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The Federal Government on Tuesday declared that contracts not above $13.16m (N5bn) would no longer be awarded to any foreign firms in the country.
It said the decision was part of a way of patronising the indigenous firms in line with the planned local content laws in the country. The Minister of State, Works and Housing, Abubakar Aliyu, stated this at a public hearing organised by the National Assembly joint committees on local content… More details through: https://punchng.com/fg-excludes-foreign-firms-from-contracts-below-n5bn/
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Fitch, a global credit rating agency, has upgraded the outlook on Nigeria’s long-term foreign-currency issuer default rating (IDR) to ‘stable’ from negative and affirmed the IDR at ‘B’.
The outlook released Wednesday showed a decrease in the level of uncertainty surrounding the impact of the global pandemic shock on the Nigerian economy. Fitch said the ‘B’ rating reflects weak fiscal revenues, comparatively low governance, and development indicators, high dependence on hydrocarbons, and a track record of subdued growth and high inflation… More details through: https://www.vanguardngr.com/2020/09/breaking-fitch-upgrades-nigerias-outlook-to-stable/ The two neighbouring South-West states of Lagos and Ogun took 72 percent of all the manufacturing investments made in Nigeria in 2018 and 2019, leaving the remaining 34 states scrambling for 28 percent, according to data from the Manufacturers Association of Nigeria (MAN)…
More details through: https://businessday.ng/lead-story/article/lagos-ogun-take-72-investments-in-2-years-as-34-states-lag/ Nigeria expects to save as much as one trillion naira ($2.6 billion) a year after it abolished subsidies paid to guarantee cheap gasoline in Africa’s top oil-producing country.
“Already, we have taken off the budgetary provision for subsidy which is about 500 billion naira,” Petroleum Minister of State Timipre Sylva told reporters Thursday in Abuja, the capital. “It will save us up to a trillion naira and more every year.” Nigeria relies on oil exports for more than 90% of foreign earnings and 50% of of government revenue. As oil prices fell to a record with the coronavirus pandemic, the authorities used the opportunity to end the subsidies that have been in place since the 1980s… More details through: https://www.bloomberg.com/news/articles/2020-09-10/nigeria-sees-savings-of-2-6-billion-a-year-with-subsidies-gone The Special Adviser to the President on Media and Publicity, Mr Femi Adesina, has said the Federal Government will spend $6bn (₦2.3tn) to revive the nation’s economy as part of the Nigeria Economic Sustainability Plan (NESP) to ameliorate the effects of COVID-19, Daily Times gathered.
Adesina disclosed the information in a presentation at the 2nd Annual Conference and General Meeting of the International Islamic University Malaysia Alumni Association, Nigeria chapter, held on Saturday but issued the statement on Sunday. Adesina said the NESP comprised ₦500bn COVID-19 Crisis Intervention Fund meant to upgrade health facilities nationwide and finance a national Special Public Works Programme; ₦1.1tn structured lending from the Central Bank of Nigeria; ₦334bn to be derived from external bilateral and multilateral sources; and ₦302.9bn from other undisclosed sources… More details through: https://dailytimes.ng/fg-will-spend-%e2%82%a62-3tn-to-revive-the-economy-adesina/ The recovery in the Nigerian private sector gathered momentum in August as demand improved following the easing of restrictions related to the coronavirus disease.
Stanbic IBTC Bank Plc disclosed this in its Purchasing Managers’ Index survey, which was conducted in August. The report, which was released on Thursday, showed that output and new orders rebounded, rising sharply from July. Employment was broadly stable, although excess capacity remained as a result of the severe declines in new business during the second quarter. The headline PMI rose sharply in August to 54.6, up from 50.4 in July, it stated… More details through: https://punchng.com/economic-activities-rebounded-in-august-says-report/ The Nigerian-British Chamber of Commerce (NBCC) on Thursday, July 23, 2020, hosted its Opportunity Nigeria Conference. In his welcome speech, the President and Chairman of Council of the NBCC, Mr Kayode Falowo stated that the theme ‘‘Nigeria- Gateway to Emerging African Markets’’ was apt given the economic realities in Nigeria today, and her relationship with the UK and other countries in the world. The Conference would have been held in the UK as part of the Chamber’s 2020 Annual Trade Mission activities, to promote Trade & Investment between Nigeria & Britain.
Read more: https://businessday.ng/events/article/nigeria-remains-the-investment-destination-of-choice-in-africa/ The Federal Government on Monday confirmed the release of $2.62 billion (N995.665 billion) for capital expenditure in the implementation of the 2020 revised budget.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, disclosed this while presenting a cheque of the N162.557 billion realized from the 2020 Sukuk issuance to the Minister of Works and Housing, Babatunde Fashola, SAN, in Abuja. She said the government appropriated the sum of N1.347 trillion for capital expenditure under the revised 2020 budget, adding that with the release of the cheque to the Minister, the amount appropriated for roads projects financed by Sukuk in 2020 budget has been fully released… More details through: https://www.dailytrust.com.ng/fg-releases-n995-7bn-for-capital-projects.html The nation’s economy recorded a net foreign exchange inflow of $9.35bn in February. The Central Bank of Nigeria disclosed this in its February monthly report.
It said, “Foreign exchange flows through the economy resulted in a net inflow of $9.35bn in the review period, compared with $9.99bn and $4.58bn at end-January 2020 and end-February 2019, respectively.” More details through: https://punchng.com/net-foreign-inflow-hit-9-35bn-in-february-cbn/ Tightened borders and shift in tastes among Nigerians ramped up patronage of palm/vegetable oil, plastic packaging, and poultry products in 2019, forcing the producers to lift year-on-year job numbers in the manufacturing sector by 25 percent. Total jobs created by manufacturers in 2019 were 22,729 as against 18,203 reported in 2018, representing a 25 percent increase…
More details through: https://businessday.ng/exclusives/article/palm-oil-poultry-packaging-lead-new-manufacturing-jobs/ |
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