Here’s your top news for today, enjoy!
1.Inflation shows signs of slowing, hits 18.48% in November
Data released by the National Bureau of Statistics (NBS) indicates that the Consumer Price Index (CPI) which measures inflation increased by 18.48 percent (year-on-year) in November 2016. The current inflation number which is 0.15 percentage points higher than the rate recorded in October (18.33 percent) indicates a declining growth in inflation rate as inflation increased by 0.48 percentage between September and October. This comes as the President Muhammadu Buhari yesterday presented the 2017 federal budget of N7.2 trillion. Read more here https://goo.gl/zniuWh
2. Stanbic, RenCap, EFCP account for over N350bn equities deal in eleven months
Only three stockbroking firms –Stanbic IBTC Stockbrokers Limited, Rencap Securities (Nig) Limited, and EFCP Limited accounted for N352billion worth of equities transaction in the eleven months period ended November 30, 2016. The Nigerian Stock Exchange (NSE) which tracks the stockbrokers performance said between January and November, Stanbic IBTC Stockbrokers Limited accounted for over N144.6billion worth. Read more here https://goo.gl/LXQw71
3. Telecom sector contributed N1.4trn to Nigeria’s GDP in Q3 – NCC
The Nigeria telecommunication sector contributed N1.4 trillion in the third quarter of 2016 according to Umar Danbatta, the Executive Vice Chairman, Nigerian Communications Commission (NCC). The NCC director made the disclosure in Abuja when the Senate Committee on Communications led by its Vice Chairman senator Olamilekan Adeola paid a courtesy visit to the commission’s headquarters. Read more here https://goo.gl/EFqa7b
4. FG sees road construction as key to grow economy out of recession
As the lingering economic recession continues to take its toll on the economy with many households unsure of being part of Christmas celebrations, the Federal Government says there is hope of rebuilding and growing the economy out of recession using the nation’s highways. Read more here https://goo.gl/ik1Pyg
5. Ponzi scheme, MMM, dominates Google trend
The Mavrodi Mondial Moneybox, popular Ponzi scheme known as MMM, payment suspension for one month was top on Google search this week, an official said on Thursday.
Taiwo Kola-Ogunlade, Google’s Communications and Public Affairs Manager, Anglophone West Africa, made the disclosure in a statement in Lagos. He said that the search was as from Dec. 7 to 14. Read more here https://goo.gl/rogWxr
6. Nigeria’s 2017 Budget too small to end economic recession
The only solution to Nigeria’s deteriorating economy lies in attracting massive private capital, economists say, as the country’s N7.2 trillion spending plan for 2017, a meagre 7 percent of the country’s N90 trillion Gross Domestic Product (GDP) in 2015, may fail to scratch the surface. Read more here https://goo.gl/tkeIUM
7. NNPC, IOCs sign deal to exit JV Cash Calls arrangement
The Nigerian National Petroleum Corporation (NNPC) and International Oil Companies (IOCs) Thursday signed an agreement to end the Joint Venture Cash Call arrangement. The event which was held at NNPC Towers Abuja will usher in an era in which the NNPC will adopt a more sustainable funding arrangement with IoC Joint Venture operations. Read more here https://goo.gl/8b1Rm
8. Nigeria to benefit from $120bn drone global market by 2020
Nigeria is expected to join the league of countries which have adopted the use of unmanned aerial systems (UAS) otherwise known as ‘drone’, with the enactment of a legislative framework which seeks to regulate the use of the technological device in the most populous African nation, Nigeria.
Currently, drones global market is estimated at about $2 billion is expected to increase to as much as $120 billion by year 2020. Read more here https://goo.gl/jyld2Q
9. Senate rejects Magu as EFCC Chairman
The Senate has rejected the confirmation of Ibrahim Magu as Chairman of the Economic and Financial Crimes Commission (EFCC). This followed a closed door session, which lasted for over two-hours where the matter was extensively discussed.
Confirming the development, Senate spokesperson Aliyu Sabi, told newsmen immediately after the closed door session that Magu’s confirmation was rejected due to security report. Read more here https://goo.gl/6bsHzK