1. Senate Scraps NNPC, others in New Petroleum Industry Governance Bill
2. Islamic finance assets leap to $2trn
3. BoI to create 5m jobs by 2019
4. Nigeria records $908m capital inflow in Q1
5. Lagos to explore tourism through biodiversity
6. Ambode unveils plans for land administration automation
7. Nigeria to maintain crude output as OPEC extends production cut
Senate Scraps NNPC, Others In New Petroleum Industry Governance Bill
The ding-dong over a legal regime that would reform and make the petroleum industry more transparent and efficient began a homeward stretch Thursday as the Senate passed the Petroleum Industry Governance Bill (PIGB).
The bill, when concurred to by the House of Representatives and assented to by the president, would institute a new governance structure in the management of the nation’s oil industry assets and its manager, the Nigerian National Petroleum Company (NNPC).
Islamic Finance Assets Leap To $2trn
Fresh facts have emerged that Islamic finance industry grew at 10 – 20 per cent annually while “Shariah compliant financial” assets are estimated at $2 trillion, covering bank and non-bank financial institutions. Alhaji Sani Aminu Dutsinma, Managing Director/CEO, Islamic Banking and Finance Institute of Nigeria, made this disclosure yesterday in Abuja during a sensitisation workshop for journalists on the “Fundamentals of Islamic Economics, Banking and Finance” organised by Islamic Banking and Finance Institute Nigeria in collaboration with the Nigeria Union of Journalists (NUJ). According to Dutsinma, Islamic banking assets have been growing faster than conventional bank assets while there were increased interest in Islamic finance from countries like the Uk, Luxembourg, South Africa and Hong Kong.
BoI To Create 5m Jobs By 2019
The Bank of Industry (BoI) has said that its plan to support over 30,000 entrepreneurs over the next two years will create more than five million job opportunities for unemployed youths. The move, according to the bank, will further improve access to cheap funds and increase its developmental impact in the country. Acting Managing Director, BoI, Mr. Waheed Olagunju, stated this during the Harvard Business School Association of Nigeria (HBSAN) members’ forum tagged, “Alternative Sources of Financing in High Interest Rate Environment”.
Nigeria Records $908m Capital Inflow In Q1
Nigeria recorded $908 million capital importation in the first quarter ended March this year, capital importation report for the period has indicated. Of the 36 states and the Federal Capital Territory, Abuja, Lagos, Akwa-Ibom, Ogun, Oyo and Rivers states attracted the interest of foreign investors in the first quarter of this year. They received $908.268 million that came into the country in the first three months of the year as capital importation.
Lagos To Explore Tourism Through Biodiversity
The Lagos State Government plans to explore tourism through biodiversity, Commissioner for the Environment Dr, Samuel Babatunde Adejare, has said. He spoke during this year’s International Day for Biological Diversity, held at Muri Okunola Park, Victoria Island, Lagos. The Commissioner, represented by the Special Adviser to the Governor on the Environment, Mr. Babatunde Hunpe, stressed that the government’s commitment to sustainable management of its biodiversity is unwavering.
Ambode Unveils Plans For Land Administration Automation
Lagos State Governor Akinwunmi Ambode said yesterday his administration was putting strategies in place for a policy framework that would evolve a technology-driven land administration and mapping, tax administration and justice administration. The governor, who spoke at an international conference at the Eko Hotels and Suites, as part of activities marking the [email protected] celebrations, with the theme: “Towards A Smart City: Preparing For The Next 50 Years Of Prosperity,” said the government had completed modalities for the take-off of the digital switch.
Nigeria To Maintain Crude Output As OPEC Extends Production Cut
Nigeria will maintain it’s output of 2.2 million barrels per day, according to the outcome of the Organisation of Petroleum Exporting Countries (OPEC) meeting in Vienna. This was disclosed at the 172nd ordinary OPEC meeting in Austria. More than 20 OPEC and non-OPEC countries, in November 2016, agreed to collectively cut production by 1.8 million barrels a day in an effort to reduce the global supply glut that stalled crude oil prices. The deal, which began on Jan. 1, was to end in June but has been extended to the first quarter of 2018. Nigeria was exempted from the cut as at then due to activities of militants in the Niger Delta region.