BUSINESS NEWS

(25-Nov-13 to 01-Dec-13)

1 25-Nov-13 Key Word "IFC" Punch Headline: "IFC to issue $1bn for projects in Nigeria" The International Finance Corporation is working with regulators in Nigeria to issue a series of local-currency bonds totalling $1bn to finance private-industry projects in power and housing as well as to support the development of Small and Medium Scale Enterprises, the IFC's Manager of Treasury Client Solutions for , Mr. Andrew Cross, has said. Cross, however, declined to say when sales will start, according to a Bloomberg report. Punch

2 25-Nov-13 Key Word "Dangote Refinery" Daily Trust Headline: "Indian firm gets N22bn Dangote refinery contract" State-owned Engineers India Ltd (EIL) said on 24th November 2013 that it had won $139 million (N22bn) 400,000 barrels per day Dangote refinery-cum-petrochemical complex contract. "Dangote Group has awarded the project management consultancy (PMC) and engineering, procurement and construction management (EPCM) contract for implementing a grassroots 400,000 bpd (20 million tonnes) oil refinery and 600,000 tonnes polypropylene plant." Daily Trust

3 27-Nov-13 Key Word "Politics" Daily Trust Headline: "PDP loses 5 govs to APC" Five state governors (Rivers, Kano, Adamawa, Sokoto, Kwara) left the People's Democratic Party on 26th November 2013 following a merger of their faction the G-7 Group with the opposition All Progressives Congress, posing the biggest threat yet to the ruling party. Jigawa's Sule Lamido and Niger's Mu'azu Babangida Aliyu chose to remain with the mainstream PDP. Daily Trust

4 28-Nov-13 Key Word "Smart TV" This Day Headline: "MTN partners LG Electronics to enable smart TVs in Nigeria" MTN Business, the business-to-business arm of the telecoms company has reached an agreement with LG Electronics, to bundle MTN Broadband internet service with LG Smart TVs sold across Nigeria. The collaboration ensures that customers buying LG Smart TVs are given MTN Hynet, the 4G broadband internet service offered by MTN business. This Day

5 29-Nov-13 Key Word "Nigeria in the International Organisation" Daily Trust Headline: "Nigerian elected first African ICAO President" The International Civil Aviation Organisation (ICAO) in Canada has unanimously elected a Nigerian, Dr. Olumuyiwa Benard Aliu, as the President of the organisation, the first African to occupy the position. Daily Trust

6 29-Nov-13 Key Word "LNG export" Daily Trust Headline: "US, cut demand of Nigeria's gas by 51%" The United States has virtually stopped buying liquefied gas from Nigeria with orders dropping from 35 to one percent in the last two years, it was revealed in Abuja on 28th November 2013. Also, orders from European markets have dipped from 65 to 48 percent within the same period. As at now 51 percent of the LNG from Nigeria is going to Asia. Daily Trust 7 01-Dec-13 Key Word "Nigeria's debt" This Day Headline: "Nigeria's debt profile and diversification into foreign debt as a fiscal strategy" In the Medium Term Expenditure Framework (MTEF) 2012-2015, the Federal Government of Nigeria officially adopted a new debt strategy aimed at reducing debt service expenditure. The adopted method is the pursuit of an optimal mix between the relatively more expensive domestic debts of the government and the less costly external debts. The gradual increase of external borrowing relative to domestic borrowing until a preferable debt portfolio mix of 60:40 is achieved. At the end of 2012 the Nigerian government debt portfolio mix was at a ratio of 88% to 12% for domestic and external debts respectively. This Day