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The NACCIMA Presidency at the World Chambers Congress 2017, Sydney, Australia
From Left-to-Right: Hajiya Saratu-Aliya (1st Deputy National President), Iyalode Alaba Lawson (National President), Ide John Udeagbala (2nd Deputy National President)
NACCIMA President, Iyalode Alaba Lawson, MFR, FIoD, JP at the opening ceremony of the Abuja International Trade Fair 2017
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B2B Meeting with Republic of Benin Chamber delegation to Nigeria
NACCIMA hosted members of the Republic of Benin Chamber delegation to Nigeria to a B2B meeting with Nigerian businessmen and women
NACCIMA pays courtesy visit to Federal Minister of Communication and Technology, Barr. Adebayo Shittu
The delegation from NACCIMA, led by the Chairman of the NACCIMA Mining Trade Group, Angelo Peter I. Elosia, MBKS and Deputy Director-General, Dr. Sani Yandaki were received by Honourable Minister of Communication Technology, Barr, Abdulraheem Adebayo Shittu
NACCIMA President decorates Governor of Ogun State, Sen. Ibikunle Amosun as NACCIMA Patron
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EU-ACP Technical Committee meeting on the 27th of September 2017
(R-L) The National President, Iyalode Alaba Lawson, National Vice President, Hon. Dele Oye, and Director-General, Emmanuel Cobham, esq at the EU-ACP Technical Committee meeting held at the Ministry of Budget and National Planning
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Women in Logistics and Transport (WILAT) Conference - 28th September, 2017
The National President, Iyalode Alaba Lawson presented a Recognition Award to the Managing Director of the Nigerian Port Authority (NPA), Hajiya Hadiza Bala Usman at the Women In Logistics and Tranport (WILAT) Conference at the Oriental Hotel, Lagos.
Inauguration of Rivers State Chapter of NAWORG
The National President, Iyalode Alaba Lawson welcomed by the President of Port Harcourt Chambers - Dr. Emi Membere - Otaji and others for the inauguration of the NACCIMA Business Women Group, Rivers State Chapter
6th EU-Nigeria Business Forum
The National President, Iyalode Alaba Lawson delivering a goodwill message at 6th EU-Nigeria Business Forum at Eko Hotel, Lagos Nigeria 6th October. Theme Empowering Women Entrepreneurs
NACCIMA President with Gov. Okezie Ikpeazu of Abia State at the investiture of the Aba Chamber of Commerce President
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NACCIMA President leads delegation to the Georgia Chamber of Commerce, USA
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The 1st Annual NACCIMA-NIRSAL Agribusiness Conference
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Our Mission

As 'the Voice of Nigerian Business', ensuring enabling business environment through policy advocacy, and promoting growth and competitiveness of businesses through proper and prompt information dissemination using modern technology comparable to the best universal standard of Chambers of Commerce and Industry anywhere in the world.

Our Vision

To be revered as the pillar of Business that supports the growth and development Private Enterprise and Private Initiative.

Our Objectives

The principal objectives of the Association are:

  • Ensuring the creation of conducive atmosphere for the pursuit of commerce, industry and all other forms of economic activities of interest to the private sector
  • The promotion, protection and development of all matters affecting business
  • Contribution of ideas for the overall economic stability of the nation
  • Encouragement and promotion of the nation's private sector
  • Provision of a network for national and international business contacts and opportunities

NACCIMA provides you with access to business and policy information, investment promotion and trade facilitation.

Economic and Business News

For the Week ending, Friday, 11th August, 2017

1

H2 report: 31 states fail to attract fresh investments

About 30 state governments could not attract any form of fresh investments into their states between January and June this year, an analysis of a capital importation report obtained from the National Bureau of Statistics has shown.

The report revealed that only five states within the first six months of this year recorded any form of fresh investment inflow in key sectors of the economy.

The states that got new investments are Lagos State, which attracted the highest amount of $2.6bn during the six months period, followed by Akwa Ibom with $52.44m.

The Federal Capital Territory followed with $31.51m while Ogun State attracted fresh investment inflows of $5.31m; Oyo had $5.25m, and Rivers recorded $550,000 of investments.

The Punch. Sunday, 27th August, 2017

2

Lending rate drops on fresh naira injection

The country's overnight lending rate dropped to 12 per cent on Friday after spiking to almost 100 per cent on Wednesday due to a liquidity squeeze as lenders paid for hard currency and treasury bills purchased from the Central Bank of Nigeria.

Reuters reports that money market rates had moderated on Thursday after the Federal Government disbursed N224.54bn ($715.10m) in budget allocations to the three tiers of government, boosting liquidity, Reuters reported.

The CBN also repaid around N95.7bn in matured treasury bills, to boost liquidity, traders said.

Subsequently the central bank sold around N26.90bn at an open market treasury auction on Friday to soak up naira liquidity. Traders said the money market remained liquid despite the auction.

The Punch. Sunday, 27th August, 2017

3

BoI partners Oxfam to empower 4,000 farmers

The Bank of Industry under the Government Enterprise and Empowerment Programme has signed an agreement with Oxfam to disburse N200m to Oxfam's Village Saving and Loan Associations in Nassarawa, Benue and Plateau states.

The money is expected to strengthen the living capacity and resilience of poor households in rural communities.

According to Oxfam, the partnership is born out of the need to target the most marginalised and hard to reach in the rural communities in line with the objectives of the Federal Government’s social intervention policy.

The initiative, tagged ‘GEEP MarketMoni’ provides the first batch of the loans meant to expand the activities of about 500 farmer groups in some communities in the three states.

The Punch. Monday, 28th August, 2017

4

CBN, others unveil new homeownership scheme

A new scheme targeted at providing improved access to housing finance to aspiring homeowners has been unveiled by stakeholders in the industry.

The scheme, known as My Own Home and domiciled with the Central Bank of Nigeria, is also expected to among other things provide awareness, education and practical tips to assist prospective homeowners in need of long-term housing finance.

The public-private partnership scheme, according to the stakeholders, has the support of the World Bank, the Federal Ministry of Finance, the Federal Ministry of Power, Works and Housing, Federal Ministry of Justice, Mortgage Banking Association of Nigeria, as well as primary mortgage banks through equity stake taken in the Nigeria Mortgage Refinance Company.

At the launch of the scheme in Lagos, recently, the CBN's Housing and Mortgage Finance Consultant on the Nigeria Housing Finance Programme, Mrs. Adenike Fasanya-Osilaja, stated that the initiative would provide mortgages, mortgage guarantee and insurance as well as housing microfinance to every Nigerian in need of a home.

The Punch. Monday, 28th August, 2017

5

FG refinances debt and adds more loans

THE recent announcement by the Federal Minister of Finance of the government's decision to refinance the country's debt by borrowing dollars at seven per cent instead of locally at between 13 and 18.5 per cent would have been commendable if it was not just a mere paper exercise which would still not reduce the quantum of debt the country is owing. On paper it would reduce the cost of borrowing, but at maturity it would require the country to source for dollars to repay.

Unsaid by the Minister is the fact that the Federal government's requirement for loans has almost totally squeezed out private sector borrowing and has driven up domestic interest rates beyond levels that are healthy for investment. At rates ranging from 25 to 40 per cent few companies can afford to borrow and survive. So, the shift to external borrowing was borne out of necessity which is always the mother of innovations.

Vanguard. Monday, 28th August, 2017

6

Unity Bank introduces NIRSAL Farmers Savings Account

IN its bid to strongly drive its strategic business focus on rural economy, Unity Bank Plc has developed a product called NIRSAL Farmers Savings Account specifically designed as a platform to execute a key aspect of the service level agreement for the NIRSAL UNITY BANK channel partnership to bank farmers in rural areas.

NIRSAL, (Nigerian Incentive Based Risk Sharing System for Agricultural Lending) is borne out of the efforts of the Central Bank of Nigeria to increase the disbursement of the Anchor Borrower funds to more farmers at the grassroots level and the product was conceived to expand and capture more states of the federation to benefit from the scheme.

Commenting on the farmer's product, the Head, Agribusiness, Unity Bank Plc, Mr. Olugbenga Emmanuel Adelana, stated: "A total of seven states – Kebbi, Jigawa, Zamfara, Adamawa, Kaduna, Kano and Bauchi and over 9000 small holder farmers have signed on to the scheme when the pilot of the Channel Partnership Agreement (CPA) first came on stream.

Vanguard. Monday, 28th August, 2017

7

Ship financing: NIMASA to disburse $100m fund at single digit interest rate

NIGERIAN Maritime Administration and Safety Agency, NIMASA, has concluded plans to disburse $100 million Cabotage Vessel Financing Fund, CVFF, to indigenous ship owners at a single digit interest.

Director General/Chief Executive Officer, NIMASA,Mr. Dakuku Peterside, disclosed this in Lagos at a cocktail parley for stakeholders in Ship and Maritime Infrastructure Financing, organised by the Nigerian Ship Finance Conference and Exhibition, NISFCOE. He said funds from the CVFF and the counterpart contribution from the financial institutions would help drive down the interest rate for ship owners wishing to acquire vessels with the fund.

He also assured that the agency has started to work towards ensuring that the CVFF was disbursed in accordance with set down regulations, adding, "We are determined to disburse CVFF according to the law and according to regulation. We are dedicated, we are committed and we are passionate about disbursing it.

Vanguard. Tuesday, 29th August, 2017

8

FG rolls-out modality for accessing national housing scheme

The Federal Government has rolled out modalities for accessing the national housing project that has already commenced in the 33 states of the federation.

It said, this became imperative as a huge chunk of the country's population are excluded from formal processes that ensure access to funding, land or housing.

Minister of Power, works and Housing, Babatunde Fashola stated this at the weekend in a meeting with housing stakeholders in Abuja.

To this end, he said the Federal Mortgage Bank of Nigeria (FMBN) and the Federal Housing Authority (FHA) are being repositioned to play their role more effectively to address the housing problem.

"While our National Housing Programme, is the first of its type on a National scale in many decades that seeks to respond to the deficit, government agencies such as the Federal Mortgage Bank, Federal Housing Authority are being repositioned to play their role more effectively to address the Housing problem.

Nigerian Tribune. Tuesday, 29th August, 2017

9

NSE's market capitalisation down by N114 billion

The bears took the stage at the opening of the trading week, as transactions in the equities sector of Nigerian Stock Exchange (NSE), yesterday re-opened on a downward note, as virtually all the blue chip stocks recorded price depreciation, causing market capitalisation to dip by N114billion.

Specifically, at the close of trading on Monday, 30 stocks depreciated in price while nine constituted the gainers chart.Precisely, market capitalisation of listed equities declined by 0.9 per cent to N12.517trillion from N12.631trillion traded on Friday.Similarly, the All Share Index also depreciated by 329.15 basis points to 36317.31 points from 36646.46 points traded preciously.

Investors exchanged 348.122 million shares valued at N2.977billion in 3276 deals against 422.458 million shares worth N3.249billion traded in N3.249billion.

The Guardian. Tuesday, 29th August, 2017

10

Food prices remain high despite easing inflation

The Consumer Price Index (CPI) which measures inflation increased by 16.05 percent (year-on-year) in July 2017, even as food price pressure continued into the month under review as all major food sub-indexes increased.

The latet CPI index was 0.05 percent points lower than the rate recorded in June (16.10) percent making it the sixth consecutive decline in the rate of headline year on year inflation since January 2017.

The Food Index increased by 20.28 percent (year-on-year) in July, up by 0.37 percent points from the rate recorded in June (19.91 percent). This represents the highest year on year increase in food inflation since the beginning of the new series in 2009.

The rise in the index was caused by increases in prices of bread and cereals, meat, fish, oils and fats, coffee, tea and cocoa, potatoes yam and other tubers and vegetables.

The Guardian. Tuesday, 29th August, 2017

11

CBN injects $250m into forex market

The Central Bank of Nigeria has again intervened in the inter-bank foreign exchange market to the tune of $250m.

According to the News Agency Nigeria report, the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, said the apex bank also sold $100m and uplifted the Small and Medium Enterprises and invisible segments, with $85m and $65m, respectively.

He said that the central bank would pump even more liquidity into the market in the coming days, noting that the move by the CBN was necessary to enhance stability in the foreign exchange market.

The Punch. Tuesday, 29th August, 2017

12

BoI approves N5bn intervention fund for miners

The Bank of Industry and the Ministry of Mines and Steel Development on Tuesday sealed a N5bn financing pact under the Artisanal and Small-scale Miners Financing Support Fund for the development of the mining sector.

The amount, which is to be disbursed to the miners at a single-digit interest rate of five per cent with a repayment period of between one year and five years, is aimed at addressing the funding challenges in the sector.

Present at the event were the Minister of Mines and Steel Development, Dr. Kayode Fayemi; the Managing Director, BoI, Mr. Olukayode Pitan, and other top government officials.

The Punch. Wednesday, 30th August, 2017

13

German firm buys Nigerian insurer for $35m

Germany's Allianz plans to pay $35m for 98 per cent stake in a Nigerian insurer, Ensure Insurance, in a push for growth in Africa, where many people are uninsured.

Reuters, which reported this on Wednesday, said foreign insurers were banking on growing premiums as the continent began to develop its infrastructure, with the consumer class demanding protection from risk.

Allianz said that it would acquire the stake from a UK-based holding company, Greenoaks Global Holdings.

Ensure Insurance offers life and non-life cover to businesses and retail clients and generated 11 million euros ($13m) in gross premiums last year, according to the report.

The Punch. Thursday, 31st August, 2017

14

FG awards $5.8bn 3,050MW Mambilla Hydro Electric power plant contract

The Federal Executive Council on Wednesday approved the contract for the engineering work of the Mambilla Hydro Electric Power Plant in Taraba State at a sum of $5.792bn.

The Minister of Power, Works and Housing, Mr. Babatunde Fashola (SAN), disclosed this to State House correspondents at the end of the weekly meeting of the council presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

The contract was awarded to a consortium of three Chinese companies - Messrs CGCC-SINOHYDRO-CGOCC.

The Punch. Thursday, 31st August, 2017

15

Olam inaugurates 720,000MT poultry feed mills

Olam has moved to close the demand gap for poultry feed in the country with its state-of-the-art feed mills in Kaduna and Kwara States.

The firm said the facilities were designed to produce high quality feed to boost domestic production of chicken and meet consumer demand in Nigeria.

Specifically, the company stated that Nigeria's current capacity for poultry feed at 2.5 million would be boosted annually by two of its feed mills with a capacity of 360,000 metric tonnes each.

The Business Head, Animal Protein, Dr. Vinod Mishra, Olam Grains, stated this during a facility tour of its N20bn hatchery and poultry farm in Kaduna on Wednesday.

The Punch. Friday, 1st September, 2017

16

Ethiopian Airlines moves to take over Arik

Indications have emerged that Ethiopian Airlines may acquire Arik Air, which is currently being managed by the Asset Management Corporation of Nigeria.

The Managing Director of International Services, Ethiopian Airlines, Esayas WoldeMariam, was quoted by the CNN on Thursday to have said that the airline had submitted a formal offer to take over the carrier.

"We have outlined our terms and conditions to the Nigerian government and we are waiting to see if they agree. We are capable and desirous of handling the airline," WoldeMariam said.

The report also quoted Godfrey Odudigbo of the Nigerian embassy in Addis Ababa as saying that negotiations over Arik could be concluded by the end of the year.

The Punch. Friday, 1st September, 2017

17

Naira appreciates as CBN injects $297m

The naira, yesterday, further appreciated in the parallel market even as the Central Bank of Nigeria (CBN) injected $297 million into the interbank foreign exchange market.

Vanguard survey revealed that the parallel market exchange rate dropped yesterday to N365 per dollar from N366 per dollar on Wednesday. This translates to N1 appreciation for the naira. Thus the naira has appreciated by N5 against in the parallel market this week.

The naira however fell by 67 kobo in the Investors and Exporters (I&E) window as the indicative exchange rate rose to N359.67 per dollar, yesterday, from N359 per dollar on Wednesday. The volume of dollars traded also dropped marginally to $81.82 million from $83.76 million on Wednesday.

Meanwhile the CBN injected $297 million into the Retail Secondary Market Intervention Sales (SMIS) segment of the foreign exchange market, raising the total intervention for the week to the sum of $547m.

Vanguard. Friday, 1st September, 2017

Other Economic and Business Indicators

GDP 0.55%
(Q2, 2017)
Inflation Rate
(Year-on-Year change)
16.05%
(July, 2017)
Unemployment Rate 14.2%
(Q4, 2016)
Underemployment Rate 21.0%
(Q4, 2016)
Monetary Policy Rate 14%
(July, 2017)
Inter-Bank Call Rate 12.28%
(July, 2017)
Prime Lending Rate 17.65%
(July, 2017)
Maximum Lending Rate 30.94%
(July, 2017)
External Reserve USD 31,811,620,611        
(29 August, 2017)
Exchange Rate (CBN)
31 August 2017
USD: 305.85
POUNDS: 393.23
EUROS: 362.07
Exchange Rate (Parallel Market)
31 August 2017
USD: 365.00
POUNDS: 468.00
EUROS: 432.00
Liquidity Ratio 30%
Treasury Bill Rate (91 Days) 13.35%
(16, August 2017)
Demand Deposits at Banks
(NGN million)
8,883,822.34
(July, 2017)
Credit to Government (Net)
(NGN million)
4,987,790.39
(July, 2017)
Credit to Private Sector
(NGN million)
22,172,372.60
(July, 2017)
Currency in Circulation
(Million Naira)
1,769,750.47
(July, 2017)
Bank Reserves
(Million Naira)
3,446,384.83
(July, 2017)
External Debt: FGN + States
(USD million)
13,807.59
(as at March 31, 2017)
Local Debt: FGN only
(NGN million)
11,971,336.53
(as at March 31, 2017)
Nigeria's Merchandise Trade 5,7286.6 billion (Quarter 4, 2016)
Crude Oil $50.20 (OPEC Daily Basket, 4 September, 2017)

Source: CBN, NBS and DMO
Compiled by: Research Department, NACCIMA
5 September, 2017