Business News in Brief

NDDC to Train 100 Youths in Automobile Technology, Maintenance

The Niger Delta Development Commission (NDDC) says it will train 100 men and women in automobile technology at Innoson Vehicle Manufacturing Company, Nnewi, an official said.

Sen. Victor Ndoma-Egba, NDDC’s Board Chairman, made this known in a statement issued by the commission’s Director, Corporate Affairs, Mr Ibitoye Abosede, in Port Harcourt.

Ndoma-Egba, was quoted as disclosing this when he led a delegation to visit Innoson factory at Nnewi, Anambra.

Nigeria, third best in Data Submission –OPEC

The Organisation of Petroleum Exporting Countries (OPEC) has commended Nigeria for ranking third among member countries in data submission.

Dr Omar Ibrahim, OPEC Governor for Nigeria, disclosed this at the OPEC Data Management Training Workshop in Abuja, on Monday.

He said Nigeria has done well in the provision of credible data in the Oil and Gas sector.

“For some time, our record at data submission and also the accuracy of data, hasn’t been good in OPEC.

Warren Buffett backs Stocks over Bonds

World’s third richest man,  Warren Buffett, prodded ordinary investors on Saturday to stay invested in United States stocks, ignoring price swings, guidance from people with fancy credentials and the temptation to load up on bonds.

Buffett, with net worth estimated at $86 billion by Forbes,  said it is a “terrible mistake” for investors with long-term horizons – among them, pension funds, college and endowments and savings-minded individuals – to measure their investment “risk” by their portfolio’s ratio of bonds to stocks.

$14b Order Book shows Investors still crave African Bonds

Kenya’s series of meetings with some of the world’s biggest bond investors in the U.S. and London last week revealed it was in a midst of a political crisis.

On the day the roadshow started, Moody’s Investors Service downgraded the nation’s credit, and then the International Monetary Fund (IMF) divulged that the government had lost access to an emergency $1.5 billion facility after missing fiscal targets.

Bond Auction Raises ₦80b, Less than Amount on Offer

Nigeria raised 79.62 billion naira ($260.20 million) at an auction of government bonds on Wednesday, less than it originally planned, after it got fewer subscriptions for the most liquid five-year debt, traders told Reuters on Thursday.

The Debt Management Office (DMO) initially intended to raise 100 billion naira. It got subscriptions of 117.58 billion naira, more than half skewed towards the 10-year bond.

Telcom Regulator to Ensure Financial-health Checks of Operators

Nigeria’s telecommunications regulator said tougher financial-health checks on the country’s biggest mobile-phone companies could prevent a repeat of last year’s collapse of debt-laden Etisalat and help stabilize the industry.

The Nigerian Communications Commission has compiled reports on the financial well-being of the local units of Johannesburg-based MTN Groups Limited, the market leader with 52.3 million customers, Bharti Airtel Limited. and Lagos-based Globacom Ltd., NCC Executive Vice-Chairman Umar Garba Danbatta said in an interview.

Japan Optimistic of Improved Trade Relations with Nigeria

Japan on Monday expressed optimism of an improved trade relation with Nigeria as Nigerian Government intensifies efforts at implementing the Economic and Recovery Growth Plan (ERGP).

The Trade Commissioner, Japan External Trade Organisation (JETRO), Mr Taku Miyazaki, expressed the optimism in an interview with reporters in Lagos.

According to him, Nigeria’s economy is on the path of rebound due to stable oil price, more forex liquidity and government efforts at implementing ERGP.

Dogara woos Swedish Investors

Speaker of the House of Representatives, Mr. Yakubu Dogara, has urged Swedish investors to invest in Nigeria to create job opportunities for its teeming population.

Mr. Dogara said this when he received the Swedish Ambassador to Nigeria, Mrs Inger Ulvedt, who led a delegation to his office on a courtesy call, Voice of Nigeria reports.

He noted that the country is the second largest trade partner with Sweden in Africa and has an existing cordial relationship that it values and hopes to deepen more for the overall citizens in both countries.

Nigeria Raises ₦176b in Treasury Bills on Lower Yields

Nigeria has raised 176 billion naira ($576 million) worth of treasury bills at an auction on Wednesday, traders told Reuters.

The central bank offered 6 billion naira of three-month paper, 30 billion naira of six-month bills and 140 billion naira of one-year notes.

The bank issues treasury bills twice a month to help the government to finance its budget deficit, curb money supply growth and provide an avenue for lenders to manage liquidity.

Central Bank Injects $326m into Currency Market

Nigeria’s central bank said on Friday it had injected $325.64 million into the interbank foreign exchange market as part of efforts to boost liquidity and reduce dollar shortages.

Nigeria, an OPEC member which has Africa’s largest economy, fell into recession in 2016 largely due to low crude oil prices. Lower oil receipts led to dollar shortages since crude sales are the country’s main source of dollars.