South Africa’s rand weakened in cautious trade early on Friday as investors took profits from a rally in the previous session ahead of a ratings decision by S&P Global. At 0640 GMT the rand was 0.42 percent weaker at 12.4675 to the dollar. That was down from Thursday’s one-week best of 12.3850, touched briefly as the South African Reserve Bank kept interest rates unchanged, citing slightly higher inflation risks.
Excess Crude Account Receives First Payment In Two Years
The Federation Accounts Allocation Committee (FAAC) says members have agreed on the transfer of N24.5 billion to the excess crude account. Mahmoud Isa-Dutse, Permanent Secretary in the Ministry of Finance, made this known on Wednesday while addressing journalists at the end of the meeting.
AfDB Collaborate With UNIDO For Accelerated Industrialization In Africa
The African Development Bank (AfDB) and the UNIDO signed a partnership programme on Monday to collaborate on the need to accelerate Africa’s industrialization. The AfDB in 2016, launched its Industrialisation Strategy for Africa 2016-2025, which was the outcome of collaborative work with UNIDO and the United Nations Economic Commission for Africa (UNECA).
FG Approves Relocation Of Escravos Pipelines
The federal government has approved the relocation of pipelines along the Escravos channel to curb delay in supply of petroleum products and reduce under-recovery. In a statement released by Ndu Ughamadu, Nigerian National Petroleum Corporation (NNPC) spokesman, said the relocation is to make allowance for the dredging of Warri Escravos Seaport.
IMF Projects 3.4% Economic Growth For Nigeria, Others
The International Monetary Fund (IMF), on Monday said Nigeria and other Sub-Saharan countries would grow their economies by an average of 3.4 per cent in 2018, from 2.8 per cent in 2017. IMF’s country Senior Representative, Amine Mati, said this during the public presentation of the Spring 2018 Issue of the Sub-Saharan African Regional Economic Outlook (REO) in Lagos.
CBN Urges Customers To Report Banks Who Refuse To Sell FOREX
The Central Bank of Nigeria has urged customers to report banks that refuse to sell Basic Travel Allowance and Personal Travel Allowance to them. The apex bank said this in a statement on Tuesday. It said it has reliably gathered that some banks are turning back customers that come to purchase BTA/PTA and forex for pilgrimage.
Ikeja Hotels Resumes Trading On The Nigerian Stock Exchange
The Nigerian Stock Exchange (NSE) has given the management of Ikeja Hotels the approval to resume trading after reviewing the two-year suspension placed on the shares of the company on Nov. 10, 2016. According to a ‘facts behind the restructuring’ document released by Ms Tinuade Awe, NSE Executive Director Regulation, trading would commence on the shares of the company on May 21.
Nigeria’s Oil Output Drops By 150, 000 Barrels Per Day, Over SPDC Pipeline Shutdown
Nigeria’s daily oil output has dropped by 150,000 barrels per day (bpd) as a result of the shutdown of Nembe Creek Trunk Line belonging to Shell Petroleum Development Company (SPDC) Nigeria limited shutdown. In its 2018 budget, the Federal Government had earlier projected to produce 2.3 million bpd at the reference price of $51 per barrel. But with this development, the target would not likely be met.
Nigeria Records 1.95% GDP Growth In Q1
Nigeria’s real Gross Domestic Product (GDP) grew by 1.95% Year-on-Year (YoY) in the first quarter of 2018, indicating a stronger growth from a year earlier, the National Bureau of Statistics (NBS) Monday said in its Q1 2018 Nigerian GDP report. Nigeria’s Real Gross Domestic Product for Q1 rose by 1.95% in Q1 2018 compared to 2.11% in Q4 2017 and -0.91% in Q1 2017.
Federal Government Collected N5tn Revenue In 2016
The Fiscal Responsibility Commission (FRC) says the nation raked in N5.043 trillion as federally collected revenue in 2016, indicating a shortfall of N1.063 trillion from N6.107 trillion compared to 2015. The figure is contained in the commission’s 2016 Annual Report and Audited Accounts made available to news reporters on Tuesday in Abuja.
Rating Agency Fitch Affirms Nigeria At B+, Warns On Oil Dependency
Fitch Ratings has affirmed Nigeria’s long-term foreign currency Issuer Default Rating (IDR) at ‘B+’ with a negative outlook. While B+ is encouraging as the nation continues to recover, the negative outlook serves to highlight how Nigeria must break away from its reliance on oil. With Fitch expressing concerns over “the sustainability of the economic growth momentum”, the nation must strive to derive growth from other sustainable sources other than rising oil prices.