Aso Villa Reads for 1/3/18
Every day, we bring you the best stories the media is reporting about the Government of Nigeria.
Business Day reported that “foreign appetite for Nigerian equities rose at its fastest pace in eight years to lift total transactions by 117 percent to N2.5 trillion in 2017 compared to 2016, the Nigerian Stock Exchange said in a report published Wednesday”. According to the paper, “that’s the highest value since 2014, when transactions came to N2.67 trillion, according to data compiled by Business Day, as subsequent years leading to 2017 mirrored Africa’s largest oil producer’s struggles with lower oil prices and production which snowballed into acute dollar shortages and tipped the economy into its first recession in a quarter of a century.”
According to THISDAY, “a Federal High Court in Lagos Wednesday ordered final forfeiture of two penthouses linked to a former Minister of Petroleum Resources, Mrs Diezani Alison-Madueke. The court, presided by Justice Mojisola Olatoregun had on December 5, 2017, ordered an interim forfeiture of the properties after an ex-parte application was filed and argued by the Economic and Financial Crimes Commission (EFCC)”. The properties affected by the forfeiture are: “Penthouse 21, Building 5, Block C, 11 floor, Bella Vista, Banana Island, Ikoyi and Penthouse 22, Block B (Admiralty “Estate) also in Ikoyi, be forfeited to the federal government, pending the conclusion of investigation.’’
Business Day (Thursday 01 March 2018, page 5) reports that “the Central Bank of Nigeria (CBN), on Tuesday flagged off the disbursement of N5, N10, N20, and N50 notes to traders in the market, beginning with Abuja as pilot. At a publicity campaign on “Disbursement of Lower Denominations of the Naira’’ at the popular Abuja Wuse Market, Priscilia Eleje, CBN Acting Director, Currency Operations Department, said the CBN through the various associations in the market would exchange lower denominations for higher ones, warning ahead of time that the money “is not free”.
The Secretary to the Government of the Federation (SGF), Boss Mustapha has revealed that “the Federal Government is committed to ensuring that the new National Minimum Wage meets the present economic realities.” Daily Trust reports that “Mustapha said this at a dinner and award night organised to mark the Nigeria Labour Congress (NLC) 40th Anniversary celebration. According to him, the Federal Government is conscious of the need to bring wages to meet economic realities.” He said: “It is in this regard that the Tripartite Committee on Minimum Wage was inaugurated to review the National Minimum Wage. The committee is determined to complete its assignment before the end of this year. I am confident that the outcome of the assignment would address the issue of social imbalance, inequality and the wide gap of poverty in the country. That is why this administration takes the welfare of the Nigerian worker as priority by putting so much effort into the resuscitation of the economy.’’
“According to the National Bureau of Statistics (NBS) report on Nigeria’s Gross Domestic Product in fourth quarter 2017, the fastest growing activities in the quarter were road transport at a rate of 27.23% and Air Transport at a rate of 12.08% year on year. Transport contributed 1.74% to Nominal GDP, an incline from the 1.50% recorded in the corresponding period of 2016, and higher than the 1.43% recorded in the third quarter of 2017. Annual growth and contribution stand at 13.60% and 1.57% respectively. However, the water transport; air transport; transport services; and post and courier services sectors grew by 24.10% in nominal terms in the fourth quarter of 2017 (year on year).” Business Day reported this.
“Barely two weeks after the release of some lecturers prospecting for oil at the Chad Basin, the Nigeria National Petroleum Corporation, NNPC, has concluded arrangement to recommence exploration activities at the basin, Group Managing Director of NNPC, Maikanti Kacalla Baru, has said. Oil exploration activities at the Chad Basin were suspended for months due to the abduction of the three lecturers from the University of Maiduguri which raised fresh security concerns.” Daily Trust reports.
Business Day reported that “the total international trade in Nigeria is expected to grow from N23.9 trillion in 2018 to N24.6 trillion in 2019, after reaching N23.1 trillion in 2017, the Nigeria’s Maritime Industry Forecast 2018–2019, has projected. The forecast, which was unveiled in Lagos on Tuesday by the Nigerian Maritime Administration and Safety Agency (NIMASA), also revealed that business activities in the nation’s maritime sector are expected to grow from 2.5 percent in 2018 to 5.5 percent in 2019.Also, the foreign exchange reserves, which reached $38.8 billion in 2017, are also expected to increase to $43.5 billion in 2018 and $48.9 billion in 2019 while the major drivers of total fleet berthing at Nigeria ports will depend on the volume of Nigerian foreign reserves and total trade.”
The Central Bank of Nigeria has issued a warning on the dangers of investment in cryptocurrencies.” Business Day reported that “a press release issued by the Bank on Wednesday, February 28, 2018, reiterated that cryptocurrencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin, among others and Exchanges such as NairaEx were not licensed or regulated by the CBN”. The paper referenced a “statement signed by the Bank’s acting Director in charge of Corporate Communications, Isaac Okorafor, emphasized that dealers and investors in any kind of crypto currency in Nigeria were not protected by law, thus may be unable to seek legal redress in event of failure of the exchangers or collapse of the business. The CBN therefore warned Nigerians against investing in cryptocurrency as doing so would be at their own risk.”
According to The World News Minister of Industry, Trade and Investment Okechukwu Enelamah has said that the trade sub-sector made up about 18 per cent of Nigeria’s Gross Domestic Product (GDP). He “said this in Abuja at the launch of the Nigeria Annual Trade Policy Report (NATPOR), the first edition put together by the Nigerian Office for Trade Negotiations (NOTN). According to him, the report indicates that trade activities, both imports and exports, employ more than 10.8 million people. He said NAPTOR identifies the priorities in Nigeria’s trade policy, and use of trade policy as an instrument for structural transformation for diversification, modernisation and job creation, among others”.
