Nigeria in 1min: Economic, Business & Financial Headlines – 010217



February 1, 2017 7:30 AM / Proshare News 


FAAC Disburses N426.88bn in December 2016 - NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N426.88bn to the three tiers of government in December 2016 from the revenue generated in November. Source Proshare Read More 

Budgeting in Nigeria: Are We On The Right Track? - The 2017 budget of N7.29 trillion is a vital fiscal tool that has the potential to support the economy. However, implementation of the budget is crucial to its success. Revenue generation needs to be enhanced through the blockage of leakages, improving tax efficiency and implementing clear fiscal reforms that support the business environment and therefore non-oil revenue. Source Proshare Read More 

Fitch Revises Lagos’ Outlook to Negative; Affirms ‘B+’ Rating - Fitch Ratings has revised Lagos State’s outlook to negative from stable. But the rating agency affirmed the state’s Long-term foreign and local currency issuer default ratings (IDRs) at ‘B+’. Source Thisday Read More 

Pension Assets Hit N6.02 tn As Recovering Agents Cover N11bn - The Contributory Pension Scheme (CPS) now has a total of N6.02 trillion assets. Source Thisday Read More 

Osinbajo Meets Saraki, Dogara, Gets No Objection for $1bn Eurobond - Acting President Yemi Osinbajo yesterday met with Senate President Bukola Saraki and the Speaker of the House of Representatives, Hon. Yakubu Dogora behind closed doors to ask the leadership of the National Assembly to convene an emergency session of the legislature, which is currently on recess, to approve the federal government issuance of a $1 billion Eurobond this quarter. Source Thisday Read More 

Foreign reserve now $27.4bn - Nigeria’s foreign  reserve has recorded 18.2 per cent accretion since its recent uptrend, standing at $27.4 billion with the latest figures from the Central Bank of Nigeria, CBN, for January 2017. Source Vanguard Read More 

Apathy grows as 86.6m Nigerians are without insurance policies  - As a result, industry stakeholders are concerned over the state of the sector, especially as it has been in existence for close to a century and should have fared much better, compared to its peers in the developed economies. Source Guardian Read More 

Fed Govt remits N13.2b pension contribution - The Federal Government has released N10.3 billion for payment of pension contributions to pensioners, who retired in November and December 2015, The Nation has gathered. Source THE NATION Read More 

FG to raise N20bn for renewable energy projects - The Minister of Environment, Mrs. Amina Mohammed, on Tuesday said that plans by the Federal Government to raise N20bn by March this year to help fund renewable energy projects were still in place. Source Punch Read More 

Nigeria losing $1.4bn on exportation of raw cashew nuts - The failure of Nigeria to process its cashew nuts before export is responsible for the loss of $1.4 billion which the country could have earned if cashew nuts were processed. Source BUSINESSDAY Read More 


Summary of the Decision of the SEC APC in the Matter of Rivers State MoF & 31 Others V. BGL Plc & 31 - The Commission received 32 complaints between 2012 and 2015 against the 1st to 4threspondents over certain conducts in relation to operations of their Guaranteed Consolidated Notes (GCN) and Guaranteed Premium Notes (GPN).  Source Proshare Read More 

January manufacturing PMI fell to 48.2 – CBN - The country’s manufacturing activity fell to 48.2 index points in January 2017, down from 52.0 recorded in December, the Central Bank of Nigeria said in its Purchasing Managers’ Index released on Tuesday. Source Punch Read More 


Equities Market Maintains Downtrend as NSE ASI Dips by -0.69% - Equities market closed today on a negative note, as NSE ASI depreciated by 0.69% to close at 26,036.24 basis points, compared with the 0.42% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.12%.  Source Proshare Read More

Guinness Nigeria Plc FQ2 17 - Currency Pressures Drive Another Sober Result - Guinness Nigeria Plc (Guinness) released its unaudited 6M 17 financial statements which revealed post-tax loss of ₦4.66 billion. The weakness in earnings was largely driven by elevated input cost (+55% YoY to ₦43.9 billion) which offset impact of revenue growth (+19.4% YoY to N59.5 billion) in the review period. Source Proshare Read More 

PZ Nigeria Plc FQ2 17- Strong operating performance salvage earnings - PZ Cussons Nigeria Plc. (PZ) released its unaudited 6M 2017 results wherein revenues rose 8.8% YoY to ₦33.3 billion, though largely reflecting unrealized foreign exchange losses of N4.9 billion, PZ posted pre-tax and post-tax losses of N 425 million and N289 million respectively. Excluding the FX loss reported, PZ would have recognized a PBT of ₦4.6 billion (+292% YoY). Source Proshare Read More 

International Breweries Plc Reports Q3 2017 Results – Operating Expenses Grew by 30% YoY - This morning, the NSE published International Breweries’ Q3 2017 (end-Dec) results which surprised positively. While sales of N9.2bn grew by 46% y/y, PBT and PAT advanced by 44% y/y and 43% y/y to N2.0bn and N1.4bn respectively. Source Proshare Read More 

AFC raises $150mln maiden Sukuk and Other Private Equity News - Actual deals were hard to come buy in Africa's private capital world last week. The main news centered around fund raisings, with a couple of notable announcements. Source Proshare Read More 

FG Plans to Issue $300m Diaspora Bond by June - The federal government plans to raise $300 million by selling a diaspora bond targeting Nigerians living abroad, one of the book runners on the deal, First Bank told Reuters on Tuesday. Source Thisday Read More 

Oil price: Exxon Mobil earnings tumble by $8.3bn in 2016 - ExxonMobil yesterday reported a big drop in its 2016 earnings as low oil and natural gas prices continued to affect its results. Source Daily Trust Read More 


FirstBank Honoured at the Global Brands Awards - Nigeria’s most valuable bank brand, First Bank of Nigeria limited has won the “Best Banking Brand, Nigeria 2016”& “Best Banking Performer, Nigeria 2016” in the Global Brands Awards. Source Proshare Read More 

Bharti Airtel Reaffirms Commitment to Invest in Africa - Airtel Africa, a leading telecommunications company with operations in 15 countries across Africa, has refuted speculative media reports erroneously stating its possible exit from Africa. Source Proshare Read More 

Kenya economic growth to slip to 5.7 pct in 2017: cenbank - Kenyan economic growth is expected to slip to 5.7 percent in 2017 from about 5.9 percent in 2016, the central bank said on Tuesday. Source Reuters Read More 

Kenya's inflation climbs to 6.99 percent in January: stats office - Kenya's inflation rate rose to 6.99 percent year-on-year in January, up from 6.35 in December, the statistics office said on Tuesday. Source Reuters Read More

Ghanaians Hoarding Dollars Put Cedi on Course for 19-Month Low - Ghanaians are holding on to their dollars after government data showed the nation’s budget deficit was wider than expected, setting the currency on track for the weakest close since June 2015. Source Bloomberg Read More 

Kenya Warns ‘Trump Effect’ Poses Threat to Its Economy - Uncertainty surrounding U.S. policies on trade and immigration poses a major external threat to East Africa’s biggest economy, Central Bank of Kenya Governor Patrick Njoroge said. Source Bloomberg Read More 

Dollar Drops to Lowest Since November as Trump Rattles Markets - The greenback fell to a fresh low for the session, extending losses against all of its G-10 peers as the Bloomberg dollar index dropped to its lowest since mid-November, with the drop accelerating as President Trump claimed other countries devalue their currencies. Source Bloomberg Read More 

U.S. Stocks Fall for Fourth Day as European Stocks Close Lower - U.S. stocks declined for a fourth straight session as investors await earnings from companies including Apple Inc. and assessed Donald Trump’s unorthodox approach to governing as political battles wage in Washington, D.C. Source Bloomberg Read More 

Treasuries Rise as Trump Comments Spark Losses in Dollar, Stocks - Treasuries rose Tuesday, pushing yields to a one-week low, as President Trump’s allegation that other countries engage in currency devaluation drove down the dollar and weighed on stocks. Source Bloomberg Read More 

U.S. Army Corps to Approve Dakota Access Oil Line, Senator Says - Energy Transfer Partners LP may be close to getting the permit it needs to finish the Dakota Access oil pipeline, a project that became a flash point for environmentalists but a symbol of President Donald Trump’s pledge to jump start energy infrastructure. Source Bloomberg Read More 

Oil Trades Below $53 as U.S. Crude Stockpiles Gain, Dollar Drops - Oil traded below $53 a barrel in New York after an industry report was said to show an U.S. crude supply gain while the dollar dropped. Source Bloomberg Read More 

Asia Flooded With West African Oil in Latest Sign of OPEC Impact - West African oil producers this month will send the most crude to Asia in at least five years, the latest sign of how refineries in the world’s biggest demand region are scouring the world to replace supplies cut by OPEC’s Middle East producers. Source Bloomberg Read More 


Telecoms Sector Contributes N1,399bn to GDP in Q3 2016 - NBS - In real terms, the telecommunications sector contributed N 1,399 billion to GDP in the third quarter of 2016, or 8.0%, which represents a decrease of 1.8% points relative to the previous quarter. Source Proshare Read More 

Weekly Bitcoin Volumes Cross $1m in Nigeria, Raise Speculations - The country’s weekly Bitcoin exchange volumes since mid-December 2016 have increased to more than N400 million, which is close to $1.3 million. Source Thisday Read More 

Dubai Financial Services Authority Proposes Framework For Loan-based Crowdfunding for SMEs - The Dubai Financial Services Authority (DFSA) has today launched a consultation on its proposed framework for regulating loan-based crowdfunding platforms. The consultation is the first in a series of papers which set out the DFSA’s approach to the regulation of crowdfunding platforms and the financial technology (FinTech) industry within the Dubai International Financial Centre (DIFC). Source Proshare Read More 

Startups, It Is Time To Apply! The Innotribe Startup Challenge Returns To Africa - SWIFT Innotribe announces today that the Startup Challenge for Africa is open for applications. For the third year running, the Startup Challenge will be part of SWIFT’s African Regional Conference (ARC) held in Abidjan, Ivory Coast, from 16-18 May 2017. Source Proshare Read More 





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