₦airaland Forum

The President, Dangote Group, Alhaji Aliko Dangote, on Monday disclosed that the company would invest $450m in agriculture development in Niger State over the next three years.

Dangote, who made this known during the 2017 Niger State Investment Summit in Minna, said the funds would be used in establishing a large scale rice processing mill to process over 200, 000 metric tonnes of paddy rice.

He said that a state-of-the-art fully integrated sugar refining industry would also be established.

“The Dangote Group is committed to invest around $450m over the three next years to establish a large scale rice processing mill for out growers.

“Our company is also establishing a state of the art fully integrated sugar industry involving the development of over 30,000 hectares of sugar cane plantation and the production of about 500, 000 metric tonnes of refined sugar.

“We are very excited about these investments and look forward to kick-starting this mutually beneficial partnership with the government and good people of Niger State,” he said.

Dangote, who was represented by Alhaji Mansur Ahmed, noted that the company also planned to invest over $1bn in agricultural production and processing of selected commodities like sugar, rice and tomatoes across the country.

According to him, Niger has become the destination of choice for investment in the agricultural sector given its rich and vast arable land.

He said that the company was poised to leverage on that toward a virile agriculture based economy.

Dangote said that the group would also continue to engage governments at the federal and state levels where there was great potential to explore investment opportunities.

The Commissioner for Investment, Commerce and Industry, Mrs Ramatu Yardua said the aim of the summit was to market the state as an investment destination in agriculture considering its enormous potential which was largely untapped.

Yardua said that agriculture was key to moving the country out of recession, adding that the state was committed to creating a conducive and enabling environment for would be investors.

The summit, which had as its theme: Impact Investing for Advancing Agricultural Economy and Innovation will end on Aug. 15.

http://investorsking.com/dangote-invest-450m-agric-niger-state/

The youths of Belema community on Monday shutdown Shell’s flow station and gas plant.

The angry youths accused the multinational company of neglecting them and marginalizing the community for years.

However, the General Manager, External Relations, Igo Weli, refuted the claims. According to him, a total of $31 billion has been paid by the multinational company to the federal government and Niger Delta Development Commission in the last four years.

Weli said a total of $29.8 billion was paid to the federation account between 2002 and 2016. While another $1.2 billion was paid to the Niger Delta Development Commission (NDDC) account in the last four years.

He further stated that the action of the youths is ‘worrisome’ and capable of discouraging investment in the region.

According to Weli, “In 2016 alone, Shell contribution to NDDC was 106.8 million dollars; people need to define their expectation; ask themselves if their expectation is realistic and if SPDC is government.

“Between 2012 and 2016, SPDC JV contributed $29.8 billion to the federation account which flows down to the state governments, local governments and to the communities.

“The business we do add value in several ways through contributions to the federation account and the NDDC.

“SPDC has made several efforts to sensitise the people on how our business is run, so that their expectations can be realistic and align with realities of how we run our business,” he said.

http://investorsking.com/niger-delta-youths-shutdown-shell-facilities/ mynd44

The federal government has raised the alarm on the rising demand for beef in the country, vis-a-vis its availability, saying the gap could lead to the scarcity of beef and dairy products in the country.

The outlook was given by the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, at a meeting with members of the Governing Councils of the three Federal Universities of Agriculture in Abeokuta, Makurdi and Umudike.

Ogbeh said the country was consuming more cows per day than it was actually breeding, warning that if the disparity was not controlled, it would not be long before the country runs out of beef supply.

Lagos State, according to him, has the largest consumption share of 6,000 cows per day.

He added that the daily demand for cow meat was equally high in the FCT and five other states including, Rivers, Abia, Imo, Oyo, and Kano.

“We are consuming more cows than we are calving. Lagos State alone consumes 6,000 cows per day. Add the figure from Rivers, Abia, Imo, Oyo, Kano States and FCT, it might not be long before we run out of beef,” Ogbeh said.

He described the local cattle breed as about the least in the world, adding on the average Nigerian cows produce less than a litre of milk per day.

According to World Health Organisation (WHO) estimates, Nigeria needs about 1.5 billion litres of milk annually.

Ogbeh said due to the gap, government was spending billions to import powdered and reconstituted milk of low quality without any effect as 37 per cent of Nigerian children are malnourished.

He appealed to the university community to rise up to the challenges by teaching people artificial insemination, saying their prompt response is key towards resolving the crises.

The minister explained that Nigeria cattle produce low dairy yields daily arising from undernourishment and the grazing system for pasture.

“In East Africa, they achieve 15 litres, some 20 litres. In Europe, they achieve 50 litres. The secrets are breeds and nutrition. Here, the roaming cows look lean, with poor meat quality. Cows are not meant to march around. They are not horses,’’ he said.

The minister also enjoined the agriculture universities to be more innovative and enterprising by making it mandatory for every undergraduate to own a farm from 200 level to graduation while examinations should dwell 60 per cent on the success on the farm and 40 per cent on academic work.

http://investorsking.com/fg-warns-of-beef-dairy-products-scarcity/

Evergreen4:
$$$$$$$$, any effect on our economy ?

Yes, inflation has adjusted from almost 19 percent increase rate to 16.10 percent. Foreign direct investment rose from a record low to aid dollar liquidity leading to surge in the manufacturing sector for fourth consecutive months and aid naira improvement.

Also, Nigerian stock exchange market climbed out of global worst performing equities to top best global performing stock markets within 9 months, gaining over 39 percent this year alone.

The economy is gradually recovering with a unique diversification strategy. Something the youths need to capitalize on.

The importers’ and exporters’ (I&E) foreign exchange (FX) window introduced by the Central Bank of Nigeria (CBN) about four months ago has attracted $4 billion from foreign investors between April and now, the Bankers’ Committee disclosed Thursday.

This is a $1.8 billion growth over the $2.2 billion recorded in June. The window also posted a single transaction of $240 million on August 1, 2017.

Addressing reporters in Abuja Thursday at the end of its 34th meeting, the Bankers’ Committee said the economy was on the recovery path and on the verge of exiting the recession, going by various indicators.

The Director, Banking Supervision of the CBN, Mr. Ahmed Abdullahi; Managing Director, Union Bank of Nigeria Plc, Mr. Emeka Emuwa; Managing Director, FSDH, Mrs. Hamba Amba; and Executive Director, Standard Chartered Bank, Mrs. Mobola Faleye, addressed the press.

The committee noted that the FX market has continued to record positive gains, with the various exchange rates in the market nearing convergence.

Speaking on the I&E window, Amba recalled that the CBN set up the window in April, adding: “And it was very interesting that when we were going through the meeting today (Thursday), the fact was given to us that so far the volume of the trading that had gone on in that window was about $4 billion and that is quite a good number.”

“It shows that the banks have done a lot of rallying. It shows that the banks have been resilient. It shows that the banks have contributed largely in bringing in FDIs as much as possible into the market.

“In fact, there was a single ticket that was done on August 1, a transaction of $240 million. So we think that things will be looking up and we are quite hopeful that things are going in the right direction,” the FSDH chief executive stated.

She added that one of the areas that had also given the committee cause for optimism on the economy was the Purchasing Managers’ Index (PMI), which has consistently been over 50 in recent months.

“The Purchasing Managers’ Index is an indicator of the economic health of the manufacturing sector. The PMI is based on five major indicators: new orders, inventory levels, production, supplier deliveries, and the employment environment month after.

“And most of these indicators have trended up in recent months, indicating that the economy is on the path of recovery and will exit the recession soon,” she said.

In his remarks, Emuwa disclosed that the Nigerian lenders would soon commence the disbursement of N26 billion pooled from banks’ profits after tax in 2015 for the Agricultural, Small and Medium Enterprises Equity Fund that was launched late last year.

He said the Bankers’ Committee also inaugurated the board of the fund, comprising the chief executives of Zenith, Guaranty Trust, Access, First and Unity Banks.

The board, Emuwa added, would meet to choose its chairman and urged prospective beneficiaries to meet their banks for the disbursement guidelines.

He also said a project committee had been set up, adding that the fund would be disbursed to beneficiaries in the form of equity and not as loans.

http://investorsking.com/cbn-ie-fx-window-attracts-4bn-three-months/

Crude oil production by OPEC members increased slightly in July, including Saudi Arabia, which had championed efforts by the oil cartel and allies to extend an output freeze.

Output from the 14 cartel members hit 32.87 million barrels per day (mbd) in July according to secondary sources, OPEC said in its monthly report on the oil market, up from 32.69 mbd in June.

“Crude oil output increased mostly in Libya, Nigeria, and Saudi Arabia,” said the report.

OPEC and a number of other producers including Russia agreed in May to extend production cuts, originally agreed last year, into 2018 to ease a global supply glut and support the price of crude.

But oil prices haven’t been able to push up durably from around $50 a barrel as some exporters have produced more oil than agreed under the November deal, raising doubts about OPEC’s ability to enforce it.

While both Libya and Nigeria were exempted from the production cuts, Saudi Arabia was the motor behind the effort in May to extend the limits and is OPEC’s largest producer by far.

Its output increased to 10.067 mbd in July from 10.035 mbd in June, according to secondary sources, which would put it just above its agreed output ceiling.

Saudi Arabia did not supply production figures directly to OPEC.

Technical experts from OPEC and its allies met in Abu Dhabi this week and the cartel said after the talks that they “remain steadfast in their commitment to fulfil” the November deal.

Decisions at the meeting, attended by Russia and Saudi Arabia, will “help facilitate full conformity” with production cuts, it said.

Last month, OPEC said there was “room for improvement” in implementing the deal and called on countries that signed the deal to “promptly reach full conformity”.

OPEC increased slightly its forecast for growth in global oil demand to an increase of 1.37 mbd this year, with overall demand at 96.49 mbd. It also rose its forecast for demand growth in 2018 to 1.28 mbd, with demand hitting 97.77 mbd.

http://investorsking.com/opec-output-rises-july/

The Nigerian foreign exchange reserves rose to a two-year high in August.

According to the Central Bank of Nigeria, the external reserves increased to $31.22 billion on August 8, from as low as $24 billion in 2015.

The reserves, which has been impacted by global oil glut, jumped to a level last since in July 2015.

Experts believed the relative calm in the Niger-Delta region has helped foreign revenue generation. However, production cap by OPEC could slow down current progress once 1.8 mbpd is attained.

Nigeria’s economic outlook remains healthy following a series of positive growth recorded in the first half of 2017. The Nigerian Stock Exchange All Share Index rose 23.2 percent in the first half of the year, even though there has been occasional profit taking since the second half began, the stock market has risen 13.3 percent as at Tuesday. Bringing its year to date growth to 39.6 percent.

“Nigerian equity market went from one of the worst performing global stocks to top 2017 best performing equity markets,” said Samed Olukoya, a foreign exchange research analyst at Investors King Ltd. “The new economic and growth plan continued to aid market sentiment and drive new investment.”

Meanwhile, in an effort to finance budget deficit, the central bank has announced its plan to sell another N62.43 billion ($171m) of treasury bills at an auction next Wednesday.

The apex bank will offer N32.43 billion in three-month paper and N30 billions of a six-month bill.

The Naira remains steady at N363 to a US dollar.

http://investorsking.com/external-reserves-rises-two-year-high/

The Manufacturers Association of Nigeria (MAN) has said the estimated value of manufacturing in the country during the second half of last year reached N5.02 trillion as against N4.08 trillion of the corresponding period of the previous year. This translates to N0.94 trillion or 23.0 per cent increase over the period, according to MAN’s second half of 2016 report.

This also indicates that production in the manufacturing sector totalled N8.38 trillion as against N7.71 trillion totals of 2015; thus indicating N0.67 trillion or 8.7 per cent increase over the period.

At the end of last year, estimated cumulative manufacturing investment from 2013 to 2016 stood at N3.79 trillion based on data generated in the survey conducted by MAN over the period.

In the second half of 2016, manufacturing investment increased to N448.94 billion from N309.33 billion recorded in the corresponding period of 2015; thereby indicating N139.61 billion increase over the period.

It also, increased by N283.33 billion when compared with N165.61 billion recorded in the preceding half.

Manufacturing investment totalled N614.55 billion in 2016 as against N489.45 billion of the 2015; thereby indicating N125.1 billion increase over the period.

A total of 10,061 manufacturing jobs were created in the second half 2016 as against 9393 jobs created in the corresponding half of 2015; thus indicating an increase of 668 jobs over the period.

Another 4,408 jobs were lost in the period under review as against 12,400 jobs lost in the preceding half; thereby indicating 7,992 decline over the period.

http://investorsking.com/domestic-manufacturing-value-hits-n5-2tr/ mynd44

Analysts at Cordros Capital Limited, an investment banking firm, have said the equities market will remain bullish for most part of the second half (H2) of 2017.

The market recorded an outperformance in the first half (H1) of 2017 with the Nigerian Stock Exchange (NSE) All-Share Index rising by 23.2 per cent. Although there have been occasional profit taking since the H2 began, the market has appreciated by 13.3 per cent as at Monday, bringing the year-to-date growth to 39.6 per cent.

However, in a special report obtained, Cordros Capital said following the outperformance in H1, they look forward to a sustained uptrend in domestic equities over the remaining part of the year.

“The gains will be supported by consistency and sustainability of policies that speak to near term macroeconomic recovery, in addition to better-than-2016 corporate earnings,” they said.

According to them, they acknowledge downside risks from around the globe, notably rising geopolitical tensions, higher interest rates in the United States, and most profoundly, hazy outlook for oil prices –which could particularly threaten forex stability and consequently spark capital flow reversal.

Cordros Capital, however, stated that developments in the domestic economy signal recovery in the near term which will further strengthen investor appetite. “We look for the economy exiting recession in Q2-2017 (we project output to expand by 1.80 per cent during the quarter and 0.97 per cent for the full year). As a leading indication, manufacturing and non-manufacturing activities expanded in the second quarter of the year, as revealed by the Purchasing Managers’ Index (PMI) which averaged 52.2 and 52.1 points respectively during the three months period. We expect that to be consolidated by fiscal spending related gains from the record 2017 budget,” they added.

The analysts noted that further supporting the argument for a bullish run on the domestic bourse, the Central Bank of Nigeria (CBN)’s Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) window has the potential to further buoy foreign portfolio investment (FPI) inflows over H2.

According to them, still on expected increased participation in the equities space, the likely implementation of the amended Regulation on Investment of Pension Fund Assets, particularly the introduction of the multi-fund structure released by the National Pension Commission (PENCOM) on 18th April, 2017, will further bolster local pension funds’ exposure to equities.

“The impact of this on pension fund managers exposure to risky asset will be positive for dealers who are already taking advantage of cheap valuation in local proprietary positions. Compared to 2016, most listed companies appear better positioned to deliver better-than-anticipated results over the remaining part of the year. Drilling on activities in the consumer goods space, we hinge our optimism on notable upside factors including improved access to the dollar (potentially limiting finance cost), moderately recovering consumer confidence, easing energy challenges, balance sheet deleveraging, rebounding aggregate demand (amid expected fiscal stimulus), and cost-reflective pricing,” they added.

The Cordros Capital analysts explained that speaking volume to their confidence in this environment is the rebound (after four-quarter negative growth) in manufacturing GDP – with food, beverage and tobacco being the biggest component, accounting for 44 per cent) – in the first three months of the year.

http://investorsking.com/39-6-growth-analyst-still-bullish-nigerian-equities-market/

The construction of the fertilizer plant in Dangote Refinery and Petrochemical Complex will be completed in January and March 2018, Africa’s richest man and President of Dangote Group, Alhaji Aliko Dangote has said.

Speaking when the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu visited the refinery complex in Lagos, recently, Dangote stated that the first train of the fertiliser plant will commence operations in January next year, while the second line will be completed in March next year.

Dangote said his company was committed to playing its part in the efforts of the minister and the federal government to comprehensively address the energy crisis in the country.

“As you are aware, we are currently building the world’s largest single line Refinery, Petrochemical Complex and the world’s second largest urea fertiliser plant.

The Refinery will have the capacity to refine 650,000 barrels of crude oil per day. The petrochemical plant will produce 780,000 metric tonnes of polypropylene yearly, 500,000 metric tonnes of polyethylene while the fertiliser project will produce 3.0 million metric tonnes per annum (mmtpa) of urea,” Dangote said..

Dangote added that his company is also building the largest sub-sea pipeline infrastructure in any country in the world, with a length of 1,100 kilometres, to handle three billion standard cubic feet of gas per day.

According to him, the company also plans to construct a 570 megawatt-capacity power plant in this complex.

“As a matter of fact, gas from our gas pipeline will augment the natural domestic gas supply and we estimate an additional 12,000MW of power generation can be added to the grid with the additional gas from our system,” he said.

“We will be adding value to our economy as all these projects will be creating about 4,000 direct and 145,000 indirect jobs. We will also save over $7.5billion for Nigeria annually, through import substitution and generate an additional $5.5billion per annum through exports of the refined petroleum products, fertilizer and petro chemicals. We envisage that these projects, which would cost over $18billion, would be completed in 2019,” he explained.

Dangote solicited the support of the federal government to enable his company to achieve these targets.

Dangote commended the minister for the effort he has put into ensuring availability of petroleum products in the country, as well as his present ongoing efforts at revamping our ailing refineries.

“In addition, the minister has been championing a comprehensive overhaul of the energy sector in Nigeria, with a view to making us a self-reliant nation. I have no doubt that he will succeed in this quest, given his enviable profile,” Dangote added.

http://investorsking.com/dangote-commence-operations-fertiliser-plant-first-quarter-2018/

Bitcoin continued its rally to a record high, even after miners announced they would be splitting.

The cryptocurrency jumped 16 percent from Friday high to an unbelievable $3,324.95 on Sunday. The volatile digital currency which plunged below $2,000 for the first time this year in July has gained more than 45 percent in the last one month.

While the virtual currency outlook remains uncertain, experts now believed the dominating cryptocurrency will continue to grow as the activation of segwit technology would further aid its value.

“The miner-orchestrated hard fork has had limited traction and will not impact the price or future development of bitcoin,” said Aurelien Menant, chief executive officer of Gatecoin Ltd., a cryptocurrency exchange in Hong Kong, referring to the split. “The activation of SegWit is a significant milestone in bitcoin’s technological evolution.”

“The scaling debate is not over yet,” Menant added. “The promised 2 MB block size increase due in November in accordance with the SegWit2x agreement may still be rejected by certain stakeholders.”

http://investorsking.com/bitcoin-climbs-record-high-3324/ mynd44

There are strong indications that the coalition of northern youths will soon start lobbying members of the National Assembly to include referendum in the ongoing constitution amendments.

The Arewa Youths Consultative Forum’s President, Yerima Shettima, who gave this indication in an interview, said the coalition would not use force to effect the quit notice it gave to the Igbo.

But he expressed confidence that the referendum would not favour the Indigenous People of Biafra’s leader, Mr. Nnamdi Kanu, and other secessionists, saying the people of the zone would reject secession.

The group had a few months ago told the Igbo living in the North to leave the region on or before October 1. It hinged its ultimatum on the secessionist agitation of IPOB.

Following a lot of public outcry and condemnation from eminent Nigerians and organisations, there were reports that the forum would withdraw the quit notice.

But at a press conference in Kano on Thursday, the forum said there was no going back on the quit notice.

Shettima, at the event, had said, “We have not renounced our earlier position on the quit notice to the Igbo.”

He had said that the Northern youths would not use force, but constitutional means to achieve their goal.

He said the forum had written the United Nations to prevail on the Federal Government to opt for referendum.

The referendum, he explained, would enable those who were desirous of leaving the federation to do so without force.

Shettima stated, “We are looking at having a referendum. It is part of our prayers to the United Nations. Our second prayer is for the UN and the international community to prevail on the Nigerian government through the National Assembly to create an exit for those who want to leave.

“We are also planning to lobby members of the National Assembly to formally agree to a referendum on Biafra. We want the Igbo to have the opportunity of voting on this issue.

“We are saying Nigeria cannot sign international treaties and not implement them. We want a constitutional amendment for referendum because it is not currently part of our constitution.”

The youth leader said he was expecting a response to the group’s letter to the United Nations.

According to him, the group will hold consultations across the North on the need for a referendum.

He said, “We are expecting the UN to respond and we would also talk to our lawmakers, but we are in consultation. Nigerians should not panic; we are not a violent organisation.”

He further stated that his group had been holding meetings with stakeholders in the North, adding that the youth coalition had just concluded a parley in Kano after which it would also meet with people in the North-Central and North-East.

He said, “We have made it abundantly clear that we would not enforce anything. We are not the government and we do not have the power to enforce anything, but we are using legal means because the issue is about Nnamdi Kanu who is heaping abuses on our people and undermining the government.

“We are saying the government must rise to the occasion and checkmate the guy. We may review our position after our consultations, but we mean no harm, we won’t harass innocent Nigerians, no. It is not in our power to do so.”

Referendum will not favour Biafra Republic, Kanu

The Arewa youth leader also expressed confidence that a referendum would not favour the Biafra Republic or its promoter, Kanu.

Shettima said Kanu could not speak for Igbo leaders such as Chief Emeka Anyaoku and other intellectuals, noting that the IPOB leader was merely engaging in survival antics.

He said, “The truth is that Biafra cannot succeed even through a referendum. The truth of the matter is that an average Igbo man does not believe in Biafra but rather some few individuals are clamouring for it just to survive.

“When the referendum holds, it would not favour Biafra. It will not favour Kanu. He cannot speak for strong intellectuals like Chief Emeka Anyaoku and other Igbo intellectuals.”

He alleged that Kanu was being sponsored by disgruntled Nigerians in foreign countries seeking political relevance, adding that such people were being deceived by Kanu.

The Arewa youth leader explained that the steps so far taken by his coalition were done to expose the agitation for Biafra as a scam that should not be taken seriously by the international community.

He said, “Most of those funding the Biafra agitations are Nigerians in foreign lands who have lost relevance. They want to come back home. They want to be more relevant because they are not relevant at all.

“Kanu is using their psyche assuring them that there would be a new Republic of Biafra. We are doing what we are doing to expose them to the international community that these guys are just jokers and that they are not speaking for the Igbo.

“The real Igbo who want to stay in Nigeria are more than 80 per cent and he cannot in any way speak for them. Through a referendum, you would get to know that truly, more Igbo believe in Nigeria.”

We are certain of victory –IPOB

Reacting to the development, IPOB said it was certain of victory if there was any referendum on Biafra.

IPOB spokesperson, Mr. Emma Powerful, told one of our correspondents, “My leadership told me not to respond to any statement credited to the Arewa youths but their fathers, that is, the Arewa Elders Forum.

“But you know very well that if they call for a referendum today, we will win.

“We are praying, let them venture to call for a referendum in Biafraland, then you will know that God Almighty has done it for us.

“They don’t know what we are doing and what we are planning to do.”

Ango Abdullahi, Junaid urge FG to invite parties

Speaking on the quit notice, a Northern elder statesman, Prof. Ango Abdullahi, said if the Federal Government invited both Northern and Southern agitating youths and elders to a roundtable, some common grounds in the interest of the country could be gained.

Abdullahi, who is the spokesperson for the Northern Elders Forum, said, “When you want the latest on the quit notice, go to the youth. I am not a youth. My understanding is that I participated in one of the elders’ consultations with the acting president (Prof. Yemi Osinbajo). We were the first group to meet him and he listened to our views. I learnt he met with the other group too.

“The initial idea was that all the groups would be put together for a joint discussion; I think this is what perhaps has not taken place. Perhaps, at that time, when the groups meet, we might be able to extract some common positions which will be communicated to the general public.”

Also, a Second Republic lawmaker and a Northern elder statesman, Dr. Junaid Mohammed, said, “I cannot speak for the youth. But the issue about the Northern and Southern agitators which has refused to go away is an indication that we as Nigerians are not sincere democrats. You cannot build a democracy without having a sincere mind of a democrat. This mind is neither in the North nor in the South.

“We have to be sincere with ourselves and see whether the Nigerian project is an implementable project. We have to see whether we have been fair to our existence as a country and whether any country can survive with this level of continuous agitations.”

http://investorsking.com/biafra-arewa-youths-lobby-nassembly-referendum/

Finance Minister, Mrs. Kemi Adeosun, said Thursday that the federal government would begin to tax first and business class flight tickets in line with the new tax drive aimed at boosting revenue.

The move is coming almost three years after the previous administration rolled out the initiative among a cocktail of measures to boost revenue with the precipitous decline in oil price from mid-June 2014.

Adeosun said the new drive followed the signing of a policy to tax first and business class tickets as well as other luxury goods.

She made these disclosures in a Facebook interaction with Nigerians, where she was asked whether or not there was a plan to tax both classes of tickets as well as sundry luxury items. She simply responded: “I think yes. We signed something yesterday on luxury goods: champagne, brandy, whiskey, wine, jewellery, high-end jewellery.

“We’ve signed something that will bill access charge on first class and business class tickets; we are just doing the final part of the implementation and we also want to try and amend the tax payer book on high-end cars, luxury cars.”
She assured Nigerians that the proceeds would be deployed into turning Nigeria into what it was in the past.

According to her, “If we move our tax-to-GDP ratio up, it means two things: One, we will be able to provide more services to our people. Many of the things we are not able to do are a function of the fact that we don’t have enough money.

“We need to build more schools, we need to build more hospitals, we need to build more roads. This is not rocket science. Every country has challenges, there is nothing we are facing that other countries haven’t faced.

“Every poor nation has very poor tax compliance rate and every rich nation has high compliance rate. So we want to be a prosperous nation. So what is in it for the citizens? If everybody pays, there will be far more money in the pool to be spent on the services that we need.

“These things are what we call public goods, and they are funded from taxes. If you have been all around the country, you’ve seen the need, you’ve seen the number of people that are living in poverty. We can lift people from poverty if we have the right money.

“We could do so much more in the economy if we had the money. If our public school system improves, many people who are currently paying school fees will move their children back into the public schools.”

The minister noted that a lot of people that were very successful today were educated in public schools because such schools were good, stressing: “We can recreate that; same with the health system. A lot of people die needlessly because we don’t have the right health facilities.”

However, she clarified that Nigerians living and working abroad, and paying taxes in those countries do not have to pay taxes in Nigeria.

http://investorsking.com/finally-fg-to-tax-first-business-class-tickets/

ogunkeluoluwole:
hi guys,I will resume in APU BY Aug 7. pls help with how I can pay my school fees though the school only
requested I pay acceptance fee which I have done. pls I will appreciate ur guidance on how to go about the payment and accommodation.

You can pay via bank wire transfer. Masters or undergraduate?

The Minister of Finance, Kemi Adeosun, said on Wednesday that the volume of trade between Nigeria and Singapore reached N846bn from 2011 to 2015 while the absolute balance of trade was N222 billion in favour of Nigeria.

She announced this in Abuja at the signing of an agreement on avoidance of double taxation with Singapore.

The balance of trade net of petroleum export stood at N42bn in favour of Singapore, while the volume of Foreign Direct Investment (FDI) from Singapore to Nigeria between 2010 and March 2015 was $908.8m.

She said Nigeria’s relations with Singapore had been on the increase since 2012, culminating in the first Nigeria-Singapore Business and Investment Forum in 2013.

She said negotiations for the agreement on avoidance of double taxation was held in Singapore in October 2013 but was concluded in October 2014.

She said Singapore was identified as a suitable tax treaty partner for Nigeria because it was currently one of the fastest growing economies in the world with a highly developed and successful free-market economy.

“It operates in a remarkably open and transparent environment, with stable prices and a per capita Gross Domestic Product higher than that of most developed countries.’’

She added that the treaty with Singapore was very important because of its consistency with Nigeria’s ongoing efforts to expand its treaty network.

Adeosun said the agreement had clearly spelt out taxing rights of each other in respect of different income derived from each country.

She said it would facilitate inter-state trade, economic and business activities by ensuring that nationals or enterprises of the two states were not taxed twice on the income of profits derived from the other country.

“It will assist prospective investors to know their income tax obligation in the other country as well as available tax incentives.

“It also spells out clearly, tax jurisdiction of each country in respect of all possible areas of business activities which give rise to taxation.’’

Dr Koh Koon, Senior Minister of State for Trade and Investment, Singapore, said the treaty was important to both countries to increase the trade volume between them.

“We hope that both governments would happily ratify both agreements so that it sends a strong signal to business communities on both sides that both our governments are committed to ease of doing business.

“This will enable companies to begin to look at investments on both sides seriously.’’

http://investorsking.com/nigeria-singapore-trade-volume-hits-n846bn-adeosun/

Business activities in the manufacturing sector rose for a fourth consecutive month in July.

The data released by the Central Bank of Nigeria (CBN) on Tuesday showed the Purchasing Managers Index expanded 54.1 in July, up from 52.9 in June and 52.6 in May. A reading above 50 indicate expansion.

The monthly survey which measures economic health of the manufacturing sector based on new orders, inventory levels, production, supplier deliveries and the employment. Revealed that 11 of the 16 sub-sectors surveyed reported growth in July.

While the remaining 5 sub-sectors that declined were petroleum & coal products; fabricated metal products; furniture & related products; non-metallic mineral products and plastics & rubber products.

Similarly, the manufacturing production index grew for the fifth consecutive month in July. Expanding by 59.3 to show the manufacturing sector is sustaining growth at a faster pace than previously anticipated.

Also, new orders grew for the fourth consecutive months. Rising by 52.7 in July. This further validated the surge in business confidence among consumers as the economy is gradually emerging from recession.

The sector continued to create new jobs as the manufacturing employment index also rose 51.8 in July. This is the third consecutive month of growth.

Analysts have attributed the sustained growth to the CBN’s efforts at ensuring manufacturers access forex with ease and at an affordable rate.

“Sustained growth is paramount to building business confidence,” said Samed Olukoya, a foreign exchange research analyst. “The exporters and investors forex window has helped deepen CBN’s efforts at expanding the manufacturing sector.”

“However, the apex bank needs to adjust its monetary rate to encourage mass participation,” he added.

The Naira remains fairly stable at N365 to a US dollar.

http://investorsking.com/nigerias-manufacturing-output-surges-for-fourth-consecutive-month/

The foreign exchange reserves have risen to an almost three-month high of $30.74 billion, latest Central Bank of Nigeria (CBN) data showed.

The dollar reserves grew 1.62 per cent from a month earlier. The CBN did not provide a reason for the increase.

The foreign reserves rose by $7 billion in six months to hit $31 billion at the end of April this year. The increase has restored the total to a level last seen in August 2015.

According to FBN Capital Research, the reasons for the recovery are the disbursement of $600 million by the African Development Bank (AfDB) last November and the recent sale of N1.5 million Eurobond.

“There has also been a significant recovery in oil production over the period. With less certainty we can speculate about improved forex management and possible swap transactions,” it said.

The research firm said the positive surprise was due to the upward swing in reserves, since the CBN stepped up its forex sales in early March.

“The steady accumulation makes it less, not more, likely to adopt the forex reforms sought by the market. There is no sign that the CBN plans to slow its sales, which for wholesale transactions alone are close to $3 billion: rather, it launched its latest window (for investors and exporters) only last month,” the report said.

It said the macroeconomic damage from the latest period of oil price weakness, which is approaching three years, could have been manageable if a fiscal buffer against external shocks had been functioning.

“Legislation passed in 2011 created such a buffer, Nigeria’s own ring-fenced sovereign wealth fund, but the opposition of state governors has prevented its effective operation. The accumulation from 2011 through to the start of the oil price slide in August 2014 would have been substantial,” it added

Meanwhile, the CBN yesterday offered $100 million in wholesale auction at the inter-bank forex market and intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50 million and $45 million, respectively.

Confirming the figures, the CBN Acting Director, Corporate Communications, Isaac Okorafor reiterated that the bank’s intervention was in line with its commitment to sustain liquidity in the market to meet genuine requests as well as deepen flexibility in the foreign exchange market.

Monday’s sale follows the major intervention, last Friday, to the tune of $462,336,426.74, comprising $267.3 million for the Retail Secondary Market Intervention Sales (SMIS), $100 million for wholesale interventions, $50 million for the SMEs forex window and $45 million for invisibles.

Okorafor had said last week that the CBN leadership was quite impressed by the positive impact its current foreign exchange management was having on the manufacturing sector, agriculture and economic activities in general across the country.

He said the CBN would not continue working on achieving the objective of convergence between the exchange rates at the Nigeria Autonomous Foreign Exchange (NAFEX) and the Bureau-de-Change segments of the market, even as he assured proper surveillance of the forex market to guarantee transparency in the sale of foreign exchange.

http://investorsking.com/foreign-reserves-near-three-month-high-30-8b/ mynd44

cosby02:
What will now happen to our oyel



This oyibo people sef

Elon Musk is a South African and merely traveled to Canada for his University education and nationalize as a US citizen after selling his first online business. Surprised the South Africa has disappeared in his story.

The Nigerian Naira closed lower against the United States dollar on the parallel market on Monday, despite the Central Bank of Nigeria’s consistent interventions.

The local currency closed at N365 to a US dollar on Monday, down from N364 it traded before the apex bank sold $194 million and $462 million on Monday and Friday respectively.

While the intervention has helped boost business activities in the country, recent data showed its impact on foreign exchange market may have stalled. This is because, with over $5 billion dollars injected into the foreign exchange market, the local currency remained considerably low from the CBN’s target of N250 to US$ 1.

“The pace of appreciation of the Naira value is no longer proportional to intermittent intervention. Therefore, there is a need for complementary fiscal and monetary policy to further deepen CBN’s ongoing strategy,” said Samed Olukoya, a foreign exchange research analyst at Investors King Ltd.

Experts have said policy-makers need to encourage local participants by lowering monetary policy rate to enable access to cheap loans and boost new job creation.

However, the governor of the Central Bank of Nigeria, Mr. Godwin Emefiele said the high-interest rate reflects bank’s operating costs and cost of capital.

“Given that most banks have to individually provide security, power and other infrastructure, it is not surprising that some of these costs are passed on to customers in the form of high interest rates,” said Mr Godwin Emefiele.

Few experts have objected to the comment, explaining that cost of doing business by lenders are passed solely to customers, “adding this to customers’ operating costs and cost of capital are some reasons bad debts are on the rise in the banking sector.”

“Central bank needs to review its monetary policy to accommodate both lenders and customers if the 14.2 percent unemployment rate and the over 47 percent youths’ underemployment/unemployment are to be reduced,” Samed added.

http://investorsking.com/naira-lower-despite-intervention-n365/ mynd44

The chairman/chief executive of Innoson Nigeria Limited, Chief Innocent Chukwuma and the company have filed a fresh lawsuit against Guaranty Trust Bank PLC in the High Court of Federal Capital Territory, Abuja claiming a total sum of N400billion damages for injury to their reputation, moral character, credibility, office, vocation and trade.

The lawsuit dated July 19, 2017 which was filed by Innocent Chukwuma’s counsel, Prof Joseph N Mbadugha Esq, is sequel to a recent decision by the Supreme Court of Nigeria in favour of Innoson Nigeria Ltd in Appeal No: SC/694/2014 between GTB v. Innoson Nig Ltd. There, on 12th May 2017, the Supreme Court dismissed GTBank’s application.

Innoson Nigeria Ltd had won various lawsuits against GTBank. On 29th July 2011, the Federal High Court, Ibadan Division, through a garnishee order absolute ordered the Defendants (GTBank) to pay the sum of over N2billion to Innoson Nigeria Ltd.

GTBank, however, appealed against the judgment to the Court of Appeal, Ibadan Division. But in a unanimous judgment, delivered on 6th February 2014, the Court of Appeal dismissed the appeal, affirmed the judgment of the trial Court and ordered the Defendant (GTBank) to pay the said sum of N2billion to Innoson Nigeria Ltd.

The bank later sought further reliefs at the Supreme Court on 11 grounds in which it moved to amend its notice of appeal- to adduce fresh evidence – to show that Innoson Nigeria Ltd obtained the judgment of the Court of Appeal by fraud and fraudulent suppression of material facts.

The bank had through its motion on notice in Appeal No: SC/694/2014 dated the 22nd of January 2016 and filed at the Supreme Court on the 5th of February 2016, with a 15 paragraph affidavit in support averred that Innoson Nigeria Ltd obtained the Court of Appeal Judgment against GTBank in Appeal No CA/I/258/2011 by fraud.

But in a unanimous decision, on 12th May 2017, the Supreme Court dismissed the GTBank’s said motion on notice.

In the fresh suit, Innoson Nigeria Ltd and Chukwuma maintained that the words published by the bank – that it obtained the Court of Appeal Judgment by fraud and fraudulent suppression of the fact that Innson Nig. Ltd. was paid the sum N1billion in final liquidation of the judgment debt – implies that Chukwuma and Innoson Nigeria Ltd are dubious, dishonest, dishonorable, and untrustworthy, of questionable character, fraudster, criminally deceptive, cheats and obtaining money through false pretenses.

In consequence, Innoson Nigeria Ltd and Chukwuma are claiming against GTBank PLC as follows: N100billion exemplary damages; N100billion for injury to feelings – mental pains and anxiety; N150billion for injury to reputation and N50billion general damages.

Other reliefs being sought by Innoson Nig Ltd. and Chukwuma is perpetual injunction restraining the bank from further maligning or otherwise defaming them.

http://investorsking.com/innoson-sues-gtbank-n400billion-defamation/

Paulpaulpaul:
See what I meant when I said America is a bully. How on earth would a country want to dictate to a country with a big economy as China? If China should cut trade ties with NK, it would rather compound the hatred, it can never solve the problem.


Who made America the BULLY of the world? This empty threat can only work in Africa where some old-corpse like- ancestors rule. China has her own border integrity and bilateral relation to protect.


Trump swerve

It will actually solve it or force NK to comply. Why? Because NK depends on China for 90 percent of its economic supplies, including banking etc.

However, China is not just profiting from NK association but also worried about potential war as that would worsen its economic position -- given that South Koreans, Japanese and even NK would seek refuge in China.

Again, if China do nothing about growing NK missile threats, Trump administration with the support of Japan, third largest economy and South Korea could plead for NATO support like we've seen when Donald Trump called emergency G20 meeting in Hamburg German.

Either way, China must do something because no nation in the world trust Kim with a missile that is capable of delivering a nuclear warhead to most nations.

yanabasee:
US partners with countries that is based on standard products...Like Japan... and even if they'd partner with China, China will produce to them standard products... Reasons American youths have a good sense of original things!!!

You don't seem to understand that US work more with China, the second largest economy in the world, than any other nation.

However, products standard are dictated by purchase managers in accordance with the US quality control standard. Again, that is not the reason American youths have a good sense of quality, it's common sense! But here, high youths unemployment and underemployment of over 47% of working population dictate what youths buy and how they buy, a key factor in price determinant. mynd44

Foreign Direct Investment to Nigeria rose to N4.4bn in 2016 despite the contraction of the economy and general decline in investment in Africa.

This amounted to an increase by 45 per cent from N3.1bn total foreign investment recorded in 2015, findings by the United Nations Conference on Trade and Development revealed.

The UNCTAD, in its recent report, said this improved investment in Nigeria boosted the performance of West Africa by 12 per cent to $11.4bn in 2016.

Despite the improved investor interest in the economy in the year under review, analysts at the UNCTAD posited that the FDI to Nigeria performed below average compared to previous years.

In terms of investment outflows, the World Investment Report 2017 of the UNCTAD indicated that Angola had the highest; followed by relatively low outflows in South Africa and Nigeria.

A total of $18bn was recorded as outward investment from Africa, with Angola accounting for $10.7bn, South Africa, $3.4bn; and Nigeria $1.3bn.

“The reduced investments from South Africa, the Democratic Republic of the Congo, Ghana and Nigeria, in that order, were offset by the rise of outflows from Angola, the region’s largest investor,” the organisation said.

It noted that low commodity prices, especially crude oil prices, had diminished economic prospects in Sub-Saharan Africa and investor interest in the sub-region.

However, the report said there were expectations that the FDI flows to Africa would increase moderately in 2017 on the back of modest oil price rises and a potential increase in non-oil FDI.

Basically, the report said, “Nigeria’s FDI remained relatively depressed, as its oil output declined to historic lows in 2016, and the country fell into recession for the first time since 1991.

“The FDI to Angola, the largest FDI recipient on the continent, was subdued. Despite some recovery from its 2015 lows, the FDI to Nigeria and South Africa remained well below past average.”

“Multinational enterprises from developing economies are increasingly active on the continent, but those from developed countries still hold most of the foreign investment stock, “it added.

http://investorsking.com/foreign-investments-rose-45-last-year-report/

In an effort to further boost business activities, the Central Bank of Nigeria on Friday sold another $462,336,426.74 to prop up the Naira value and improve consumer prices.

This was after the apex bank sold $194 million on Monday.

Mr. Isaac Okorafor, the Acting Director in charge of Corporate Communications of the Central Bank, said the intervention was in line with the CBN commitment to deepen and sustain flexibility in the forex market.

According to the acting director, the apex bank allocated $267.336, 426.74 to the Secondary Market Intervention Sales (SMIS), while $100 million was offered to the wholesale segment.

Okorafor said $50 million was appropriated to the Small and Medium Enterprises, SMEs, while the segment that oversees those requiring foreign exchange for Business/Personal Travel Allowances, Medical fees, and Tuition fees got the remaining $45 million.

Experts have hailed the CBN efforts at ensuring businesses and investors access foreign exchange market with ease.

The Naira remained steady following the decision of the monetary policy committee to leave rates unchanged on Tuesday.

Six out of the eight member committee voted to maintain the ongoing monetary policy, while the remaining two voted for rates reduction to ease loan burden and boost new job creation.

http://investorsking.com/cbn-sells-462m-boost-forex-market/

With 91 million Internet users, Nigeria ranks first in Africa and eighth in the world in terms of Internet growth, Google has said.

The company’s Country Manager in Nigeria, Juliet Ehimuan-Chibuzor, stated this on Friday, a day after the ‘Google for Nigeria ‘ event in Lagos.

She said, “With the massive Internet growth in Nigeria, the momentum is now being felt in the entire African region, and we are using the opportunity to help people create innovative contents and grow their start-up ecosystem.

“For instance, YouTube is a platform for content creators to express themselves as well as grow their platforms. Today, we have 12,000 partners monetising their platforms in Nigeria. Women tech incubators have also transformed women into taking initiatives online.”

According to Ehimuan-Chiazor, Google believes that digital entrepreneurship is a great way for Nigeria to create jobs.

She added, “In 2016, we announced plans to create free digital skills training for one million young Africans and over half of the number came from different regions in Nigeria.

“For the Nigerians we trained, the search on impact showed that 91 per cent of them said their self-confidence had improved since taking the training; 70 per cent of them have attracted new customers; and 91 per cent have grown their business.

“We are constantly learning about the market and how to better serve the market. These accomplishments are due to partnerships with the federal and state governments, telecom firms, banks and other leading brands.”

http://investorsking.com/nigeria-ranks-eighth-global-internet-growth/

The Federal Government on Thursday said it would send the 2018 budget proposal to the National Assembly at the beginning of October this year.

The Minister of Budget and National Planning, Senator Udo Udoma, disclosed this in Abuja during a public dialogue with top government officials, members of civil society organisations and the Organised Private Sector, among others, on the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper.

He said the decision to submit the 2018 budget proposal early was in line with provisions of the Fiscal Responsibility Act, 2000.

Udoma noted that the early submission of the budget proposal to the lawmakers would give them enough time to consider the fiscal document and pass it on time.

The minister said the overall goal of the government was to ensure that the country returned to a predictable budget year, which would run from January to December.

He stated, “We are having extensive consultations and all the inputs from the various consultations will be taken into consideration in preparing the MTEF and Fiscal Strategy Paper.

“The MTEF outlines the Federal Government’s fiscal policies and our macroeconomic projections for the next three years from 2018 to 2020, and it provides the broad framework for the 2018 budget.

“And as you know, we are committed to delivering the 2018 budget to the National Assembly by the beginning of October, and this is part of that process.”

Explaining the parameters for the 2018 budget, he said that the Federal Government was targeting to spend the sum of N7.9tn as against N7.44tn this year, adding that the fiscal deficit was expected to rise to N2.77tn from N2.35tn in the 2017 fiscal year and that there was no need for Nigerians to panic about the country’s debt burden.

Udoma added that the nation’s debt profile was sustainable as it was still within the threshold approved by the Fiscal Responsibility Act of 2007.

According to the minister, there is no country in the world that does not borrow, nothing that the Federal Government was well capable of meeting its obligations to creditors.

“We are maintaining our deficit and debts within sustainable limits. Debt financing will be restructured gradually in favour of foreign financing as part of the strategy to lower debt service burden and free up more fiscal space for the private sector,” he added.

The minister said the government was targeting total oil production volume of 2.3 million barrels per day, with an oil price benchmark of $45 per barrel.

He added that the plan of the government in 2018 was to reduce inflation rate to 12.42 per cent with a Gross Domestic Product growth rate of 4.8 per cent and nominal GDP of N133.97tn.

In terms of revenue projections, Udoma stated that the government was targeting the sum of N5.16tn for 2018 as against N5.08tn in 2017.

Of this amount, N2.1tn is to be generated from oil revenue; non-oil revenue is expected to contribute N1.36tn; dividend from Nigeria Liquefied Natural Gas, N29.58bn; and revenue from minerals and mining, N1.06bn.

Others are independent revenue from agencies of government, N847.9bn; domestic recoveries and fines, N364bn; other Federal Government recoveries, N138.43bn; and grants and donor funding, N281.6bn.

In terms of expenditure, the minister explained that the government was planning to spend the sum of N2.63tn on non-debt recurrent expenditure, while N350bn would be set aside for special intervention programmes.

For capital expenditure, Udoma said the sum of N2.4tn would be spent on capital projects’ implementation as against the N2.17tn approved for 2017.

“We are addressing the recurrent and capital spending imbalance. Government will continue to allocate at least 30 per cent of its budgeted expenditure to capital projects,” he added.

The minister described the targets of the government in 2018 as ambitious, but noted that they were achievable.

He said, “In line with the goals of the Economic Recovery and Growth Plan 2017-2020, the medium term fiscal policies of government will be directed at achieving macroeconomic stability, accelerating growth, intensifying economic diversification and promoting inclusiveness.

“The need to look onwards to boost non-oil revenues cannot be overemphasized as we diversify. We are on track to achieve full recovery and return firmly to the path of growth. Fiscal prudence must be observed at all levels of governance.”

The event was attended by the Minister of State for Budget and National Planning, Zainab Ahmed; Director-General, Budget Office of the Federation, Mr. Ben Akabueze; and Director-General, Debt Management Office, Mrs. Patience Oniha, among others.

http://investorsking.com/fg-plans-n7-9tn-budget-2018/

yanabasee:
What are we to do when our government keeps parnering with china to do this and that channeling millions of dollars into their federal reserve bank!!!

That is infrastructural development, its normal even US and other developed nations partner other countries for growth.

Jack Ma, the founder and executive Chairman of the largest E-commerce website in the world, Alibaba, advised African young entrepreneurs to learn from developed nations and make necessary adjustments to avoid future mistakes, like air pollution in China.

In his lecture titled, “Empowering Young African Entrepreneurs,” Jack Ma said young African entrepreneurs should not copy China but learn from them and other top nations.

According to the billionaire, China emerged from the era of business-to-consumer, B2C, but the future would be about Consumers –consumer to business, C2B.

The entrepreneur who has created more than 33 million jobs in China alone and sold more than $500 billion in sales to date, said because of data technology every manufacturer would be C2B in the future.

“Growing data base would impact the way manufacturing companies approach business and shift the focus to consumers,” said Jack Ma.

Therefore, African businesses that copied China’s model might fail in the future.

However, globalization would help Africa sell to the world but first African entrepreneurs must move fast and leverage Africa’s unique comparative advantage for growth.

“Africa has much more opportunities because of its challenges and young enthusiastic population, therefore, young Africans must be the bridge to the future they desire.”

“Today you only sell in Nairobi, in the future if you can’t sell across Africa. Your business will die because 80-90 percent of all businesses will be online.”

The businessman launched a US$10 million African Young Entrepreneurs Fund to support African start-ups.

“This is my money, so I don’t have to get anybody’s approval,” said the man who has always complained about the danger of government’s bureaucratic nature to growth. “I want the fund to support African online businesses,” he added.

http://investorsking.com/africa-should-not-copy-chinas-model-but-be-africa-jack-ma/ mynd44

The Nigerian stock market soared by N719bn in two days on Wednesday after 33 firms recorded gains in their share prices, with 17 plummeting.

The market has recorded three straight gains this week, with the market capitalisation on Monday, Tuesday and Wednesday closing at N11.943tn, N12.246tn and N12.662tn, respectively.

A total of 335.339 million shares valued at N4.643bn exchanged hands in 5,385 deals on Wednesday, as the Nigerian Stock Exchange All-Share Index closed at 36,740.77 basis points from 35,533 basis points recorded on Tuesday.

Stocks surged 3.4 per cent on Wednesday to a 32-month high on improving sentiment after most listed firms announced increases in half-year earnings, traders said.

The main share index neared the 37,000 point index level last reached in November 2014. The bourse settled the year-to-date return at 36.71 per cent.

Conoil Plc was the best performing stock, advancing by 10.21 per cent to close at N33.04.

Fidson Healthcare Plc, Oando Plc, Presco Plc and Zenith Bank Plc followed on the gainers’ table, appreciating by 10.06 per cent, 7.01 per cent, 6.95 per cent and 6.67 per cent.

On the other hand, Aiico Insurance Plc recorded the highest decline, dipping by 5.26 per cent to close at N0.54.

SCOA Plc, Union Bank of Nigeria Plc, Neimeth International Pharmaceutical Plc and Custodian and Allied Plc followed on the losers’ chart, sliding by 4.77 per cent, 4.57 per cent, 4.55 per cent and 4.49 per cent, respectively.

http://investorsking.com/stocks-gain-n719bn-two-days/

LordAdam16:
Two weeks later they've dropped the gavel on Nigeria's oil production like I insisted and you've suddenly changed tone. Are you related to Lai Mohammed? See why I call you a politician? Kindly post the VIDEO where anyone other than Barkindo said yesterday in Russia that Nigeria will cut production or should cut production? note the video!

You said nothing about a 1.8mbpd until I mentioned it. And now you're talking like you introduced it into the conversation. The trans-forcados pipeline just shed 150k bpd in Ogoni and a few other routine pipeline vandalisms, so yh they were right to say they'd be monitoring and when next it hits 1.8mpd, we'd be mandated to shave off any extra production.

And your talk about SA is also balderdash. Why did you not add the reason why SA is reducing exports? They're in the summer and domestic demand has risen. Of course it plays into the whole OPEC+non-OPEC cut output thing, but it's not a tit for tat for the capping of Nigeria's production.

You are a joker to believe that Russia, Iraq, and Kuwait would let Nigeria increase production ad infinitum and damage prices. You want to export your criminal, parasitic psyche to no-nonsense people, benefit from the price stability of the cut but contribute nothing to the cut.

-Devil

Stop mentioning me fool, we are not on the same level. Again, OPEC didn't ask Nigeria to cut, there is a framework for all producing nations, once that level is reached you will adjust accordingly, we've not reached that level and same goes for Libya. So no one is asking US to cut, it was Barkindo that said we will cut once we reach 1.8mbpd target in accordance with OPEC rules. I mentioned 1.8 mbpd first fool and you quoted it.

Truth234:
It is not possible OPEC ask Nigeria to cut, OPEC’s Secretary-General, Mohammad Barkindo, in the same Istanbul meeting said: "it was premature to talk about that option."

We started producing at optimal in June when Afrocardo Pipeline started working, it is not just premature it is stupid to even consider it.

Oil traders are creating this noise to boost prices (pump and dump strategy), if Saudi, Iraq, etc can not cut another 50,000 barrels from their over 10 million barrels a day to accommodate our almost 1.8 million barrel per day. They should go ahead and stabilise oil without us.

Also, note that Nigeria oil output is still below 1.8 mbpd and there is nothing like when next it hits 1.8 mbpd fool. I remember you said it was above 2 mbpd here.

LordAdam16:
Now that production has crossed 2m, he is silent.

Why should Saudi Arabia and Iraq cut their oil production while we add over 250k barrels over the reasonable 1.8mbpd point?

Selfishness!

-Devil

Here is Mohammad Barkindo responding to questions at ST. Petersburg Russia Yesterday. Educate yourself!


https://www.youtube.com/watch?v=xOUBUkySTsQ

Suspected militants on Monday vandalised the Trans-Niger pipeline in Ogoniland in the Niger Delta region, reducing the Nigerian National Petroleum Corporation’s crude oil production by 150,000 barrels per day.

According to the Group Managing Director, NNPC, Dr. Maikanti Baru, the country has not been able to sustain the recent gains recorded in crude oil production as a result of the rupturing of pipelines in the region.

When asked if the corporation had been able to sustain the 2.2 million bpd crude production that it announced last week, Baru told journalists in Abuja, “Unfortunately, we have not been able to sustain it because we have challenges.

“As I am talking to you, this morning (Monday), the Trans-Niger pipeline has been breached in Ogoniland, and that is 150,000 barrels of oil that have been knocked off. That has been fairly an issue with that area. We hope we can continue our dialogue and this will return to what it should be.”

The NNPC boss told stakeholders in Abuja last week that the country’s crude production was 2.2 million barrels per day.

Baru, who spoke through the corporation’s Chief Operating Officer, Gas and Power, Mr. Saidu Mohammed, had announced that the country’s crude production was building up.

“We are doing about 2.2 million bpd today, but of course, the intention is to build on that, sustain production and grow it up to three million barrels per day in the next few years,” the GMD had said.

Commenting on the ongoing African Petroleum Producers Organisation extraordinary session in Abuja, Baru stated that Nigeria gave birth to the body.

He said, “In the first instance, Nigeria is the one that gave birth to the African Petroleum Producers Association, which as part of reorganisation, is changing its name to African Petroleum Producers Organisation, and that is giving some form of permanency in the organisation.

“Nigeria continues to be dominant in it. There is a great drive in Nigeria to reposition the whole industry. We are looking beyond the immediate and transforming ourselves. We have had it earlier where we are producing, refining and satisfying ourselves.

“However, there are certain issues surrounding the development of globalisation, whereby government is going out of doing commercial business and that will be the next phase in bringing back the glory. There is a huge market in Africa and we are going to take advantage of that.”

http://investorsking.com/militants-destroy-trans-niger-pipeline-nigeria-loses-150000bpd/