1. FG Begins Review of 2017 Budget
2. Nigeria emerges fifth largest insurance market in Africa
3. Capital inflow settles at $908 million, loses $640 million investments
4. FG Concessions Rail Lines to GE, Multinational to Invest over $2.2bn
5. Nigerian Oil Production To Reach 2.2 Million Bpd By June
6. High bond yields thrill grassroots investors
7. Nigerian govt to set up committee to review National Minimum Wage
8. Nigeria may face pressure as OPEC meets today
9. 39th CBN Senior Tennis Begins in Lagos
10. Musa, Mikel, Iheanacho, Shehu Hit Super Eagles Training Camp In Corsica
FG Begins Review Of 2017 Budget
Two weeks after the National Assembly transmitted the 2017 budget to the executive, the federal government on Wednesday said it has commenced the review and assessment of the budget passed by the legislature. Making this disclosure while briefing journalists at the end of the weekly Federal Executive Council (FEC) meeting in the Presidential Villa, Abuja, the Minister of Budget and National Planning, Senator Udoma Udo Udoma, said ministers were currently reviewing and analysing the budget.
Nigeria Emerges Fifth Largest Insurance Market In Africa
Nigeria has emerged one of the top five insurance markets in Africa, ranking fifth with overall market share of 85 percent of premiums in the continent. General-Secretary of the African Insurance Organization, AIO, Ms Prisca Soares at a press conference after the launching of the second Africa Insurance Barometer at the on-going 44th AIO Conference and General Assembly in Kampala, Uganda said that insurance market in the continent was still dominated by South Africa.
Capital Inflow Settles At $908 Million, Loses $640 Million Investments
Nigeria’s capital importation in the first quarter of 2017 lost about $640 million to settle at $908.3 million, which is 41.4 per cent decline from $1.55 billion recorded in the fourth quarter of 2016. The fall in Foreign Direct Investment (FDI) and Other Investment components of capital importation report came after four and three consecutive quarters of increase respectively.
FG Concessions Rail Lines To GE, Multinational To Invest Over $2.2bn
The federal government, on Wednesday, handed over the letter of award appointing General Electric (GE) as the concessionaire for two narrow gauge rail lines in the country, after the company’s emergence as the preferred bidder for concessions. The concession will see the U.S. multinational invest in excess of $2.2 billion in the two major narrow gauge rail lines that traverse several sections of the country.
Nigeria’s Oil Production To Reach 2.2 Million Bpd By June
The CEO of Nigerian oil company Oando says the worst of the west African country’s output disruptions are over as the twice-attacked Forcados pipeline returns to full capacity by the end of June. National production will touch 2.2 million barrels per day by June as well, Pade Durotoye told reporters at the Africa Independents Forum in London on Wednesday.
High Bond Yields Thrill Grassroots Investors
For investors – both local and foreign – return on investment remains an attraction any day. Hence, when the Federal Government of Nigeria (FGN) Savings Bond for this month’s offer attracted 13.189 per cent coupon, it was seen as unbeatable. It has remained so, especially for commercial banks which hardly offer anything above single digit interest on deposits. The bonds allow the quarterly remittance of interest income directly into bond holder’s account. The interest paid on the customers’ deposit accounts is monthly and below six per cent per annum.
Nigerian Govt To Set Up Committee To Review National Minimum Wage
The Federal Government has said it will set up a 29-member committee to review the national minimum wage for civil servants. This was revealed by the Minister of Labour and Productivity, Chris Ngige, on Wednesday while addressing State House correspondents after a meeting of the Federal Executive Council,FEC. Mr. Ngige said the committee was set up as part of the effort to come to terms with the agitation for better pay by Nigerian workers.
Nigeria May Face Pressure As OPEC Meets Today
As the Organisation of Petroleum Exporting Countries looks set for an extension of the deal reached last year to reduce oil production, Nigeria may face pressure to cut output as supply glut remains in the market, industry experts have said. OPEC members and non-OPEC producers including Russia agreed in December to cut output by 1.8 million barrels per day for six months from January 1, 2017.
39th CBN Senior Tennis Begins In Lagos
Over 300 Tennis players drawn across the country are featuring at the 39th Edition of the Annual Central Bank of Nigeria Senior Tennis Tournament that serves off in Lagos today at the Tennis Courts of the National Stadium, Surulere, Lagos. The Acting Director, Corporate Communications department of the Central Bank of Nigeria (CBN), Mr. Isaac Okorafor, while disclosing this said sum of N11,248,000.00 has since been set aside as prize money for winners in both men and women categories as well as the wheelchair division.
Musa, Mikel, Iheanacho, Shehu Hit Super Eagles Training Camp In Corsica
Six invitees are still being expected to join the Super Eagles at their training camp in Corsica, less than 48 hours before they step out onto the Stade Francois Coty pitch in Ajaccio for a friendly against the Island Nation. Leicester City striker Ahmed Musa, Manchester City’s Kelechi Iheanacho, Porto’s Mikel Agu and Cypriot-based Abdullahi Shehu were sighted at the Best Western Hotel, Ajaccio Amiraute camp of the national team on Wednesday evening. The squad will have only one training session on Thursday before the clash against Corsica.