The Kebbi state governor, and vice chairman of the Presidential Initiative on Food Security, Atiku Abubakar Bagudu, says that the FG has approved the sum of ₦27.46 billion for states ravaged by insecurity and natural disasters, such as flooding. Speaking after the FEC’s weekly meeting, Bagudu said that ₦8.558 billion was approved for Adamawa, Benue, Plateau and Zamfara, with 69,872 persons listed as beneficiaries in the intervention, which comes under the National Food Security Council for states affected by conflicts and insecurity. The intervention includes the provision of fertiliser, seedlings, chemicals, poultry and animals to enable them to resume economic activity. The FEC approved an intervention totalling ₦18.942 billion, adding that “contracts would be awarded to 15 companies to provide seedlings, agrochemicals and fertilisers to 163,117 beneficiaries in 14 states, including Adamawa, Anambra, Bayelsa, Benue, Delta, Edo, Jigawa, Kebbi, Kogi, Kwara, Niger, Rivers, Sokoto and Taraba.”
The CBN expects the country’s economy to pick up in 2019, forecasting a GDP growth of 3 percent, up from last year’s 1.9 percent. CBN governor, Godwin Emefiele, said the regulator would maintain its tight monetary stance in 2019, and sees inflation at 11.31 percent in February, rising to 12 percent this year before moderating. Nigeria’s economic growth has been recovering since Q3 2016 when its recession reached its lowest point. Higher oil prices helped the country exit that contraction, and in 2018, the economy grew at its fastest pace since the recession. Emefiele expects the volatility in the crude oil market to put pressure on the naira, but the CBN would maintain its stance on exchange rate over the next year. Emefiele also added that more than $6 billion has flowed into the local bond market since last month’s presidential election as foreign investors piled into debt to lock in yields as high as 14 percent.
There are indications that one of the leading telcos operating in Nigeria, Airtel, is considering listing its stocks on the Nigerian Stock Exchange. The company wants to list its shares on the local bourse by introduction, with the process expected to commence probably before the end of this year. Top officials of Airtel Nigeria met with the management of the NCC, SEC, Stanbic IBTC Holdings and the NSE ostensibly to discuss how to make the exercise a reality. Executive Vice Chairman of the NCC, Umar Danbatta, had said the regulatory agency was happy with the expansion programme of Airtel Nigeria, especially on the company’s 4G services. A bill has been presented at the National Assembly seeking to compel operators in the Nigeria telecommunications market to list their shares on the NSE.
Cadbury Nigeria, Nigeria’s pioneer cocoa beverage manufacturer, Thursday announced the appointment of Oyeyimika Adeboye as its managing director. The is the first time the company would appoint a female in the position since it started operating in Nigeria over five decades ago. Adeboye’s appointment, the company said, takes effect from 1 April, 2019, as she takes over from Amir Shamsi, who moves on to a new role within Mondelēz International, the parent company of Cadbury Nigeria. Adeboye is a chartered accountant, who joined the company’s board in November 2008 as finance and strategy director, West Africa. Prior to joining Cadbury Nigeria, she was the director of finance and chief financial officer of Nigerian Bottling Company.