FSDH Merchant Bank has estimated that Nigeria’s economy, measured by the Gross Domestic Product (GDP), grew by 3.55 percent in the first quarter of 2018 (Q1’18) from 1.92 percent in Q4’17.

Speaking at a media briefing on the May 2018 edition of its monthly economic and financial market outlook, the Head of FSDH Research, Mr. Ayo Akinwunmi, said the projection is based on the persistent economic expansion recorded in most subsectors of the economy as reflected in the monthly Purchasing Managers Index (PMI) report.

He stated: “The Purchasing Managers’ Index (PMI) survey that the Central Bank of Nigeria (CBN) published for the month of April 2018 shows an expansion. The Manufacturing PMI in the month of April stood at 56.9 percent from 56.7 percent recorded in March. Similarly, the Non-Manufacturing PMI improved to 57.5 points from 57.2 points in March.

OPEC's Output Deal Will Not Be Affected By Iran Sanctions

The decision of President Donald Trump to pull out of the Iran nuclear deal and re-impose sanctions on buyers of its oil will have a big impact on Iran's crude exports.

However, this is not expected to endanger the output deal among OPEC and its friends.

Reuter’s news agency reports that there is no pressure from within the group to bring their cooperation to an end. Far from it. The deal will run until the end of 2018 and could be extended again if participants don’t believe that the market has been rebalanced.

The Lagos State Government Southwest Nigeria says it has exported finished goods worth about N264Bn (735.8 Million Dollars) in the last three years through the Lekki Free Zone (LFZ). The State Commissioner for Commerce, Industry and Cooperatives, Mrs Olayinka Oladunjoye gave the figure at a Press briefing in Alausa, Ikeja at an event organised to mark the 3rd year in office of the state Governor, Mr Akinwunmi Ambode.

Nigeria Needs To Reconsider Position On AFCFTA - Economists

Nigeria has been called upon to reconsider its reluctance to sign the African Continental Free Trade Area (AfCFTA) agreement, some economic analysts said in separate interviews in Addis Ababa.

The analysts argued that AfCFTA is in the national interest of Nigeria and wondered why Nigeria suddenly decided to suspend signing the agreement, after being its champion for long.

Those who spoke with NAN included David Luke, Coordinator of African Trade Policy Centre, Regional Integration and Trade Division, and Stephen Njuguna Karingi, the Director at the Integration and Trade Division, United Nations Conference on Trade and Development (UNCTAD).

The World Bank Group has expressed satisfaction with the performance of the Nigerian economy as it continues on the path to growth. The commendation was contained in a statement by the bank on Monday, after the conclusion of a visit to Nigeria by 10 Executive Directors of the bank from May 9 to 12.

The federal government said it has, so far, disbursed N300 billion to road infrastructure compared to N18 billion, which the previous administration spent.

Minister of Power, Works and Housing, Mr. Raji Fashola, who made the disclosure at the 4th Quadrennial Delegates Conference of Petroleum Tanker Drivers (PTD) in Abuja, said it is one thing to have a plan, it is another thing to commit to the faithful implementation of that plan.

“Let me remind you that the budget I inherited from the Ministry of Works in the last administration was N18 billion for all the roads in Nigeria."

The Nigerian Civil Aviation Authority (NCAA) has suspended the Air Operators Certificate (AOC) of First Nation Airways indefinitely.

The suspension according to a statement signed by NCAA General Manager, Public Relations, Sam Adurogboye, is sequel to the flagrant and continuous violation of the terms and conditions of issuance of it AOC by the Airline thereby carrying out unauthorised and illegal operations.

Adurogboye in the statement added that the suspension was conveyed to the Airline via a letter on Friday, May 11, 2018 and First Nation Airways acknowledged receipt.

38 Ships With Petrol, Others To Arrive Port – NPA

Thirty eight ships laden with petroleum products, food items and other goods are expected to arrive Apapa and Tin Can Island Ports in Lagos from May 11 to May 26.

The Nigerian Ports Authority (NPA) stated this in its publication, `Shipping Position,’ a copy of which was made available to the News Agency of Nigeria (NAN) in Lagos on Friday.

The Federal Government on Sunday said its capital expenditure for 2017 budget was in excess of N1.5 trillion.

Minister of Finance, Kemi Adeosun, who disclosed this on her official Twitter handle, @HMKemiAdeosun, noted that the figure “is higher than what we achieved in the 2016 budget.”

The 2016 capital spending was in excess of N1 trillion.

Market Indices Recoil By 0.26%

After depreciating for four consecutive days, indicators of the performance of the Nigerian Stock Exchange (NSE) rebounded by 0.26 per cent on Friday.

The market capitalisation, which opened at N14.820 trillion rose by N39 billion or 0.26 per cent to close at N14.859 trillion.

Also, the All-Share Index appreciated by 107.37 points or 0.26 per cent to close at 41,022.31 compared with the 40,914.94 posted on Thursday.