Nigeria | - Part 5

Nigeria Aims to Resuscitate Ajaokuta Steel Mill in 2016 — Dr. Fayemi

LAGOS, Nigeria, Capital Markets in Africa — Nigeria is aiming to hand over the US$4.5 billion Ajaokuta steel complex to private operators this year as part of a plan to kick start its industrial and mining industries, Dr. Kayode Fayemi, Nigerian Minister of Solid Minerals Development, stated. The Minister explained that construction of Ajaokuta, which lies on the Niger River and was supposed to have an installed capacity of 5 million metric tons of steel a year,…

Nigeria’s Treasury Single Account boosts revenue and reduces borrowing — Kemi Adeosun Says

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LAGOS, Nigeria, Capital Markets in Africa — Nigeria’s Finance Minister Kemi Adeosun said the government had collected more than 2.2 trillion naira (US$11 billion) since consolidating revenue into a single account tagged Treasury Single Account (TSA) and this may help reduce Nigeria’s borrowing requirements. The Finance Ministry will determine how much of the funds in the TSA will be used to fund the 2016 budget and what will be left to pay for pending expenditure commitments, Mrs. Kemi Adeosun…

Nigeria’s President Buhari says naira devaluation would kill naira

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LAGOS, Nigeria, Capital Markets in Africa — Nigerian President Muhammadu Buhari yet to be convinced that country will benefit from any official devaluation of naira, his spokesman Garba Shehu says in Facebook post, citing comments made in Nairobi on Wednesday. While export-driven economies may benefit from devaluation of currencies, weakening exchange rate “will only result in further inflation and hardship for the poor and middle classes in Nigeria’s import-dependent economy”. Devaluing naira will…

Nigeria aims to raise US$1 Billion Eurobond to fund budget deficits

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Lagos, Nigeria, Capital Markets ion Africa — Nigeria plans to sell as much as US$1 billion of Eurobonds to help fund a record budget deficit, Finance Minister Kemi Adeosun stated on Friday in an interview at the World Economic Forum in Davos, Switzerland. The Finance Minister explained that the country is planning to hold non-deal roadshows to meet investors and explain the government’s fiscal policies and monetary policies to resuscitate growth. She said: “We’re looking at a maximum of…

Nigeria’s 2016 Budget Deficit Widen As Oil Price Slump

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Lagos, Nigeria, Capital Markets in Africa — The Nigeria’s 2016 budget deficit is estimated at 36 percent after oil prices dropped below the $38 per barrel benchmark estimate set by Africa’s largest economy. The gap will increase to NGN 3 trillion (US$15.1 billion) from NGN 2.2 trillion, or 3 percent of gross domestic product, and will remain within the “comfort zone for the international credit rating agencies,” Finance Minister Kemi Adeosun stated in an e-mailed statement on Thursday. The…

Scrapping of fuel subsidies to save Nigeria US$5 billion

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Lagos, Nigeria, Capital Markets in Africa — Nigeria’s government, which relies on oil for about two-thirds of its revenue, sees a silver lining to the plunge in crude prices because it will no longer have to subsidize fuel, Vice President Professor Yemi Osinbajo stated. “Lower oil prices also mean there is some advantage,” Osinbajo said in a panel discussion at the World Economic Forum in Davos, Switzerland, on Thursday. The decline “means that we are not paying any subsidies, which…

President Buhari’s notable quotes at 2016 Budget presentation

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“We deeply apologize for the oil queues that have caused social dislocations” blames the scarcity on speculators and those resisting change “We are here to serve. Nigerians will get the service they have longed for. Which they actually deserve” “I’ve come here today not only to address NASS but also to speak directly to the men & women who placed us here.” “The confidence of many might be shaken, but I stand before you today…

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