FG to stop ownership of gas cylinders by consumers
The Federal Government is coming up with a policy that will remove the ownership of Liquefied Petroleum Gas (cooking gas) cylinders from consumers. It stated that the move would help deepen the use of LPG, popularly known as cooking gas. Click here for more.
Enugu Airport needs urgent holistic attention – Osita Chidoka
Former Minister of Aviation and 2017 Anambra State gubernatorial contestant, Osita Benjamin Chidoka, recently took to Twitter to narrate his experience while onboard an AirPeace flight from Enugu. According to Mr Chidoka, the AirPeace flight suffered a birdstrike which resulted in the pilots resorting to an emergency landing. Click here for more.
NIMASA, Belgium’s Port of Antwerp partner to boost maritime trade
The Nigerian Maritime Administration and Safety Agency (NIMASA), has unveiled plans to partner with the Port of Antwerp in Belgium, to boost trade and encourage foreign direct investment opportunities in the Nigerian maritime sector. Click here for more.
These are the reforms needed to jump-start Nigeria’s ailing economy
Evident in the recently released First Quarter (Q1) Gross Domestic Product (GDP) report is the weak state of the Nigerian economy which has barely grown above 2 percent since its recovery from recession in the second quarter of 2017. The poor performance shows the need for market-moving reforms across sectors upon the swearing-in of President Buhari. Click here for more.
NSEASI Inches Up By 2.88%; Maintains Positive Posture; Closes Above 30,000bpts
Equities market closed yesterday on a positive note, as NSEASI appreciated by 2.88% to close at 30,218.14 points as against 1.74% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.86%. Click here for more.
Manufacturing PMI Stands at 57.8% in May 2019 from 57.7% in April 2019
The May 2019 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period May 6-10, 2019. The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in all 36 states in Nigeria and the Federal Capital Territory (FCT). Click here for more.
N8.1tn bad loans: MPC urges CBN to develop recovery framework
The Monetary Policy Committee of the Central Bank of Nigeria has directed the apex bank to develop a comprehensive administrative, legal and regulatory framework to speed up the recovery of delinquent loan facilities in the banking system. Click here for more.
Nigeria Holds Interest Rate at 2016 Low as Inflation Persists
Nigeria’s central bank retained its key interest rate to help fight inflation that persists outside the upper end of the target band.The Monetary Policy Committee held the rate at 13.5%, Governor Godwin Emefiele told reporters Tuesday in the capital, Abuja. The median estimate in a Bloomberg survey was for a pause. This is the lowest since May 2016. Click here for more.
Nigeria More Than Triples Insurers’ Capital Requirements
Nigeria increased the minimum capital requirement for insurers more than threefold as the industry regulator seeks to to improve the sector’s risk management. Existing companies must comply by June next year, while it is effective immediately for the issue of new licenses, the Abuja-based National Insurance Commission said in an emailed statement. Click here for more.
MTN to complete payment of N330bn SIM infraction fine by May 31
The Federal Government of Nigeria is expecting MTN’s final tranche payment of N55 billion to complete N330 billion SIM infraction fine by May 31, 2019. So far, the telco has made a total payment of N275 billion out of the N330 billion fined by the Nigerian Communications Commission (NCC) in 2015. Click here for more.