Sabinews Daily News Update on the Nigerian Economy for August 11, 2014sabi-economy


2,500 BDCs Scale Hurdle

After the storm over the new registration modalities introduced by the Central Bank of Nigeria for participation in the foreign exchange activities last month, President, Association of Bureau de Change Operators in Nigeria, Aminu Gwadabe, said 2,500 operators were registered, saying however that negotiation with the apex bank is ongoing on the possibility of a review of some of the provisions of the new policy. Read more


Food & beverage industry shows stronger growth as investments rise 54%

The food, beverage and tobacco sub-sector has once again shown why it is the key driver of the country’s manufacturing sector as investments in the industry in the second half of 2013 (H2 2013) rose to N49.95 billion, from N32.51 billion posted in the first half of the year (H1 2013). This indicates 53.60 percent increase, data from the Manufacturers Association of Nigeria (MAN) have shown.

The huge investments in the sector validate recent Gross Domestic Product (GDP) series by the National Bureau of Statistics (NBS), which shows that the industry makes half of the now $45.9 billion contribution by manufacturing sector to the country’s $510 billion economy. Read more


Nigeria’s new auto policy will create more jobs –UNIDO

The United Nations Industrial Development Organisation (UNIDO) has said that the implementation of the new automotive policy in Nigeria would create more direct and indirect jobs across different sectors of the economy.

UNIDO’s Representative and Director, Regional Office for Nigeria, Dr. Patrick Kormawa, who stated this at the stakeholders’ forum held in Lagos, said that the automotive industry in Nigeria currently employs about 2,500 people. But the implementation of the new automotive policy, Kormawa noted, will generate more than 700,000 direct and indirect jobs. Read more


U.S., Nigeria begin collaboration on $14b infrastructure financing scheme

The Federal Government, in collaboration with the United States (U.S.), has commenced plans to leverage on President Barack Obama’s $14 billion investment pledge to Africa, for an effective financing scheme for infrastructure in Nigeria.

The Minister of Industry, Trade and Investment, Olusegun Aganga, and the US Commerce Secretary, Penny Pritzker, agreed during a bilateral meeting at the just-concluded US-Africa Summit that increased investment in the area of infrastructure would further improve the Nigerian business environment, noting that Obama’s focus on power was particularly encouraging. Read more


Stakeholders Kick Against Privatisation Of BOI, BOA

The proposal by the federal government (FG) to privatise both the Bank of Industry (BoI) and Bank of Agriculture (BoA) , the two major development finance institutions (DFIs) in the country, has drawn the condemnation of stakeholders, LEADERSHIP learned at the weekend.

For example, the council of the LCCI which met under the chairmanship of Mr Remi Bello, premised its opposition on the view that development objectives of the DFIs would be compromised in the event of their privatisation because development objectives were often at variance with profitability objectives. Read more


Nigeria: The Treasury Bill Scam Continues to Flourish

In the wake of the 2008 banking crises, the Central Bank created over N4000bn fresh Naira supply, inspite of the attendant inflationary threat, to rescue the Nigerian banking sector. Evidently, however, the bountiful profit figures declared lately by several banks would be clear testimony that, business is presently good in the sub-sector, particularly when compared with the relatively modest profit figures and systemic challenges in other industrial and commercial sub-sectors. Read more


About The Author

Osigweh Lilian Oluchi is a graduate of the University of Lagos where she obtained a B.A (Hons) in English, Masters in Public and International affairs (MPIA). Currently works with 1stnews as a Database Manager / Writer. [email protected]

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