Economic News Brief - 06/09/17

Despite Exiting Recession, FG Admits Growth Remains Fragile
The federal government’s reaction Tuesday to the news of Nigeria’s emergence from the economic recession was subdued, as the government admitted that the country’s economic growth remained fragile and vulnerable, despite the cheering news from the National Bureau of Statistics (NBS) that the economy grew by 0.55 per cent in the second quarter of 2017, after five consecutive quarters of contraction.
 
CBN Injects $250m in Forex Market
The Central Bank of Nigeria (CBN) tuesday injected of another $250 million into various segments of the interbank foreign exchange market. Figures obtained from the CBN indicated that the Retail Secondary Market Intervention Sales (SMIS) segment of the market received the highest intervention with a total of $100 million, small and medium scale enterprises (SMEs) window received a boost of $80 million while the invisibles segment, comprising Business/Personal Travel Allowances, school tuition, medicals, etc. was allocated the sum of $70 million to meet the demands of customers.
 
CPS: 21 PFAs Generate N6.5tn Assets in 12 Years
The 21 Pension fund Administrators operating in Nigeria, between 2004 and 2017 generated a total of 7,592,157 contributors who contributed N6.6 trillion assets. Also between April and June 2017, they generated a total of 97,713 Retirement Savings Accounts (RSA) holders who registered with them. Out of this, 77,024 came from the private sector employers, 11,542 came from state government while 9,148 came from federal government. From June 2004 when the Contributory Pension Scheme (CPS) commenced in Nigeria and June, 30th, 2017, the total number of RSA holders registered by the operators stood at 7,592,157 contributors.
 
‘Nigeria spends N722bn on expertise importation’
The Managing Director of Air Peace Limited, Mr. Allen Onyema, has said that the aviation industry loses over N722.8bn ($2bn) annually to import technical expertise. Onyema said the development was one of the factors weakening the naira and adversely affecting the economy as it was making a high demand on foreign exchange. “The aviation industry spends over $2bn annually in terms of revenues earned by foreign airlines and funds expended by domestic airlines for aircraft maintenance, spares and emoluments for expatriate workforce,” he said.

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