12 June 2018 ( Lagos)
Oil exploration investment difficult in Nigeria, others – FG: The Federal Government and the African Petroleum Producers Organisation on Monday stated that it was worrisome to note that a lot of investors were finding it difficult to invest in oil exploration in Nigeria and other countries on the continent despite the increasing oil finds. (Source: Punch)
Banks shying away from credit to private sector – FDC: There is a growing level of risk aversion by the Nigerian banks towards lending to the private sector. (Source: Punch)
NCC moves to resolve N165bn interconnectivity debt: The Executive Vice Chairman, Nigerian Communications Commission, Prof. Umar Danbatta, said that he was seeking ways to resolve interconnectivity debts, which stands at N165bn. (Source: Punch)
Nigeria, Morocco sign agreements on gas pipeline, others: The Federal Government and the Kingdom of Morocco on Monday in Rabat signed three agreements as part of activities marking President Muhammadu Buhari’s two-day visit to the country. According to a statement by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, the agreements include that of a regional gas pipeline that will see Nigeria supplying gas to countries in the West Africa sub-region, Morocco and Europe. (Source: Punch)
FG okays N37bn cash for prepaid meters: The Federal Government has taken advantage of the new Meter Asset Provider (MAP) regulations to give a grant of N37bn (US$103m) to a private sector operator to supply meters to interested Distribution Companies (DisCos). Power, Works and Housing Minister, Babatunde Fashola, who spoke at the 28th monthly meeting of power stakeholders in Kaduna, said the Federal Government provided the funds based on demand for meters. (Source: The Nation).
Equities reopen with N63b gain: The Nigerian equities market reopened yesterday with a strong rally as bargain-hunters shifted demand to financial services and fast moving consumer goods stocks. (Source:The Nation).
CBN okays operations of 4,106 BDCs, 76 Finance Houses: The Central Bank of Nigeria (CBN) yesterday confirmed operations of 4,106 bureaux de change (BDCs) and 76 finance houses. (Source:The Nation).
LCCI: infrastructure, others inhibit ICT sector’s growth: Dearth of infrastructure and delayed approvals by governments, ministries, departments and agencies (MDAs) are some of the factors inhibiting the information communication technology (ICT) sector. (Source: The Nation).
Naira depreciates to N361.5/$ in parallel market: The Naira, yesterday, depreciated by 50 kobo to N361.5 per dollar in the parallel market.( Source:Vanguard)
Nigeria’s oil exports set for 2018 low in July: Cost of funds in the interbank money market is expected to moderate downward this week as N425 billion inflows from maturing treasury bills boost market liquidity.( Source:Vanguard)
Government in talks with IOCs over US$21bn losses, says NNPC: The Nigerian National Petroleum Corporation (NNPC) has said the state owned company is currently in talks with International Oil Companies (IOCs) with the aim of reviewing the Production Sharing Contracts (PSC) signed about 25 years ago between the two parties. Nigeria has allegedly lost over US$21bn since terms of the contract, which was signed in 1993, became outdated. (Source:Guardian)
Investments in syringe factory to boost Nigeria’s economy by 50%: Investments in the syringe industry may soon boost the nation’s economy by about 50 per cent, if the Federal Government implements the medical devices industry policy meant to enhance the sector. (Source:Guardian)
West Africa Crude-More delays to Nigerian Bonny Light as pipeline closes: Loadings of Nigerian Bonny Light crude, which have already been under force majeure for a month, were likely to be further delayed by the closure of a key pipeline, traders said on Monday.( Source: Reuters)
TCN raises US$1.57bn to build critical transmission infrastructure: The Managing Director and Chief Executive Officer of the Transmission Company of Nigeria (TCN), Usman Gur Mohammed, has stated that the company has raised a total of US$1.57bn to build critical infrastructure across the country.(Source: Thisday)
Reporting for EasyKobo on Tuesday, 12 June 2018 from Lagos, Nigeria
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