- United Capital Hinges Economic Recovery on policy
The nation’s economic rebound has been hinged on policy acceleration, even as participants at the investors’ forum organised by United Capital Plc urged government at all levels to ensure that reforms and programmes are pursued vigorously.
Also, stakeholders stressed the need to promote national savings culture, noting that the level of savings in an economy has a multiplier effect on investment.
According to them, persistent slow economic progress could permanently damage medium-term growth prospects, amid enormous investment opportunities that could attract both indigenous and foreign investors.
They, however, maintained that appropriate structures must be put in place to reinforce investors’ confidence. The Managing Director of Financial Derivatives, Bismarck Rewane, stated that people withdraw their investments in any economy that is shrouded in uncertainty.
“People spend and invest when the macro economic situation is competitive, but they withdraw when there is uncertainty, especially where there is poor policy in action. United Kingdom grows faster because of conscious decision-making. We need to make predictable decisions to strengthen the economy,” he said.
The Managing Partner, Duke & Bob-Manuel, Mrs. Onari Duke, said government needed to focus on intensifying its programmes. According to her, urgent intervention is needed to avert the collapse of some segments, especially the industrial sector.
“Government needs to focus and strengthen the industrial sector and harness its policies to achieve a stable system, encourage investment and shorten the period for slow movement in growth,” she added.
The Managing Director, United Capital Investment, Bunmi Akinremi, explained that practical steps should be taken to promote made-in-Nigeria goods in order to stabilise the economy.
“We need to make the nation productive. If everything we consume and wear is made by Nigerians, production will increase. We make sure that all the things we consume in Nigeria and the sub-region is dominated by what happens in Nigeria,” he said.
Also, United Capital yesterday unveiled ‘Women For Wealth Fund’, an investible product tailored to the needs of women.The Group Chief Executive Officer, Oluwatoyin Sanni, at the launch of the product said the mutual fund enables men and women to invest in the nation’s capital markets particularly in publicly quoted companies.
In addition, the fund was designed to enhance the financial security of women; encourage them to imbibe a progressive savings culture; increase women’s participation in the capital markets; and create a sustainable foundation for their financial empowerment and development in the country.
NNPC Supplies 1.44 Billion Litres of Petrol in January 2021
The Nigerian National Petroleum Corporation (NNPC) supplied a total of 1.44 billion litres of Premium Motor Spirit popularly known as petrol in January 2021.
The corporation disclosed in its latest Monthly Financial and Operations Report (MFOR) for the month of January.
NNPC said the 1.44 billion litres translate to 46.30 million litres per day.
Also, a total of 223.55Billion Cubic Feet (BCF) of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 Million Standard Cubic Feet per Day (mmscfd).
The 223.55BCF gas production figure also represents a 4.79% increase over output in December 2020.
Also, the daily average natural gas supply to gas power plants increased by 2.38 percent to 836mmscfd, equivalent to power generation of 3,415MW.
For the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.
Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 65.20%, 19.97 percent and 14.83 percent respectively to the total national gas production.
Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.
NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021
The Nigerian National Petroleum Corporation (NNPC) said vandalisation of pipelines across the country reduced by 37.21 percent in the month of January 2021.
This was disclosed in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).
The report noted that 27 pipeline points were vandalised in January 2021, down from 43 points posted in December 2020.
It also stated that the Mosimi Area accounted for 74 percent of the total vandalised points in Janauray while Kaduna Area and Port Harcourt accounted for the remaining 22 percent and 4 percent respectively.
NNPC said it will continue to engage local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace.
Nigeria’s Food Inflation Hits 22.95 Percent in March 2021
Food inflation in Africa’s largest economy Nigeria rose by 22.95 percent in March 2021, the latest report from the National Bureau of Statistics (NBS) has shown.
Food Index increased at a faster pace when compared to 21.70 percent filed in February 2021.
Increases were recorded in Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.
On a monthly basis, the food sub-index grew by 1.90 percent in March 2021. An increase of 0.01 percent points from 1.89 percent recorded in February 2021.
Analysing a more stable inflation trend, the twelve-month ended March 2021, showed the food index averaged 17.93 percent in the last twelve months, representing an increase of 0.68 percent when compared to 17.25 percent recorded in February 2021.
Insecurities amid wide foreign exchange rates and several other bottlenecks that impeded free inflow of imported goods were responsible for the surged in prices of goods and services in March, according to the report.
The Central Bank of Nigeria-led monetary policy committee had attributed the increase in prices to scarcity created by the intermittent clash between herdsmen and farmers across the nation.
However, other factors like unclear economic policies, increased in electricity tariffs, duties, subsidy removal and weak fiscal buffer to moderate the negative effect of COVID-19 on the economy continue to weigh and drag on new investment and expansion of local production despite the Federal Government aggressive call for improvement in domestic production.
Nigeria’s headline inflation rose by 18.17 percent year-on-year in the month under review.
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