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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

Sovereign Wealth Fund resuscitates 11 fertilizer blending firms

The Nigerian Sovereign Investment Authority (NSIA), also known as the Sovereign Wealth Fund, has resuscitated 11 fertilizer blending plants across the country, which substantially brought down the price of fertilizer, ended fertilizer subsidy and ensured the availability of the commodity.

The Fund's Managing Director Uche Orji disclosed this in Abuja yesterday, while receiving the Minister of Information and Culture, Alhaji Lai Mohammed, who paid a courtesy visit to the Authority.

"We have delivered over 6 million bags of NPK 20:10:10 at 30 per cent below the market price without subsidy. In the process of that, we have also created over 50,000 jobs. We have rehabilitated 11 blending plants that had either been under capacity or moribund," he said.

The Guardian. Monday, 7th August, 2017

2

China firms up, ready to work with Nigeria to make $750b outbound investment

China is now ready to work with Nigeria and all countries to achieve inclusive growth in economic globalization even as the country is intending venturing into importing $8 trillion US dollars worth of goods from the world and make $750 billion US dollars outbound investment.

Although global economy recovery remains weighed down by lack of growth drivers, structural imbalances are yet to be fundamentally addressed and risk of de-globalization hangs over the world economy, hence, this new round industrial revolution is expected to give a strong boost to economic growth to Nigeria and countries across the globe. It as well targets at delivering massive benefits to all countries, including Nigeria, to bring about new and better hope for citizens'.

These were disclosed at the recently concluded annual meeting of the new champions, also known as Summer Davos, held in Dalian, China.

Vanguard. Monday, 7th August, 2017

3

CBN boosts forex market with $195m

The Central Bank of Nigeria (CBN) yesterday further energised the foreign exchange market with additional $195 million for the three segments.

In the wholesale segment of the inter-bank foreign exchange market, the apex bank auctioned $100 million and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50 million and $45 million respectively.

Responding to media enquiries, Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, reaffirmed the bank's commitment to sustain liquidity in the market to ensure that genuine requests for forex are met as well as improve liquidity and flexibility in the market.

The Sun. Monday, 7th August, 2017

4

FG unfolds new guidelines on tax holiday for investors

The Federal Government yesterday announced the lifting of its administrative suspension on processing pioneer status incentives applications for prospective investors in the country.

According to the Ministry of Industry, Trade and Investment the decision to lift the suspension followed the conclusion of critical reforms to the incentive regime aimed at promoting investments in the country.

The Ministry has also released new guidelines for PSI applications as well as a revised list of industries and products qualified for conferment with the pioneer status.

At the end of the Federal Executive Council (FEC) meeting last week, Minister of Industry, Trade and Investment, Okechukwu Enelamah, had hinted of the approval of the revised list of 27 key industries to benefit from the new package.

The Sun. Monday, 7th August, 2017

5

Challenges facing MSMEs in Nigeria

IT is the responsibility of government to provide employment and security for the people, among other things. However, since government cannot provide full employment for the people, what it does is to provide the enabling environment for non-state actors to bridge the gap. These non-state actors include small and medium scale enterprises, among others.

Small and medium scale enterprises are the "engine of growth and catalyst for socio-economic transformation of any country, especially in a developing country like Nigeria. They are a veritable vehicle for the achievement of national macroeconomic objectives in terms of employment generation at low investment cost and enhancement of apprenticeship training. But running small and medium scale enterprises in Nigeria is a most difficult thing because of the harsh economic environment. It is as a result of the harsh economic environment that many Small and Medium Scale Enterprises collapse or are operating on the margins. The increasing demand for consumer products has created a large market for small and medium enterprises in the country.

Vanguard. Wednesday, 9th August, 2017

6

Nigeria to sell up to $3b Eurobonds to replace bills

Nigeria plans to sell as much as $3 billion of foreign-currency bonds to replace naira debt, according to its finance minister.

The government will issue the dollar securities once the National Assembly approves the sale, Kemi Adeosun told reporters Wednesday in Abuja, the capital. They will have three-year maturities and be used to refinance treasury bills as they mature, she said.

"We will borrow less in naira and more in foreign currency because it is cheaper and also because we want to prevent crowding out of the private sector," said Adeosun, a former investment banker in Nigeria. "The average rate at which we borrow internationally doesn't exceed 7 percent, whereas our Treasury bills, we are paying between 13.6 percent and 18.5 percent. So we are almost halving the cost of borrowing to try and relieve this pressure on debt service."

The Sun. Wednesday, 9th August, 2017

7

External reserves hit over two-year high at $31.2bn

The country's external reserves rose to more than two-year high of $31.22bn on August 8, data from the Central Bank of Nigeria showed on Wednesday.

The foreign exchange reserves, which have been battered by lower oil prices, climbed back to a level they last reached in July 2015, shortly after President Muhammadu Buhari took office, the data showed, Reuters reported.

The external reserves had gone down as low as $24bn last year. For some months, the country's dollar reserves were hovering around $30bn.

Meanwhile, The CBN is planning to sell N62.43bn ($171m) of treasury bills at an auction next Wednesday.

The Punch. Wednesday, 9th August, 2017

8

TSA: Court strikes out FG's suit against 7 banks, awards N1.2m costs

A Lagos Federal High Court on Wednesday struck out a suit filed by the Federal Government seeking to recover 793.2 million dollars allegedly kept by seven commercial banks in violation of the Treasury Single Account (TSA) policy.

The defendants are: Diamond Bank, United Bank for Africa (UBA), First Bank, Skye Bank, Fidelity Bank, Sterling Bank and Keystone Bank.

The vacation judge, Justice Chuka Obiozor, struck out the suit following a motion of discontinuance filed by the Federal Government.

Counsel to Federal Government, Prof. Yemi Akinseye-George (SAN), informed the court that he had the instruction of the Attorney-General of the Federation to discontinue the case in the "overall interest of the public."

Consequently, he filed a motion of discontinuance in accordance with Order 50, Rule 2, Subsection 1, of the Federal High Court Civil Procedure Rules 2009, asking the court to strike out the suit.

Nigerian Tribune. Wednesday, 9th August, 2017

9

Local contractors excluded from $20 billion rail projects

The Federal Government is breaching its own local content policy in the construction of over $20 billion rail tracks across the country, as indigenous firms are being excluded from the execution of the projects.

If the extant policy, which provides that 40 per cent of such projects should be executed by local contractors, is followed, Nigeria would retain about $8 billion in its coffers and address unemployment and other social challenges.

The $8 billion, equivalent of N2.416 trillion, is about one-third of Nigeria's 2017 national budget, and can almost fund the entire Lagos-Kano standard gauge railway projects estimated at $8.3 billion.

There are a number of other rail projects, 98 per cent of which were awarded to Chinese firms. They include: Kano State rail, $1.85 billion; Lagos Blue Line light rail, $1.2 billion; Lagos monorail, $1billion; and Abuja light rail, $841.64 million expected to be completed in October. Ogun and Oyo states are also working on some rail projects.

The Guardian. Wednesday, 9th August, 2017

10

Nigeria, US, Libya's rising oil output threaten prices

The increase in the production of light sweet crude from Nigeria, United States and Libya has been said to be capable of contributing to a narrower price spread between light and medium crudes.

The US Energy Information Administration said in its Short-Term Energy Outlook that Nigerian production increased by six per cent to 1.66 million barrels per day in July, from 1.56 million bpd a month earlier, while Libyan crude output jumped by 19 per cent to 1.01 million bpd in July, from 850,000 bpd in June.

The US crude production increased to 9.43 million bpd, compared with 9.32 million bpd in June, the report said.

The EIA noted that crude oil prices were further supported as Saudi Arabia announced a cap on the country's crude oil exports in August.

It, however, said it was unclear how much extra crude oil this cap would remove from the market given the country's typical seasonal decline in crude oil exports because of an increase in crude oil use for power generation.

The Punch. Wednesday, 9th August, 2017

11

FG pegs 2018 budget at 2.3m bpd, $45 per barrel, N305/$

ABUJA-THE Federal Government, yesterday, approved the 2018-2020 Medium Term Expenditure Framework, MTEF, and the Fiscal Strategic Paper, FSP, with a commitment to achieve seven percent growth rate by 2020, in accordance with the Economic Recovery and Growth Plan. ERGP.

This is as the Federal Executive Council, FEC, approved the refinancing of Treasury Bill to $3 billion, which is about N900 billion.

Briefing State House correspondents after the weekly FEC meeting at the Council Chamber yesterday, Minister of Budget and Economic Planning, Udoma Udo Udoma, said the 2018 budget was predicted on oil projection of 2.3 million barrel per day at $45 per barrel.

Vanguard. Wednesday, 9th August, 2017

12

Naira appreciates to N366.5/$ in NAFEX

The naira yesterday appreciated to N366.5 per dollar in the Investors & Exporters (I&E) window with $157.87 million traded.

Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the window, also known as, Nigeria Autonomous Foreign Exchange, NAFEX, dropped to N366.5 per dollar at the close of business yesterday from N367.5 per dollar on Wednesday. This translated to appreciation of N1 for the naira as well as N1.67 appreciation in two consecutive days.

The naira however depreciated by N1 at the parallel market yesterday as the exchange rate for the market rose to N367 per dollar at the close of business to N366 per dollar on Wednesday.

Vanguard. Thursday, 10th August, 2017

13

Nigeria's exploration, production activities decline

Exploration and production (E&P) activities, which determine reserves and volume addition, have fallen significantly, as only nine active rigs operated in Nigeria last year, according to the Organisation of Petroleum Exporting Countries (OPEC).

According to OPEC, Nigeria's active rigs dropped from the 29 in 2015 to nine in 2016, but had earlier recorded 59 active rigs in 2013, and 46 in 2014.The development, which was buoyed by militancy activities in the oil-rich Niger Delta, saw Nigeria's crude production down to about 800,000 barrels daily by mid-year 2016. Given its dependence on oil revenue, which accounts for over 90 percent of its foreign exchange earnings, the Nigerian Government was forced to open negotiations with stakeholder groups in the Niger Delta, to scale up production in order to meet campaign promises.

Drastic fall in revenues due to production cutback and lower oil prices at the international market experienced last year are the major reasons Nigeria is funding a significant part of its 2017 budget on external borrowings.

The Guardian. Thursday, 10th August, 2017

Other Economic and Business Indicators

GDP -0.52%
(Q1, 2017)
Inflation Rate
(Year-on-Year change)
16.10%
(June, 2017)
Unemployment Rate 14.2%
(Q4, 2016)
Underemployment Rate 21.0%
(Q4, 2016)
Monetary Policy Rate 14%
(July, 2017)
Inter-Bank Call Rate 13.46%
(June, 2017)
Prime Lending Rate 17.58%
(May, 2017)
Maximum Lending Rate 30.75%
(May, 2017)
External Reserve USD 31,222,178,576       
(8 August, 2017)
Exchange Rate (CBN)
11 August 2017
USD: 305.6
POUNDS: 396.62
EUROS: 359.32
Exchange Rate (Parallel Market)
28 July 2017
USD: 367.00
POUNDS: 477.00
EUROS: 430.00
Liquidity Ratio 30%
Treasury Bill Rate (91 Days) 13.43%
(19 July, 2017)
Currency in Circulation (Million Naira) 1,873,544.00*
(June, 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)
Net Domestic Credit: Claims on Private Sector
(NGN million)
21,978,566.76*
(June, 2017)
Demand Deposits at Banks (NGN million) 8,406,673.93*
(June, 2017)
Nigeria's Merchandise Trade 5,7286.6 billion (Quarter 4, 2016)
Crude Oil $49.46 (OPEC Daily Basket, 28 July, 2017)

* (Provisional Data - May Change in Future)

Source: CBN, NBS and DMO
Compiled by: Research Department, NACCIMA
14 August, 2017