Economy Titbit – December 5, 2017


No plan to hike fuel price, says NNPC — For the umpteenth time, the Nigerian National Petroleum Corporation (NNPC) yesterday dispelled rumours that it was tinkering with the idea of hiking the prices of petroleum products, especially petrol, ahead of the yuletide season. In a statement released in Abuja Monday, the national oil company said the prices of petroleum products both at the ex-depot level and pump price remain intact, even as it warned motorists and other consumers against panic buying. Credit: Daily Sun Read More

Reps seek ‘surgical operation’ on 2018 budget estimate – Alleging that the 2018 Appropriation Bill lacked the financial muscle sufficient to consolidate the nation’s growth, members of the House of Representatives have advocated a critical ‘surgical operation’ on the document. Members took the position while baring their minds on the third day of debate on the general principles of the budget on the floor of the House. Credit: Guardian Read More

Fuel queues return to Lagos amid supply hiccups – After more than a year of relief from fuel scarcity in the country, filling stations in some parts of Lagos experienced queues on Monday, while some refused to sell Premium Motor Spirit, popularly known as petrol, to motorists. Credit: Punch Read More

Customs surpasses 2017 revenue target by N10bn — The Nigeria Customs Service (NCS), yesterday, disclosed that it has surpassed its 2017 revenue target of N1.2 trillion by N10 billion as at December 1. Spokesman of Customs, Joseph Attah, who disclosed this to Daily Sun on phone said the feat was achieved by hardwork, dedication and determination of officers of the service. Daily Sun findings reveal that this will be the first time in the last four to five years that the Service will meet it revenue target, let alone surpassing it. Credit: Daily Sun Read More

Ondo May Join League of Fuel Scarcity Prone States – Over the weekend several petrol stations in Akure the capital city of Ondo state have had their gates shut to customers. In recent days, there have been rumours about fuel scarcity in the city, prompting commercial motorcycle riders popularly known as Okada riders to jack up fares. A cursory look as you journey around the city indicates several filling stations with their mini barriers drawn together, calling attention to the fact that they are not selling or are out of stock. Credit: Business Ondo State Read More

PwC builds first data academy, plans labour export – Pricewaterhouse Coopers says its data academy, the first in Nigeria, will help the country begin the export of labour by equipping people with enough skills in data analytics. The company said on Monday that the first academic session at the academy would commence on January 28, 2018 and would run throughout the year. Credit: Punch Read More

Nigeria Loses N15bn Annually To Substandard Products – About N15 billion is said to be annually lost to fake and substandard products in Nigeria, LEADERSHIP findings have revealed. Fake and substandard products that span all classes and categories of items from drugs, electrical, electronic household appliances and equipment, building materials, tyres and tubes, automobiles, machine spare parts, food and machines to mention a few their continue to find their ways into the market. Credit: Leadership Read More

Govt plans laboratory to reduce agric exports’ rejection – The Federal Government is planning to set up a world-class laboratory that will have the capacity to test for Aflatoxins contamination, moisture content and some microbiology parameters necessary for agricultural produce to be exported out of the country. Credit: Punch Read More

PFAs investment in infrastructure increases to N5.38 – The total pension funds invested by the Pension Fund Administrators (PFAs) in infrastructure have risen to N5.38bn. Figures obtained from the National Pension Commission (PenCom) revealed that the total assets under the management of the Contributory Pension Scheme (CPS) rose to N7.09tn at the end of August 2017. Credit: StocksWatch Read More

FG to begin implementation of 2017 revised import, export guidelines next month – The Federal Government said it will commence the implementation of the 2017 Revised Import and Export Guidelines in January 2018, in efforts to enhance the ease of doing business in the Nigerian economy. When this takes effect, it becomes mandatory for both import and export goods to be palletinised in containers as done globally. Credit: Guardian Read More

‘Local patronage of goods will stimulate growth, create jobs’ – The Minister of State, Industry, Trade & Investment, Mrs. Aisha Abubakar, yesterday said patronising made-in-Nigeria goods and services will stimulate economic growth and crate jobs for the youths. The minister who spoke in Lagos at the flag-off of ‘campaign for patronage of made-in-Nigeria products and services’ said the inward looking initiative of the current administration is expected to boost the nation’s economy by reviving the local industries to produce goods of international standards. Credit: The Nation Read More

BoI plans increased lending to food sector for enhanced production – The Bank of Industry (BoI) has concluded plans to increase lending to stakeholders in the food industry, as part of measures to boost food production in the country and help the Federal Government achieve the 3.5 per cent Gross Domestic Product (GDP) target in 2018. Credit: Guradian Read More

Sterling Bank, others flag off e-ticketing in BRT buses – Sterling Bank Plc in collaboration with Primero, LAMATA and E-Purse Systems Limited has begun implementation of e-ticketing system for Bus Rapid Transport (BRT) in Lagos. This, according to a statement from the lender, followed the recent launch of the scheme by the Lagos State Governor, Akinwunmi Ambode. Credit: The Nation Read More

Transform economic adversity into opportunities, Emefiele tasks graduates – The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, has challenged graduating students of the University of Nigeria, Nsukka, (UNN), to explore and take advantage of the present challenges confronting the country to become job creators in the economy. Credit: Guardian Read More

CBN spends over N3trn in 8 years bailing out banks — In about eight years of its effort to sanitise the nation’s banking industry, the Central Bank of Nigeria (CBN) has committed over N3 trillion to bail out distressed banks in the country just as the sinking fund established to absorb cost of banking crises in the country has welled up to N931 billion from inception, Daily Sun investigation has shown. Credit: Daily Sun Read More

Google launches app to reduce mobile data usage – Google has launched Datally, a smart and simple Android app that helps smartphone users understand, control and save mobile data. Datally works on all smartphones running Android 5.0 (Lollipop) and higher, and is available for download on Google Play Store globally. Datally was developed to help solve one of the biggest concerns of smartphone users around the world, and especially in Nigeria – worries about data usage. Credit: The Nation Read More


FG threatens exporters over delay in remitting export proceeds – The Federal Government has said it will henceforth sanction Deposit Money Banks, exporters and other stakeholders involved in the delay of repatriation of export proceeds. This is contained in new import-export guidelines unveiled by the Federal Government, a copy of which was obtained by Stockswatch. Credit: Stockswatch Read More

Billionaires make money in Nigeria, evade tax but pay abroad –Adeosun, finance minister – The Minister of Finance, Mrs Kemi Adeosun, has once again read the riot act to tax evaders in the country. According to her, the Federal Government would come hard on the tax dodgers from next April when the grace period for voluntarily assets and income declaration would have been over. In this interview, she explained that it would no longer be business as usual, and reminded everyone that tax evasion is a criminal offence, punishable under the relevant laws. Credit: Daily Sun Read More

9mobile: Barclays has not resigned as financial advisor — The management of 9mobile has stated that Barclays Bank has not withdrawn as financial advisor of the 9mobile investment process. According to a statement released on its website, the company said the bank is committed to a speedy conclusion of the process. Credit: Daily Sun


Rates parity likely as N307 exchanges for dollar – The Central Bank of Nigeria (CBN) has weakened the naira marginally, selling the dollar at N307 for the first time on the official interbank market. To traders, this could signal a gradual move to merge the CBN’s multiple exchange rates. Nigeria’s convoluted exchange rate system has been used to manage what the CBN described as “frivolous” demand for dollars at the peak of a currency crisis which began two years ago. Credit: The Nation Read More

Stock Exchange’s market capitalisation appreciates marginally by N11 billion – For the first trading day in December, equity transactions re-opened in an upbeat yesterday, following price gains recorded by major highly capitalised stocks, as market capitalisation inched up marginally by N11billion. Credit: Guardian Read More


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