Wednesday, November 14, 2018

David Oputah

    OPEC predicts ‘improved oil market’ in 2016

OPEC predicts ‘improved oil market’ in 2016

The Organisation of the Petroleum Exporting Countries (OPEC) has predicted that the oil market should be more balanced next year as China and the developing world use more oil.Making this known on Monday in its monthly report released on Monday, OPEC said it expected world oil demand to increase by 1.34 million barrels per day (bpd) in 2016, up from growth [...]

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    Volkswagen reopens assembling plant in Nigeria after 20 years

Volkswagen reopens assembling plant in Nigeria after 20 years

Volkswagen Automobile Group has reopened its auto assembly factory on the Badagry Expressway, Lagos, after 20 years of suspending operations in the country.According to the German automaker, the reopening was made possible through its partnership agreement with a private auto company, the Stallion Group for the assembly of the Volkswagen brand of vehicles in the country in line with the [...]

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    Bailout: CBN demands debt profiles of states

Bailout: CBN demands debt profiles of states

The Central Bank of Nigeria (CBN) has has state governments to present details of their loan obligations before the end of Wednesday.The directive was contained in a statement issued by the ministry of finance.Godwin Emefiele, the CBN governor, issued the directive at an extra-ordinary meeting convened to share the revenue received from the Nigerian Liquefied Natural Gas (NLNG) to the three tiers [...]

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    ECOWAS tariff will ruin the drug industry, pharmacists warn govt

ECOWAS tariff will ruin the drug industry, pharmacists warn govt

Drug manufacturers in the country are seeking "an immediate review" of the ECOWAS Common External Tariff (CET) policy that places zero import tariffs on finished drugs and five to 20 per cent import tariff on raw materials and packaging for the pharmaceutical industry.The group, under the umbrella of the Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria (PMGMAN), made this [...]

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    Nigeria still destination of choice for investments, says Dangote

Nigeria still destination of choice for investments, says Dangote

Aliko Dangote, Africa's richest man and president of Dangote Group, has challenged private investors in Nigeria to rise to the economic challenges of the country by initiating fresh investments in manufacturing and agriculture. He said that despite the challenges, Nigeria still remains the destination of choice for investments.Addressing business executives in Lagos on the new initiatives of his pan African conglomerate, [...]

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    Pipeline vandalism on the rise, says NNPC

Pipeline vandalism on the rise, says NNPC

The Nigerian National Petroleum Corporation (NNPC) says the country lost crude oil and other petroleum products valued at N59.597 billion to pipeline vandalism in 2014.In its Annual Statistical Bulletin for 2014 released on Wednesday, NNPC said pipeline vandalism increased by 4.54 per cent compared to 2013.According to the corporation, 355,690 metric tonnes of petroleum products valued at N44.75 billion were lost in addition to [...]

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    Lagos gets $200m from World Bank

Lagos gets $200m from World Bank

The World Bank has approved a $200m credit to Lagos state to support fiscal sustainability, budget planning, budget execution, and the investment climate in the state.This was disclosed by the bank in a statement issued on Wednesday.The operation would help sustain the state’s recent economic growth and poverty reduction while continuing to deliver social services to the city’s expanding population, [...]

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    Buhari inaugurates national economic council

Buhari inaugurates national economic council

President Muhammadu Buhari has inaugurated the National Economic Council (NEC) headed by Vice President Yemi Osinbajo.Speaking at the event, which held at the council chambers of the presidential villa in Abuja, Buhari challenged the council, comprising the 36 state governors and the governor of Central Bank of Nigeria (CBN), to look into outstanding salaries and wages across the country.He also [...]

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    Olam’s showing at trade fair ‘positive for local rice’

Olam’s showing at trade fair ‘positive for local rice’

Olam Nigeria had a good showing on the Nigerian rice brand at the Rice Trade Fair, held in Kano recently with its Mama’s Pride and Chef’s Choice dominating the one-day event.According to Ade Adefeko, head, corporate and government relations of Olam Nigeria, the brands were so well-received that they sold over 125 bags at the fair, reinforcing its position as [...]

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    CBN stops sale of forex to buy private jets

CBN stops sale of forex to buy private jets

Intending buyers of private jets will have to source for the forex elsewhere as the Central Bank of Nigeria (CBN) continues to tighten the noose on the exchange rate.Import items also prohibited from accessing forex from the official market are rice, textiles, tomato paste and poultry products.There are now fears that the pressure will increase on the black market.Naira officially exchanges for N198.50 to [...]

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    Telecos contribute N134bn to economy, says NBS

Telecos contribute N134bn to economy, says NBS

The National Bureau of Statistics (NBS) has disclosed that the telecoms sector recorded a growth rate of 5.26 per cent in the opening quarter of the year and contributed N134bn to the economy.In its report on the telecoms sector for the first quarter of 2015, NBS affirmed that the sector recorded significant growth from 2.27 million subscribers in 2002 when [...]

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    NSE off to London to promote Nigerian stocks

NSE off to London to promote Nigerian stocks

The Nigerian Stock Exchange (NSE) and some corporate finance experts, lawyers, capital market operators, regulators and companies are in London to promote and explore a London/Lagos dual listing by Nigerian companies.This is expected to be achieved as the leadership of the NSE participates in an investor roadshow by the London Stock Exchange Group (LSEG) to showcase the potential of quoted [...]

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    NBC ‘sorry’ for digital switchover failure

NBC ‘sorry’ for digital switchover failure

The National Broadcasting Commission (NBC) has apologised to Nigerians for its inability to switch over from analogue to Digital Terrestrial Television (DTT) on the June 17 international deadline.In a statement signed by Awwalu Salihu, director of public affairs, NBC promised to conclude the final stages of the switchover within 18 months as soon as funds are available.These final-stage processes include [...]

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    REVEALED: Zamfara, state with the least IGR

REVEALED: Zamfara, state with the least IGR

The National Bureau of Statistics (NBS) has published the Internally Generated Revenue (IGR) of states in the federation, with Lagos emerging the most viable state with a 2014 IGR of N275,163,978,675.95 and Zamfara the least viable with N3,149,630,553.98.In distant second is Rivers State with N89,112,448,347.58, which is N186 billion less than the Lagos figure, while Delta state was third, generating [...]

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    FG will implement NEITI audit report, says Osinbajo

FG will implement NEITI audit report, says Osinbajo

Vice President Yemi Osinbajo has promised that the federal government will carefully study and implement the findings and recommendations contained in the audit reports of the Nigeria Extractive Industries Transparency Initiative (NEITI).Osinbajo made the pledge in Abuja while receiving Clare Short, chairperson, global Extractive Industries Transparency Initiative (EITI), and her delegation at the Defence House, Abuja.This was confirmed in a statement [...]

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    Nestle to sack 15 per cent of African workforce

Nestle to sack 15 per cent of African workforce

Swiss food and drinks company, Nestle, on Wednesday confirmed that it was cutting 15 per cent of its workforce in 21 African countries because it overestimated the rise of the middle class.A Nestle spokesman told Reuters that the job cuts would affect about 60 workers in the Equatorial Africa region after reports that the company was pulling back because it overestimated [...]

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Exchange Rates

November 13, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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