FINANCIAL AND ECONOMIC NEWS
http://globaleconomic-trendsanalysis.blogspot.com/2017/05/financial-and-economic-news_63.html
Hello,
Here are some of the top business & economy & political stories in Nigeria today 19th of May 2017.
1. The Chairman of the Board of the Nigerian Economic Summit Group (NESG) Mr. Kyari A. Bukar has said Nigeria should technically be out of recession by the end of the third quarter of this year. He listed stability in global oil price and increase in crude oil production due to peace in the Niger Delta region as key contributors to this growth. Link
2. The Federal Government has directed all relevant ministries, departments and agencies operating at the nation’s airports and seaports to harmonise their operations into a single interface station. While those at the airports have 30 days to merge, those operating at seaports must do so within 60 days. This is one of the highlights of an ‘Executive Order on the Promotion of Transparency and Efficiency in the Business Environment’ signed by the Acting President, Prof. Yemi Osinbajo, on Wednesday. Link
3. The Minister of Transportation, Rotimi Amaechi yesterday said work has commenced on the $1.5 billion Lagos-Ibadan rail line. He said the government is making efforts to complete all outstanding rail projects in due time to give relief to congestion of the roads from cargo and human traffic. Other projects, he assured will be completed include Southeast rail which he indicated will be addressed as the government raise funds. Link
4. The Minister of Power, Works and Housing, Babatunde Fashola, has declared that eligible power consumers are now free to purchase electricity directly from power generation companies. Link
5. The Minister of Transportation Rotimi Amaechi has said yesterday that private sector players in Nigeria are 99 per cent dependant on government, saying they are not reliable as investors. He said government had in the past provided funds for the private sector but such funds were either misused or diverted. Link
6. The Federal Government has said it will review the Public Procurement Act to promote the patronage of locally-made products in the country. The Minister of Information and Culture, Alhaji Lai Mohammed, stated this at the press launch of the campaign for the patronage of made-in-Nigeria products. He said the need to amend the Act was borne out of the conviction that the government needed to encourage companies to produce what the country needed, while at the same time boosting local production of goods and services. Link
7. Nigeria will process all tourist and business visas within two days, the vice president's office said on Friday, as Africa's largest economy, mired in recession, tries to improve the ease of doing business in the country. Applicants will be notified whether their visas will be issued or rejected within 48 hours, with the change to take immediate effect. The move follows the launch in March of a system aimed at enabling business executives to apply for a visa online and collect it on arrival 48 hours later. Link
8. The 2016 unaudited accounts of the Nigerian Ports Authority (NPA) is currently stalling the release of the 7.0 percent surcharge paid on imports for the development of the ports. Disclosing this in Lagos, the Managing Director of the authority, Ms. Hadiza Bala Usman, said that the account of the agency was last audited in 2015 adding that the 2016 audit was yet to be done. Link
9. The Federal Government on Thursday called on the Islamic Development Bank to provide funding support for the implementation of the country’s Economic Recovery and Growth Plan. The Permanent Secretary, Federal Ministry of Finance, Dr. Mahmoud Isa-Dutse, stated this at the 42nd annual meeting of the bank in Jeddah, Saudi Arabia. He called for more intervention from the bank in the area of infrastructure in order to stimulate economic recovery and reduce the level of poverty in the country. Link
10. Stakeholders at the public hearing on some bills at the Kwara State House of Assembly have advocated for the increment of mobilisation fee from 15 to 30 percent for public procurement. They stressed that the inclusion of threshold in the bill would go a long way in reversing the phenomenon of abandoned projects and enhance quick completion of government projects. Link
11. The Niger Delta Development Commission (NDDC) said a total of 708 projects valued at N86.3bn had been awarded in Edo State since the inception of the commission. The Chairman of the Commission, Senator Victor Ndoma-Egba said the projects include 233 on-going, 130 yet to commence, 131 completed but not inaugurated while 173 were completed and inaugurated. Link
12. The Acting President, Yemi Osinbajo, has on Friday, formally received the 2017 Budget -Appropriations bill. The Senior Special Assistant to the Acting President, Mr. Laolu Akande, confirmed this on his Twitter handle, @Akandeoj. “2017 Budget -Appropriations bill now officially received in the Acting President’s office and undergoing very prompt and diligent consideration,” he wrote. Link
13. Acting President Yemi Osinbajo, on Thursday signed three executive orders that will significantly change some of the ways government business and operations are conducted in the country. A statement from Laolu Akande, Senior Special Assistant to the President on Media and Publicity Office of the Vice President said the executive orders were issued “in exercise of the presidential authorities vested in the Executive arm of government.” Link
14. New executive order signed May 18 by Acting President Yemo Osinbajo now compels all airport officials to be in uniform and always wear their identification cards. Officials are no longer allowed to appear in mufti while on official duty. The order also mandates that no airport and security official should provide bag carrying services for non-designated persons. Link
Here are some of the top business & economy & political stories in Nigeria today 19th of May 2017.
1. The Chairman of the Board of the Nigerian Economic Summit Group (NESG) Mr. Kyari A. Bukar has said Nigeria should technically be out of recession by the end of the third quarter of this year. He listed stability in global oil price and increase in crude oil production due to peace in the Niger Delta region as key contributors to this growth. Link
2. The Federal Government has directed all relevant ministries, departments and agencies operating at the nation’s airports and seaports to harmonise their operations into a single interface station. While those at the airports have 30 days to merge, those operating at seaports must do so within 60 days. This is one of the highlights of an ‘Executive Order on the Promotion of Transparency and Efficiency in the Business Environment’ signed by the Acting President, Prof. Yemi Osinbajo, on Wednesday. Link
3. The Minister of Transportation, Rotimi Amaechi yesterday said work has commenced on the $1.5 billion Lagos-Ibadan rail line. He said the government is making efforts to complete all outstanding rail projects in due time to give relief to congestion of the roads from cargo and human traffic. Other projects, he assured will be completed include Southeast rail which he indicated will be addressed as the government raise funds. Link
4. The Minister of Power, Works and Housing, Babatunde Fashola, has declared that eligible power consumers are now free to purchase electricity directly from power generation companies. Link
5. The Minister of Transportation Rotimi Amaechi has said yesterday that private sector players in Nigeria are 99 per cent dependant on government, saying they are not reliable as investors. He said government had in the past provided funds for the private sector but such funds were either misused or diverted. Link
6. The Federal Government has said it will review the Public Procurement Act to promote the patronage of locally-made products in the country. The Minister of Information and Culture, Alhaji Lai Mohammed, stated this at the press launch of the campaign for the patronage of made-in-Nigeria products. He said the need to amend the Act was borne out of the conviction that the government needed to encourage companies to produce what the country needed, while at the same time boosting local production of goods and services. Link
7. Nigeria will process all tourist and business visas within two days, the vice president's office said on Friday, as Africa's largest economy, mired in recession, tries to improve the ease of doing business in the country. Applicants will be notified whether their visas will be issued or rejected within 48 hours, with the change to take immediate effect. The move follows the launch in March of a system aimed at enabling business executives to apply for a visa online and collect it on arrival 48 hours later. Link
8. The 2016 unaudited accounts of the Nigerian Ports Authority (NPA) is currently stalling the release of the 7.0 percent surcharge paid on imports for the development of the ports. Disclosing this in Lagos, the Managing Director of the authority, Ms. Hadiza Bala Usman, said that the account of the agency was last audited in 2015 adding that the 2016 audit was yet to be done. Link
9. The Federal Government on Thursday called on the Islamic Development Bank to provide funding support for the implementation of the country’s Economic Recovery and Growth Plan. The Permanent Secretary, Federal Ministry of Finance, Dr. Mahmoud Isa-Dutse, stated this at the 42nd annual meeting of the bank in Jeddah, Saudi Arabia. He called for more intervention from the bank in the area of infrastructure in order to stimulate economic recovery and reduce the level of poverty in the country. Link
10. Stakeholders at the public hearing on some bills at the Kwara State House of Assembly have advocated for the increment of mobilisation fee from 15 to 30 percent for public procurement. They stressed that the inclusion of threshold in the bill would go a long way in reversing the phenomenon of abandoned projects and enhance quick completion of government projects. Link
11. The Niger Delta Development Commission (NDDC) said a total of 708 projects valued at N86.3bn had been awarded in Edo State since the inception of the commission. The Chairman of the Commission, Senator Victor Ndoma-Egba said the projects include 233 on-going, 130 yet to commence, 131 completed but not inaugurated while 173 were completed and inaugurated. Link
12. The Acting President, Yemi Osinbajo, has on Friday, formally received the 2017 Budget -Appropriations bill. The Senior Special Assistant to the Acting President, Mr. Laolu Akande, confirmed this on his Twitter handle, @Akandeoj. “2017 Budget -Appropriations bill now officially received in the Acting President’s office and undergoing very prompt and diligent consideration,” he wrote. Link
13. Acting President Yemi Osinbajo, on Thursday signed three executive orders that will significantly change some of the ways government business and operations are conducted in the country. A statement from Laolu Akande, Senior Special Assistant to the President on Media and Publicity Office of the Vice President said the executive orders were issued “in exercise of the presidential authorities vested in the Executive arm of government.” Link
14. New executive order signed May 18 by Acting President Yemo Osinbajo now compels all airport officials to be in uniform and always wear their identification cards. Officials are no longer allowed to appear in mufti while on official duty. The order also mandates that no airport and security official should provide bag carrying services for non-designated persons. Link
