Nigeria may exit recession in Q3 – Report

RECENT developments in the Nigerian economy where the contraction in the GDP slowed considerably in Q1, 2017 is an indication that the country will likely exit the current recession between Q2 and Q3, 2017, analysts at FSDH Merchant Bank, have said. 

This, according to them, in a weekly review of the economy tagged, ‘Nigerian Economy Exiting Recession’ is hinged on the latest data released by the National Bureau of Statistics, NBS, which showed that the GDP contracted by 0.52 per cent, mainly due to the decline recorded in mining and quarrying, and trade sectors which countered the recovery in the non-oil sector of the economy.

The investment banking house stated that a review of the Purchasing Managers Index (PMI) showed that production activities are already picking up in Nigeria, while the improvement in the crude oil production and the expectation that the crude oil price will remain above $50/b should lift the Oil GDP.

The Nigerian economy entered into a recession in Q2 2016 following two consecutive quarters of GDP contraction. The economy contracted further in Q3 2016 and Q4 2016. Thus, the Nigerian economy contracted by 0.67 per cent, 1.49 per cent, 2.34 per cent and, 1.73 per cent in Q1, Q2, Q3 and Q4 2016 respectively. The following factors pushed the Nigerian economy into a recession: drop in crude oil price and production, foreign exchange shortages, non-payment of workers’ salaries in the public sector, low electricity generation and low investors’ confidence in Nigeria.

SOURCE: http://www.vanguardngr.com/2017/05/nigeria-may-exit-recession-q3-report/

How Nigerians invested over N28.7bn, lost N11.9bn in crashed MMM

ABUJA—The Nigerian investing public lost N11.9 billion to the Mavrodi Mundial Moneybox, MMM, Ponzi scheme, according to the Annual Report of the Nigeria Electronic Fraud Forum, NeFF, which was unveiled, in Abuja, yesterday. It indicated that Nigerians invested over N28.7 billion in the scheme between June and December 2016.

The report also showed that the N28.7 billion was money that passed through the NIBSS, involving only 14 banks that are currently on the NIBSS industry Anti-fraud System, HEINDALL, an indication that the aggregate amount Nigerians invested in the MMM and the loss could be much higher than the above figures. N2.19bn bank frauds.

SOURCE: http://www.vanguardngr.com/2017/05/nigerians-invested-n28-7bn-lost-n11-9bn-crashed-mmm/

NDIC to lead Africa in deposit insurance

The Nigeria Deposit Insurance Corporation (NDIC) is set to lead the African Sub-Region in enhancing capacity building and bridging skills gaps in the banking industry in general and the Deposit Insurance Scheme (DIS) in particular.

The NDIC’s Managing Director/Chief Executive, Alh. Umaru Ibrahim made this remark during the accreditation ceremony of the NDIC Academy as a training service provider for its staff and the banking industry by the Council of the Chartered Institute of Bankers of Nigeria (CIBN) at the Bankers House, Victoria Island, Lagos.

Ibrahim said with the NDIC Academy’s new status, it is positioned to fulfill the Corporation’s goal of serving as a center of academic excellence for capacity building on the Deposit Insurance Scheme (DIS) for countries in the Sub-Saharan Africa. He added that the Corporation prides itself on establishing high standards of professionalism and competency among its staff through the Corporation’s NDIC Academy and other human capital development initiatives, including the Chartered Banker/MBA program of University of Bangor, Scotland in partnership with the CIBN. 

NDIC’s head, Communication and Public Affairs, H. I. Birch I made this disclosure in a statement yesterday.

SOURCE: http://thenationonlineng.net/ndic-lead-africa-deposit-insurance/

Nigeria, U.S trade volume hits $5.3b

Nigeria’s trade volume with the United States (U.S.) reached $5.3billion in 2015, the Nigerian Ports Authority (NPA) said yesterday.

                  

Speaking at a trade forum organised by the NPA to welcome the Miami-Dade County, Florida Business Development Mission to Lagos, its Managing Director, Ms Hadiza Bala Usman said Nigeria’s trading volume with America stands at $5.3billion.

Represented by the Executive Director, Engineering and Technical Services, Prof Sanni Abubakar, she said goods exported from Nigeria to the U.S stood at $1.9 billion while the imports from the same country stood at $3.4billion.

She said U.S goods trade surplus with Nigeria was $1.5billion.

SOURCE: http://thenationonlineng.net/nigeria-u-s-trade-volume-hits-5-3b/

Financial experts seek tax incentives to boost listing on NSE

Some financial experts on Monday called on the Federal Government to introduce tax incentives that would aid listing of blue chips on Nigerian Stock Exchange (NSE).

They told the News Agency of Nigeria (NAN) in Lagos, while assessing the administration’s second anniversary, that the incentives should be considered to deepen the market.

Prof. Sheriffdeen Tella , professor of economics, Olabisi Onabanjo University Ago-Iwoye, Ogun, said that introduction of tax incentives would make blue chip companies such as telecommunication firms to enlist on the exchange.

Stop gambling with your finances

When you invest in what you don’t know, you are simply gambling aka ‘try your luck’. Growing up, I remember itinerant scam artists who staged road shows to attract the gullible, promising instant prizes for picking the right card. All you needed to do was to pay the ‘entry fee’ and then ‘try your luck’. The returns were instant but many went home without the money they left home with. Sadly, many people are still trying their luck. They don’t know what they are doing but still go ahead to do it, with the hope that the promised returns will materialize.

With the advent of the information age triggered by the coming of the internet, ignorance is no longer an excuse. If you can read, own a smartphone with data, you have a massive amount of information at your fingertips. With Google translate, you can access information in major Nigerian languages. The issue is no longer lack of information, but what to do with it.

SOURCE: http://punchng.com/stop-gambling-with-your-finances/

Banks lost N2.19bn to fraudsters in 2016 – CBN

The Central Bank of Nigeria on Tuesday said that Deposit Money Banks in the country lost a total of N2.19bn to fraudsters in the 2016 fiscal period.

The figure was contained in the Nigeria Electronic Fraud Forum Annual Report, which was unveiled by the CBN Governor, Mr. Godwin Emefiele, during the NEFF stakeholders’ workshop on cyber-crime. The conference with the theme: ‘Tackling enforcement challenges under the Cyber-crime Act’, was held to address some of the impediments to the enforcement of the Act.

The report, which was made available to our correspondent, stated that 19,531 fraud cases were reported for the DMBs in 2016 as against 10,743 in 2015.

SOURCE: http://punchng.com/banks-lost-n2-19bn-to-fraudsters-in-2016-cbn/