- According to the Manufacturing Association of Nigeria (MAN), investment in the Nigerian manufacturing sector fell by
N1.3 trillion, from N2 trillion in 2013 to N691.80 billion in 2014, indicating that fewer funds went into plants and machinery, land and building, vehicles, equipment and assets under construction. Also, inventory of unsold finished products, which stood at N17.34 billion by end of 2013, rose significantly to N60.62 billion by end of 2014, indicating that sales of Nigerian manufacturers are performing poorly losing and their foothold in the local and international markets. According to manufacturers, there could be higher inventory and much lower investments in 2015 as their products hit a brick wall, owing to the general election and inability of investors to see President Buhari’s economic blueprint, more than three months into his administration.
- The Nigerian National Petroleum Corporation, (NNPC) is set to revisit the fiscal terms of the existing Production Sharing Contracts between itself and some International Oil and Gas Companies with a view to seeking enhanced benefits for Nigeria. The existing PSC terms have held sway for 22 years (since 1993) when the Deepwater contract agreements were signed. “Some of the contracts were negotiated over 20 years ago and they have since been overtaken by new realities in the industry,” Ibe Kachikwu, the GMD of the NNPC said.
- Fidelity Bank and Wema Bank, have concluded plans to go to the FMDQ OTC platform in search for liquidity. While Wema will today quote its
N8.15 billion Commercial Paper (CP) on the platform, Fidelity will on Friday, embark listing its N30 billion bond. Prior to this new listing and quotation, other instruments listed on FMDQ OTC Securities Exchange platform include FCMB Financing SPV plc N26 billion bond; the N30.5 billion UBA Bond; N15.54 billion Stanbic IBTC Bond, N4.8 trillion FGN Bonds, and the quotation of N2.8 trillion Nigerian Treasury Bills (NTBs).