Top News Update 01/08/2017
1. CBN injects fresh $195 into forex market
2. FG adopts automated system for 2018 budget preparation
3. FG to acquire more land for Lagos-Ibadan rail
4. Nigeria lost over $300bn oil, gas investments in 3 years –Kachikwu
5. Oil prices hit 2-month high at $53
6. NSE ASI down 2.77% on sell-offs
7. Abuja airport second runway’ll be ready before 2019 – FG
8. Oando Declares N4.6bn PAT In H1 2017
9. FG urged to invest more in technology
10. MAN urges FG to address obstacles hindering manufacturers
CBN Injects Fresh $195 Into Forex Market
The Central Bank of Nigeria (CBN) ended July with another $195 million injection into various segments of the foreign exchange market as part of its strategies to stabilize exchange rate. A breakdown of yesterday’s disbursement shows that $100 million was channeled into wholesale auction at the inter-bank market as the Small and Medium Enterprises (SMEs) and invisible segments, got $50 million and $45 million, respectively. Confirming the figures, the CBN Acting Director, Corporate Communications, Isaac Okorafor, said the bank’s intervention was in line with its commitment to sustain liquidity in the market to meet genuine requests as well as deepen flexibility in the foreign exchange market.
FG Adopts Automated System For 2018 Budget Preparation
For the first time since it was acquired over five years ago, the Federal Government will be using the Government Integrated Financial Management Information System for the preparation of the 2018 budget. The Director-General, Budget Office of the Federation, Mr. Ben Akabueze, confirmed this on Monday in Abuja at a workshop for budget officers in government Ministries, Departments and Agencies.
FG To Acquire More Land For Lagos-Ibadan Rail
The Federal Government plans to acquire more land outside the railway right of way for the construction of the new Lagos-Ibadan rail line. This is coming about five months after construction work was expected to have started on the $1.5bn (N458bn) rail project. But the Managing Director, Nigerian Railway Corporation, Mr. Fidet Okheria, who spoke on the fresh land acquisition on Monday in a telephone interview with our correspondent, stated that construction proper would begin soon after the Senate approved the $1.5bn loan package for the project.
Nigeria Lost Over $300bn Oil, Gas Investments In 3 years –Kachikwu
The Minister of State for Petroleum Resources, Mr.Ibe Kachikwu, yesterday, lamented that Nigeria lost over $300 billion worth of oil and gas investments in three years. The Minister stated this in his welcome address at the opening ceremony of the Nigeria Annual International Conference and Exhibition organised by the Society of Petroleum Engineers (SPE), Nigeria Council in Lagos. Kachikwu explained that investors were moving their investment elsewhere as a result of the infrastructural deficit in the oil and gas industry to where the climate is more conducive for their businesses.
Oil Prices Hit 2-month High At $53
Oil prices hit a two-month high on Monday following the tightening of US crude market and the threat of sanctions against OPEC-member, Venezuela. Brent crude futures traded at $52.90 per barrel, its highest since May 25, while West Texas Intermediate (WTI) rose by 16 cents to trade at $49.87 per barrel. Oil prices have risen by 10 percent since the last meeting of members of the Organisation of the Petroleum Exporting Countries (OPEC) and other major producers, including Russia, where they discussed potential measures to further tighten oil markets.
NSE ASI Down 2.77% On Sell-offs
Equities on the domestic bourse ended the last trading day of July with an over-hang of Friday’s decline as the NSE All Share Index (ASI), the key benchmark index dropping 2.77 per cent to settle at 35,844 basis points. This was so because market capitalisation dropped by N352 billion to N12.354 trillion as heavy profit taking particularly from the industrial and banking sectors contributed to the market’s downturn as well as investors’ reaction to latest earnings from FBN Holdings.
Abuja Airport Second Runway’ll Be Ready Before 2019 – FG
The second runway for the Nnamdi Azikiwe International Airport, Abuja, will be ready before the end of the current administration in 2019, the Federal Government has said. It said the construction of a second runway at the airport was on course, as preliminary consultations were ongoing. Operators in the aviation sector, as well as other stakeholders, have called on the government to construct a second runway at the NAIA, especially after the airport was closed for several weeks earlier this year.
Oando Declares N4.6bn PAT In H1 2017
Oando Plc said it has achieved a profit- after- tax of N4.6 billion in its half year result for the period ended June 30, 2017. The company in its result released on the Nigerian Stock Exchange (NSE), showed that the profit- after-tax went up by 117 per cent to N4.6 billion from a loss- after- tax of N26.9 billion in H1, 2016. Reviewing the company’s result further showed that turnover increased by 26 per cent to N267.1 billion from N212.3 billion, gross profit increased by 76 per cent to N33.4 billion from N19 billion and net finance costs more than halved to N16.4 billion from N35.3 billion.
FG Urged To Invest More In Technology
The Marketing Director B2C, Canon Central and North Africa (CCNA), Somesh Adukia, has called on the Federal Government to invest more in technology development, which is a catalyst for national development. He made the call during the official launch of its service partner platform in Lagos. Adukia said Nigeria is a country with limitless opportunities but the growth of technology has been slow, stressing that Canon wants to expand its market reach and make business more efficient to provide better service to the public at a lower cost.
MAN Urges FG To Address Obstacles Hindering Manufacturers
The Manufacturers Association of Nigeria (MAN) has appealed to the Federal Government to intensify efforts in addressing obstacles confronting manufacturers in the country. The Chairman of MAN, Ogun branch, Mr. Wale Adegbite, said there is urgent need to strengthen the real sector by removing all bottlenecks restraining its growth and competitiveness. Adegbite, who stated this at the 32nd Annual General Meeting (AGM) of MAN in Ota, Ogun State, at the weekend, identified some of the impediments that mar economic activities in the sector to include multiple taxation, lack of dollars for manufacturers, relatively high interest rate charged by banks, epileptic power supply, non-availability of local input and bad roads.