Top News Update 27/06/2017
1. Nigeria’ll meet 6.1m tonnes rice demand this year –CBN
2. SEC Gives Subscribers Deadline To Consolidate Accounts
3. Nigeria lost 25 million barrels of crude in March
4. MSMEs can kick-start ailing economy, say Emefiele, Okowa
5. Lagos to prioritise power, environment, transportation, says Ambode
6. Nigeria, Mexico Trade Volume Hits $600m
Nigeria’ll Meet 6.1m Tonnes Rice Demand This Year –CBN
The Central Bank of Nigeria (CBN) has assured that Nigeria would meet its 6.1 million tonnes rice demand by the end of this year’s harvest season. Acting Director, Corporate Communications of the bank, Mr. Isaac Okoroafor, who disclosed this in Awka during a three-day sensitisation workshop for the people of Anambra State, said already the national rice output has risen to about 5 million tonnes. He said the feat was made possible by the apex bank’s intervention through the Anchor Borrowers programme, which, according to him, added 2.1 million tonnes of rice to the national output in the first year.
SEC Gives Subscribers Deadline To Consolidate Accounts
The Securities and Exchange Commission (SEC), has called on investors who participated in multiple subscription in public offer exercise to consolidate their account before September 1, 2017. Multiple subscriptions to public offers occurred during the market boom when investors joggled their names in different forms to enable them purchase more than the permitted units of shares in public offers. The Commission being aware of the negative effect of this act to the market, constituted a market wide committee with the aim of proposing the manner by which securities as well as dividends accruing to such persons via multiple applications should be treated.
Nigeria Lost 25 Million Barrels Of Crude In March
About 25 million barrels of crude oil were shut-in at four production terminals within one month as a result of various challenges at the terminals. Specifically, the Forcados, Qua Iboe, Bonny and Bonga oil production terminals shut-in millions of crude in March 2017 due to challenges like force majeure, poor pipeline integrity, leaks or turn around maintenance. Officials of the Nigerian National Petroleum Corporation told our correspondent in Abuja on Monday that the challenges were the key inhibiting factors that dragged crude oil production performance in March and other months.
MSMEs Can Kick-Start Ailing Economy, Say Emefiele, Okowa
The role of the Micro, Small and Medium Enterprises (MSMEs), in kick-starting the nation’s ailing economy, and reducing its over-dependence on oil was the major theme of a paper by the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, during the weekend at Agbor, Delta State. Emefiele, who spoke at a one-day Ika Economic and Investment Summit, argued that apart from being reliable pedestal for inclusive growth, job creation and poverty reduction, MSMEs are also a means of harnessing previously redundant and untapped human and material resources.
Lagos To Prioritise Power, Environment, Transportation, Says Ambode
Lagos State Governor, Akinwunmi Ambode has said that his administration would prioritise the power, environment and transportation sectors in the next two years to drive all round development of the state. He said the sectors were crucial to driving other social infrastructure, which it plans to address head on. His words: “The last two years, we have tried to create a foundation of a vision that drives Lagos in the next 50 years. There is nothing we can do in the next two years that is ever going to be enough.
Nigeria, Mexico Trade Volume Hits $600m
The trade volume between Nigeria and Mexico has grown by 360 per cent from 166.5 million dollars in 2012 to 600 million dollars in 2016. The Mexican Embassy, Deputy Head of Mission, Rodrigo Tenorio, made this known in an interview with newsmen in Abuja on Monday. He spoke on the sideline of a roundtable for working business discussion on trade mission to Mexico organised by the Nigerian-Mexican Chamber of Commerce and Industry (NMCCI) and Mexican Embassy.