Top News Update 26/07/2017
1. CBN leaves monetary policy rate unchanged at 14%
2. Nigeria needs strong fiscal, monetary policies to exit recession – CBN
3. Etisalat remains strong – CBN
4. Crude Oil Price Rises By 3% as US Shale Shows Signs of Slowdown
5. Power generation dropped by 2,841MW in one week – TCN
6. Telcos lament revenue loss to masked calls
7. Flooding: Govt gives owners 48 hours to remove shanties
8. ICT University takes off September
9. Kaduna communities record two-year uninterrupted power supply – FG
10. Nigeria Union of Tailors plan mass production of clothes
CBN Leaves Monetary Policy Rate Unchanged At 14%
The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday left the Monetary Policy Rate unchanged at 14 per cent. The CBN Governor, Mr Godwin Emefiele who announced the decision of the committee at the end of a two-day meeting held at the apex bank’s headquarters in Abuja explained that the six members of the committee agreed to maintain the current monetary policy stance.
Nigeria Needs Strong Fiscal, Monetary Policies To Exit Recession – CBN
The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday warned that the economy might relapse into protracted recession if bold monetary and fiscal policies were not activated immediately to sustain the programmes of the Federal Government. The committee stated that available forecasts of key macroeconomic indicators pointed to a fragile economic recovery in the second quarter of the year.
Etisalat Remains Strong – CBN
The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, says that Etisalat, one of the four biggest telecommunication companies in Nigeria remains strong with a solid revenue base. Emefiele said this while fielding questions from newsmen at the end of the Monetary Policy Committee meeting of the CBN on Tuesday in Abuja. According to him, the Nigeria Communications Commission, supported by the CBN intervened in the company because of its huge contribution to the nation’s economy. According to him, the Nigeria Communications Commission, supported by the CBN intervened in the company because of its huge contribution to the nation’s economy.
Crude Oil Price Rises By 3% As US Shale Shows Signs Of Slowdown
Crude oil price rose by around three per cent Tuesday, a day after United States oil producer Anadarko said it would cut capital spending plans and Saudi Arabia vowed to reduce crude oil exports to help curb global oversupply. The global benchmark, brent crude futures, rose $1.37 or 2.8 per cent to $49.97 a barrel, while the US West Texas Intermediate futures rose $1.39 or 3 per cent to $47.73 a barrel.
Power Generation Dropped By 2,841MW In One Week –-TCN
The Transmission Company of Nigeria wheeled out 22,978 megawatts of electricity between July 17 to July 23 against the 25,819 megawatts generated in the previous week. Power generation dropped by 2,841 megawatts between the two periods. The daily statistics of TCN operations obtained from the Nigerian Electricity System Operator, a section of the TCN, showed that power generation between July 17 and July 23 was taken by 11 distribution companies.
Telcos Lament Revenue Loss To Masked Calls
Telecommunications companies in the country on Monday said raised the alarm that they were losing billions of naira in revenue annually to masked calls and blamed the Nigerian Communications Commission for encouraging the act. Masked calls happen when international calling numbers (Caller Line Identity) are masked as local number traffic. It is a deliberate attempt to avoid paying the accurate International Termination Rate for international calls, as the perpetrators will rather pay the Local Termination Rate.
Flooding: Govt Gives Owners 48 Hours To Remove Shanties
The Lagos State Government says it has served fresh 48 hours’ abatement notice on owners of illegal structures and shanties in the Obalende area of the state to remove them. The occupants were also asked to vacate the structures said to be blocking drainage channels and obstructing free flow of water, which resulted in flooding when it rained in the area.
ICT University Takes Off September
The Minister of Communications, Mr. Adebayo Shittu, has said that the proposed Information and Communications Technology (ICT) University would kick off in September this year. According to him, government is prepared to use ICT to foster youth empowerment and development through loans, sponsorships and financial support, among other schemes, to encourage business ideas.
Kaduna Communities Record Two-year Uninterrupted Power Supply – FG
The Federal Government on Tuesday announced that two communities in Kaduna State recently recorded two straight years of uninterrupted supply of electricity. It said the Gnami and Pakau communities enjoyed uninterrupted power from the 90-kilowatt Solar PV off-grid system installed in the areas, as the villages were far from the reach of the national power grid.
Nigeria Union Of Tailors Plan Mass Production Of Clothes
The President, the Nigeria Union of Tailors, Mr Wasiu Taiwo, on Tuesday said that the union had concluded an arrangement to set up a hub for mass production of clothes. Taiwo told journalists in Lagos that the production hub would be a sewing centre with modern equipment. According to him, some of the sophisticated equipment for the production hub are already being assembled in China and Italy and will soon be brought into Nigeria.