OPEC Secretary General Arrives Nigeria On A 4-day visit
The Secretary-General of the Organisation of Petroleum Exporting Countries, OPEC, Mohammad Barkindo, arrived in Nigeria on Sunday to begin a four-day working visit. Mr. Barkindo, who is also in the country for the 16th Nigeria Oil and Gas Conference and Exhibition (NOG), will be meeting with Acting President Yemi Osinbajo, Minister of State Petroleum Resources, Ibe Kachikwu, among other stakeholders, to discuss market dynamics in the sector.
CBN Boosts Financial Market, Sells $230 Million To 16 Banks
Sixteen banks shared in the $230 million foreign exchange (Forex) mart by the Central Bank of Nigeria through the forward contract agreement. This forms part of the fulfillment of the apex bank’s pledge to ensure liquidity in the inter-bank market under the latest policy announced last week. Of the 16 financial institutions, 13 are commercial banks, one is a development financing establishment, while two are merchant banks.
NEXIM To Help Realize Nigeria’s Full Potentials In Shea Production
With Nigeria currently reputed as the world’s leading producer of Shea nuts, the Nigerian Export Import Bank said it was ready to support the country to recover its lost capacity. Of the estimated over 680,000 metric tons of Shea nuts produced annually in West Africa, Nigeria accounts for over 370,000 metric tonnes, or 53 percent of the capacity, according to the Central Bank of Nigeria, CBN, and Oil Seeds Association of Nigeria.
Exports: Nigeria To Accept Electronic Documents As WTO Pact Kicks Fff
The federal government has given its commitment to accept electronic documentation for exports as the World Trade Organisation, WTO, trade facilitation agreement comes into force. The WTO Director General, Roberto Azevêdo, who announced the coming into force of the agreement on February 22, said one of the key benefits would be expedited movement, release and clearance of exports, including goods in transit.
‘Policy Inconsistencies, Parlous Infrastructure Threaten FDI’
Nigerian professionals in London have stressed the need for government to tackle the issue of policy inconsistencies with pragmatic plan aimed at ensuring rapid development in infrastructure. This they said would attract the needed Foreign Direct Investment (FDI) into the country The stakeholders stated this, in an interview with The Guardian during the launch of Lagos Chapter of ‘Nigerians In The Square Mile’ (NISM), a London based initiative, aimed at strengthening trade ties between Nigerian Professional in London and the Nigeria counterparts.
Zenith Bank, AIICO, Others Lift NSE’s Turnover By N9.7b
Heavy transactions in the shares of some banks and insurance companies, last week, lifted the volume of shares traded, as a turnover of 765.656 million shares worth N9.717 billion was recorded in 12,468 deals by investors on the floor of the Exchange, higher than a total of 1.073 billion shares units worth N8.608 billion that changed hands in 14,486 deals during the preceding week. Specifically, at the close of transactions last week, the financial services industry (measured by volume) led the activity chart with 575.290 million shares valued at N3.470 billion traded in 6,738 deals; thus contributing 75.14 per cent and 35.71 per cent to the total equity turnover volume and value respectively.
Reps Probe Budget Office Over Alleged Double Payment Of N46.5b
The House of Representatives Committee on Public Accounts has resumed investigations into an alleged double payment of N46.5 billion for the Airport Road and Kubwa Expressway contracts in Abuja by the Budget Office of the Federation. At the sitting of the committee in Abuja at the weekend, where the Office of the Auditor General of the Federation (OAGF) read out 10 queries against the Budget Office for 2010, 2011 and 2013, the lawmakers’ panel presided over by its deputy chairman, Ibrahim Baba queried the office for its inability to clarify the alleged duplication of the payment for the contracts six years after the accusation was made.
Central Bank Puts Registered BVNs At 30 Million
About 30 million Bank Verification Numbers (BVN) have so far been linked to the several bank accounts operated in the country, says the Central Bank of Nigeria (CBN) Speaking at a post-event interview with The Guardian, Deputy Director, Banking and Payment System, CBN, Musa Itopa-Jimoh, gave the figure.
Amina Mohammed Assumes Duty At UN Tuesday
Ms Amina Mohammed, the immediate past Minister of Environment, will be sworn-in on Tuesday as the UN Deputy Secretary-General at the UN Headquarters in New York, the News Agency of Nigeria (NAN) reports. Mohammed, who was appointed by the UN Secretary-General António Guterres on Dec. 15, 2016 as his deputy, was supposed to have assumed office on Jan. 1, 2017. She, however, delayed the assumption of her new role at the request of President Muhammadu Buhari to complete some ongoing responsibilities she was handling at that time.
South East Governors Mull Uniform Economic, Security Polices
Efforts at re-positioning the South-East Geo political zone as a major economic backbone of the country may have started in earnest as the five governors from the region resolved to pursue a common economic blueprint that would boost its fortunes. The governors, who were meeting for the first time since the Peoples Democratic Party (PDP) lost the presidential election in 2015, said they would work together to develop the economic potentials of the zone, so as to raise revenues, cause development and create jobs for the teeming youths.