₦airaland Forum

9mobile Sale: Why Glo May Finally Lose Out
https://www.businesspost.ng/2017/12/31/9mobile-sale-why-glo-may-finally-lose-out/

Value of Stocks Traded by Investors Drops by N127b in Three Days
https://www.businesspost.ng/2017/12/31/value-stocks-traded-investors-drops-n127b-three-days/

By Dipo Olowookere

It was a brief trading week as market opened for three days inobservance of the public holidays (Monday, December 25 and Tuesday, December 26, 2017) as declared by the Federal Government of Nigeria.

During the week, a total turnover of 1.310 billion shares worth N12.635 billion in 9,016 deals were traded by investors on the floor of the Nigerian Stock Exchange (NSE) in contrast to a total of 2.243 billion shares valued at N139.789 billion that exchanged hands the previous week in 18,466 deals.

The Financial Services Industry (measured by volume) led the activity chart with 886.327 million shares valued at N4.829 billion traded in 4,998 deals; thus contributing 67.68 percent and 38.22 percent to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 307.946 million shares worth N466.045 million in 471deals. The third place was occupied by Consumer Goods Industry with a turnover of 61.258 million shares worth N1.507 billion in 2,001 deals.

Trading in the Top Three Equities namely– Transnational Corporation of Nigeria Plc, AIICO Insurance Plc, Dangote Cement Plc and Fidelity Bank (measured by volume) accounted for 736.889 million shares worth N998.336 million in 899 deals, contributing 56.27 percent and 7.90 percent to the total equity turnover volume and value respectively.

The NSE All-Share Index and Market Capitalization depreciated by 0.72 percent to close the week at 38,243.19 and N13.609 trillion respectively.

However, all other indices finished higher during the week with the exception of the NSE Premium, NSE ASeM, NSE 30, and NSE Industrial Goods Indices that depreciated by 3.32 percent, 3.42 percent,0.27 percent and 1.28 percent respectively.

During the week, 32 equities appreciated in price, lower than 35 of the previous week, while 25 equities depreciated in price, same as 25 equities of the previous week, and 115 equities remained unchanged higher than 112 equities recorded in the preceding week.

Also traded during the week were a total of 276 units of Exchange Traded Products (ETPs) valued at N9,865.34 executed in 12deals, compared with a total of 3,070 units valued at N455,245.00 that was transacted a week earlier in 8 deals.

In addition, a total of 422,672 units of three Federal Government Bonds and one state bond valued at N436.190 million were traded during the week in 20 deals, compared with a total of 3,780 units valued at N3.931 million transacted the previous week in 17 deals.

https://www.businesspost.ng/2017/12/31/value-stocks-traded-investors-drops-n127b-three-days/

Buhari Fails to Constitute SEC Board in new Appointments
https://www.businesspost.ng/2017/12/30/buhari-fails-constitute-sec-board-new-appointments/

NASD Re-Introduces BITs Trading Platform
https://www.businesspost.ng/2017/12/30/nasd-re-introduces-bits-trading-platform/

Full List of 209 Board Chairmen, 1,258 Members Appointed by Buhari
https://www.businesspost.ng/2017/12/30/full-list-209-board-chairmen-1258-members-appointed-buhari/

CBN Sells N99b OMO Bills at Last 2017 Auction
https://www.businesspost.ng/2017/12/30/cbn-sells-n99b-omo-bills-last-2017-auction/

CBN Sells N99b OMO Bills at Last 2017 Auction
https://www.businesspost.ng/2017/12/30/cbn-sells-n99b-omo-bills-last-2017-auction/

Buhari Fails to Constitute SEC Board in new Appointments
https://www.businesspost.ng/2017/12/30/buhari-fails-constitute-sec-board-new-appointments/

NASD Re-Introduces BITs Trading Platform
https://www.businesspost.ng/2017/12/30/nasd-re-introduces-bits-trading-platform/

Full List of 209 Board Chairmen, 1,258 Members Appointed by Buhari
https://www.businesspost.ng/2017/12/30/full-list-209-board-chairmen-1258-members-appointed-buhari/

Access Bank Board Meets to Approve 2017 FY Results, Dividend Payment
https://www.businesspost.ng/2017/12/29/access-bank-board-meets-approve-2017-fy-results-dividend-payment/

Nigerian Stocks Gain 0.66% on Last Trading Day of 2017
https://www.businesspost.ng/2017/12/29/nigerian-stocks-gain-0-66-last-trading-day-2017/

SMEs Suffer as Banks, Investors Focus on Bonds, T-Bills
https://www.businesspost.ng/2017/12/29/smes-suffer-banks-investors-focus-bonds-t-bills/

SEC Determined to Promote Transparency, Boost Investors’ Confidence—Zubair
https://www.businesspost.ng/2017/12/29/sec-determined-to-promote-transparency-protect-boost-investors-confidence-zubair/

SMEs Suffer as Banks, Investors Focus on Bonds, T-Bills
https://www.businesspost.ng/2017/12/29/smes-suffer-banks-investors-focus-bonds-t-bills/

SEC Determined to Promote Transparency, Boost Investors’ Confidence—Zubair
https://www.businesspost.ng/2017/12/29/sec-determined-to-promote-transparency-protect-boost-investors-confidence-zubair/

Auditors Beg Senate to Quickly Pass Forensic Audit Bill
https://www.businesspost.ng/2017/12/28/auditors-beg-senate-to-quickly-pass-forensic-audit-bill/

CNN Lists Nigeria Among Top 5 Global Stock Markets of 2017
https://www.businesspost.ng/2017/12/28/cnn-lists-nigeria-among-top-5-global-stock-markets-2017/

Vetiva Predicts 20% Growth for Nigerian Stock Market in 2018
https://www.businesspost.ng/2017/12/28/vetiva-predicts-20-growth-nigerian-stock-market-2018/

By Dipo Olowookere

Though the Nigerian All-Share Index (ASI) is still miles below record highs set in early 2008, a 43 percent rally in 2017 has helped to close the gap, a report released on Wednesday by CNN Money has disclosed.

With this performance this year, the Nigerian stock market made it to the top five global stock markets of 2017.

Argentina, Turkey, Hong Kong, and the United States were the other stock markets that made it to the top five this year.

The Argentine market rose this year by 73 percent, Turkey increased by 43 percent, same with Nigeria, while Hong Kong grew by 35 percent, the United States stock market appreciated by 25 percent.

According to the report, the Nigerian index suffered mightily in 2015 and 2016 as low oil prices, militant attacks, currency troubles, elections and Ebola hit investor sentiment.

But oil prices have moved higher, the central bank has made it easier to swap currencies and the economy has snapped out of recession, explained Zin Bekkali, founder and CEO of Silk Invest.

Many analysts are optimistic that stocks could keep rising in 2018.

"If you look at where we stand today, the [Nigerian] market is still one of the cheapest markets on the planet," said Bekkali, in the report.

However, the report said the Qatari stock market emerged the biggest loser this year, tumbling by 19 percent amid a spat with its neighbours: Saudi Arabia, Bahrain and the United Arab Emirates.

Their decision to cut diplomatic ties and transport links with Qatar in June took the region by surprise.

The nations accused Qatar of funding terrorism, a charge it denies. Efforts to restore ties have so far failed.

Qatar has found workaround strategies and different trade routes to get by, said Shearing.

"A lot of the initial economic disruption has faded," he said. "It doesn't look like [this] will be resolved quickly, but it doesn't look like it's doing vast damage to Qatar's economy," the report noted.

CNN Money also said in the report that the US stocks were front and centre as investors bet on strong economic growth, solid corporate earnings and hopes that President Trump would roll back regulations. Trump also boosted markets with a big corporate tax cut.

The Dow Jones industrial average shot up by 25 percent, the S&P 500 surged by 20 percent and the tech-heavy Nasdaq index outshined them with all with a stunning 29 percent gain.

https://www.businesspost.ng/2017/12/28/cnn-lists-nigeria-among-top-5-global-stock-markets-2017/

Stock Watch: Qfac Pick of the Day – Africa Prudential Registrars Plc
https://www.businesspost.ng/2017/12/28/stock-watch-qfac-pick-day-africa-prudential-registrars-plc/

By Dipo Olowookere

As part of efforts to alleviate sufferings of Nigerians as a result of scarcity of Premium Motor Spirit (PMS) otherwise known as petrol, in the country, the Senate has cut short its recess to find solution to the crisis.

The Senate President, Mr Bukola Saraki, in a statement issued on Thursday, December 28, 2017, directed the Senate Committee on Petroleum Downstream, chaired by Mr Kabiru Marafa, to have a meeting with the Federal Government.

The meeting is slated for Thursday, January 4, 2018 by 12 noon at room 221 and would be aired live by the Nigerian Television Authority (NTA).

During the meeting, the Senate will hold talks with the Minister of State for Petroleum, Mr Ibe Kachikwu, and the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Baru.

The statement said during the meeting, participants will come up with implementable solutions to address the lingering fuel scarcity in the nation.

“President of the Senate, Dr Bukola Saraki has directed the Senate Committee on Petroleum Downstream, chaired by Mr Kabiru Marafa, to cut short its recess and come up with implementable solutions to address the lingering fuel scarcity in the nation.

“Arising from this directive, the Committee will meet with the Minister of State for Petroleum and the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC) on Thursday, January 4, 2018, by 12 noon in room 221.

“The meeting will be covered live by the Nigerian Television Authority (NTA),” the statement read.

https://www.businesspost.ng/2017/12/28/fuel-scarcity-senate-meet-kachikwu-baru-january-4-2018/

Interbank Rate Drops as CBN Drains Liquidity with N96b OMO Sales
https://www.businesspost.ng/2017/12/28/interbank-rate-drops-cbn-drains-liquidity-n96b-omo-sales/

FG Raises N7b from Savings Bond in 10 Months
https://www.businesspost.ng/2017/12/28/fg-raises-n7b-savings-bond-10-months/

Investors Panic as Lack of Quorum May Stall 2018 MPC Meeting
https://www.businesspost.ng/2017/12/28/investors-panic-lack-quorum-may-stall-2018-mpc-meeting/

By Modupe Gbadeyanka

The first trading day of the week on the floor of the Nigerian Stock Exchange (NSE) kicked off on Wednesday on a very negative note with a total of N225 billion lost by investors at the close of business.

The market had resumed for transactions today from the Christmas break observed on Monday and Tuesday, but the huge profit-taking by investors plunged the benchmark index into the red zone by 1.64 percent.

Business Post reports that the All-Share Index (ASI) went down by 632.57 points to settle at 37,889.57 points, while the market capitalisation decreased by N225 billion.

Other sector indices finished lower today except the NSEOILGAS, which increased by 0.48 percent to finish at 317.44 points.

The NSE30 declined by 1.40 percent today to close at 1,726.96 points; the NSE50 went down by 1.47 percent to finish at 1,930.91 points; the NSEBNK fell by 0.31 percent to end at 472.25 points; and the NSE Consumer Goods depreciated by 1.17 percent to wrap the day at 956.60 points.

Observers and analysts informed Business Post that this trend may likely continue throughout the three-day trading sessions for this week as investors would like to quickly sell off to take profit as the year 2017 wraps up.

Our correspondent reports that the year-to-date return deflated to 40.99 percent after the midweek trade. Similarly, the market breadth closed negative after the stock market finished with 22 price losers and 14 gainers.

The losers’ chart was led by Dangote Cement, which fell by N9.50k to close at N230.50k per share, and Nigerian Breweries, which depreciated by N5.96k to finish at N134.4k per share.

Okomu Oil slumped by N3.56k to end at N67.69k per share, Presco lost N3.50k to settle at N68.50k per share, while PZ Cussons went down by 76k to close at N20.62k per share.

On the flip side, Mobil topped the gainers’ log on Wednesday after increasing by N8.31k to close at N178.31k per share.

It was followed by Cadbury, which appreciated by N1.42k to finish at N15.75k per share, and Dangote Sugar, which grew by 51k to end at N20.15k per share.

Eterna increased by 12k to finish at N4.35k per share, while Fidelity Bank advanced by 11k to settle at N2.49k per share.

At the close of business on Wednesday, the volume of equities transacted went up by 108.31 percent from 204.485 million to 425.960 million, while the total value of shares exchanged rose by 38.63 percent from N1.5 billion to N2.1 billion.

The Financial Services sector led the activity chart today with 313.6 million shares exchanged for N2.3 billion, while the Conglomerates industry followed with 107.5 million shares traded for N160 million.

Transcorp was the busiest stock on Wednesday, exchanging a total of 107 million units of shares worth N154.8 million.

It was followed by Fidelity Bank, which sold 94 million shares valued at N220.8 million, and Skye Bank, which transacted 51.7 million shares for N25.8 million.

AIICO traded 40 million shares at N20.9 million, while FBN Holdings executed 37.9 million shares worth N340.9 million.

https://www.businesspost.ng/2017/12/27/nigerian-stocks-lose-n225b-begin-week-bearish/

Are Nigerian Mutual Fund Investors Too Risk Averse?
https://www.businesspost.ng/2017/12/27/nigerian-mutual-fund-investors-risk-averse/

Stock Watch: Qfac Pick of the Day – Fidelity Bank Plc
https://www.businesspost.ng/2017/12/27/stock-watch-qfac-pick-day-fidelity-bank-plc/

Proposed Fragmentation of Stock Market Tears Operators Apart
https://www.businesspost.ng/2017/12/27/proposed-fragmentation-stock-market-tears-operators-apart/

Market Expects Financial System Liquidity Boost as N148b T-Bills Mature
https://www.businesspost.ng/2017/12/27/market-expects-financial-system-liquidity-boost-n148b-t-bills-mature/

Application for UAC of Nigeria N15.4b Rights Issue Closes
https://www.businesspost.ng/2017/12/27/application-for-uac-of-nigeria-n15-4b-rights-issue-closes/

By Dipo Olowookere

Treasury bills worth N148.16 billion will this week mature via the primary market and investors and analysts expect this to provide the needed boost in financial system liquidity with resultant decline in interbank lending rates.

The market is expected to resume trading today, Wednesday, December 27, 2017, after the Christmas break observed on Monday and Tuesday.

The N148.16 billion maturing bills this week is coming after bills worth N136.39 billion, viz: N92.56 billion via Open Market Operations (OMO) and N43.84 billion via primary market matured last week at the market.

According to analysts at Cowry Asset, last week, interbank lending rates increased across all tenure buckets amid strain in the financial system liquidity.

During the period, the Central Bank of Nigeria (CBN) auctioned treasury bills worth N656.85 billion via Open Market Operations (OMO).

Consequently, NIBOR for Overnight, 1 month, 3 months and 6 months tenor buckets increased w-o-w to 6.08 percent [from 5.10 percent), 15.26 percent (from 15.13 percent), 16.41 percent (from 16.33 percent) and 18.06 percent (from 17.80 percent) respectively.

Elsewhere, NITTY increased for all maturities tracked following renewed profit taking: yields on the 1 month, 3 months, 6 months and 12 months maturities rose to 11.31 percent (from 11.01 percent), 12.89 percent (from 11.55 percent), 15.20 percent (from 13.22 percent) and 16.41 percent (from 12.85 percent) respectively.

https://www.businesspost.ng/2017/12/27/market-expects-financial-system-liquidity-boost-n148b-t-bills-mature/

Market Expects Financial System Liquidity Boost as N148b T-Bills Mature
https://www.businesspost.ng/2017/12/27/market-expects-financial-system-liquidity-boost-n148b-t-bills-mature/

By Dipo Olowookere

The price of the Brent crude oil rose sharply on Tuesday by 2.8 percent after news of a pipeline explosion hit the market.

Business Post reports that the price of the commodity increased by $1.81 today to close at $67.08 per barrel, hitting more than 2½-year highs.

Our correspondent gathered that the Libya explosion occurred at the African country’s biggest terminals located in Sidra.

It was learned that the affected pipeline is operated by Waha Oil Company and carries crude to the Es Sider terminal.

Waha is a joint venture between Libya’s National Oil, Hess Corp., Marathon Oil Corp. and ConocoPhillips.

As a result of the blast, Libya’s production is expected to drop by 70,000 to 100,000 barrels a day, according to the state-run National Oil Corp.

Meanwhile, the WTI Crude Oil prices closed on Boxing Day at $59.82 per barrel, increasing by $1.35 or 2.31 percent.

However, the prices of Natural Gas depreciated at the market on Tuesday, going down by $0.028 or 1.05 percent to trade at $2.64.

https://www.businesspost.ng/2017/12/26/crude-oil-gains-2-8-trade-67-libya-pipeline-blast/

IST, SEC Partner to Punish Fraudulent Capital Market Operators
https://www.businesspost.ng/2017/12/26/ist-sec-partner-punish-fraudulent-capital-market-operators/

E-Dividends Registration: Investors Rush to Beat Deadline
https://www.businesspost.ng/2017/12/26/e-dividends-registration-investors-rush-beat-deadline/

AMCON Acquires N3.7tr Bad Loans from Banks
https://www.businesspost.ng/2017/12/26/amcon-acquires-n3-7tr-bad-loans-banks/

Technology has Restored Confidence in Nigerian Capital Market—Stockbroker
https://www.businesspost.ng/2017/12/25/technology-restored-confidence-nigerian-capital-market-stockbroker/

Merry Christmas to our Readers, Advertisers
https://www.businesspost.ng/2017/12/25/merry-christmas-readers-advertisers/

By Dipo Olowookere

A total turnover of 2.243 billion shares worth N139.789 billion in 18,466 deals were traded this week by investors on the floor of the Nigerian Stock Exchange (NSE) in contrast to a total of 1.852 billion shares valued at N51.523 billion that exchanged hands last week in 23,863 deals.

The Financial Services Industry (measured by volume) led the activity chart with 984.584 million shares valued at N10.588 billion traded in 11,116 deals; thus contributing 43.89 percent and 7.57 percent to the total equity turnover volume and value respectively.

The Industrial Goods Industry followed with 564.804 million shares worth N125.378 billion in 927 deals. The third place was occupied by Conglomerates Industry with a turnover of 804.447 million shares worth N561.921 million in 689 deals.

Trading in the Top Three Equities namely–Transnational Corporation of Nigeria Plc, Dangote Cement Plc and Aiico Insurance Plc (measured by volume) accounted for 1.335 billion shares worth N125.907 billion in 888 deals, contributing 59.52 percent and 90.07 percent to the total equity turnover volume and value respectively.

The NSE All-Share Index and market capitalization appreciated by 0.22 to close the week at 38,522.14 points and N13.709 trillion respectively.

Similarly, all other indices finished higher during the week with the exception of the NSE ASeM, NSE Consumer Goods and NSE Lotus II Indices that depreciated by 1.82 percent, 1.37 percent, and 0.51 percent respectively.

Business Post reports that 35 equities appreciated in price during the week, higher than 16 of the previous week, while 25 equities depreciated in price, lower than 46 equities of the previous week, and 112 equities remained unchanged higher than 110 equities recorded in the preceding week.

Also traded during the week were a total of 3,070 units of Exchange Traded Products (ETPs) valued at N455,245 executed in 8 deals, compared with a total of 1,120 units valued at N14,179 that was transacted last week in 4 deals.

In addition, a total of 3,780 units of Federal Government Bonds valued at N3.931 million were traded this week in 17 deals, compared with a total of 5,382 units valued at N5.680 million transacted last week in 17 deals.

https://www.businesspost.ng/2017/12/23/investors-trade-2-2b-shares-worth-n139-8b-five-days/

By Dipo Olowookere

Co-convener of the popular BringBackOurGirls (BBOG) group, Aisha Yesufu, has come hard of President Muhammadu Buhari over the present scarcity of petrol across the country.

Yesufu, while reacting to an old tweet of Mr Buhari in 2015 on the fuel scarcity under the last administration of Mr Goodluck Jonathan, said President Buhari has failed as both the Minister of Petroleum Resources and President.

Mr Buhari is presently Nigeria’s Minister of Petroleum, with Mr Ibe Kachikwu, the Minister of State for Petroleum Resources his deputy.

“The countless man hours that will be spent at petrol stations today, will reduce our productivity as a nation. This should not be so,” Mr Buhari has posted via his official Twitter page at 10:44am of March 2, 2015.

This tweet was over three weeks before the 2015 presidential election, which Mr Buhari won. The poll was held on Saturday, March 28, 2015.

‏But reacting to this old tweet of the President yesterday, the BBOG activist said, “Dear President Muhammadu Buhari @MBuhari Your tweet below says it all about your hypocritical stand.

“Your tears, words, tweets were never about Nigeria but about your need to come & enjoy the perks of power. You have failed as the Minister of Petroleum & more so as the President,” she posted.

Commenting further, Yesufu asked, “What type of President are you? You have not had the decency to address the Nation on the crippling effect of the fuel scarcity that many are suffering. You may have Kano people in your pocket, you sure don’t have the rest of us there.

“At your age, one would have expected you have seen it all and not be swayed by the temporary insanity of power but alas! age does not mean wisdom, integrity, values and character.

“So, what has happened now that is different from 2nd March 2015 when you made that tweet during fuel scarcity? That you became President? What a shame! Power that is transient? Somebody was there before you and somebody would be there after you. What's the big deal!

“People are suffering and all that concerns you is the fawning you get and revel in the access to Presidential jets and pictures of you in overcoat with your incompetent sycophants toeing the line

“I don’t blame you, I blame the timid, docile and irresponsible citizens of Nigeria that would fight themselves on the queues at the filling station instead of coming to Aso Villa to fight you. Shamefully, I am one of the citizenry. Be warned one day we would no longer take it!

“Your impunity and arrogance of treating the people of Nigeria with disdain would definitely come back and haunt you when you see yourself alone without the sycophants.

“Lee Kuan Yew is your mate. Nelson Mandela is your mate. They spent their years as leaders thinking about the next generation and building legacy. You are spending your time thinking about the next election while enjoying bagpipes and ceremonial welcome. What a waste!

“Nigerians cried over killings and molestation by @PoliceNG you turned deaf ears. Fuel scarcity you equally have turned deaf ears. We are counting! We would remember! It’s a debt we would not forget. Our day to turn deaf ears too would come God willing!

“Mr President, the first thing you should do about this fuel scarcity is to fire yourself as Minister of Petroleum and get a competent hand to be one, that’s if you would recognise competence even if it hits you in the face!”

https://www.businesspost.ng/2017/12/23/buhari-failure-waste-hypocrite-aisha-yesufu/

By Dipo Olowookere

Despite getting out of recession in the second quarter of this year, the Nigerian economy still remains vulnerable, the International Monetary Fund (IMF) has disclosed.

From December 6 to 20, 2017, an IMF staff team led by Mr Amine Mati, Senior Resident Representative and Mission Chief for Nigeria, visited the country to conduct the 2018 Article IV consultation.

During the visit, the team held discussions with senior government and central bank officials. It also met with members of parliament, representatives of the banking system, private sector, civil society, and international development partners.

After the visit, Mr Mati observed that, “Overall growth is slowly picking up but recovery remains challenging. Economic activity expanded by 1.4 percent year-on-year in the third quarter of 2017—the second consecutive quarter of positive growth after five quarters of recession—driven by recovering oil production and agriculture.

“However, growth in the non-oil-non-agricultural sector (representing about 65 percent of the economy), contracted in the first three quarters of 2017 relative to the same period last year.”

According to Mr Mati, “Difficulties in accessing financing and high inflation continued to weigh on companies’ performance and consumer demand.

“Headline inflation declined to 15.9 percent by end-November, from 18½ percent at end-2016, but remains sticky despite tight liquidity conditions.

“High fiscal deficits—driven by weak revenue mobilization—generated large financing needs, which, when combined with tight monetary policy necessary to reduce inflationary pressures, increased pressure on bond yields and crowded out private sector credit. These factors contributed to raising the ratio of interest payments to federal government revenue to unsustainable levels.

“Reflecting the low growth environment and exposure to the oil and gas sector, the banking industry’s solvency ratios have declined from almost 15 to 10.5 percent between December 2016 and October 2017, and non-performing loans have increased from 5 percent in June 2015 to 15 percent as of October 2017, although with provisioning coverage of about 82 percent.

“The authorities have begun addressing macroeconomic imbalances and structural impediments through the implementation of policies underpinning the Economic Recovery and Growth Plan (ERGP).

“Supported by recovering oil prices, the new Investor and Exporter foreign exchange window has increased investor confidence and provided impetus to portfolio inflows, which have helped to increase external buffers to a four-year high, and contributed to reducing the parallel market premium.

“Important actions under the Power Sector Recovery Program increased power supply generation and ensured government agencies pay their electricity bills. Welcome steps were also taken to improve the business environment and to address longstanding corruption issues, including through the adoption of the National Anti-Corruption Strategy in August 2017.

“However, in the absence of new policies, the near-term outlook remains challenging. Growth is expected to continue to pick up in 2018 to 2.1 percent, helped by the full year impact of greater availability of foreign exchange and higher oil production, but to stay relatively flat in the medium term. Risks to the outlook include lower oil prices, tighter external market conditions, heightened security issues, and delayed policy responses.

“Containing vulnerabilities and achieving growth rates that can make a significant dent in reducing poverty and unemployment requires a comprehensive set of policy measures.”

"On the fiscal front, the mission welcomes the recent tax reforms aimed at improving tax administration, planned increases in excises, and latest steps taken to lower debt servicing costs and lengthen maturities.

“However, with oil prices expected to remain lower than in the past, upfront actions to mobilize non-oil revenues, including through reforming the VAT and removing exemptions, are needed while safeguarding priority expenditures, including scaling up social safety nets and infrastructure investment.”

“Fiscal consolidation should be accompanied by a monetary policy stance that remains tight to further reduce inflation and anchor inflation expectations. Moving toward a unified and market-based exchange rate as soon as possible while continuing to strengthen external buffers would be necessary to increase confidence and reduce potential risks from capital flow reversals.”

“Such a policy package—along with structural reform implementation, including by building on recent successes to improve the business environment, closing infrastructure gaps, and implementing the power sector reform plan——would lay the foundation for a diversified private-sector led economy. Strengthening governance and transparency initiatives, and lowering gender inequality and fostering financial inclusion would also be important.”

https://www.businesspost.ng/2017/12/23/imf-nigerias-economy-still-vulnerable-predicts-2-1-growth-2018/

By Dipo Olowookere

Minister of State for Aviation, Mr Hadi Sirika, has assured former workers of the defunct Nigeria Airways that their N45 billion severance package approved by the Federal Executive Council (FEC) in September 2017 would soon be paid by Federal Government.

Since the money was approved by FEC over three months ago, the beneficiaries were yet to be paid, causing various tensions among them.

Some of them have even lost their lives due to heartbreaks and delay in the payment of the severance package.

This week, some of the former workers of the nation’s national carrier staged a protest in Abuja, calling on the government to pay them their entitlements without delay.

But while reacting to enquiries made by some concerned Nigerians on the matter, the Minister said government was waiting for approval of the National Assembly before paying the former aviation workers.

According to him, he has done his best and that the Minister of Finance, Mrs Kemi Adeosun, has already gone to the parliament to receive an approval to pay-out the money.

“I Have done my bit on WT. The Minister Finance has sent it to NASS. It is due process sir. 16 years they did nothing. I think we’ve tried,” Mr Sirika said on his Twitter page.

Speaking further, the Minister said, “Keep faith, we sincerely feel your pains. Trust me we will do the best on this matter. I am sure it will be soon. Bear with us.”

Nigeria Airways was founded by the Federal Government in 1958 after the dissolution of West African Airways Corporation (WAAC).

It held the name WAAC Nigeria until 1971, when it was rebranded to the name it had until it ceased operations in 2003.

The Nigerian government owned a majority of the airline (51%) until 1961, when it boosted its participation in the company to 100% and made it the country’s flag carrier.

At the time of dissolution, the airline’s headquarters were at Airways House in Abuja. Operations were concentrated at Murtala Muhammed International Airport and served both domestic and international destinations mainly concentrated in West Africa; the network also had points in Europe, North America and Saudi Arabia.

The airline was managed by a number of foreign companies, including British Airways, the Dutch company KLM and South African Airways.

Nigeria Airways had its heyday in the early 1980s, just before the departure of a KLM team that had been hired to make the airline efficient and profitable. At that time, its fleet consisted of about 30 aircraft, but the carrier was two years behind with its accounts to the extent that aircraft were acquired for cash.

https://www.businesspost.ng/2017/12/22/ex-nigeria-airways-workers-paid-soon-minister-assures/

Reps Postpone Public Hearing on Adeosun/Gwarzo Saga
https://www.businesspost.ng/2017/12/22/reps-postpone-public-hearing-adeosun-gwarzo-saga/

Nigeria’s Unemployment Rate Rises 18.8% as 15.9m Jobless
https://www.businesspost.ng/2017/12/22/nigerias-unemployment-rate-rises-18-8-15-9m-jobless/

Ex-Nigeria Airways Workers to be Paid Soon—Minister Assures
https://www.businesspost.ng/2017/12/22/ex-nigeria-airways-workers-paid-soon-minister-assures/

CBN Mops up N355b via OMO Sales as N150b T-Bills Mature
https://www.businesspost.ng/2017/12/21/cbn-mops-n355b-via-omo-sales-n150b-t-bills-mature/