• The National Insurance Commission has opened the floor of new licenses to insurance firms under tier-1 category in line with its Tier Based Minimum Solvency Capital policy. The new licenses are available for tier one-1 level in both the life and non-life business categories. The TBMSC stipulates that tier-1 life companies must have ₦6 billion capital base and will underwrite all risks with annuity business exclusive to it, while non-life companies must have ₦9 billion capital base and will underwrite all risks, with oil & gas and aviation businesses exclusive to it. NAICOM had been asked to to extend the Jan. 1, 2019 recapitalisation deadline for insurance firms. In June, NAICOM had released the new capitalisation requirements for insurance firms in Nigeria. Under the risk-based capitalisation requirements, each cadre namely life, non-life, and composite insurance firms have their capital base divided into three tiers.
  • President Muhammadu Buhari has asked for Chinese help for the speedy completion of the Mambilla power project in Taraba state. In November 2017, the FG and Chinese contractors signed a ₦2.1 trillion ($5.792 billion) contract deal in Abuja to execute the 3050 megawatt Mambilla hydro-power project. While commending the Chinese government for its support for the development infrastructure in Nigeria, said his administration was looking at obtaining loans to complete the project. “Earlier today, I solicited the support of President Xi on the Mambilla hydro project which remains a key priority to Nigeria,” Buhari said. “Our wish is to fund this project with concessionaire loans from China. I will also take this opportunity to appeal to your good office to support this project. President Xi and I also witnessed the signing of the belt and road initiative agreements by Nigeria which I strongly believe will set the foundation for many centuries and mutually beneficial relationship.”
  • Shipping traffic to Nigeria’s ports slid 2.3 per cent, and container traffic decreased by 7.1 per cent in the Q1 2018. According to the Nigerian Ports Authority, the ports recorded 18,729,889 metric tonnes of goods in Q1 2018 against the 17,250,334 metric tonnes of cargo the seaports received previous quarter. The inward traffic stood at 10,617,318 metric tonnes, representing 56.7 per cent of cargo throughput at the ports in 2018 while the outward cargo traffic was 8,112,671 metric tonnes representing 46.3 per cent of the total cargo traffic. However, container traffic dropped in the period under review, as it stood at 387,016 Total Equivalent Unit indicating a decrease of 7.1 per cent from 416,806 TEUs handled by the same ports in the fourth quarter of 2017. Ship traffic was also affected with a downward slide on the volume with 985 ships showing a decrease of 2.3 per cent from 1,008 that called in fourth quarter of 2017.
  • The DG of the Nigerian Civil Aviation Authority, Capt. Muhtar Usman, has said the proposed national carrier, Nigeria Air, will begin operations by December this year as proposed by the FG. Usman insisted that as far as the NCAA could deliver on the two major certificates, the Air Transport Licence and the Aircraft Operators Certificate, within the 90 days stipulated by law, the airline was still on track for the December take-off. He said that criticisms about the proposed national carrier project had reduced as most Nigerians were beginning to understand and buy into the idea.