1. Emefiele pledges to sustain FX interventions as reserves hit $31bn
2. Digital economy: Nigeria targets 3m jobs, $88bn investments
3. Nigeria’ll be out of recession by third quarter – Emefiele
4. FG signs N13bn mortgage refinancing MoU on workers’ housing
5. Transcorp reports N290m profit in Q1
6. Lagos to establish biggest rice mill in Nigeria
7. Shell reopens 225,000bpd Bonga field after maintenance
8. Nigeria’s government revenues rise in March due to higher oil royalties
9. Analysts upbeat about new FX window for exporters, investors
10. FG begins talks with illegal crude oil refiners
Emefiele Pledges To Sustain FX Interventions As Reserves Hit $31bn
Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, has revealed that the country’s foreign reserves have exceeded $31 billion, a development which he said gives the central bank the firepower to sustain its forays into the foreign exchange market.
Digital Economy: Nigeria Targets 3m Jobs, $88bn Investments
The federal government hinted yesterday that financial services within Nigeria’s digital economy will create over 3 million new jobs and add $88 billion asset to the nation’s economy over the next 10 years. This was disclosed at the meeting of ministers of developing countries under the auspices of Friends of E-commerce for Development (FED) who have resolved to put forward a policy agenda to bridge the digital divide as well as provide development solutions in the long term.
Nigeria’ll Be Out Of Recession By Third Quarter – Emefiele
The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has said that with the current efforts by the Federal Government to revive the country’s economy, the country should be out of recession by the third quarter of this year. Emefiele also said the CBN would continue with its intervention in the foreign exchange market, adding that efforts by the apex bank so far had been yielding positive results.
FG Signs N13bn Mortgage Refinancing MoU On Workers’ Housing
The federal government on Tuesday stepped up its desire to deliver decent and affordable houses for public workers by signing a Memoranda of Understanding (MoU) for N13 billion mortgage refinancing. The MoUs were signed towards approving loan that would make it possible for some civil servants to purchase houses under the government backed Federal Integrated Staff Housing (FISH) progamme.
Transcorp Reports N290m Profit In Q1
Transnational Corporation of Nigeria (Transcorp) Plc has reported a growth of 24 per cent in its profit after tax for the first quarter ended March 31, 2017. The result raised investors’ hope of reaping from their investments soon as increased earnings and result oriented earnings diversification keep yielding positive results. The company’s result for the period under review released by the Nigerian Stock Exchange (NSE) showed that the profit after tax grew by 24.09 per cent to N1.496 billion from N1.206 billion in 2016, an increase of N290million.
Lagos To Establish Biggest Rice Mill In Nigeria
The Lagos State Government on Tuesday said it had started constructing Nigeria’s biggest rice mill, which it said, has a capacity to produce at least 16 metric tonnes per hour and 10,000 metric tonnes per annum. When completed by December this year, the state government said the rice mill would significantly help the state to actualise its strategic food security plan, which he said, was designed to end hunger.
Shell Reopens 225,000bpd Bonga Field After Maintenance
Shell Nigeria Exploration and Production Company Limited (SNEPCo) has reopened the 225,000 barrel-per-day capacity Bonga deepwater oilfield after a turnaround maintenance, which ensured that statutory activities that would ensure continuous optimum operations at the field were executed.The field was shut down on March 4, 2017, for the maintenance, which involved inspections, recertification, testing and repair of equipment as well as engineering upgrades with Nigerian companies and subsea professional playing key roles.
NLNG Targets 350,000 Tonnes Production Output
Nigeria LNG Limited (NLNG), has revealed that it plans to boost production of Liquefied Petroleum Gas (LPG) from 250,000 tonnes to 350,000 to meet the current market demand The Chief Executive Officer of NLNG, Tony Attah, who made this revelation in Lagos during the launch of the company’s 2017 Facts and Figures publication, said the increase in production will also address the challenge of liquefied petroleum gas (LPG) or cooking gas supply in the country.
Nigeria’s Government Revenues Rise In March Due To Higher Oil Royalties
Nigeria’s distributable government revenues rose to 467.81 billion naira ($1.53 billion) in March from 429 billion naira in February due to higher royalties from oil production, a government statement said on Tuesday. Distributable revenue is government income that is shared at various levels of state including the federal government, state governments and local government councils.
Analysts Upbeat About New FX Window For Exporters, Investors
The special foreign exchange (FX) window for investors, exporters and end-users that was recently created by the Central Bank of Nigeria (CBN) as well as the new index – the Nigerian Autonomous Foreign Exchange Fixing (NAFEX) – is expected to engender liquidity in the market, analysts at Ecobank Nigeria have stated. They also noted that the NAFEX would engender flexibility and transparency in the pricing of naira-settled OTC FX Futures and other derivatives in the market.
FG Begins Talks With Illegal Crude Oil Refiners
The Federal Government on Monday announced that it had commenced discussions with illegal refiners of crude oil in order to have them work as duly recognised modular refinery operators. It also stated that it would ensure that militancy in the Niger Delta ended by the end of this year, adding that it would sustain its engagements with stakeholders in the region in that respect.