20 Oct

Daily Watch – Barclays on the investor prowl for 9mobile, BudgIT places states’ debt at ₦3.89 trillion

  • Nigeria has revised down its forecast for 2017 economic growth to 1.5 percent from 2.19 percent, according to a document seen by Reuters on Thursday. Oil production, on which Nigeria relies for about two-thirds of government revenues, was at 1.9 million barrels per day for 2017, as of July, against an estimated 2.2 million barrels per day, said the document. Titled “The 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper”, the document was
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19 Oct

Daily Watch – Oando’s SEC suspension spooks investors, TCN goes under the knife

  • The House of Representatives will investigate $2 billion of foreign loans which the state-owned national electricity grid operator may have raised without official approval. Nigeria privatised most of its power sector in 2013 but retained control of the dilapidated monopoly grid operator, the Transmission Company of Nigeria. Simon Arabo, a member of the House of Representatives, said in a motion that the TCN had borrowed $1.5 billion from the World Bank and other
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18 Oct

Daily Watch – Inflation continues downward march, EFCC scores win in Lagos oil fraud case

  • Annual inflation in Nigeria slowed for an eighth month in September, easing to 15.98 percent, the NBS said on Tuesday. The rate of annual inflation was 0.03 percent percentage points lower than the rate in August. A separate food price index showed inflation at 20.32 percent in September, up from 20.25 percent in August. “Food price pressure continued into September as all major food sub-indexes increased,” the NBS said in its report. “The rise in the index
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17 Oct

Daily Watch – Adeosun advocates for living with debt, Dangote ratchets up Pyxera tomato spat

  • Finance minister, Kemi Adeosun, has said that the country must borrow more in the short term to deliver critical infrastructural projects such as roads, rail and power. According to her, Nigeria currently has one of the lowest debt-to-GDP figures in the world and the administration has no plan to go into massive borrowing that it cannot sustain. Adeosun added that the government will soon institute luxury taxes. Addressing journalists at the annual meetings of
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16 Oct

Daily Watch – Data subscribers hit 5-month high, Electricity tariffs set to increase

  • President Buhari’s office on Friday denied that he favoured the north of Nigeria over other regions after he was criticised for asking the World Bank to focus on the region. The northeast, in particular, has been wracked by an eight-year Islamist militant insurgency that has killed more than 20,000 people and forced 2 million to flee their homes, spawning what the UN says is one of the world’s worst humanitarian crises. World Bank President Jim Yong Kim told
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13 Oct

Daily Watch – Intels and NPA on war path, Truecaller to open Nigeria office

  • Nigeria’s overnight lending rate dropped to 20 percent on Thursday on the expectation that a cash squeeze will ease after money market rates more than doubled the previous session. The CBN has kept liquidity tight to support the currency, leaving its benchmark interest rate on hold at 14 percent this year. It also aims to keep rates high to attract foreign inflows into its bond market to boost dollar liquidity. “The market is a bit tight because of FX purchases
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12 Oct

Daily Watch – Gas pipelines to connect SW states, Coronation lists on NSE

  • Oil minister Ibe Kachikwu and NNPC Group Managing Director, Maikanti Baru, met on Tuesday for the first since their disagreement broke out and agreed on one thing – a petroleum industry regulator free from the vagaries of politics. The two industry leaders met at a breakout session at the ongoing 23rd Nigerian Economic Summit and spoke on the controversial Petroleum Industry Bill. Kachikwu said it was important for the industry to have a minister who would
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11 Oct

Daily Watch – PMB asks for yet more loans, Oranto scores big in Uganda

  • The International Monetary Fund says Nigeria’s economy will grow faster than South Africa’s in 2017. This is a reverse from the fund’s earlier projection in July that South Africa’s economy will grow by 1% in 2017 while Nigeria will experience a 0.8% economic expansion. Speaking on Tuesday during the unveiling of the World Economic Outlook report at the organisation’s headquarters in Washington, Maurice Obstfeld, IMF’s chief economist, said rising
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10 Oct

Daily Watch – CBN to crackdown on FX hoarders, NNPC tackles Kachikwu

  • The NNPC has that said allegations by the junior oil minister that the conduct of its group managing director lacked transparency were baseless, as a public rift between the firm and the ministry widened. The NNPC has been dogged by allegations of mismanagement for decades.The tension between the oil ministry and NNPC came into the public eye when a letter of complaint to the president from Emmanuel Ibe Kachikwu, Nigeria’s oil minister, dated August 30 was
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09 Oct

Daily Watch – NNPC subsidiary makes a killing, Pipelines slow down Apapa roadworks

  • The NNPC says one of its subsidiaries. the Nigerian Gas Processing and Transportation Company (NGPTC) declared a profit after tax of ₦15.81 billion in 2016. In a statement by its spokesman Ndu Ughamadu, the NNPC said the profit was due to a write-back of deferred tax of ₦8.05 billion in 2015 and part of the dividends of the company’s ongoing transformation programme. The Chairman and COO of the NGPTC, Saidu Mohammed, disclosed that the profit before
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