Economic and Business News

For the Week ending, Friday, 30 June, 2017


CBN engages Ogun Farmers, SMEs on Financial Interventions

Financial Inclusion project got added boost on Tuesday, as the Central Bank of Nigeria (CBN), engaged Ogun State farmers and Small and Medium scale Enterprises (SMEs) operators in a seminar, in Abeokuta.

The move was in continuation of CBN's enlightenment campaign aimed at bringing more people into the formal financial sector, as well as using the opportunity to educate participants on its various real sector intervention programmes.

Speaking on the theme of the seminar, "Promoting Financial System Stability and Economic Development," CBN's Deputy Director, Consumer Protection Department, Khadijah Kasim, said the bank took its enlightenment campaign to the ancient city of Abeokuta as part of efforts to interact with the entrepreneurs one-on-one. "The bank's officials are here to talk to you about rights and responsibilities of bank customers, how we can lodge complaints to CBN if we have issues with our financial service providers"

The Guardian. Friday, 23 June 2017


After two years, Osinbajo Inaugurates Privatisation Council

More than two years after the present administration assumed power, the Federal Government finally reconstituted the National Council on Privatisation on Thursday in Abuja. Speaking at the inauguration, Acting President Yemi Osinbajo said the council had since inception handled the privatisation and reformation of 142 public enterprises.

The Head of Public Communications, Bureau of Public Enterprises, Mr. Chukwuma Nwokoh, disclosed this in a statement made available to our correspondent in Abuja. The NCP is usually chaired by the Vice President and supervises the work of the BPE and approves every privatisation transaction before it can be deemed to have gone through the established process.

Our correspondent had reported that the absence of the council in the last two years had hampered the privatisation transactions that had been on the schedule, with some government agencies hijacking some privatisation responsibilities.

Punch. Friday, 23 June 2017


Osun Cocoa Industry now Processes 20,000 tonnes daily

The newly resuscitated Osun State Cocoa Processing Industry in Ede has started processing cocoa in line with the industrialisation plan of the current administration in the state. The company, which was inaugurated on October 17, 1982, had stopped production in 2001 due to obsolete equipment and management issues.

The Commissioner for Industries, Commerce, Cooperatives and Empowerment in the state, Mr. Ismail Alagbada, however, said the company was now processing 20,000 tonnes of cocoa on a daily basis.

He stated that the Aregbesola administration in partnership with Golden Monkey of China revived the company and brought it back to start production. This, he said, was meant to ensure that it started adding value to cocoa instead of exporting it overseas in its raw form.

Punch. Friday, 23 June 2017


Nigerian Yam for Export to UK, US next week

A total of 72 metric tonnes of yam will leave the shores of Nigeria for United Kingdom and the United States of America next week, the Federal Government has said. It stated that the commencement of the raw food exportation from Nigeria would be done through the Apapa Port in Lagos next Thursday.

The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, disclosed this at the end of a meeting with the technical committee on the Nigerian Yam Export Programme in his office in Abuja on Thursday. Ogbeh noted that of the 72 metric tonnes to be exported in three containers of 24 metric tonnes each, one container would go to the United Kingdom, while the other two would go to the US.

Punch. Friday, 23 June 2017


Stakeholders adopt measures to reverse EU ban on Nigerian produce

Stakeholders in Nigeria's agricultural sector are evolving proactive strategies aimed at improving the quality of processed goods to overcome the ban on some produce exported from the country. This is contained in a special survey conducted by the Newsmen on the ban placed on some 25 exportable produce by the European Union (EU) between 2015 and 2016.

The respondents across the South West states and Kwara fielded questions in separate interviews. In Abeokuta, theChairman of the Ogun branch of All Farmers Association of Nigeria (AFAN), Mr Segun Dasaolu, told Newsmen, farmers were engaging in effective collaborative efforts with the state government in the area of training. This, he said, was to ensure they were acquainted with the international standards and requirements for agricultural produce.

Vanguard. Sunday, 25 June 2017


CBN sustains financial inclusion engagements in Lagos

The Central Bank of Nigeria (CBN), at the weekend, engaged entrepreneurs and residents in Lagos on its various intervention programmes meant to stimulate the economy and boost people's living standards. With the theme: "Promoting financial stability and economic development," the bank reiterated its determination on enlightening the public about their rights and privileges with respect to customer relationship with commercial banks.

The event came on the heels of a similar forum the apex bank had with Ogun State farmers and Small and Medium scale Enterprises (SME) operators in Abeokuta, also in efforts to bring more people into the formal financial sector relationship. The Deputy Director, Trade and Investment Department, Olu Vincent, noted that sensitisation of the general public on what the CBN has done over the past two challenging years to stimulate the economy has become necessary, as it would help to appreciate its commitment to the country.

The Guardian. Monday, 26 June 2017


Obasanjo, AfDB, IITA, partner 5 states to stem food crisis

Nigeria's former President Olusegun Obasanjo is partnering with the African Development Bank (AfDB), the Olusegun Obasanjo Presidential Library (OOPL) and International Institute of Tropical Agriculture (IITA) to launch a new agricultural production initiative known as the Nigeria Zero Hunger Forum (NZHF). The forum targets boosting food production and ending hunger in the country by 2030.

A statement by the spokesperson for the IITA, Mr. Godwin Atser on Tuesday said the Governors of the five states of Benue, Borno, Ebonyi, Ogun and Sokoto had signed up to be part of the pilot scheme of the peer advisory mechanism of the Nigeria Zero Hunger Forum (NZHF). "The NZHF is supported by IITA, African Development Bank (AfDB), WFP and the Olusegun Obasanjo Presidential Library (OOPL) and the five pilot states which have given their endorsements include Benue, Borno, Ebonyi, Ogun and Sokoto," the statement said.

"More states will be involved as we make progress," according to the International Institute of Tropical Agriculture (IITA) Goodwill Ambassador, former President Olusegun Obasanjo, who is chairing the NZHF.

The Sun. Tuesday, 27 June 2017


EU says no more financial support for Nigeria- Envoy

The European Union (EU) Ambassador to Nigeria and ECOWAS, Mr Michel Arrion says EU will not increase its financial assistance to Nigeria. Arrion made this known in Abuja while delivering a Distinguished Lecture organised by the IBB Golf Club, with the theme "40 years of European union in Nigeria: Lessons learned and the way forward".

The ambassador who said that EU was not promising further assistance to Nigeria however said that Nigeria remains EU key partner in view of the role it plays in global affairs. The envoy also stressed that the Union would scale up its efforts towards the country's institutional, political and economic development for a more prosperous future.

He said that Nigeria could not be said to be poor, as it is has enough resources to meet its developmental needs.

Vanguard. Thursday, 29 June 2017


Osinbajo offers 9 months grace period to tax evaders

Acting President, Yemi Osinbajo on Thursday offered nine months grace period to tax payers to regularise their tax status or face criminal prosecution for tax offences. Osinbajo made the in Abuja at the inauguration of the Voluntary Assets and Income Declaration Scheme (VAIDs).

He said the scheme was specially targeted at taxpayers, who had not declared their taxable incomes and assets, as well as those who don't pay at all, and those who had been underpaying or under remitting. Osinbajo said the scheme would cover all federal and state taxes such as companies' income tax, personal income tax, petroleum profit tax, capital gains tax, stamp duties and tertiary education tax.

"The scheme will be operated from July 1, 2017 to March 31, 2018. "It will be supported by an executive order, which I will sign into law today to offer a once in a life time opportunity to those in default to regularise their tax affairs.

Vanguard. Thursday, 29 June 2017


Naira closes at 367/dollar, CBN sells $195m

The Naira recorded a marginal gain on Wednesday, closing at 367 per United States dollar, up from 368 on Tuesday. The local currency has been hovering between 363/dollar and 370/dollar as the Central Bank of Nigeria continues to supply foreign exchange into the market.

Analysts expect the local currency to trade within this range this week. Meanwhile, the CBN sold $195m in various segments of the inter-bank market on Wednesday, the first day of transaction after the Eid-el-Fitr celebration. A breakdown of the intervention indicates that authorised dealers in the wholesale window segment received a $100m offer from the bank, while the Small and Medium-scale Enterprises and invisibles windows were allocated the sums of $50m and $45m, respectively.

Punch. Thursday, 29 June 2017


Nigeria’s first diaspora bond begins trading in London

Te London Stock Exchange has welcomed Nigeria's first Diaspora bond to start trading on the main market. The LSE, in an emailed statement on Thursday, said the proceeds from the five-year, 5.625 per cent bond would be used to fund infrastructure projects in the country.

It described the bond as the first from an African country that is registered with both the United Kingdom Listing Authority and the United States Securities and Exchange Commission and targeted at retail investors.

The bourse said interest in the bond was high from retail investors around the world and was 130 per cent subscribed, raising a total of $300m. It noted that the bond followed the successful raising of $1.5bn through Nigeria's Eurobond earlier this year.

Punch. Thursday, 29 June 2017


FG approves six cashew factories for export

The Federal Executive Council (FEC) yesterday gave approval for the establishment of six cashew-processing factories for export.These factories, Council said would be cited in the cashew belt areas of Enugu, Imo, Benue, Kogi, Kwara and Oyo states to meet the export demand of 130,000 tons valued at $7 billion per annum.

The Guardian. Thursday, 29 June 2017

Other Economic and Business Indicators


(Q1, 2017)

Inflation Rate
(Year-on-Year change)

(May, 2017)

Unemployment Rate

(Q3, 2016)

Underemployment Rate

(Q3, 2016)

Monetary Policy Rate

(April, 2017)

Inter-Bank Call Rate

(April, 2017)

Prime Lending Rate

(April, 2017)

Maximum Lending Rate

(April, 2017)

External Reserve

USD 30,271,801,743  
(29 June, 2017)

Exchange Rate (CBN)
30 June 2017

USD: 305.90
POUNDS: 397.12
EUROS: 349.22

Exchange Rate (Parallel Market)
30 June 2017

USD: 367.00
POUNDS: 465.00
EUROS: 410.00

Liquidity Ratio


Treasury Bill Rate (91 Days)

(21 June, 2017)

Currency in Circulation (Million Naira)

April, 2017)

External Debt: FGN + States (USD million)

(as at March 31, 2017)

Local Debt: FGN only (NGN million)

(as at March 31, 2017)

Bank Credit to to Private Sector (NGN million)

(April, 2017)

Demand Deposits at Banks (NGN million)

(April, 2017)

Nigeria's Merchandise Trade

5,7286.6 billion (Quarter 4, 2016)

Crude Oil

$45.63 (OPEC Daily Basket, June 30, 2017)

Source: CBN, NBS and DMO
Compiled by: Research Department, NACCIMA
3 July, 2017