Wednesday, June 21, 2017
Video - Telecoms firm Etisalat Nigeria ordered to transfer 45% stake to loan trustee
Etisalat has been instructed to transfer its 45% stake in Etisalat Nigeria to a loan trustee after debt restructuring talks with lenders failed. Etisalat Nigeria had been in talks to restructure a $1.2 billion loan after missing repayments. The company took the loan to refinance an existing commercial medium-term debt of $650 million and continue its network rollout across the country. On June 15th, a consortium of lenders -- led by Access Bank and other local and foreign banks -- took over the management of Etisalat Nigeria. The takeover followed the collapse of the effort by Emerging Markets Telecommunications Services to reach agreement with the banks on debt restructuring plan.
Tuesday, June 20, 2017
America pledges commitment to unity of Nigeria
The U.S. Ambassador to Nigeria, Stuart Symington, has said that his country will continue to work towards the promotion of Nigeria’s unity.
Mr. Symington, who said this in Ibadan, Oyo State on Monday, noted that in Nigeria’s unity lies the strength of the world’s most populous black nation.
The envoy, who led top officials of the embassy on a working visit to the office of the Governor of Oyo State, Abiola Ajimobi, in Ibadan, said that the U.S. recognised the strategic importance of Nigeria in Africa.
A statement by Yomi Layinka, Mr. Ajimobi’s media aide, quoted the envoy as saying that the visit was in the furtherance of his country’s vision and mission to explore new frontiers of partnership for development with African countries, which, he said, informed his decision to tour every part of the country.
Mr. Symington called on the state government to work with the U.S. towards setting a new pace in socio-economic development, adding that Nigeria was loved all over the world, especially in the U.S. because of its unity.
“This visit is not just a courtesy call; it is in continuation of America’s vision and mission. We are looking forward to working with your state to set up a new pace in development,” the envoy said.
“We are happy to be here and I’m telling you that Nigeria as a country is loved by all Americans and even in the world for the sake of the unity the country upholds.”
“The U.S. recognises the strategic importance of Nigeria in Africa. We will continue to work towards the promotion of the unity of Nigeria, because that is where the strength of the country lies. The U.S. loves Nigeria because of its unity.”
Mr. Ajimobi had earlier sought the assistance of the U.S. government in his administration’s efforts at promoting human capital development and technical education in the state.
The governor also identified technical education as the missing link in the Nigeria’s curriculum, which, he said, was necessary for the country’s accelerated development.
The governor said that the state had potential that if put to good use, and with needed support from a developed economy like that of the U.S., could revamp the state’s economy.
“We want more foreign partners to support our industrialisation drive as we have established an industrial park as well as free trade zone, which would be the hub of commerce and source of employment generation for our teeming youth,” the governor said.
Mr. Symington, who said this in Ibadan, Oyo State on Monday, noted that in Nigeria’s unity lies the strength of the world’s most populous black nation.
The envoy, who led top officials of the embassy on a working visit to the office of the Governor of Oyo State, Abiola Ajimobi, in Ibadan, said that the U.S. recognised the strategic importance of Nigeria in Africa.
A statement by Yomi Layinka, Mr. Ajimobi’s media aide, quoted the envoy as saying that the visit was in the furtherance of his country’s vision and mission to explore new frontiers of partnership for development with African countries, which, he said, informed his decision to tour every part of the country.
Mr. Symington called on the state government to work with the U.S. towards setting a new pace in socio-economic development, adding that Nigeria was loved all over the world, especially in the U.S. because of its unity.
“This visit is not just a courtesy call; it is in continuation of America’s vision and mission. We are looking forward to working with your state to set up a new pace in development,” the envoy said.
“We are happy to be here and I’m telling you that Nigeria as a country is loved by all Americans and even in the world for the sake of the unity the country upholds.”
“The U.S. recognises the strategic importance of Nigeria in Africa. We will continue to work towards the promotion of the unity of Nigeria, because that is where the strength of the country lies. The U.S. loves Nigeria because of its unity.”
Mr. Ajimobi had earlier sought the assistance of the U.S. government in his administration’s efforts at promoting human capital development and technical education in the state.
The governor also identified technical education as the missing link in the Nigeria’s curriculum, which, he said, was necessary for the country’s accelerated development.
The governor said that the state had potential that if put to good use, and with needed support from a developed economy like that of the U.S., could revamp the state’s economy.
“We want more foreign partners to support our industrialisation drive as we have established an industrial park as well as free trade zone, which would be the hub of commerce and source of employment generation for our teeming youth,” the governor said.
Monday, June 19, 2017
Video - Nigeria's headline inflation falls for fourth straight month
Nigeria's headline inflation rate has continued its steady decline. New figures released by the country's Bureau of Statistics put the inflation rate at 16.25 percent for the month of May. It's 0.99 percentage points lower the rate recorded in April, making it the fourth straight month in which the rate has fallen. It's a different story, however, for the food index, which is still trending upwards.
Thursday, June 15, 2017
Video - Lagos residents caught up in the race for available land
In Nigeria, the city of Lagos is struggling to provide housing for its rapidly expanding population. Thousands of people arrive daily, looking for work. In addition, tens of thousands are evacuated from a waterside properties to make way for development projects. And many of those displaced have been forced into poorly serviced, overcrowded slums, as Thuli Tshabalala reports.
Nigeria inflation rate falls to lowest in the year
Nigeria’s inflation rate fell for a fourth straight month in May, dropping to the lowest in a year.
Inflation in Nigeria, which vies with South Africa as the continent’s largest economy, slowed to 16.25 percent from 17.2 percent in April, the Abuja-based National Bureau of Statistics said in an emailed report. The median of 15 economists’ estimates in a Bloomberg survey was for 16 percent. Prices rose 1.9 percent in the month.
A rate drop would be “mainly as a result of base effects” from a 67 percent increase in gasoline-price caps in May last year and was “despite elevated consumer prices in May,” FSDH Merchant Bank Ltd. said in an emailed note before the release. Price increases in the month “show inflationary pressure persists in Nigeria.”
Inflation remains above the upper end of the central bank’s target band of 6 percent to 9 percent. The central bank kept its main policy rate at a record high of 14 percent in May to fight price growth and support the naira even as the economy struggles to recover from its first annual contraction in 25 years. It will next review the rate rate on July 25.
Africa’s biggest oil producer has suffered from dollar shortages for most of the period since crude prices crashed in 2014. Investors blamed the central bank for compounding the crisis by tightening capital controls and trying to stop the naira falling, which they said contributed to the economy contracting last year.
Inflation in Nigeria, which vies with South Africa as the continent’s largest economy, slowed to 16.25 percent from 17.2 percent in April, the Abuja-based National Bureau of Statistics said in an emailed report. The median of 15 economists’ estimates in a Bloomberg survey was for 16 percent. Prices rose 1.9 percent in the month.
A rate drop would be “mainly as a result of base effects” from a 67 percent increase in gasoline-price caps in May last year and was “despite elevated consumer prices in May,” FSDH Merchant Bank Ltd. said in an emailed note before the release. Price increases in the month “show inflationary pressure persists in Nigeria.”
Inflation remains above the upper end of the central bank’s target band of 6 percent to 9 percent. The central bank kept its main policy rate at a record high of 14 percent in May to fight price growth and support the naira even as the economy struggles to recover from its first annual contraction in 25 years. It will next review the rate rate on July 25.
Africa’s biggest oil producer has suffered from dollar shortages for most of the period since crude prices crashed in 2014. Investors blamed the central bank for compounding the crisis by tightening capital controls and trying to stop the naira falling, which they said contributed to the economy contracting last year.
Currency Support
In a move to boost investor confidence, the central bank in April introduced a window for portfolio investors to trade foreign currency at a market-determined rate, currently about 375 naira a dollar. Before this, they bought greenbacks from the interbank market at a central bank-maintained rate of about 315 naira per dollar.
The International Monetary Fund forecast Nigeria’s economy will expand by 0.8 percent this year compared with a 1.6 percent contraction in 2016 as output of oil, the nation’s biggest export, increases, and the government boosts spending. The country will raise expenditure by 21 percent to a record 7.4 trillion naira ($23 billion) this year, according to the budget that vice and acting President Yemi Osinbajo signed on Monday.
In a move to boost investor confidence, the central bank in April introduced a window for portfolio investors to trade foreign currency at a market-determined rate, currently about 375 naira a dollar. Before this, they bought greenbacks from the interbank market at a central bank-maintained rate of about 315 naira per dollar.
The International Monetary Fund forecast Nigeria’s economy will expand by 0.8 percent this year compared with a 1.6 percent contraction in 2016 as output of oil, the nation’s biggest export, increases, and the government boosts spending. The country will raise expenditure by 21 percent to a record 7.4 trillion naira ($23 billion) this year, according to the budget that vice and acting President Yemi Osinbajo signed on Monday.
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