Download nigeria business news - Embassy of Japan in Nigeria

NIGERIA BUSINESS NEWS
(19-Jan-15 to 25-Jan-15)
1
23-Jan-15
Key Word "Economy"
Daily Trust
Headline: "'Economy: Financial markets at risk in 2015'"
United Capital Plc, formerly UBA Capital, has said the Nigerian economy is to face one of the most difficult
times in history as global crude oil prices, a key anchor for fiscal and macroeconomic stability, continue on a
downward trajectory this year 2015.
Group Chief Executive Director of United Capital Plc, Mrs. Oluwatoyin Sanni, stated that major factors
shaping the market in 2015 are post-election scenarios, aggressive tightening by the Central Bank of Nigeria
(CBN), variability in foreign portfolio flows and the downward trajectory of crude oil prices.
Daily Trust
2
23-Jan-15
Key Word "Finance Sector"
Daily Trust
Headline: "Naira hits N200/dollar, as CBN changes rules"
The naira on 22 January 2015 hit an unprecedented record low at N202 per United States' dollar at the street
markets after the Central Bank of Nigera (CBN) banned selling the dollar by the banks to the Bureaux De
Change operators.
Daily Trust
3
23-Jan-15
Key Word "2015 Election"
This Day
Headline: "INEC Not Considering Shift in Polls as Dasuki Says PVC Collection Needs
More Time"
Reacting to the proposal by the National Security Adviser (NSA), Col. Sambo Dasuki, for a postponement of
next month's polls, the Independent National Electoral Commission (INEC) said on 22 January 2015 that it was
not contemplating any shift in the date for the general election.
Dasuki said he had told the Chairman of INEC, Prof. Attahiru Jega, that a postponement within the three
months allowed by the law would be a good idea, Reuters reported.
INEC's Director for Voter Education and Publicity said: "There is no communication to that effect, and in any
case, we are preparing seriously for the election."
This Day
4
22-Jan-15
Key Word "Economy"
This Day
Headline: "Nigeria May Double VAT Due to Falling Oil Prices"
The Federal Government plans to double its value-added tax (VAT) and cancel government projects if oil
prices continue to slide. Coordinating Minister for the Economy/Minister of Finance, Dr. Ngozi Okonjo-Iweala
said this in an interview with The Wall Street Journal. According to Okonjo-Iweala, the country is reviewing
some 6,000 ongoing projects to see which will be kept, delayed or scrapped. "It will be a huge exercise" she
said. If oil prices continue to sink, it will also raise its value-added tax, which at five per cent to 10 per cent she
said. Nigeria faces a test of whether or not it can raise revenue and cut spending as quickly as oil prices are
tumbling. The collapse in global crude rates has arrived at a particularly inopportune moment for Africa’s
largest economy and country by population. The government earns about 80 per cent of its income from
petroleum exports.
This Day
5
21-Jan-15
Key Word "Oil sector"
Leadership
Newspaper
Headline: "Oil Leakage Forces Closure of 2 Oil Pipelines"
Nigeria’s Trans Forcados oil and gas pipeline and related production as well as Shell’s Nembe Creek line,
carrying Bonny Light crude, were shut on 17 and 18 January 2015, the Ministry of Power and Shell said in
separate statementson 20 January 2015. The 150,000 barrels per day (bpd) Nembe line was shut on January 17
after a leak, which is still being investigated, was found, a spokeswoman for Shell said, adding that a section of
the Trans Escravos pipeline was also closed on January 14 for works and to remove crude theft connections,
Reuters said in a report.
Leadership Newspaper
6
20-Jan-15
Key Word "Steel Industry"
Daily Trust
Headline: "Nigerian, Chinese firsm to revamp Ajaokuta Steel Plant"
A consortium of Nigerian and Chinese firms has pledged to revamp Ajaokuta Steel Plant with annual
production target of 2 million tons of steel within two years of taking over the plant.
The consortium is made up of Total Steel Ltd of Nigeria and Henan Taihang Quanli Heavy Industry Group of
Henan Province China which expressed readiness to take over the plant and deliver quick results in steel
production and other value additions if given the opportunity.
Daily Trust
7
19-Jan-15
Key Word "Foreign investment"
The Vanguard
Headline: "Turkish firms seek more investments in Nigeria"
Turkish companies are seeking to expand their investments in Nigeria and other African countries through
franchising. Accordingly, a Memorandum of Understanding (MoU) has been signed between Soysal, to link
business interest in Nigeria and other West African countries interested in doing business in Turkey or Turkish
businessmen who are interested in establishing a business presence in Nigeria, and other Africa countries.
Soysal is a Turkish training and consultancy company and convener of Retail days (Conferences) while
Bervidson International Limited is a member of Bervidson Group, one of the training and consultancy groups
in West Africa. Mr. Joseph Ebata, CEO, Bervidson, signed on behalf of his company while Mr. Suat Soysat,
CEO Soysal Ltd, signed on behalf of his organization.
The Vanguard
8
18-Dec-14
Key Word "2015 Budget"
This Day
Headline: "FG Presents Budget, Slashes 2015 GDP Growth to 5.5% [additional article
from December 2014]"
- Surcharges on private jets, yachts, luxury cars, mansions unveiled.
The federal government on 17 December 2014 laid the N4.357.96 trillion budget for the 2015 fiscal year
before the respective houses of the National Assembly, stating that the economy will grow by 5.5 per cent in
2015, down from an earlier projection of 6.4 per cent; and predicated on $65 per barrel oil benchmark and an
exchange rate of N165.00 to the dollar.
This Day