The last week has brought about unprecedented change in the Nigerian business community as the price of Premium Motor Spirit (PMS) was increased by N58.50 per liter. This has resulted in inflation in the price of commodities while salaries remain constant.
The Stock Exchange Sustains Bull Tun on FG’s Forex Management Plan
The Nigerian equities market surged further last week on the back of investor’s anticipation that further flexibility may be introduced into the current foreign exchange management regime by the Federal Government in the coming weeks.
Fixed Income Securities Market Attract N32trn in Four Months
The fixed securities and currencies market had attracted investments worth N31.93trn between January and April 2016. The money was invested in the securities via FMDQ OTC Securities Exchange, which was licensed in 2013 as an over – the – counter (OTC) securities exchange and self-regulatory organization to run the fixed income trading platform.
Subsidy Removal Will Save N16.4bn Monthly
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu announced that the Federal Government had to cough up to N16.4bn every month to offset the subsidy claims of oil marketers and had it not taken the decision to remove the subsidy on petrol the economic situation would have been worse.
He explained that at the time the government made the decision, it was incurring about N13.70 on each liter of petrol bought by Nigerians.
Airline cancels flights over aviation fuel scarcity
The scarcity of aviation fuel, which has affected the industry over the past few days, became worse on Sunday as a number of domestic airlines cancelled their evening flights out of Lagos, while others simply rescheduled them.
Chevron evacuates staff as masterminds of attacks on facilities apprehended
Following the spate of attacks on the facilities of Chevron Nigeria Limited, the company has decided to evacuate all staff from the Western Niger Delta and E scraps Export Terminal.
The Defense Headquarters confirmed the arrest of suspected members of the Niger Delta Avengers (NDA), a new militant group in the oil-rich region, which had claimed responsibility for attacks on Chevron and Shell facilities.
Strike or no strike
A court order has stopped labor unions; Nigerian Labor Congress (NLC) and Trade Union Congress (TUC) from the mother of all protests, originally planned for Wednesday, May 18, 2016, to bring the Nigerian economy to a halt. The planned protests were in opposition to the premium motor spirit price of N145 per liter. NLC said it would join hands with TUC to lead Nigerian workers and their civil society allies to shut down the country if the federal government failed to reverse the price increase, but the court order has postponed the planned protests until May 24, the next court hearing date.