Top Financial News   

03 October 2018

FG increases gas flare penalty from N10 to N613: The Federal Government has increased the gas flare penalty from N10 per thousand standard cubic feet of gas to $2 or N612.8 (at the official exchange rate of N306.4 to one dollar) per thousand standard cubic feet of gas.(Source:Punch)


Govt okays 90-day special window for MSME registration: The Federal Government has approved a 90-day special window to register businesses at a reduced rate of N5,000 in a bid to further ease the process of registering Micro, Small and Medium Enterprises in the country.(Source:Punch)


Power supply drops amid gas shortage, grid collapse: Electricity supply in the country has been struggling to stay above 3,000 megawatts in recent months as factors such as gas shortage and power grid collapse continue to limit generation.(Source:Punch)


Nigeria loses N3.46tn annually to port inefficiency – Survey: The Nigerian economy is losing an estimated annual revenue of N3.46tn as a result of the current crises of poor infrastructure, poor policy implementation and corruption at the ports, according to the result of a recent survey carried out by the members of the Organised Private Sector and the Centre for International Private Enterprise.(Source:Punch)


CBN lists measures to sustain banking sector’s growth: The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said the adoption of risk-focused and rule-based regulatory framework; zero tolerance in regulatory framework for data/information rendition/reporting and infractions and strict enforcement of corporate governance principles in banking sector have helped to stabilise the sector.(Source:Punch)


NDIC recovers N28.84bn from failed banks debtors: The Nigerian Deposit Insurers Corporation says it has recovered N28.84bn from debtors of failed banks.(Source:Punch)


Nigerian airlines not weak – Onyema: The Chairman and Chief Executive Officer of Air Peace, Mr. Allen Onyema, has said that contrary to speculations, Nigerian airlines are not weak.(Source:Punch)

BoI’s $1.5b for manufacturers, others: Bank of Industry (BoI) has offered $1.5billion to manufacturers.(Source:The Nation)


GenCos reduce generation to 2,669mw over low-load demand:  The Nigeria Electricity Supply Industry (NESI) recorded a drop in its production on Independence Day as its generation was 2669Mega Watts (MW)(Source:The Nation)


Ports’ gridlock: Economy losing over N2.5t, says LCCI:  The Lagos Chamber of Commerce & Industry (LCCI), Centre for International Private Enterprise (CIPE) and the Organised Private Sector (OPS), have said the economy is currently losing about N600 billion in customs revenue, $10 billion on non-oil export and about N2.5 trillion corporate earnings across sectors.(Source:The Nation)

Mining: FG Procures N360m Customized Core Drilling Rigs for NGSA:  In attempt to boost geosciences data for operators in the mining sector, the federal government recently disclosed plan to procure N360 million worth multi-purpose core drilling equipment for the Nigeria Geological Survey Agency (NGSA).(Source:Thisday)


FG Formulates Policies to Boost Apicultural Exports: President Muhammadu Buhari has reiterated the commitment of the current administration to formulating new policies to drive the developmental processes for the apicultural sub-sector of the economy.(Source:Thisday)

Economic growth rate softens — CBN:  The Central Bank of Nigeria’s (CBN’s) Purchasing Managers Index, PMI, for the manufacturing sector stood at 56.2 in September 2018, indicating further fluctuation against 57.1 recorded in the previous month, August.(Source:Vanguard)


Naira down to N363.88/$ in I&E window:  The Naira, yesterday, depreciated to N363.88  per dollar in the Investors and Exporters (I&E) window even as the volume of dollars traded on the window dropped by eight percent.(Source:Vanguard)

Experts advise FG on monetary, fiscal policy alignment:  Some experts have advised the Federal Government to take steps to avoid the relapse of the economy into recession.(Source:Daily Trust)


Investors begin trading week with N20bn loss:  Investors began the trading week on a negative note as profit taking in saw  market capitalization decreased by N20.0bn to N11.9trn.(Source:Daily Trust)

Reporting for EasyKobo on Wednesday , 03 October 2018 in Lagos, Nigeria

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