Deventurer

- The 2019 edition of Abuja cultural carnival will gulp N82.109million. -Minister of information, culture and tourism, Alhaji Laid Mohammed stated in Abuja while presenting 2019 budget proposals of his ministry. -The yearly carnival meant to showcase Nigeria's rich cultural heritage is coordinated by the ministry. - The minister said that cultural centers established by Nigeria in China and Brazil were good for marketing the image of the country to further make the outside world appreciate Nigeria and Nigerians. -Chairman of the senate committee, senator Fatimah Raji-Rasaki, had taken on the minister on the N82.109m proposed when the  carnival did not hold last year despite N62m appropriated for it. -The minister defended the the 2019 budget estimate before the Senate committee on culture and tourism. He responded that the N62milli on appropriated for the carnival in last year was not fully cash backed. Source: NAN

Photo credit: gurdianng - According to the report of the IMF 2019  Article IV consultation with Nigeria, the Nigerian economy is recovering. - The Executive Board of the  International Monetary Fund (IMF) concluded Article IV consultation on March  27, 2019. The Executive board reports that - Real GDP increased by 1.9% in 2018, up from 0.8% in 2017 as a result improvements in manufacturing and services, supported by spillovers from higher oil prices, ongoing convergence in exchange rate and strides to improve business environment. - Headline inflation fell to 11.4% at the end of 2018 as a result of declining food price inflation, weak consumer demand, relatively stable exchange rate and tight no monetary policy during most of 2018, but remains outside the central bank's 6-9%. - Holdings of mostly short-term equity and local debt. - Current account surplus. - Gross international reserves got to its peak in April 2018. - However, the economy growth is...

- Dangote refinery, the world's largest single-train refinery with a capacity of 650,000 barrels per day  is expected to produce 65.4million litres of petrol, diesel, aviation fuel and kerosene daily when it begins operation. - The refinery located in Lagos aims to transform Nigeria from a petrol-import dependent country to an export of refined petroleum products. - Dangote Industries Limited, through the project will provide thousands of jobs, skills transfer and technology acquisition opportunities in the country. - The company is also constructing the largest fertilizer plant in West Africa that will produce 3million tonnes of urea per year; with an investment of $2.0bn, covering 500 hectares of land. - Dangote fertilizer would guarantee a substantial savings of foreign exchange in Africa and provide farmers with urea to enhance production of food. All these means massive employment generation and development of the Nigerian economy. Source: punchng

-The central bank of Nigeria (CBN) on Tuesday placed foreign exchange restrictions on importers of textiles and clothing materials in the country with immediate effect. Emefiele - The CBN governor, Mr. Godwin Emefiele announced on Tuesday at the apex bank headquaters in Abuja, during a textile industry stake holders meeting. - A measure to discourage smuggling . and to revive the textile and clothing industry back to its enviable place where it created jobs for Nigerians and boosted the economy. -Also established a financial support programme for the textile manufacturers with the provision of funds at single digit interest rate; to enable them retool and upgrade their factories in order to produce high quality textile materials for local and export market. -The Bank has begun discussion with Kano and Kaduna state governments to establish textile industrial areas in a bid to guarantee stable electricity in those industrial areas.  -The Bank, as part of its anchor...

- UBA  has  launched Google Station App to boost small and medium enterprises to do business at its comfort zones. -  The  platform, which  began in Lagos last year  provides free, high-speed Wi-Fi hotspots in public places. - T he 52 million Nigerians who have been financially excluded will now have access to data through this collaboration and can carry out their transactions with ease - Nweke. - The new free Wi-Fi launche d by United Bank for Africa Plc, UBA, Google and ISP is all encompassing  as it will reposition SMEs to transact and operate well in the country. This new innovation to launch Google Station in 11 key UBA branches in Lagos State is part of plans to roll out 200 stations in the country.  -  The UBA google-powered initiative would allow the bank’s customers access to internet connectivity within the 11 branches and its environs, thereby facilitating their day-to-day businesses and activities, while ensuring unhind...

-  U.S. commercial crude oil inventories rise by 3.7 million barrels to 454.5 million barrels Energy Information Administration (EIA). - U.S. crude oil production reached 12 million bpd for the first time last week. -   America is the only country to ever reach 12 million bpd of production.   -   U.S. output will rise further and oil firms will export more oil to sell off surplus stocks- Analysts. Oil prices fell on Friday after the United States reported its crude output hit a record 12 million barrels per day (bpd), undermining efforts by Middle East-dominated producer club OPEC to withhold supply and tighten global markets. Read more:  Oil prices fall as U.S. crude output hits 12m bpd

This is a good move from Independent Petroleum Marketers Association of Nigeria (IPMAN), as it directed its members nationwide to reduce petroleum pump price from N145 per litre to N140.  - the decision followed the Saturday’s last-minute postponement of presidential and National Assembly elections by the Independent National Electoral Commission (INEC). - it is to motivate Nigerians who had earlier travelled to different places across the country to cast their votes, but to their disappointment, the election was shifted; to return to vote again on Feb. 23. -the price was slashed by N5. -from the N145 per litre to N140 per litre.e Read more:  Oil marketers reduce fuel pump price

The Minister of Communications, Dr Adebayo Shittu, has urged stakeholders in the Information Communication Technology (ICT) sector to support the Nigerian National Broadband Council with credible suggestions toward the development of the Nigerian National Broadband Plan (NNBP) 2019–2023. shittu There is really a  need for sustainable broadband capacity that could drive the socio-economic activities of the country and also  improve quality of services. -This can be achieved if the national broadband plan is supported by stakeholders. -Th e Nigerian National Broadband Council was established to provide periodic evaluation of progress, faci litate coordination and collaboration, as well as highlight areas of programme adjustment to permit the realisation of emerging opportunities. Read more:  FG urges stakeholders to support 2019-2023 national broadband plan

The Central Bank of Nigeria (CBN) has again made interventions in the Retail Secondary Market Intervention Sales (SMIS) of the Foreign Exchange market totaling $279.13 million and CNY 46.92.   Figures of the sales consummated on Friday, February 8, 2019 revealed that the sum of $279,128,518.66 was injected to meet requests of customers in the agricultural, airlines, petroleum products and raw materials and machinery sectors.   The Bank’s Director, Corporate Communications Department, Isaac Okorafor also confirmed that the sum of CNY46,924,114.04 was for payment of Renminbi-denominated Letters of Credit for agriculture as well as raw materials.   Friday’s transaction was in addition to the $210 million injected into the Wholesale, Small and Medium Enterprises, and Invisibles segments of the market on Tuesday, February 5, 2019.   While expressing the satisfaction of the Bank’s management at the stability in the different segments of the foreign exchange market...

The Apapa Area Command of Nigeria Customs Service (NCS) on Thursday said it handled 1.20 million metric tonnes of export worth N73billion in 2018. Speaking at a press briefing in Lagos yesterday, the Customs Area Controller (CAC) Bashir Abubakar also disclosed that the command generated a sum of N404billion as revenue from import in 2018. According to the CAC, the command who achieved high compliance level among exporters also blocked 2500 containers for non-compliance to export procedures. “The command in 2018 recorded 1.2million metric tonnes of exported goods with Free On Board (FOB) value of $240million which is equivalent to N73.1billion. He continued, “The year under review also achieved high level of compliance on export declaration while about 2500 containers were blocked and forced to comply with requisite guidelines.” However, on revenue collected on import, Compt. Abubakar, said the figure generated in 2018 represented 95% of the ...