17 July 2018 ( Lagos )

BoI to give MSMEs N250bn at single digit interest: The Managing Director, Bank of Industry, Mr Olukayode Pitan, has said the $750m (N250bn) syndicated loan facility, which it received from the African Export-Import Bank last week, will be disbursed to Micro, Small and Medium Enterprises at single digit interest rate. (Source: Punch)

Metering: Ask Discos to recapitalise, FG tells NERC: The Federal Government on Monday stated that the Nigerian Electricity Regulatory Commission had several options at its disposal that it could use to enforce the contract mandating power distribution companies to provide meters for their customers and eliminate estimated billing in the sector. (Source: Punch)      

We will increase Nigeria’s share of intra-African trade — Osinbajo: Vice President Yemi Osinbajo on Monday lamented the low level of trade between Nigeria and other countries in Africa and expressed optimism that the Federal Government would in the short term to correct the trade imbalance. (Source: Punch)

Telecom firms, banks, others spend N246bn on foreign software: Telecomms companies, banks, insurance companies and management services firms have spent N246bn on licensing of foreign software in six years. (Source: Punch)

Stock market ends lower as 32 firms lose: The equities market of the Nigerian Stock Exchange extended its losses on Monday as the prices of 32 stocks depreciated at the close of trading. (Source: Punch)

Awolowo: we have 1% of African import: The 2017 statistics from the international trade centre has shown that Nigeria  accounts for only one per cent in value of African imports from the world. (Source: The Nation)

LCCI frowns at tariff hike on detergents, noodles, others:  The Lagos Chamber of Commerce and Industry (LCCI) has frowned at increased tariff on essential items such as detergent, toilet papers, facial tissue, Spaghetti and Noodles. (Source: The Nation)

Rivers seals 9mobile office over N108m tax default: The Association of Licensed Telecommunication Operators of Nigeria (ALTON) has decried the unilateral closure of 9mobile Port Harcourt Regional Office by officials of Rivers State Internal Revenue Service (RIRS). (Source: The Nation)

Afreximbank, AfDB sign $.5m pact: The African Export-Import Bank (Afreximbank) has sealed $500,000 pact with the African Development Bank to  support African Private Sector Assistance (FAPA) programme. The fund will be used in supporting emerging factoring firms in Africa. (Source: The Nation)

IMF upgrades Nigeria’s 2019 GDP growth forecast to 2.3%: The International Monetary Fund (IMF) yesterday upgraded its growth rate forecast for Nigeria’s Gross Domestic Product (GDP) in 2019 to 2.3%, while retaining 2.1% for 2018, citing improved crude oil prices. The IMF announced the upgrade in its World Economic Outlook (WEO) July 2018 update titled, ‘Less Even Expansion, and Rising Trade Tensions’. (Source: Vanguard)

Nigeria maintains China top trade partner as trade volume improves: The Consul-General, Republic of China in Lagos, Chao Xiaoliang has assured that bilateral relations between Nigeria and China would continue to improve with more understandings of Chinese business communities in Lagos of Nigerian Customs policies. (Source: Vanguard)

Naira depreciates to N361.85/$: The naira yesterday depreciated by 23 kobo to N361.85 per dollar in the Investors and Exporters (I&E) window. (Source:Vanguard)

NNPC to generate 14MW electricity from Cross River bio-diesel project: The Nigerian National Petroleum Corporation, NNPC, yesterday, said the 26,000 hectares Cross River State oil palm-based bio-diesel project would generate 14 megawatts of electricity. (Source: Vanguard)

Afrieximbank revenue hits $645m, declares $57.53 dividend: The President of Afreximbank, Dr. Benedict Oramah, has said that in 2017, the bank’s revenues grew by 25 per cent to reach $645 million, driven by healthy interest income on average assets of about $14 billion, of which about 70 per cent was loans and advances. (Source: Daily Trust)

Under-remittance: After NNPC, we will focus on FIRS, Customs – FAAC: The chairman, Forum of Finance Commissioners, Mr. Mahmood Yunusa, has disclosed that once they are done with the under remittances issue with the Nigerian National Petroleum Corporation (NNPC), the forum will beam its searchlight on the books of the Nigerian Customs and the Federal Inland Revenue services (FIRS). (Source: Daily Trust)

Firm Invests N98bn in Local Content Development for Oil Sector: About N98 billion would be expended by a Nigerian firm, Mudiame International Limited to strengthen local content and human capacity development in Nigeria’s oil and gas sector. (Source: Thisday)

FG’s auto policy revives 29 licenced assembly plants: The Strategy and Communications Adviser to Minister of Industry, Trade and Investment, Bisi Daniels, has said that the National Automotive Policy had resulted in 29 out of the 54 licensed assembly plants coming on stream as at February 2018. He also disclosed that so far, a total installed capacity of 419,190 units and a total actual production of 8,628 units had been achieved under the automotive policy. (Source: Thisday)

Nigeria’s unused electricity volume projected to rise by 2,130MW: The total volume of unused electricity from Nigeria’s national grid will rise by 2,130 megawatts (MW), to add to an existing 2000MW idle volume that power distribution companies (DisCos) are unable to take up, the Minister of Power, Works and Housing, Mr. Babatunde Fashola, has disclosed. He explained that the additional volume will come from 455MW Azura-Edo plant, 215MW Kaduna plant, 240MW Afam III Fast Power, and the 40MW Kashimbilla hydro plant in 2018. In 2019, the 700MW Zungeru hydro plant and the 480MW Okpai II power plant will come on stream to complete the equation. (Source: Thisday)

Reporting for EasyKobo on Tuesday, 17 July 2018 in Lagos, Nigeria