchmark from $45 per barrel as presented by President Muhammadu Buhari to $47 for the 2018 budget. The upper house approved the increased benchmark after it considered a report by its joint committees on finance, appropriation and national planning and economic affairs. The lawmakers also reduced the budget’s non-oil projection to N5.279 trillion from N5.597 trillion while maintaining the ₦305/$ exchange rate as
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05 Dec

Daily Watch – Car sales plunge 50 percent in 2017, Naira rates headed for convergence

  • The CBN on Monday weakened the naira marginally, selling dollars at ₦307 each for the first time on the official interbank market, in what traders say could signal a gradual move to merge its multiple exchange rates. There is at least five exchange rate including the official one which the regulator used to mask pressure on the currency. In April it allowed foreign investors to trade the naira at a market determined rate, which has weakened the currency to
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04 Dec

Daily Watch – Nigeria exempted from OPEC cut extension, Olisa mounts Interswitch saddle

  • OPEC has agreed to extend oil production cuts to the end of 2018. This decision was made on Thursday at the 173rd OPEC conference which held in Vienna. “I am pleased to announce that the decision has been unanimous. It’s a solid decision… which is to roll over and extend the deal through the end of December 2018,” said Khaled al-Falih, Saudi Arabia’s energy minister. It was also agreed that Nigeria and Libya should still be exempted from production
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30 Nov

Daily Watch – FG turns backs out of Chinese satellites loan, Oil revenue exceeds 2017 projections

  • The NNPC says oil revenue has exceeded 2017 projections by 18 percent despite a shortfall of nine percent recorded between January and June. Bala Wunti, group general manager corporate planning and strategy, told the House of Representatives Joint Committee on the 2018-2020 MTEF-FSP that while data available in the 2018-2020 MTEF show that ₦2,12 trillion was projected as the total 2017 oil revenue, ₦1.06 trillion was projected for H1 2017 and actual revenue
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