24 Nov

Daily Watch – NASS kills early budget passage, Power ministry to spend ₦355m on ‘short term studies’

  • A new NBS report shows that the revenue generated from value-added tax in Q3 2017 was ₦250.56 billion, higher than the ₦246 billion generated in Q2 and ₦197 billion in Q3 2016. At ₦28.98 billion, manufacturing generated the highest VAT followed by professional services and oil production, both generating ₦22.73 billion and ₦12.09 billion respectively. The three sectors at the bottom of the generating chain are mining, local government councils and
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23 Nov

Daily Watch – US & Nigeria ink investment dialogue MoU, Ekiti reads riot act to micro-finance banks

  • Facebook will open a “community hub space” in Nigeria next year to encourage software developers and technology entrepreneurs and become the latest technology giant to pursue a training programme in fast-growing Africa. The tech giant said the centre would host an “incubator programme” to help develop technology start-ups, while it will also train 50,000 Nigerians in digital skills. Facebook did not provide details of the period over which its planned
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22 Nov

Daily Watch – FG prices biggest ever Eurobond, Mining revenue goes up

  • The CBN held its benchmark interest rate at 14 percent on Tuesday and said the recovery of Africa’s biggest economy from its first recession in a generation remained fragile. Governor Godwin Emefiele said eight committee members had voted to hold the main rate, while one voted for a cut. All other policy parameters were kept unchanged. “Inflation, in particular, requires very close monitoring to gain clarity on the medium-term optimum path of monetary policy,”
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21 Nov

Daily Watch – GDP continues rise, Regulators raise ‘serious concerns’ with Barclays over 9mobile

  • Nigeria’s economy grew 1.4 percent year-on-year in Q3, the statistics office said on Monday, extending its slow climb out of its first recession in a generation. Africa’s largest economy returned to growth in the second quarter of 2017 but the recovery has been fragile due to the continuation of depressed oil revenues and a shortage of hard currency. The NBS said oil production stood at 2.03 million barrels per day in the third quarter. Agriculture grew by
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20 Nov

Daily Watch – India ditches Nigerian oil for Iran’s, PenCom reins in pension withdrawals

  • Iran has displaced Nigeria as India’s third largest supplier of crude oil after the world’s third-largest oil importer shifted its focus to the Middle East and the United States for supply. In August, India’s Hindustan Petroleum Corporation said it would take its first crude oil import from the US, dumping Nigeria’s sweet crude for US oil. Rising production output from the US makes West Texas Intermediate cheaper than Brent crude whose price was boosted
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17 Nov

Daily Watch – Court amends ‘impractical’ BVN order, Abia gets $25m World Bank money

  • The interim forfeiture order placed on bank accounts without bank verification numbers has been revoked after the Federal High Court in Abuja modified the order given on 17 October. The FG had obtained a court order directing 19 banks to freeze accounts without BVN and ultimately forfeit the funds in such accounts. Justice Nnamdi Dimgba said some parts of the initial order has been posing some “practical problems,” hence the modification. He was quoted as
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16 Nov

Daily Watch – Abuja runway inserted in #Budget2018, Dangote sells noodle plants to Indomie

  • Annual inflation in Nigeria slowed for the ninth month in a row in October, easing to 15.91 percent, the NBS said on Wednesday in a report. A separate food price index showed inflation at 20.31 percent in October, compared with 20.32 percent in September. “The rise in the food index, in October 2017 was caused by increases in prices of bread and cereals, meats, oils and fats, coffee tea and cocoa, milk cheese and eggs vegetables and fish,” the statistics
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15 Nov

Daily Watch – Foreign airlines have $221 million trapped in Nigeria, FG inks Mambilla hydro deal

  • Nigeria will move ahead with plans to borrow $5.5 billion from foreign investors after the Senate on Tuesday approved President Muhammadu Buhari request for the move. The money is designed to plug a large gap in Nigeria’s finances that stems in part from the global fall in oil prices. The ₦7.44 trillion ($24.33 billion) 2017 budget projects a shortfall of $7.5 billion, prompting Buhari’s call for foreign loans. The borrowing would include $2.5 billion in
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14 Nov

Daily Watch – CBN may lower MPC in 2018, Construction firms decry WHT uncertainty

  • Oil producers are expected to unanimously extend a production cut accord later this month but its duration is being discussed, the UAE energy minister said on Monday. “I think this group of committed and responsible producers came together… and I think they will continue to do what it takes to take us to the next level,” United Arab Emirates Energy Minister Suheil al-Mazrouei told an international oil conference in Abu Dhabi. He said 158 million barrels
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13 Nov

Daily Watch – Ogun to host transit terminal to clear Lagos port, Gas flaring bonanza ramps up

  • Transportation minister, Rotimi Amaechi said cargoes from Lagos’ ports would be taken to Papalanto, a transit terminal in neighbouring Ogun State, through a narrow-gauge rail line after their clearance in order to ease a worsening congestion problem on the Apapa/Wharf access road as a result of ongoing rehabilitation work. Amaechi, who made the announcement during the World Maritime Day celebrations in Abuja, said the FG had reserved a transit terminal
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