Banking and Finance

Nigeria records 57.1 PMI points in February –CBN

The Central Bank of Nigeria (CBN) said the Manufacturing Purchasing Managers’ Index (PMI) stood at 57.1 index points as at February, indicating an expansion in the manufacturing sector for 23 consecutive months.

The CBN said this in its monthly “Purchasing Managers’ Index (PMI) Survey Report’’ by the Statistics Department posted on its Website.

The report said the index grew at a slower rate when compared to 58.5 index points recorded in February.

CBN injects $268.4m, CNY 46.3m into retail SMIS

The Central Bank of Nigeria (CBN), yesterday, made an intervention of $268.4million in the retail Secondary Market Intervention Sales (SMIS) and CNY 46.3million in the spot and short tenored forwards segment of the inter-bank foreign market.

This was disclosed by the director, Corporate Communications Department, Central Bank of Nigeria, Isaac Okorafor, who revealed that the intervention was for requests in the agricultural and raw materials sectors.

Nigeria signs agreements with three finance institutions

Nigeria’s Federal Government today signed investment agreements with three Development Finance Institutions: Afreximbank, Bank of Industry and the Nigeria Sovereign Investment Authority (NSIA) for the development of special economic zones in the country.

And with the signing, President Muhammadu Buhari, who presided over the ceremony at the Council Chambers of the Aso Rock Villa, declared the investment company in the special economic zones will become operational.

Ambode presents ₦852.32b Budget

The Lagos state Governor, Mr Akinwunmi Ambode on Tuesday presented the year 2019 budget proposal of N852.316 billion to the State House of Assembly.

Governor Ambode presented it with a pledge that the budget had been carefully prepared to be all-encompassing and dedicated to complete major ongoing projects in the State, Voice of Nigeria reports.

FG borrowed ₦6.1trn from pension assets –NPC

The Federal Government has borrowed about N6.16 trillion out of the N8.49 trillion pension assets under the Contributory Pension Scheme.

These figures were released by the National Pension Commission (NPC) on Tuesday in Abuja, revealing the FG’s borrowing represents 73.5 percent of the pension fund.

According to data from Pencom, Pension Fund Administrators also invested 6.87 per cent or N584.321bn of the fund in domestic ordinary shares, while 0.71 or N60.529bn of the fund was invested in foreign ordinary shares.

Aceess Bank gets CBN, SEC’s approval to acquire Diamond Bank

Access Bank and Diamond Bank Plc have obtained approval in principle from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) on proposed merger plans.

Mr Victor Etuokwu, Access Bank Executive Director, Personal Banking, said in Lagos that CBN and SEC had granted both banks approval in principle for the merger process.

Etuokwu said that the banks were awaiting the final approval which would be granted after convening shareholders meeting.

Nigerian Government Projects 3.01% GDP Growth in 2019

The Nigerian government says it projects a 3.01% Gross Domestic Product (GDP) growth in 2019, indicating a steady rise after the country exited recession in the Second Quarter of 2017.

Minister of Budget and National Planning, Senator Udoma Udo Udoma, stated this on Monday while speaking at the 10th Presidential Quarterly Business Forum held at the Banquet Hall of the Presidential Villa, Abuja.

Mines, Steel Ministry income declines in 2018

The Minister of State, Mines and Steel Development, Abubakar Bwari, says the ministry generated  the sum of N2.97 billion as revenue  in 2018.

Bwari announced this while giving a three-year account of stewardship (2016-2018) on Monday in Abuja.

He said  that the overall revenue generated  by the ministry from royalties and fees had improved from N2.08 billion in 2015 to N3.92 billion in 2017 and N2.97 billion as at October 2018, News Agency of Nigeria reports.

Nigeria Claims ₦2.7tr Spent on Infrastructure in 3 years

The High Level Stakeholders Retreat on Public Private Partnership (PPP) has heard that Nigeria spent N2.7 trillion on infrastructure development in the last three years.

At the meeting in Uyo on Friday, Ms Imeh Okon, the Senior Special Assistant to the President on Infrastructure, of the sum, N100 billion has been injected into rail projects.

“What we have done as a government is to go back to the 25-year Master Plan on the rail sector. All what you are seeing right now is in terms of rail infrastructure as a result of the Master plan that was on ground.”