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Economy

BoI to Inject N1tn into Economy

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  • BoI to Inject N1tn into Economy

The Bank of Industry (BOI) plans to inject N1trillion into the Nigerian economy through collaboration with financial institutions in the country and development institutions in Africa.

The Managing Director of BOI, Mr. Olukayode Pitan disclosed this to journalists on Tuesday at the inauguration of the governing board of the bank at BOI’s headquarters in Abuja.

The synergy, Pitan said was to further deepen the bank’s involvement in the development of the economy as well as providing necessary impetus in revitalising key sectors that have been stressed by the global economic downslide.

The intervention, he posited, was the resolve of the new management to be abreast of advancing the economy in furtherance of keeping the bank’s mandate of providing financial assistance for the establishment of large, medium and small projects as well as the expansion, diversification and modernisation of existing enterprises; and rehabilitation of existing ones.

The BOI, he said, would invest the fund in infrastructural development, focus more on small and medium enterprises without neglecting large scale businesses and assist in remedial activities such as building road network to attract investors who are interested in working with the Nigerian government.

He specifically mentioned the interest of the bank in investing in the Calabar Free Trade Zone, Kano Free Trade Zone, Nnewi Free Trade Zone and the Akwa Ibo Deep Port.

The board chairman, Mr.Aliyu Alrahman Dikko said the board would ensure a sustainable future of the bank by benchmarking international best practices qualities.

He promised that the board would uphold the interest of beneficiaries of the bank while it will create opportunities for more entrepreneurs to benefit from the bank and consequently contribute their quota to national development.

The chairman said board members will justify their appointments as a call to national service by being transparent in performing their oversight duties.

“The Bank’s reputation and success is built upon a foundation of integrity- a commitment to act within the highest ethical standards and to conduct its business honestly and transparently”, he stated.

Inaugurating the board, the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, said BOI needed to raise its capital base to further assist SMEs.

Enelamah stressed that the bank had actually earned the trust of key agencies and institutions of government and has made remarkable impact in providing financial facilities to the cement, sugar and garment/ textile industries.

The minister said the Central BanK of Nigeria had been working with the BOI to boost loan accessibility by entrepreneurs and industrialists in the country,

“The bank has effectively collaborated with the ministry in the area of project financing and that the ministry is delighted in working with the Bank and other development institutions such as the Industrial Trust Fund (ITF), Small and Medium Scale Development Agency (SMEDAN), and the Nigerian Export Promotion Council (NEPC),” he said.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Economy

NNPC Supplies 1.44 Billion Litres of Petrol in January 2021

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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.

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Economy

NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021

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Gas-Pipeline

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.

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Economy

Nigeria’s Food Inflation Hits 22.95 Percent in March 2021

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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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