Food Prices Still Up As Inflation Rate Falls For The First Time In 15 Months
For the first time since 2015, consumer price index (CPI), which measures inflation in the economy, fell, signalling a recovery in the Nigerian economy. According to the National Bureau of Statistics (NBS), the inflation rate dropped from 18.72 percent in January 2017, to 17.78 percent in February 2017. “On a Headline basis, the Consumer Price Index (CPI) which measures inflation increased by 17.78 percent (year-on-year) albeit at a slower pace in February 2017, 0.94 percent points lower from the rate recorded in January (18.72) percent,” NBS said on Tuesday.
FG Bond’ll Boost Financial Inclusion – NSE
The Federal Government of Nigeria Savings Bond, which opened for subscription exclusively on the Nigeria Stock Exchange on Monday, will boost financial inclusion, the Executive Director, Capital Market Division of NSE, Haruna Jalo-Waziri, has said. He said this while commenting on the planned launch of the sovereign savings bond, which commenced on March 13 and targeted at retail investors. To ensure the offer reaches the last mile subscribers, the Debt Management Office has accredited 87 stockbroking firms of the NSE to market and distribute the savings bond.
Supply Glut: Banks Now Seek Customers To Buy FX
Banks are now looking for customers to buy the surplus greenback currently in their vaults, following the recent interventions by the Central Bank of Nigeria (CBN) in the interbank market. In a bid to close the gap between the interbank and parallel market rates, the CBN has sustained its intervention in the foreign exchange (FX) market and has resolved to continue to flood commercial banks in the country with dollars. However, the banks are now reported to be holding excess FX and are seeking customers to buy dollars.
CBN To Increase FX Sales To Us This Week, Says BDC President
Aminu Gwadabe, president, Association of bureau de change operators of Nigeria (ABCON), says the Central Bank of Nigeria (CBN) should increase dollar sales to its members this week. Gwadabe said due to the stability in the oil sector and the increase in the price of oil at the international market, the CBN was now comfortable in entertaining ABCON’s request to increase the volume of dollar sales to its members. The ABCON boss said that a boost in its weekly volume from $8,000 weekly to $15,000 would sustain the existing efforts in stabilising the naira exchange rate at the forex market.
Lack Of Investment Threatens Global Oil Supply
Global oil supply could struggle to keep pace with demand after 2020, risking a sharp increase in prices, unless new projects are approved soon, according to the latest five-year oil market forecast from the International Energy Agency (IEA). According to IEA, Organisation of the Petroleum Exporting Countries (OPEC), export revenues slumped to an estimated $450 billion in 2016, down from $1.2 trillion in 2012, causing major budgetary strains and in some cases making difficult political situations even worse. In Nigeria, the Federal Government is already strategising to bring down the cost of production and initiate right policies to attract investments.
Investors Plan N600 Billion Fund Or Delta Steel Resuscitation
Investors in the moribund multi-billion naira Delta Steel Company, Ovwian-Aladja, now Premium Steel and Mines Limited (PSML), have said the resuscitation of the complex would gulp about N600 billion. Some investors from the United States and Morocco, have reportedly visited the company on Sunday, where they carried out assessment of the facilities, and expressed hope that Premium Steel and Mines Limited (PSML) has done well within the period they took over the company, adding that prospect of a robust industrial revolution in the area was high.
Oando Divests Interest In Captive Power Plants
OANDO Gas and Power (OGP), a subsidiary of Oando Plc, said it has divested its interest in captive power plants as it is focusing its ambition on expansion of gas infrastructure. Speaking on the sideline of the 16th Nigeria Oil and Gas Conference and Exhibition in Abuja, the Managing Director, OGP, Mr. Bolaji Osunsanya, stated that “As portfolio developers, we have divested from our captive power plants and aggressively focused on the expansion of our Gaslink franchise which serves over 160 industrial and commercial customers across the Greater Lagos area.
CIBN Certifies 4000 Micro-finance Banks’ Top Officials
No fewer than 4000 management staff of the nation’s micro-finance have been certified by the Chartered Institute of Bankers of Nigeria (CIBN). The move, which is aimed at ensuring that professionals with ethical mindset are found in the country’s financial sector, as well as sanction erring ones, is part of the mandates of CIBN. It also stepped up capacity building in for banks’ officials in treasury operations, extending its reach to mortgage banking, while it currently has enlisted 45 universities and polytechnics to strengthen financial education in the country.
INTELS Acquires N1.8 Billion Largest Crane In Africa
In line with its commitment to making Nigeria the hub of Oil and Gas logistics services in Africa, INTELS Nigeria Limited, has acquired one of the largest port handling cranes in the world – a 600 tonnes Liebherr crane worth $6 million (N1.83 billion). The crane, which has been deployed at the Onne Oil and Gas Free Zone, is the largest at any port facility in Africa. This means that the movement of very heavy equipment has become even much easier than ever before at the Onne Free Zone.