The Country Director, African Development Bank (AfDB), Mr Ebrima Faal, said the bank would focus mostly on power sector in 2018. Faal said this during an interaction with newsmen at the newly-built Nigeria Country Department Office on Tuesday in Abuja. He said the new office to be commissioned on January 18, was the first structure to be designed and constructed from scratch.
United Nations Economic Commission for Africa launched its World Economic Situation and Prospects report (WESP2018) in Addis Ababa on January, 16, 2018, under the auspices of the Macroeconomic Policy Division, the reported stated that Africa’s GDP records are expected to take a turnaround from the 3.0% to 3.5% by 2018.
The Federal Government has agreed to grant oil marketers further concession to access Foreign Exchange (FOREX) at a rate below the official N305 per dollar to enable them resume importation of petrol, according to reports. This was part of resolutions reached at the meeting of an ad hoc committee set up by the Presidency to engage key downstream stakeholders on sustainable solutions to fuel supply in the country.
The Central Bank of Nigeria (CBN) has injected another 210 million dollars into the inter-bank Foreign Exchange Market to meet customers’ requests in various segments. Giving a breakdown of the intervention, the bank’s acting Director, Corporate Communications, Isaac Okorafor, on Monday in Abuja said that 100 million dollars was offered to authorised dealers in the wholesale segment of the market.
The Nigeria Customs Service, Tin Can Island Port Command says a total of 161,285.72 metric tonnes of agricultural products were exported through the Port in 2017, representing over 150 per cent increase from the 55,000 metric tonnes processed in 2016. The Area Comptroller of the Command, Yusuf Bashar who stated this on Tuesday disclosed that Cocoa topped the list of agro commodities exported through the port last year.
The Central Bank of Nigeria (CBN) has injected $262.5 million in its first retail Secondary Market Intervention Sales (SMIS) for the year under the inter-bank Foreign Exchange Market. Data received from the CBN yesterday revealed that the amount was in favour of the agricultural, airlines, petroleum products and raw materials and machinery sectors.
The Minister of State for Petroleum Resources, Ibe Kachikwu said Oil marketers in the country cannot be punished by the Federal Government over the lingering scarcity of Petroleum Motor Spirit (PMS) that marred Christmas and New Year celebration for obvious reasons. The Minister who stated this on Tuesday while addressing State House Correspondents after the meeting between the Presidency and stakeholders in the sector maintained that there is no evidence that marketers hoarded petroleum products during this period.
The World Bank forecasts that economic growth in Nigeria would edge up to at least 2.5 percent in 2018, as the country benefits from improved commodity prices, investments and trade. According to the World Bank’s January 2018 Global Economic Prospect report launched on Tuesday in Washington DC, Nigeria’s Gross Domestic Product (GDP) is expected to grow by 2.8 percent in 2019 and 2020. The World Bank forecast that global economic growth will go up to 3.1 percent in the year 2018.
The Securities and Exchange Commission has directed registrars to stop the issuance of dividend paper warrants. A dividend paper warrant is a financial instrument in form of a cheque issued by a quoted company to its shareholders through which dividend is paid to them. Acting Director-General, SEC, Abdul Zubair said the stoppage of the issuance of dividend paper warrants will be effective from January 1 this year.
The House of Representatives has passed a new Stamp Duty Bill, which seeks to amend and repeal the 2004 Stamp Duty Act. With the passage of the bill, the lawmakers have endorsed the controversial deduction of N50 from deposits into accounts with Deposit Money Banks across the country using electronic platforms.