Nigeria in 1min: Economic, Business & Financial Headlines – 250416



April 25, 2016 7:00 AM / Proshare News 


68% of Voters Agreed FX Control Undermine Political Reforms & Make Nigeria Uninvestable - The Foreign exchange measures put in place by the CBN has continued to generate comments from the investing community, manufacturers as well as the IMF which has recently advised Nigeria to unwind its exchange rate restrictions policy. Source Proshare Read More

Import Substitution in Nigeria: Feasibility and Path towards Reduced Import Content  - The current exchange rate crisis facing Nigeria stems from the country’s high import content. Almost everything in Nigeria is imported from toothpicks to refined petroleum products. Source Proshare Read More 

The Intervention of the Bank of Industry: A Substitute Or A Delay Of Equity Injection - The recent spiral of economic events in Nigeria has been a source of concern to everyone. Source Proshare Read More  

Nigerian Banks exposure to oil groups – Loans not hedged & poorly collaterised - Nigeria’s energy companies that bought oilfields from majors when oil was selling for more than $100 a barrel have been hammered by the crash in prices. Now their troubles are taking a toll on the banking sector in Africa’s largest economy. Source Proshare Read More 

FG to settle creditors for states debt after relief - Further to the states’ debt repayment deferral for the month of March that was announced last Thursday, the Federal Ministry of Finance has said that the debt repayments due to the states’ creditors will be fully paid notwithstanding the deferral. Source Daily Trust Read More 

Consumers groan as food prices rise by 50% - Following the persistent shortage in fuel supply and the harsh economic climate, there has been an average of 50 per cent hike in the prices of consumer goods and buyers are complaining bitterly. Source Punch Read More 

Nigeria revenue drops to 5-year low as Tax, Oil income fall - Nigeria’s revenue fell last month to the lowest level in more than five years as taxes and oil earnings dropped, making it more difficult for the government of Africa’s largest economy to pay public workers. Source BUSINESSDAY Read More 

Nigerian travellers squeezed as foreign airlines stop ticket sales in naira - Nigerians travelling out of the country are being squeezed by foreign airlines, many of which are now insisting that passengers in this country purchase their tickets in dollars instead of in the local currency, the naira. Source BUSINESSDAY Read More 


CBN fines Zenith, UBA, GTBank, Sterling N3.2bn - The Central Bank of Nigeria has imposed a total fine of N3.2bn on United Bank for Africa Plc, Zenith Bank Plc, Guaranty Trust Bank Plc, and Sterling Bank Plc for committing various kinds of regulatory infractions. Source Punch Read More

Forex scarcity bringing best out of Nigerians, says CBN - The current scarcity of foreign exchange confronting the country has been described as a good development for the Nigerian economy as local production of various essential goods is now being given top priority with positive outcomes. Source Guardian Read More 

NAICOM releases list of 300 certified insurance brokers - Determined to checkmate activities of unregistered insurance brokers in the insurance industry, the National Insurance Commission (NAICOM) has released the list of 300 insurance brokers it has given approval to undertake brokerage business in the industry. Source Guardian Read More 

Best and Worst Performing Global Markets in 2016 - The fall in oil price at the international market has been a major factor that has affected most economies around the globe in the current year. This challenge has made oil producing countries including the Arab nations to begin talks on how to survive outside oil.  Source Proshare
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Sentiment Analysis Report – W/E April 22, 2016 - Analysis of the market activity in the week ended April 22, 2016 technically revealed improved bargain activities, amid moderate speculative tendency as sentiments turned positive towards cheap blue chips and medium capped stocks in the week. Source Proshare Read More

Corporate Earnings for the Week Ending April 22, 2016 – Source Proshare Read More 

Nigeria’ll be highest exporter of cement by 2018 – Dangote - The President, Dangote Group, Alhaji Aliko Dangote, has said that Nigeria will be the highest exporter of cement by the year 2018. Source Punch Read More 

Interbank rate rises as market liquidity falls to N232.9b - The overnight interbank rate rose for the second consecutive week to an average of six per cent last Friday, from 4.5 per cent, as commercial lenders’ liquidity level dropped on payment for treasury bills purchases. Source THE NATION Read More 

Bond Yields Rise on Tight Market Liquidity - Bond yields climbed by 0.6 per cent last week as the market continued to price in tighter liquidity and higher interest rate expectation into valuation. Source Thisday Read More

Nigeria’s LNG market shifts to Asia, Japan leads -
With the discovery of shale gas in the United States, the Nigeria Liquefied Natural Gas Limited (NLNG) has shifted focus to Asia. Japan as one of its global biggest markets Source THE NATION
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PH, Warri refineries now producing petrol – Kachikwu - The Minister of State for Petroleum Resources and Group Managing Director, Nigerian National Petroleum Corporation, Dr. Ibe Kachikwu, has announced that the Port Harcourt Refining Company and the Warri Refining and Petrochemical Company are now producing a combined volume of seven million litres of petrol daily. Source Punch Read More 

NNPC: Transfer of $1.8bn Oil Blocks to NPDC not Transparent - The Nigerian National Petroleum Corporation (NNPC) yesterday finally accepted that the transfer of oil blocks to its subsidiary, the Nigerian Petroleum Development Company (NPDC) valued at the cost of $1.8 billion but for which only $100 million has so far being paid by NPDC was not transparently conducted. Source Thisday Read More

Fashola: Power Sector Regulatory Agencies to Hold Operators Accountable - The Minister of Power, Works and Housing, Mr. Babatunde Fashola, SAN, has reiterated the resolve of the ministry to hold power sector operators accountable to service commitments through its regulatory agencies , even as he enumerated the benefits of the Multi-Year Tariff Order to electricity consumers. Source Thisday Read More

BEDC Signs Pact with Govt to Reconnect Ondo South - Twenty months after towns and communities in the Ondo South senatorial district were disconnected from the power grid, an agreement between the state government and the Benin Electricity Distribution Plc (BEDC) was on Tuesday signed to reconnect affected communities. Source Thisday Read More

Forex: Petroleum Products, School Fees Take $20m From Reserves In 1 Week - Petroluem products and school fees accounted for over $20 million of the $45 million obtained from the Central Bank of Nigeria (CBN) by four banks last week for several purposes. Source Leadership Read More 

Oil depots dry up as marketers owe foreign suppliers $1.2bn - Half of Nigeria’s sixty-member Depot and Petroleum Products Marketers Association owe international gasoline suppliers a staggering $1.2 billion due to insufficient foreign-exchange sales by the Central Bank. Source BUSINESSDAY Read More 

Oil Bulls Plunge Into Market as U.S. Gasoline Demand Hits Record - Money managers shrugged off the failure of the world’s biggest oil producers to agree on an output freeze as U.S. gasoline demand surged. Source Bloomberg Read More



73% e-commerce transactions in Nigeria happened on smartphones in Q1 - The number of retail e-commerce transactions taking place through smartphones in Nigeria spiked by 73 per cent within the first quarter of 2016 Source Vanguard Read More 

QoS: Mobile Operators Need 60,000 Mobile Towers – FG - To ensure adequate quality of services (QoS) among mobile telecommunications consumers, Nigerian mobile operators require about 60,000 active base transceiver stations (BTS) to ensure hitch-free service provisioning according to the federal government. Source Leadership Read More 

Nigeria Ranks 67th in Open Data Barometer - Nigeria is currently ranked 67th out of 92 countries in the Open Data Barometer published by the Web Foundation. The Web Foundation is published by the World Wide Web inventor, Sir Tim Berners-Lee’s. Source Thisday Read More 

Telecoms Industry Stakeholders Demand Review of FG’s Fiscal, Monetary Policies  - Telecommunications industry stakeholders have called on the federal government to revisit its fiscal and monetary policies, in order to create enabling environment that will boost infrastructural development and drive broadband penetration in Nigeria. Source Thisday Read More 


IMF says Mozambique admits to over $1 bln of hidden debt -  The International Monetary Fund said on Saturday that Mozambique has admitted to having over one billion dollars of undisclosed debt and the two sides were now evaluating the implications of this disclosure. Source Reuters Read More 


Buhari: Nigeria Derived No Benefit from Naira Devaluations in the Past - For the umpteenth time, President Muhammadu Buhari has insisted that he was yet to be convinced that the vast majority of ordinary Nigerians would derive any tangible benefit from a devaluation of the Naira. Source Thisday Read More 



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