Nigeria’s minister of industry, trade and investment, Okechukwu Enelamah, said the country will sign to join the Africa Continental Free Trade after President Muhammadu Buhari approves the impact-assessment study report on the agreement. The trade deal, seeking to boost intra-African trade, stimulate investment and innovation, comes into effect 30 May, after 22 African countries ratified it, and will enter its operational phase following a summit on 7 July, 2019. According to Enelamah, Nigeria is expected to conclude the processes and ensure it joins other countries in the free-trade deal. Last year, Buhari said the country is considering joining the AfCFTA after South African President Cyril Ramaphosa urged him to sign the continent-wide free-trade deal.
The monetary policy committee of the CBN has directed that a regulatory framework limiting the unlimited access of banks to bonds and treasury bills be put in place. The directive by the MPC is coming following the discovery that banks direct their focus on government securities instead of granting credit to the private sector. CBN governor, Godwin Emefiele said that the MPC has also directed the regulator to work out a legal and regulatory framework to ensure that some of the credit risks, with giving credit to the private sector that ultimately results in non-performing loans should be mitigated so that the probability of NPLs increasing is moderated. Emefiele said the rate of non-performing loans is 10 percent at present, down from 17 percent in 2016. Since the economy slipped into a recession in 2016, the Debt Management Office has been issuing bonds to cater to the budget deficit and infrastructure funding. These bonds are issued at a double-digit interest rate to make them attractive to subscribers
The total number of mobile internet subscribers in Nigeria reached 115.9 million in March 2019, according to the latest data from the NCC. Mobile internet subscribers stood at 114.7 million in February this year and increased to 115.9 million in March 2019, indicating a total of 1.2 million new internet subscribers recorded in the month under review. According to the report, telecoms giant, MTN Nigeria, maintains a significant lead with 46.5 million subscribers, followed by Airtel with 31.2 million and Globacom with 28.4 million. Despite the continuous lead by MTN in the number of internet subscribers, the firm’s internet subscribers market share declined slightly in March when compared to the previous month. MTN’s share of the internet market reduced to 40 percent in the month under review from 41 percent. Airtel has 27 percent of total subscribers market share as it gained more subscribers from 30.8 million recorded in February to 31.2 million in March. Globacom bounced back from the decline in February by recording 28.4 million subscribers in March; up from 27.4 million earlier recorded. This implies that the company’s internet subscribers market share increased by 1 percent to 25 percent market share. Visafone‘s internet subscribers data has just been included by the NCC, and available record shows that the company has recorded 64,076 subscribers. It has fewer internet subscribers market share. The internet subscribers data show that 9mobile has recorded a consistent decrease in two months. The firm lost 240,573 subscribers in the two months. As at the end of March, 9mobile controls just 8 percent of total subscribers share, down from 9 percent.
The Shell Nigeria Exploration and Production Company paid the sum of ₦366 billion as accrued revenue from its operation to the FG in 2018. SNEPCO’s operations also yielded another ₦2.1 billion as statutory revenue to the Niger Delta Development Commission. The payments, according to SNEPCO’s Managing Director, Bayo Ojulari, resulted from oil and gas production by SNEPCO’s flagship investment, Bonga, which is Nigeria’s first oil and gas project in water depths of over 1,000 metres. Ojulari said SNEPCO had produced 819 million barrels of oil from the Bonga field at the end of 2018. This, he said translates into huge contributions to the economy in addition to the significant human capital development of deep-water expertise among Nigerians.