1. CBN unveils guidelines on non-interest MFBs
2. AFC issues $500 million seven-year Eurobond
3. ‘CBN’s new FX policy will take Nigeria out of recession’
4. Govt slashes import documentation from 14 to 8
5. Nigeria’s economic solution lies in science and tech – Onu
6. Nigeria ’ll boost production through tax breaks, export incentives –Enelamah
7. Uganda will borrow Nigeria’s model in oil production
8. Nigerian banks and non-performing loans
9. Abuja airport repairs to last extra four months
10. Nigeria would be hosting maritime nations
CBN Unveils Guidelines On Non-interest MFBs
Part of the 57-page guidelines posted on the central bank’s website recently stated that a NIMFB shall be required to maintain not less than five per cent of deposit liabilities in liquidity management instruments compliant with the principles underpinning this model and as approved by the CBN. According to the CBN, non-compliance with this directive shall attract a fine of one per cent of the amount not invested. Investment in such instruments by any MFB shall, however, not exceed 10 per cent of its deposit liabilities at any point in time.
AFC Issues $500 Million Seven-Year Eurobond
Africa Finance Corporation (AFC), a leading pan-African multilateral development finance institution, and project developer, has issued a $500 million seven-year Eurobond. The Eurobond, which carries a coupon of 3.875 per cent, was priced to yield four per cent and matures in April 2024. In his reaction, the President/CEO of AFC, Andrew Alli, said: “AFC has been committed for the last 10 years to investing in projects that drive sustainable growth and development in Africa. In that time, we have invested over US$4 billion in 28 African countries.
CBN’s New FX Policy Will Take Nigeria Out Of Recession’
Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Rafiu Ibrahim has said that the current monetary policies put in place by the Central Bank of Nigeria (CBN) would lead the country out of recession. Ibrahim, a Senator representing Kwara South senatorial district made the assertion during the special Easter prayers session organised by the Christian Association of Nigeria (CAN) to mark this year Easter celebration.
Govt Slashes Import Documentation From 14 To 8
Following World Bank’s low ranking in the ease of doing business in Nigeria, Federal Government yesterday reduced the export documentation from 10 to 7 while import documentation was slashed from 14 to 8. The Senior Special Adviser (SSA) to the President on Trade and Investment, Dr Jumoke Oduwole who announced this in Lagos at a two-day sensitization workshop on ease of doing business reforms, said that the directive takes immediate effect.
Nigeria’s Economic Solution Lies In Science And Tech – Onu
The Minister of Science and Technology, Dr. Ogbonnaya Onu, has asserted that the country’s economic and development problems can only be properly fixed if Nigeria, as a nation, pays adequate attention to science and technology. He wondered how the country can possibly compete with other countries that spend about four per cent of their Gross Domestic Product (GDP) on research and innovation when it (Nigeria) only spends a paltry 0.22 per cent of its GDP on same and other scientific innovations.
Nigeria ’ll Boost Production Through Tax Breaks, Export Incentives –Enelamah
The Minister of Industry, Trade and Investment, Okechukwu Enelamah, has diclosed that government will boost production through tax breaks and export incentives as part of efforts to grow the nation economy. Enelamah stated this while highlighting governments plan to boost economy in interview with Oxford Business Group (OBG) recently, saying a key trade facilitation agreement (TFA) signed by Nigeria and more than 100 other nations with the World Trade Organisation is expected to provide the country’s manufacturing industry with a major boost.
Uganda Will Borrow Nigeria’s Model In Oil Production
Uganda in addition to the discovery of oil has also discovered commercial deposit of natural gas, what is your country’s plan towards tapping these resources? Our government and President, Yoweri Museveni, have said that these resources would be committed towards infrastructure development in order to create conducive environment for investment and also for smooth running of businesses in the country.
Nigerian Banks And Non-Performing Loans
Hopes that the nation’s Deposit Money Banks (DMBs) would take advantage of the reprieve granted them by the Central Bank of Nigeria (CBN) last year to clean bad debts off their books and develop a coherent strategy to reduce their Non-performing loan (NPL) portfolios have dimmed as the banks’ NPLs have soared even higher, to more than double the limit set by the apex bank. According to the regulator’s Financial System Stability report released recently, the banking industry NPLs ratio rose from N1.678trn in June to N2.084trn in December 2016. The report stated that the ratio of bad debts to gross loans increased from 11.7 percent in June to 14 percent in December 2016. The CBN requires commercial banks to keep their bad loans below five percent.
Abuja Airport Repairs To Last Extra Four Months
A night-time rehabilitation is due to commence on the runway of the Nnamdi Azikiwe International Airport (NAIA), Abuja, later this week and will last for four months. The airport, due to reopen this Thursday after six weeks of temporary closure, will see more repairs on some parts of the 3610m long runway and other critical sections of the aerodrome between the hours of 12:00 a.m. and 5:00 a.m. daily.
Nigeria Would Be Hosting Maritime Nations
On Wednesday, April 20, Abuja will be agog with activities as over 32 African nations will converge in the Nigeria’s federal capital territory to fashion out ways to maximise the economic potentials of the continent’s large ocean. The Nigerian maritime industry is estimated to exceed $153 billion (as at March 2016), representing 30 per cent of the current Nigerian GDP. So, with the current efforts to diversify Nigeria’s revenue away from oil, maritime industry is next to receive government’s attention especially in the face of dwindling revenue from oil.