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Category: Business and Economy

Market unfavourable for Naira devaluation -CBN
The Central Bank of Nigeria (CBN) says market fundamentals do not support Naira devaluation this time around.
The CBN made this known in a statement by the bank’s Director, Corporate Communications, Mr Isaac Okorafor in Abuja on Friday.
Okorafor expressed dismay at speculative activities at the foreign exchange market from impressions that the CBN would devalue the Naira, thereby triggering panic in the Foreign Exchange Market.
He said these rumours were false, unwarranted and calculated to serve dubious and selfish ends.
“We therefore wish to state that we have begun a robust and coordinated investigation in collaboration with the Nigerian Financial Intelligence Unit (NFIU) and related agencies to uncover the unscrupulous persons and Foreign Exchange dealers who are creating this panic, and the full weight of our rules and regulations will be meted out to them.
“This including, but not limited to, being charged for economic sabotage.
“For nearly four years, the CBN has successfully maintained relative stability in all segments of the foreign exchange market, which has enabled investors, households and other economic agents to plan and to conduct their genuine foreign exchange transactions with relative ease.
“The introduction of several foreign exchange management measures side-by-side with complementary interventions in food production and manufacturing has drastically reduced food importation, which hitherto constituted a large chunk of the pressure on the foreign exchange market.
“Although the outbreak of the Coronavirus led to global economic slowdown, fall in the price of crude oil, and less inflow of dollars into Nigeria, the associated public health concerns have also led to factory closures in China, substantial drop in imports, widespread travel restrictions around the world, and cancellation of many conferences, sporting events, business travels, and foreign exchange orders.
“The size of Nigeria’s foreign exchange reserves remains robust and comfortable, given the current realities of Nigeria’s genuine and legitimate Foreign Exchange demand. As such, the CBN remains able and willing to meet all genuine demand for foreign exchange for legitimate transactions,” he explained.
The director noted that the CBN was also working with the fiscal authorities to properly and accurately dimension the immediate and expected impacts of the Coronavirus in order to respond comprehensively and at the same time, ensure a sound and stable financial system conducive for job creation and inclusive growth.
He said in light of current circumstances and macroeconomic fundamentals, the CBN has not devalued the Naira.
According to him, the CBN will invoke the full weight of applicable sanctions on any persons and authorised involved in such disruptive and speculative market behaviour. (NAN)
March 13, 2020
Stakeholders decry poor education, health budget performance in Kaduna
Stakeholders working to improve citizens engagement in budget formulation and implementation in Kaduna State have decried the poor capital budget performance in education and the health sectors.
The stakeholders made the observation at the end of a two-day Budget Trend Analysis of key service delivery sectors namely education, health and infrastructure between 2016 and 2020.
Participants at the meeting include Civil Society Organisations (CSOs), media, House of Assembly and some representatives of the state’s Ministries, Departments and Agencies.
The meeting was supported by the DFID-Funded Partnership to Engage, Reform and Learn (PERL) working to improve governance and citizens engagement in the state.
The budget trend analysis obtained by News Agency of Nigeria (NAN) in Kaduna on Friday, shows a poor performance of the education and health capital budget within the period.
The analysis shows that N27.98 billion was allocated for capital projects in 2016, but only N15.13 billion was spent, representing 54 per cent budget performance.
The allocation increased to N44.85 billion in 2017, of which only N6.13 billion was spent, representing 14 per cent performance.
In 2018, the allocation for capital project in the sector dropped to N31.71 billion and only N7.57 billion was spent, representing 24 per cent.
The story was no different in the health sector, where N6.66 billion was allocated in 2016 for capital projects but only N1.62 billion was spent.
In 2017, N10.49 billion was allocated but only N3.11 billion was spent, while in 2018, N17 billion was allocated but only N5.57 billion was spent.
However, the infrastructure sector witnessed an impressive performance when compared to the education and health sectors.
The analysis shows that the sector got N30.14 billion capital budget allocation in 2016 and spent N22.33 billion, representing 74.11 per cent performance.
The allocation increased to N29.39 billion in 2017 with actual spending of N13.08 billion, representing 44.50 per cent budget performance.
In 2018, the allocation slightly decreased to N27.79 billion, while the actual spending was N32.22 billion, representing 115.9 per cent, an impressive budget performance, 15 per cent higher than the actual allocation.
The stakeholders blamed the poor budget performance on unrealistic budget of the state government, accompanied by unmet projected revenue.
They also noted that while there was some level of citizens participation in governance under the Open Government Partnership platforms, citizens engagement in the budget processes was still low.
They agreed to mobilise citizens to effectively monitor and track the implementation of the 2020 budget and put structures in place for early engagement of the 2021 budget process.
Mr Yusuf Goje of the Coalition of Associations for Leadership, Peace, Empowerment and Development (CALPED), particularly noted the weak communication and engagement of the citizens by infrastructure agencies in the past four years.
Goje also acknowledged the weak civil society engagement in tracking infrastructure projects in the state and called for the establishment of accountability mechanism made up of government officials and civil society.
According to him, the move will ensure effective tracking and monitoring of budget releases and implementation of infrastructure for accountability.
“The government should also intensify its public relations engagement by providing details of projects for citizens to take ownership.”
Similarly, Dr Elisha Menson, of the Department of Economics, Kaduna State University (KASU), described budget as a “vital instrument of governance”.
Menson stressed the need for the government to increase the level of citizens engagement in the budget process.
Also, Mr Bako Usman, President, Campaign for Democracy (CD), said that citizens engagement should start at the grassroots.
Mr Abel Adejor, PERL Lead in the state, explained that the meeting was organised to analysed key service delivery sectors and implementation performance.
Adejor added that the meeting was also organised to review citizens engagement in the 2020 budget and plan for effective engagement of the 2021 budget process. (NAN)
March 13, 2020
BREAKING: Oil prices jump almost 4%, reversing early losses
Oil prices swung more than six percent Friday but were still on track for their biggest weekly loss in more than a decade owing to a price war and the spreading coronavirus pandemic.
In another day of volatile trading, both main contracts initially dipped more than two percent, tracking heavy falls across global markets that have suffered some of their biggest losses in years.
But the commodity abruptly changed course in Asian afternoon trade, with West Texas Intermediate rising four percent to $33 a barrel and Brent crude up 3.9 percent at $34.50.
The much-needed rally came after the US military launched airstrikes in crude-rich Iraq and stocks rebounded, with Asian bourses pulling back from early lows and European equities surging at the open.
Nevertheless, prices of US benchmark WTI are still down more than 20 percent this week and on course for their biggest weekly drop since the global financial crisis of 2008.
Brent, the global benchmark, is down about a quarter for the week, Bloomberg News reported.
Crude markets were plunged into turmoil Monday after top exporter Saudi Arabia sparked a price war with Russia over a row about slashing output to support the virus-battered energy sector.
That sent Brent and WTI through the floor, with both falling by a third.
The virus outbreak added to downward pressure, as growing concerns about a global recession and travel restrictions – including a temporary ban on travel from Europe to the US – dimmed the outlook for demand.
“The scale of the oil price crash would have economists and analysts re-evaluating their forecast for growth, and even increase the urgency among central bankers to cut interest rates,” said Phillip Futures in a note.
Emergency measures by central banks Thursday failed to douse concerns about the economic toll from the deadly disease, and markets suffered their worst day for decades.
The price war started after Saudi Arabia and other OPEC members pushed for an output cut to combat the impact of the virus outbreak.
But Moscow, the world’s second-biggest oil producer, refused – prompting Riyadh to drive through massive price cuts and pledge to boost production.

March 13, 2020
NSE market indices down by 3.35%, as sell pressure persists
Sell pressure continued on the nation’s bourse on Wednesday with the market indices declining further by 3.35 per cent, amid loses in blue chips.
Sentiments remained weak in the equities market as investors sell-off of bellwether stocks dampened market performance.
Speficially, the All-Share Index dropped to 23,000 mark losing 815.91 points or 3.35 per cent to close at 23,572.75 against 24,388.66 recorded on Tuesday.
Consequently, Month-to-Date and Year-to-Date losses settled at at -10.1 per cent and -12.2 per cent, respectively.
Also, the market capitalisation shed N425 billion to close at N12.284 trillion in contrast with N12.709 trillion on Tuesday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Dangote Cement, Conoil, NASCON Allied Industries and Zenith Bank.
Analysts at Afrinvest Limited maintained a bearish outlook on the equities market in the next trading session.
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the market bear-run to local and foreign factors.
Omordion said the factors were the recent crash in crude oil prices and COVID-19 which propelled corporate and sovereign debt crisis, especially among oil-dependent countries like Nigeria.
He added that the fear of a likely devaluation of naira and planned downward review of the 2020 budget to reflect the new economic realities contributed to the current market trend.
“This current market situation will not last after this panicky sell down that just hit the global and local markets, especially as the Nigerian market is trading at its four-year low in the midst of the 2020 earnings reporting season,” he said.
Market breadth closed negative with 18 gainers compared with 20 losers.
Dangote Cement and Nestle Nigeria led the losers’ chart in percentage terms, dropping by 10 per cent each to close at N153 and N915, per share respectively.
Sterling Bank followed with 9.93 per cent to close at N1.27, while Conoil declined by 9.88 per cent to close at N14.60 per share.
United Capital and NASCON depreciated by 9.83 per cent each to close at N2.11 and N10.55 per share, respectively.
Conversely, Chams and Courteville Business Solutions led the gainers’ table in percentage terms, gaining 10 per cent each to close at 22k per share, respectively.
FCMB Group followed with 9.93 per cent to close at N1.66, while Unilever appreciated by 9.91 per cent to close at N11.65 per share.
United Bank for Africa grew up by 9.73 per cent to close at N6.20, while NPF Micro Finance Bank appreciated by 9.41 per cent to close at 93k per share.
However, total volume traded appreciated by 134 per cent with an exchange of 1.39 billion shares worth N17.65 billion traded in 7,150 deals.
This was in contrast with 594.55 million shares valued at N4.21billion transacted in 4,010 deals on Tuesday.
Zenith Bank was the most traded stock accounting for 412.41 million worth N5.06 billion.
Guaranty Trust Bank followed with 385.18 million shares valued at N7.24 billion, while FBN Holdings traded 303.03 million shares worth N1.34 billion.
UBA sold 59.98 million shares valued at N370.17 million, while Wapic Insurance accounted for 30.69 million shares worth N10.12 million. (NAN)
March 11, 2020
Investors lose N329bn on NSE, amid COVID-19 fear, fall in oil price
The Nigerian Stock Exchange (NSE) market capitalisation opened the week on Monday with a huge loss of N329 billion due to persistent fall in global oil price and rising cases of COVID-19.
The market capitalisation which opened at N13.694 trillion shed N329 billion to close at N13.365 trillion.
Also, the All-Share Index (ASI) decreased by 632.07 points or 2.41 per cent to close at 25,647.54 against 26,279.61 on Friday, the largest decline since Sept. 12, 2019.
Consequently, the Month-to-Date return loss stood at 2.2 per cent, as Year-to-Date loss also increased to 4.5 per cent.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; Nigerian Breweries, Stanbic IBTC Holdings, Guaranty Trust Bank, Zenith Bank and Conoil.
Analysts at Afrinvest Limited stated that “With the widespread of COVID-19 inducing a four-year low in global crude oil prices, we believe the dark clouds are gathering.
“As such, we expect investors to remain risk-averse toward the equities market in the near term, although there is headroom for bargain hunting activities due to cheap valuation of stocks and the local bourse relative to peers.”
Market breadth closed negative, with only one gainer against 39 losers.
Access Bank, Conoil, Cornerstone Insurance, Fidelity Bank, Nigerian Aviation Handling Company, Oando, Stanbic IBTC Holdings, United Capital and Unilever Nigeria led the losers’ chart by 10 per cent each, to close at N7.65, N16.20, 45 kobo, N1.80, N2.25, N2.43, N31.50, N2.34 and N11.70, per share, respectively.
Vitafoam Nigeria and Guaranty Trust Bank followed with a decline of 9.96 per cent each, to close at N4.07 and N22.15 per share respectively.
Nigerian Breweries lost 9.93 per cent to close at N36.75 per share.
On the other hand, Consolidated Hallmark Insurance was the only gainer growing by 7.14 per cent to close at 30k per share.
Similarly, the total volume of shares traded dropped by 48.6 per cent with an exchange of 185.65 million shares valued N1.83 billion, traded in 2,690 deals.
This was in contrast with a turnover of 361.11 million shares worth N4.28 billion traded in 4,602 deals on Friday.
Transactions in the shares of Zenith Bank topped the activity chart with 53.51 million shares worth N907.08 million.
Transcorp came second with 23.06 million shares worth N18.004 million, while Guaranty Trust Bank accounted for 15.21 million shares valued N336.81 million.
Skyway Aviation Handling Company traded 8.37 million shares worth N19.59 million, while Law Union and Rock Insurance sold 6.87 million shares valued N6.69 million. (NAN)
March 10, 2020
FG should have pegged 2020 budget on $35pb, says expert
An oil and gas expert, Mr Wilson Opuwei, says the Federal Government should have benchmarked the 2020 budget not higher than $35 per barrel (pb) to mitigate the impact of oil price fluctuation at the international market.
Opuwei, who is the Chief Executive Officer of Dateline Energy Services Ltd., made the suggestion on Tuesday in an interview with the News Agency of Nigeria (NAN) in Lagos.
The government had budgeted N10.59 trillion for 2020 expenditure with calculated revenue projected at $57 per barrel and crude production of 2.18 million barrels per day.
However, the impact on global trade by the Coronavirus and the ongoing oil production dispute between Russia and Saudi Arabia have seen oil price dropped to $31 per barrel at the international market.
Opuwei said the decision of the Federal Government to review the 2020 budget based on the decline in oil revenue was inevitable as crude oil sales was the major source of foreign exchange for the country.
He said: “The worry for Nigeria is as a result of the budget benchmark.
“Some of us complained at that time that the $57 was too much because it is a benchmark and should not be at par with the pricing at the market.
“The projection for the benchmark should leave a 15 to 20 per cent window on the projected pricing.
“So the budget benchmark should have been between $30 to $35, irrespective of what the oil price is at the market. This will help to balance out any price fluctuation like what we are seeing now.”
Opuwei said there was no need to panic because the situation was only temporary and was not strange to the oil and gas sector.
“The fall in the price of crude is just a temporary thing and it will come up again. This is one of the challenges being faced by the sector but it is just a small setback.
“Hopefully before the next quarter, the price will come back to between $60 and $65 per barrel but it will have to climb gradually,” he said.
According to him, Nigeria should use this opportunity to explore participation in the parallel market apart from meeting the Organisation of Petroleum Exporting Countries (OPEC) quota.
Opuwei said: “We will still remain under OPEC but that does not stop us from trading in the parallel market.
“If there is an aggressive production by our oil producers, we will exceed what OPEC approved for us to be bringing and that is why we should keep an eye on the alternative market.” (NAN)
March 10, 2020
ITF trained 700 youths on InfoTech in 2019 to bridge skill gap in ICT – DG
The Industrial Training Fund (ITF) said it had in 2019 trained 700 youths in InfoTech as a means of bridging the skill gap in the Information and Communication Technology (ICT) sector.

The Director-General of the fund, Sir Joseph Ari, who disclosed this on Tuesday in Jos at the 2019 ITF Merit Award Ceremony, said the beneficiaries were drawn from the six geopolitical zones of the country

Ari said that due to the evident gaps in knowledge and skills in the Information and Communication Technology (ICT) the Fund initiated the InfoTech Skills Empowerment Programme (ISEP).

He said the trainees whom were mostly degree holders, were carefully selected and equipped with specialised ICT skills, and that they were trained in advanced computer networking, computer networking certification and computer hardware maintenance and repair.

He also disclosed that 80 per cent of the trainees that the fund trained passed the certification examination, adding that with the international certification, the beneficiaries could compete for jobs outside the shores of the country.

The director-general said in 2016 the ITF in collaboration with the United Nations Industrial Development Organisation (UNIDO) conducted skills Gap Survey in six priority sectors of the national economy and it showed that vacancies existed in the service, agriculture, construction and transportation sectors.

He said that the survey showed that vacancies were filled by non-Nigerians because of the absence of Nigerians with the requisite technical skills.

He said in an effort to bridge the gap, the fund initiated a number of skills acquisition programmes particularly targeted at the sectors with manpower deficiency.

Ari further disclosed that the fund had disbursed the sum of N2, 094,407,000 for the students Industrial Training Work Experience scheme (SIWES) in 2019 as student and supervisory allowances.

He said that N1,645,454,000.00 was disbursed as student allowances for 142,462 students from 325 tertiary institutions.

He said that SIWES which was the brain child of the ITF was initiated to provide students of engineering, technical and allied disciplines with practical experience of the real work situations they were likely to find after graduation.

Gov. Simon Lalong in his remarks, commended the fund for training and empowering many Plateau youths.

The governor, who was represented by his Commissioner for special duties, Mr Irimiya Werr, said that the ITF was the federal agency in the state that had contributed most to the state in various aspects.

ITF Isolo Area Office emerged the best Area Office in training activities in the Category A, while the Abeokuta Area Office emerged as the best training Office in the category B; and the Akure Area Office emerged as the best in Category C.

Similarly, the Abuja Area Office emerged as the best Area Office in revenue generation in category A, while the Lagos Area Office and the Gwawalada Area Offices emerged as the best Area Offices in revenue generation in the category B and C, respectively.

The Abeokuta Area Office emerged as the best performing Area Office and Training Centre in category A, while Lagos Area Office and Gwawalada Area Offices emerged as the best performing Area Offices and Training Centres in category B and C, respectively.

The director-general urged the awardees not to relent in their efforts, but should work proactively for the betterment of the fund.(NAN)
March 10, 2020
Coronavirus: FG to cut down 2020 budget as Buhari constitutes committee – Minister
President Muhammadu Buhari on Monday constituted a committee to assess the impact of the Corona virus outbreak on Nigeria’s economy with a view to cut down the size of the 2020 budget and reduce the 75 dollars oil benchmark.
The Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed, announced this while addressing State House correspondents after closed door meeting with the President at the Presidential Villa, Abuja. Nigeria’s
President Buhari had in December 2019 signed the 2020 budget of N8.83 trillion into law.
The budget, tagged; “Budget of Sustaining Growth and Job Creation”, which key assumptions and parameters was based include crude oil production of 2.18 mbpd while the benchmark oil price was 57 dollars.
The budget assumed a deficit of 1.52 percent of the estimated gross domestic product – representing around 2.18 trillion naira – to be financed through foreign and domestic borrowing.
However, the minister revealed that the committee, which will revisit the crude oil benchmark and lower the price, is expected to submit its report to the President by March 11.
She said: “We just met with the President to discuss the matter of the impact of the Coronavirus on our economy and Mr President has formed us into a committee, with the Minister of State, Petroleum Resources, the Central Bank Governor, the GMD NNPC and myself as members.
“Our mandate is to make a quick assessment of the impact of this Coronavirus on the economy, especially as it affects the crude oil price.
“We will be writing a report and brief Mr President tomorrow or Wednesday morning and after that we’ll also have more substantial information for the press.
“But it is very clear that we will have to revisit the crude oil benchmark price that we have of $57 per barrel, we have to revisit it and lower the price. Where it will be lowered to is the subject of the work of this Committee.
What the impact will be on that is that there will be reduced revenue to the budget and it will mean cutting the size of the budget. The quantum of the cut is what we are supposed to assess as a committee.’’
The Minister of State, Petroleum Resources, Mr Timipre Sylva, who also fielded questions from the correspondents, said in the coming days, when all oil producing nations begin to see the effect of the reduction of oil prices, OPEC might meet again and reconsider its position on cutting production.
On the issue of engaging Russia, Sylva said: “We as a member of OPEC are not in a position to take that engagement on our own unilaterally.
“There was a disagreement between OPEC and OPEC+, it’s not just Russia, but the biggest producers within OPEC and OPEC+ are Saudi Arabia and Russia.
“We believe that in the coming days when all of us would have begun to see effect of the reduction of prices, OPEC and OPEC+ might need to meet again and reconsider our positions.
“Meanwhile, we expect also that a lot of discussions are going on at the level of Saudi Arabia and Russia, but as Nigeria, we are not in a position to begin to engage members on this matter.’’(NAN)
March 9, 2020
Access Bank unveils ‘TraderLite’ for micro businesses to strengthen economic growth
Determined to stimulate economic growth, Access Bank Plc has inaugurated an account tagged “TraderLite’’ for micro businesses with turnover between N50,000 and one million naira.
Mr Victor Etuokwu, the bank’s Executive Director Retail Banking made this known in a statement on Monday.
Etuokwu said that the TraderLite enables Small and Medium Enterprises (SMEs) to operate their businesses with Individual name or registered business name.
He noted that the account was specially designed for micro businesses with the aim of providing financial inclusion for businesses in that segment.
Etuokwu added that it was inaugurated with the aim of equipping micro businesses with the required skills to grow their businesses.
“TraderLite, a variant of the Diamond Business Advantage account within the bank’s emerging businesses portfolio, is specially designed for micro businesses with the aim of providing financial inclusion for businesses in that segment.
“The future of Nigeria’s economy is Small and Medium-Scale Enterprises because they can provide more than enough jobs to the unemployed if empowered.
“And that is why the bank’s passion is to offer more than financial services to its customers and also work with them in growing and expanding their businesses.
“Whichever category you fall into, we are here to work with you to take your business to a whole new level,’’ he said.
He noted that the product had two variants namely: DBA TraderLite Individual, which is for individuals with unregistered businesses and DBA TraderLite Business for registered businesses.
Access Bank is the leading retail bank in Nigeria with more than 600 branches and more than 40 million customers.
The bank offers products and services tailored to suit the lifestyle of every Nigerian irrespective of age and demography. (NAN)
March 9, 2020
COVID-19: impact on economy becoming severe, investment in agriculture key — CBN
The Central Bank of Nigeria (CBN), says the impact of COVID-19 on economy is becoming severe, especially the declining global oil price and called for massive investment in agriculture.
The CBN Governor, Mr Godwin Emefiele made this known at the African Economic Research Consortium (AERC) Senior Policy Seminar XXII in partnership with CBN in Abuja on Monday.
The seminar has as its theme: “Agriculture and Food Policies for Better Nutrition Outcomes in Africa’’.
Represented by Mr Isaac Okorafor, the Director, Corporate Communications Department, Emefiele said the outbreak of the coronavirus had dampened consumer confidence resulting to decline in private consumption and global demand slowdown.
He said the sad development had posed great threat to the economic gains achieved across Africa in the recent past.
Emefiele said the seminar could not have come at a better time than now when economies within the region were inundated with challenges resulting from the impact of the global economic slowdown, and currently facing further deterioration in global activity owing to COVID-19.
He emphasised the need for the countries on the continent to massively invest in agriculture.
“Very much like we have seen in the past, food is often one of the immediate causalities of any catastrophe on the African continent. The reason is not far-fetched, a sizeable proportion of the population is food poor.
“Africa is not winning the war against acute hunger and malnutrition. Food insecurity and malnutrition plague the lives of millions across the continent.’’
According to the 2019 Global Report on Food Crises, Africa remains dis-proportionally affected by food insecurity with more than half of the global 113 million, 58 per cent to be precise acutely food-insecure people living in 33 countries in Africa.
“Here is the irony, Africa holds 65 per cent of the world uncultivated arable land, particularly its vast 400 million-hectare savannas which are the world’s largest agriculture frontier.
“The continent of Africa should have no business with food insecurity. Regrettably, its agriculture continues to be vulnerable to climate- related shocks, disease, weak input supply chains, conflicts and economic shocks.
“Disturbingly, the Food and Agriculture Organisation (FAO) has predicted that Africa could add an additional 38 million hungry people to the world’s number of hungry people by 2050 due to climate change,” he said.
Emefiele saidd that unlocking the huge potential of agriculture must therefore be at the heart of any meaningful engagement on economic and social development of the continent.
He said the region had the capacity and must become the food basket for the world, rather than a net importer of food.
He said importation of food by the continent was unacceptable, saying that Africa spent 35 billion dollars on importation of food annually according to report by the African Development Bank (AfDB).
According to him, the continent must urgently develop policy measures around building what has been termed grey matter infrastructure in Africa in order to end the scourge of malnutrition.
In his remarks, the Executive Director of AERC, Prof. Njuguna Ndung’u expressed delight for hosting the seminar in Nigeria as it had never been held in the country.
Ndung’u urged participants to always adhere to full implementation of resolution of this kind of policy seminar. (NAN)
March 9, 2020