SABINEWS DAILY NEWS UPDATE ON THE NIGERIAN ECONOMY

SABINEWS DAILY NEWS UPDATE ON THE NIGERIAN ECONOMY

sabi-economySabinews Daily News Update on the Nigerian Economy for August 3, 2014

 

Kwankwaso accuses FG of blocking investment flow to Kano

Governor Rabiu Musa Kwankwaso of Kano state has accused the Presidency of discouraging the flow of investment, and investors to his state.

Kwankwaso made this disclosure, while speaking to journalists, over the weekend in Kano.

The governor, a chieftain of the opposition party, said using the current conditions of insecurity in some northern states as a pretext, investors that have indicated interest in doing business in Kano state have been stopped from coming. Read more

Oando lead gainers on merger of ConocoPhillips

Investors on a building of a Nigerian Stock Exchange (NSE) yesterday swooped on a shares of Oando Plc as news strike a marketplace that a association has finished a merger of ConocoPhillips.

At a tighten of trade yesterday, a batch went adult by 9.7 per cent or N2.47 to tighten during N27.94 per share from N25.47 a share available final Friday. In all, investors traded a sum of 43.14 million valued during N1.20 billion done in 804 deals. Read more

 

Foreign investments in NSE rise to N705bn

In spite of the activities of the extremist religious sect, Boko Haram, in Nigeria, foreign investors are showing increasing interest in the Nigerian Stock Exchange.

Investigations by our correspondent showed that in the past few months, there have been increasing transactions by foreign investors in Nigerian shares and stocks. Read more

 

CBN Steps up Job Creation Efforts, Set to Disburse N220bn MSMEs Fund

The Central Bank of Nigeria (CBN) will this month begin implementation of the N220billion Micro, Small and Medium Enterprises (MSME) fund as part of the bank’s development agenda. Festus Akanbi examines the modalities to be employed by the bank to ensure the fund gets to the target beneficiaries

In his maiden address to the nation in June, the CBN Governor, Mr. Godwin Emefiele, did promise, among others things, to lead an apex bank that would deploy developmental initiatives to create an enabling environment with appropriate incentives to empower innovative entrepreneurs to drive growth and development. Read more

 

Ensuring the success of cashless policy in Nigeria

In 2012, the Central Bank of Nigeria (CBN) introduced a new policy on cash-based transactions which stipulates a ‘cash handling charge’ on daily cash withdrawals that exceed N500, 000 for individuals and N3, 000,000 for corporate bodies. The new policy on cash-based transactions (withdrawals) in banks, aims at reducing not eliminating the amount of physical cash (coins and notes) circulating in the economy, and encouraging more electronic-based transactions (payments for goods, services, transfers, etc.)

The move was worthwhile as financial analysts have always argued that it is necessary to reduce the amount of physical cash in the economy, and encourage more electronic-based transactions in order to drive development and modernisation of our payment system in line with Nigeria’s vision 2020 goal of being amongst the top 20 economies by the year 2020. Read more

 

Nigerian rice farmers earned N750b in three years –Minister

Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina, has said that rice farmers and processors in Nigeria have added about N750 billion to the Nigerian economy, with over N407 billion as their net incomes in the last three years.

Adesina, who stated this on Friday in Abuja at the signing of a memorandum of understanding between the Federal Ministry of Agriculture and Rural Development and Dangote Industries Limited for a $1billion investment in an integrated rice project, said about 360,000 jobs were also generated within this period. Read more

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