Nigeria’s FX Inflow Rose To $33.02bn In Second Half Of 2016
The provisional cumulative inflow of foreign exchange (FX) into the Nigerian economy rose to US$33.02 billion as of December 2016, representing a 13.3 per cent increase above the level in the first half of last year. Of this amount, inflow through autonomous sources accounted for 62.3 per cent, while inflow through the Central Bank of Nigerian (CBN) accounted for 37.7 per cent.
FG To Focus On STI To Diversify Economy
The Federal Government has pledged to put Science, Technology and Innovation (STI) on the front burner of its development agenda in a move diversify the economy. President Muhammadu Buhari, who was represented by Dr Ogbonnaya Onu, Minister of Science and Technology, made the revelation at opening of the Technology and Innovation Expo 2017, in Abuja.
U.S. Imports Of Nigerian Crude Hits 42-Month High – EIA
The latest report from the US Energy Information Administration (EIA) has revealed that the increase in the United States’ imports of Nigeria crude oil has continued, with a record import of 9.78 million barrels in January, The Punch reports. Nigeria saw significant reduction in the US imports of its crude in recent years, starting from 2012, following the shale oil production boom. The US import of Nigerian crude fell to 6.17 million in June 2013 from 10.115 million barrels in May and about 40 million barrels in March 2007.
FG Recorded N3.21tn Fiscal Deficit In 2016 – CBN
The Federal Government recorded a fiscal deficit of N3.21tn in its operations last year, figures obtained from the Central Bank of Nigeria revealed. The figures are contained in the Financial Stability Report prepared the apex and released in Abuja on Wednesday.
Moody: Nigeria ‘ll ‘Easily’ Get $3.5b Foreign Loan
Nigeria will easily achieve its target of $3.5 billion foreign borrowing this year as improved oil output helps the economy to recover from last year’s contraction, the first since 1991, Moody’s Investors Service has said. Its Vice President and Senior Analytical Adviser for Africa, Aurelien Mali, said: “The international financial institutions are ready to support Nigeria. As long as its project-based lending, the funding will be available from lenders such as the African Development Bank (AfDB), and the budget support from the World Bank will come on top of that.”
Nigeria Controls 40% Of Trade In ECOWAS
The Economic Commission of West African States, ECOWAS, yesterday, said that Nigeria was a major beneficiary of ECOWAS Trade Liberisation Scheme, ETLS, stressing that it controllied more than 40 percent of trade in the region. The Customs Director, ECOWAS Commission, Aissata Koffi, made this known at a workshop on the ETLS organized by Deloitte in collaboration with the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA.
Nigeria Needs $139/pbl Oil Price For Balanced Budget – Fitch
International agency Fitch Ratings yesterday said that Nigeria needs crude oil price of $139 per barrel to achieve balanced budget in 2017, adding this makes the country worst in oil break-even point among 14 top oil exporters. Fitch disclosed this in a report on 14 major oil exporting nations in the Middle East, Africa and emerging Europe Meanwhile, the price of crude oil yesterday rose to a one-month high yesterday rising more than 1 percent, on track for a fourth straight day of gains, with Brent crude futures gaining at 61 cents at $54.97 per barrel.
Yet-to-be Fulfilled Election Promises Stoking Tension In Nigeria, IMF Warns
The International Monetary Fund (IMF) has cautioned that the perception of policy ineffectiveness and yet-to-be fulfilled election promises are stoking social tensions in Nigeria. This according to the fund could complicate policy implementation. The IMF also pointed out that the challenging economic conditions are diminishing support for “an administration praised by many for its anti-corruption efforts, but accused of not having delivered on the economy, notably for the most vulnerable”.
FG Releases New Standards For Imported Petroleum Products
In line with the campaign on reduction of sulphur content of fuels imported into Nigeria and other West African countries from Europe, Standards Organisation of Nigeria, SON, has released new approved Nigerian Industrial Standards for petroleum products. SON, in a letter to Africa Network for Environment and Economic Justice, ANEEJ, endorsed by Head of Department, Product Certification Directorate, Mr. Tersoo Orngudwem, on behalf of the Director-General and Chief Executive Officer, said: “The approved reduction in the sulphur content of imported petroleum products is in line with standards accepted worldwide.
Government Seeks Improved Ties With Israel On Industrialisation, Trade
In a bid to boost the volume of trade between Nigeria and Israel, the Bank of Industry (BoI), and the Israeli Government, have entered into a partnership to explore opportunities in the agro-processing industry as well as encourage investors interested in the value-chain sector. The Acting Managing Director of BoI, Waheed Olagunju, during a courtesy visit by Israeli Ambassador to the Bank, said the partnership is apt and comes at a time when Nigeria is trying to improve and increase its agro processing capacity.