1. Naira closes at 385/dollar
2. Kachikwu: FG to Maintain N145 Pump Price of Petrol
3. Osinbajo Will Assent to 2017 Budget, Says Presidency
4. Rwanda Regulator Fines MTN $8.5m over External IT Hub
5. CBN releases list of items valid for forex
6. Global oil supply dips by 41000 bpd in April
7. Nigeria’s agric GDP to hit $21trn by 2020
8. Nigeria lost N3.3 trillion oil revenue in 2016 – EIA
9. Nigeria, Morocco seal pact on gas project, fertilizer initiative
10. 32 states not fully committed to malnutrition treatment, says UNICEF
Naira Closes At 385/Dollar
The naira closed flat at 385 against the United States dollar on the parallel market on Wednesday, the same rate it closed on Tuesday. This came two days after the Central Bank of Nigeria injected $457.3m into various segments of the forex market. The central bank has continued to supply into the foreign exchange market. The local unit had closed at 390/dollar daily consecutively between last Tuesday and Friday, before appreciating to 386 on Monday. The naira closed at 305.60 to the dollar on the interbank market on Wednesday. According to financial and currency experts, the naira’s outlook remains stable in the near term as the regulator steps up efforts to improve dollar liquidity and achieve exchange rate convergence.
Kachikwu: FG To Maintain N145 Pump Price Of Petrol
The Minister of State for Petroleum, Dr. Ibe Kachikwu has stated that the federal government would re-visit the pricing modulation model introduced in 2016 and remove the multi-layer charges on importation of petroleum products to maintain the pump price of petrol at the current N145 per litre. This is coming as the Chief Operating Officer, Downstream at the Nigerian National Petroleum Corporation (NNPC), Mr. Henry Ikem-Obih has stated that the July 1, 2017 target for the importation of higher grades of petroleum products with lower sulfur content into the country, has been shifted to September 2017. Kachikwu further stated that the federal government would also find a way to ensure that the modulation model allows Nigerians to enjoy a windfall when the price of crude oil goes down and limited exposure when the price goes up in the international market.
Osinbajo Will Assent To 2017 Budget, Says Presidency
Following that absence of clarity Wednesday afternoon as to who would sign the 2017 budget after its transmission to the executive by the National Assembly, the presidency last night said Acting President Yemi Osinbajo would assent to this year’s spending bill. Reacting to the remark by the Minister of Information and Culture, Alhaji Lai Mohammed, who after the weekly Federal Executive Council (FEC) meeting said that the federal government would take a decision on who will sign 2015 budget when it is transmitted, Osinbajo’s media aide, Laolu Akande, took to his Twitter handle @kandeoj late last night, saying his principal will assent to the budget if he’s satisfied with the budget. “Just so we are clear: when the time comes and if he’s satisfied, Ag. President Yemi Osinbajo will assent to 2017 budget,” Akande tweeted.
Rwanda Regulator Fines MTN $8.5m Over External IT Hub
Rwanda’s telecom industry regulator has fined MTN Rwanda, a division of South Africa’s MTN Group 7 billion francs ($8.5 million) for running its IT services outside the country in breach of its licence. The regulator said in a ruling posted on its website that MTN Rwanda was hosting its IT services hub in Uganda, which it had prohibited. “They are punished for relocating their IT services outside Rwanda, and this was deliberate,” Reuters quoted Rwanda Utilities Regulatory Authority Spokesman, Anthony Kulamba, to have said. MTN Rwanda said it is the central African country’s leading mobile operator, with four million subscribers. It is 80 per cent owned by MTN Group while the remaining 20 per cent is listed on the Rwanda Securities Exchange. MTN Group said it had also received a notification about the fine.
CBN Releases List Of Items Valid For Forex
The Central Bank of Nigeria (CBN) yesterday released a list of items that can source foreign exchange (forex) from the market. The list, sent to all authorised dealers, Nigeria Customs and the public, has 36 categories. It is endorsed by Director, Trade and Exchange, W.D Gotring. He said the list became exigent following misconceptions and enquiries across market on items that are “Valid for Foreign Exchange”. The items that made the list include animal or vegetable fats and oils fractions, hydrogenated- not including palm oil/ olein and margarine; prepared glues and adhesive based polymers of headings 39.01 to 39.13 or on rubber; other plates, sheets, film, foil, and strip of polymers of ethylene printed- only for pharmaceutical and manufacturing. Others are bobbins, spools, cops and similar supports of paper or paperboard used for winding textile yarn; uncoated kraft paper and board, in rolls, uncoated kraft paper and board, in rolls, paper coated with kaolin (China clay), synthetic filament, artificial filament, woven fabrics of synthetic filament yarn, including woven fabrics obtained from material polypropylene fabrics, of the type used as carpet backing.
Global Oil Supply Dips By 41000 bpd In April
Global oil supply fell by 41,000 barrels per day (bpd) in April, the Organisation of Petroleum Exporting Countries (OPEC) said in this month’s oil market report. The organisation said world oil supply fell by 0.41 million barrels per day (mbpd) in April to average 95.81 mbpd. However, global oil production was 831,000 barrels daily higher than a year ago and increased by 363,000 barrels per day in the first quarter of the year, it added. The report said: “Non-OPEC oil supply in 2016 was revised down by 18,000 barrels per day due to a downward revision of Russian oil supply in fourth quarter of 2016 to average 57.30 million barrels per day – indicating a year-on-year decline of 0.71 million barrels per day. “In contrast, oil supply in 2017 was revised up by 0.36 million barrels per day to average 58.25 million barrels per day – representing year-on-year growth of 0.95 million barrels per day, following changes in all quarters, mostly in the US, based on US actual production data from February and new forecasts for crude oil output.
Nigeria’s Agric GDP To Hit $21trn By 2020
China has reiterated its resolve to partner Nigeria in the implementation of the Economic Recovery Growth Plan (ERGP), especially in the area of agricultural development, saying that it has the capacity to grow the country’s agriculture Gross Domestic Product (GDP) from N16 trillion in 2015 to N21 trillion in 2020. The revelation made during a one-day China-Nigeria Agricultural Modernisation Cooperation Forum in Abuja indicated that there will be an average annual growth rate of 6.92 per cent (2017-2020).
Nigeria Lost N3.3 Trillion Oil Revenue In 2016 – EIA
The Federal Government recorded a deficit of $11 billion (N3.3 trillion using the official exchange rate of $305 per dollar) revenue from crude oil export in 2016, reports. Specifically, the revenue fact sheet released on Monday by the U.S. Energy Information Administration (EIA), revealed that Nigeria’s crude oil revenue fell from the $37 billion recorded in 2015 to $26 billion in 2016. This comes as Nigeria had already earned $10 billion or N3.05 trillion from oil export between January and April this year, according to the oil and gas revenue fact sheet of the Organisation of the Petroleum Exporting Countries (OPEC).
Nigeria, Morocco Seal Pact On Gas Project, Fertilizer Initiative
The Federal Government and Morocco have sealed pacts to drive the implementation of the gas regional pipeline and fertilizer initiative.According to the Foreign Minister of Morocco, Nasser Bourita who presented the broad guidelines of the projects at the signing of the agreements in Morocco, the shared vision of the two leaders, President of Nigeria, Muhammadu Buhari and King Mohammed VI, the King of Morocco is in favour of a sustainable, active and solidarity based joint development for Africa. He noted that both projects were initiated during the Royal visit of the king to Nigeria in December 2016.Tagged ‘The Wonder of Africa’, the Joint Initiative on the Morocco –Nigeria Gas Regional Pipeline has been described as one designed by ‘Africans for Africans’ with a direct impact on 300 million people through the speeding up of electrification projects in West Africa; thus serving a basis for the creation of a competitive electricity regional market.
32 States Not Fully Committed To Malnutrition Treatment, Says UNICEF
With two million children still suffering from acute malnutrition in Nigeria, the United Nations Children’s Fund (UNICEF) has lamented that 32 states are not fully committed to child malnutrition treatment in the country. The United Nations agency Wednesday at a media dialogue, it organised with the Child Rights Information Bureau of the Federal Ministry of Information and Culture in Yola, said only four states, Kaduna, Gombe, Bauchi and Sokoto contributed fund in 2016 towards the purchase of Ready-to-Use-Therapeutic Food (RUTF), the major intervention for severe acute malnutrition.