CBN To Auction N219bn Treasury Bills
The Central Bank of Nigeria (CBN) is expected to auction treasury bills worth N218.8 billion this week, in line with its mandate to manage the volume of liquidity in the system. Also, this week, it is expected that money market rates would trend northwards as liquidity levels tighten in response to the scheduled treasury bills auction, the Debt Management Office’s (DMO) monthly bonds auction and the commencement of the FGN savings bonds.
Forex: 41 Items Remain Banned – Emefiele
Those thinking that the embargo on the 41 items may have been lifted were proed wrong over the weekend as the Governor of the Central Bank of Nigeria(CBN), Mr Godwin Emefiele, stated that the ban is not only in force but also canvassed their support for the policy. According to Emefiele, the policy was not just in response to the pressure on the Naira, but also as an opportunity to change the economy’s structure, resuscitate local manufacturing, and expand job creation for the citizenry.
Why Cost Of Doing Business Is High – CBN
The Central Bank of Nigeria, CBN, weekend stated why the cost of doing business in the country is very high, stressing that it is a component of many factors and not interest rate alone as generally perceived. The CBN further stated that the exclusion of 41 items is meant to conserve foreign exchange and encourage local production to boost the country’s export earnings.
Nigeria To Lose Africa’s Economic Crown
In April 2014, Nigeria proudly declared that, as a result of a statistical revision, its economic output in 2013 had hit $509bn, almost twice as high as previously thought. With South Africa’s gross domestic product coming in at just $372bn, Nigeria had taken pole position as Africa’s largest economy. A year later, the gulf had grown wider still, with strong growth propelling Nigeria’s GDP to $568bn, even as South Africa, undermined by weak growth and a falling rand, saw its GDP, in dollar terms, slip to $352bn.
NECA Calls For Effective Implementation Of FG’s Economic Recovery Plan
Members of the organised private sector under the aegis Nigeria Employers Consultative Association (NECA), have called on the federal government to ensure focused, concerted and effective implementation of the all actions and initiatives contained in the Economic Recovery and Growth Plan(ERGP). The President of NECA, Mr. Larry Ettah, who spoke on behalf members of the association on the state of the Nigerian economy in Lagos, commended the federal government on the release of the ERGP.
Nigeria’s Economy Set For Growth, Says Finance Minister
Minister of Finance, Mrs. Kemi Adeosun, has reaffirmed the commitment of the Federal Government to return the economy on a path of sustainable growth having weathered the storm of a difficult macroeconomic environment over the years.
She said this during a courtesy visit by the US Ambassador to Nigeria, Mr. Stuart Symington.
AMCON Takes Over Debtor HospitalityFfirm
Asset Management Corporation of Nigeria (AMCON), at the weekend, took over the assets of Mustasons Guest House Limited, as well as obtained an order, which froze all identifiable and/or traceable accounts both in Nigeria and abroad. The move became necessary, according to AMCON, as the debt, estimated at nearly N500 million, was long due and all efforts to resolve the matter without going to court and reaching this stage were not successful.
Foreign Investor To Stake $23m In Underwriting Deal
South Africa’s Liberty Holdings Company, has revealed plans to acquire a 75 per cent stake in a Nigerian long-term insurer for 160 million rand ($12 million), the company said, after reporting a 38 per cent decline in earnings, The Guardian has learnt. This development would further enlarge foreign domination of the nation’s insurance sector, while the quest for growth and development of insurance portfolios heightened.
South-East, South-South Professionals to set up Economic Union
SOUTH-East and South-South professionals have begun arrangements aimed at establishing an economic union for the zones. The arrangements, as gathered, is intended to lead Nigeria’s economic emancipation drive. Already, the groups have concluded plans to hold a conference in collaboration with the governors of all the concerned states in the region on April 18, at Owerri, capital of Imo state.
NCDMB, IOCs Pledge To Fast-track Projects Implementation
The Nigerian Content Development and Monitoring Board (NCDMB) and some international oil companies (IOCs) have promised to fast-track oil and gas projects implementation to increase Nigeria’s crude oil production and create opportunities for the growth and development of Nigerian Content. The IOCs gave the assurance when the Executive Secretary of NCDMB, Simbi Kesiye Wabote, visited them in Lagos to seek collaboration and make firm commitment to support upcoming projects.