The recently released Q2:2019 GDP report revealed that the Nigerian economy expanded at a slower pace of 1.9% Y-o-Y (vs 2.1% in Q1:2019), weaker than Bloomberg’s consensus forecast of 2.5%, due to slow growth in the non-oil sector. The oil sector recovered from its year-long recession, expanding 5.2% Y-o-Y in Q2:2019 (vs -1.5% in Q1:2019). This recovery can be attributed to a weak base as oil production increased 7.6% Y-o-Y to 1.98mbpd but contracted 0.5% Q-o-Q.
STRANSACT PARTNERS and STRANSACT AUDIT (STRANSACT) were recently admitted as members of TIAG® (The International Accounting Group), an international alliance of independent accounting firms. STRANSACT will be the exclusive member of TIAG for NIGERIA.
STRANSACT’s membership in TIAG, and the broader TAG Alliances®, will enhance its international capabilities and services by providing the firm with strategic connections to high-quality accounting firms, law firms and other professional services firms in more than 100 countries.
In a surprising turn of events, the Minister of Finance, Budget & National Planning recently demanded the refund of the bailout provided to Nigerian states to support their budgets and enable them cope with low oil revenues. The states were unable to balance their budgets between 2014 and 2016 due to the significant reduction in government revenues after the oil price crash of mid-2014 and a slump in oil production in 2016. This led to the accumulation of salary arrears, pension arrears, contractor debts and uncompleted capital projects.
The National Economic Council (NEC) has identified the non-oil sector as the last line of defence for the Nigerian economy.
It says the sector has a potential of adding up to $150 billion to the country’s foreign reserves from non- oil exports over the next 10 years.
Nasarawa State Governor, Abdullahi Sule, revealed this to State House Correspondents, while briefing them on the outcome of Thursday’s NEC meeting presided over by Vice President Yemi Osinbajo.
The Minister of Industry, Trade and Investment, Mr Adeniyi Adebayo, says the ministry will attract Foreign Direct Investments (FDIs) into the country by stimulating business linkages between large and small enterprises.
Adebayo said this yesterday in Abuja at a stakeholders’ engagement for the Implementation of “Business Linkage Programme” for Micro, Small and Medium Enterprises (MSMEs) and Multinational Enterprises (MNES)/Large Local Cooperates (LLCs).
Pension contributors injected N21 billion into the pension fund assets in the second quarter of this year.
The National Pension Commission (PenCom) revealed this in its monthly report on summary of pension fund assets and Retirement Saving Account (RSA) registration published on its website.
According to the pension industry regulators, the pension fund assets stood at N9.12 trillion in the month of April and moved to N9.33 trillion in June 2019, showing an inflow of N21 billion.
The African Import Export Bank (Afreximbank) has reiterated its commitment to integrate and transform African economies by promoting Intra-African trading.
According to a statement issued by the bank yesterday, its Managing Director on Intra-African Trade, Mrs Kanayo Awani, said this at the “Trade with Africa Business Summit’’ in Chicago, United States of America.
Awani said that efforts to open up African markets should be accompanied with industrialization and capacity building initiatives to help African countries produce value-added goods.
The Nigeria Investment Promotion Commission (NIPC) has said that its `One Stop Investment Centre’ (OSIC) was promoting and sustaining foreign and local investments through complaints resolution mechanism.
The Director, Strategic Communications of NIPC, Mr Emeka Ofor, told Journalists in Abuja that the OSIC lab had stopped many foreign investors from leaving Nigeria by mitigating their challenges.
In line with our expectations, the eleven members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) unanimously voted to retain all policy parameters: Monetary Policy Rate (MPR) at 13.5% with asymmetric corridor of +200bps/-500bps, Cash Reserve Ratio (CRR) at 22.5% and Liquidity Ratio (LR) at 30.0%. We observed that the Committee’s interest in easing monetary conditions strengthened relative to the previous meeting in May 2019.
On Wednesday, July 24, 2019, another set of 644 customers of First City Monument Bank (FCMB) emerged winners in the ongoing bumper reward scheme of the Bank tagged, “FCMB Millionaire Promo Season 6’’ (visit www.fcmb.com/millionaire).