In the news: FG to meet global investors in US
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Inflation drops for ninth consecutive month to 15.91% The National Bureau of Statistics on Wednesday released the Consumer Price Index, which measures inflation, with the index dropping year-on-year from 15.98 per cent in September to 15.91 per cent in October. $5.5bn borrowing: FG meets global investors in US on Friday The Federal Government is set to meet global debt investors this week as it looks to sell its longest-maturity Eurobond yet. ERGP: FG to hire Malaysian economic experts for N458m The Federal Executive Council on Wednesday approved the retention of Malaysian consultants to help conduct a study that would aid the implementation of the President Muhammadu Buhari administration’s Economic Recovery and Growth Plan. TSA: $21.3m trapped in Heritage Bank, NPA tells Reps About $21.3m of Federal Government’s funds held for the Nigerian Ports Authority by Heritage Bank had been trapped in the vault of the lender since 2016, the NPA told the House of Representatives in Abuja on Wednesday. 3,050MW plant: FG, Chinese bank negotiate $4.92bn loan The Minister of Power, Works and Housing, Babatunde Fashola, announced on Wednesday that the Federal Government had commenced negotiations for a $4.92bn loan from the China Exim Bank for the construction of the 3,050 megawatts Mambilla Hydro Power Plant. Discos ripping off consumers with new prepaid meters – Reps The House of Representatives on Wednesday accused electricity distribution companies of ripping off power consumers in the country with their new Mojec prepaid meters and called for urgent investigation to be conducted into the development. We’ll take a decision on Ajaokuta soon – FG The Federal Government has said that it will take a decision on what happens to the Ajaokuta Steel Complex in due course. This Day Fitch Rates Nigeria’s Planned Dollar Notes ‘B+(EXP)’ Fitch Ratings has assigned Nigeria’s upcoming senior unsecured USD-denominated notes an expected rating of ‘B+(EXP)’. Stanbic IBTC Grows Nine Months Gross Profit by 78% to N46Billion Stanbic IBTC Holdings Plc, a member of Standard Bank Group, has recorded a growth of 77.7 per cent growth in profit before tax (PBT) for the nine months ended September 30, 2017. Guardian NSE’s All-share index plummets by 0.9% The reign of the bears continued unabated on the trading floor of the Nigerian Stock Exchange (NSE), as major highly capitalised stocks depreciated in price, resulting to a further slide in the All-share index by 0.9 per cent. Nigeria’s crude oil suffers setback as more traders opt for U.S. blend Nigeria’s crude oil is under serious pressure at the international market, as Asian refiners have increasingly been moving away from their usual favourite, frequently opting for United State (U.S) crude oil, the Organisation of the Petroleum Exporting Countries (OPEC) has said. Vanguard African SMEs face $136bn financing gap annually—IFC The International Finance Corporation, IFC, a member of the World Bank Group, has estimated that in Africa, small and medium enterprises, SMEs, face a financing gap of over $136 billion annually. NNPC should be partially privatised — Moghalu Despite effort by the current administration to diversify the nation’s economy, a former Deputy Governor of the Central Bank of Nigeria, CBN, Mr. Kingsley Moghalu, has urged the Federal Government to partially privatize the Nigerian National Petroleum Corporation, NNPC. The Nation Oil prices end gain streak, drop to $61 The recent gains recorded by global oil prices have slipped as the commodity has lost more than $2 in seven days. McGrath: ExxonMobil adds 600,000bpd to Nigeria’s output The Chairman/Managing Director, ExxonMobil Nigeria Unlimited, Mr. Paul McGrath, has reiterated commitment to local content development, saying the firm contributes 600,000 barrels per day (bpd) of oil to Nigeria’s daily output that currently hovers around 2.2 million bpd. |
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