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FG Sets 10.6% Growth Target for Manufacturing Sector

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  • FG Sets 10.6% Growth Target for Manufacturing Sector

The Federal Government has set average growth rate target of 8.5 per cent to 10.6 per cent for the manufacturing sector over the next four years under the Economic Recovery and Growth Plan, ERGP.

Minister of Budget and National Planning, Sen. Udoma Udo Udoma, disclosed this while addressing industrialists during the 60th annual general meeting of Nigeria Employers Consultative Association, NECA.

In a presentation on the Economic Recovery and Growth Plan, ERGP, Udoma stated, “The ERGP is driven by five principles which support this fundamental focus. The five principles are: removing the constraints to growth, particularly supply constraints in fuel, power and foreign exchange; allowing the market to function to drive optimal behaviour among market participants; leveraging the power of the private sector by harnessing the dynamism of business and entrepreneurial nature of Nigerians, from Micro, Small and Medium Enterprises to the large domestic and multinational corporations.”

To achieve the objectives of the Plan, Udoma called on the chieftains of the Organised Private Sector, OPS, to actively participate in the implementation of the plan. He said,“It is government’s blueprint to accelerate the pace of the country’s industrialisation, particularly by encouraging the growth of SMEs.”

Also speaking, Mr. Larry Ettah, NECA President, lauded government for the series of interventions so far to improve business environment in the country. According to him, to further enthrone an enabling environment supportive of sustainable and competitive enterprises, government should prevail on the monetary authority to overhaul the current fixed exchange rate regime to allow market forces to determine the value of the Naira.

“Though it seemed lately to have provided some reprieve for the value of the local currency, it is doubtful if this is sustainable in the long term. Evidence from other economies are clear and compelling to the effect that floating exchange rate systems enable economies respond best to declines in the value of their exports and provide a natural adjustment mechanism to preserve foreign exchange reserves and change incentives and behaviour of economic actors. This is the reason we are convinced that the way to go is to allow market forces to determine the value of the Naira and consequently abolishing the multiple rates,” 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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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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