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Coronation Research Daily Insights
(Source: Coronation Research, Date: 05-Dec-2023)

TUESDAY, 05 DECEMBER 2023

CBN Policy | External Sector | Capital Importation | Welding Industry | Port Harcourt Refinery Good Morning,

Here are your top 5 news items for the day.

CBN Policy


CBN's anti-money laundering fight triggers fresh BVN race in banks "" Punch

To strengthen the battle against money laundering in Nigeria, the Central Bank has directed that all bank customers must link their Bank Verification Number (BVN) and/or National Identification Number (NIN) with their bank accounts before March 1, 2024. This new directive will put pressure on bank employees, OLUWAKEMI ABIMBOLA and DAMILOLA AINA write At the Financial Action Task Force plenary held late October in Paris, France, Nigeria failed to scale a review of Money Laundering and Terrorism Financing Risk conducted by the global financial intelligence agency. The global agency faulted Nigeria's anti-money laundering war, which had landed the country on the international grey list in February alongside South Africa, and 20 other countries. Although the Nigerian Financial Intelligence Unit said it had been working to meet the FATF recommendations.. Read more https://punchng.com/cbns-anti-money-laundering-fight-triggers-fresh-bvn-race-in-banks/ 

External Sector


Nigeria's exports up by 74.36% in Q3, trade surplus hits N1.9 trillion "" The Guardian

Nigeria's external sector recorded a modest improvement last quarter (Q3) as trade surplus rose by 47 per cent quarter-on-quarter (QoQ) to N1.89 trillion compared to N1.28 trillion posted in the second quarter (Q2). As expected, crude dominated exports accounting for N8.5 trillion or 82.5 per cent of the country's total exports. The value of non-crude oil exports stood at N1.8 trillion, an equivalent of 17.5 per cent out of which non-oil products contributed N677.56 billion or 6.6 per cent. The National Bureau of Statistics (NBS), in its Nigeria's foreign trade in goods statistics for the quarter released yesterday, put the country's total merchandise trade at N18.804 trillion. According to NBS, the value indicates an increase of 54.62 per cent over the amount recorded in Q2 as well as by 53.16 per cent when compared to the value recorded last year's Q3. Read more https://guardian.ng/business-services/nigerias-exports-up-by-74-36-in-q3-trade-surplus-hits-n1-9-trillion/

Capital Importation


Capital importation falls 73% to $230m "" Vanguard 

Capital imported into Nigeria fell month-on-month (MoM) by 73 percent to $230 million in July 2023 from $390 million in June 2023. The Central Bank of Nigeria, CBN, disclosed this in its Monthly Economic Report for July noting that the development occurred amidst rise in interest rates in advanced economies which made their markets attractive. Similarly, capital outflow declined MoM by 67 percent to $220 million in July from $670 million in June. According to CBN, this was partly due to lower loans, dividend repatriation, and capital reversal. The apex bank also said that by nature of business, investment in financing had the highest contribution, accounting for 48 per of the total capital inflow during the period. Giving further insight CBN said: ...Analysis based on.. Read more https://www.vanguardngr.com/2023/12/capital-importation-falls-73-to-230m/

Welding Industry


FG Moves To Stop $10bn Capital Flight In Welding Industry "" Daily Trust

The federal government has unveiled a plan to halt the $10 billion loss annually in revenue due to importation of welders with international certification. The government on Monday unveiled the National Policy on Welding and Welding-related Fields and a Strategy Implementation Action Plan aimed at preventing the huge loss the country is suffering from the non-certification of the sector. The Minister of Innovation, Science and Technology, Geoffrey Nnaji, who performed the ceremonial unveiling of the policy and the implementation plan in Abuja, said the policy is a response to the long-standing issue of neglect and lack of regulation in the welding sector, which he said had been long left in the hands of uncertified personnel. The minister said, ...Research has shown that welders' contribution to all fabricated products exceeds 70% with most welder-wage components unwittingly.. Read more https://dailytrust.com/fg-moves-to-stop-10bn-capital-flight-in-welding-industry/Port Harcourt Refinery


P/Harcourt Refinery December deadline heaps pressure on NNPCL "" Business Day

With 26 days to the end of December, the deadline for the completion of the Port Harcourt Refinery revamp, the Nigerian National Petroleum Corporation (NNPC) is facing mounting pressure to deliver on its promise. On November 23, the state-owned oil company confirmed that the Port Harcourt refinery will take off in December 2023. ...I can confirm to you that by the end of December this year, we will start the Port Harcourt refinery," Mele Kyari, the group chief officer of NNPC Limited said during a meeting with lawmakers on November 23. Apart from Kyari, Ibrahim Onoja, the managing director of Port Harcourt Refining Company (PHRC), also assured that the procurement process for the rehabilitation of the refinery was 98 percent complete. ...Our long lead items are on site; instrumentations are on site. We have completed most of the procurement that we need to do. The refinery has gone over 98 percent," Onoja said on Arise TV. Read more https://businessday.ng/news/article/p-harcourt-refinery-december-deadline-heaps-pressure-on-nnpcl/

 

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