Nigeria in 1min: Economic, Business & Financial Headlines – 010716



July 01, 2016 6:10 AM / Proshare News 


External reserves drop to $26.33bn - The nation’s external reserves fell marginally to $26.33bn on June 29, down 0.30 per cent from a month ago, the Central Bank of Nigeria data showed on Thursday. Source Punch Read More 

Fitch downgrades Lagos State to ‘B+’; Outlook Stable - Fitch Ratings has downgraded Lagos State’s Long-Term Foreign Currency Issuer Default Rating (IDR) to ‘B+’ from ‘BB-‘ with a Stable Outlook. A full list of rating actions is at the end of this commentary. Source BUSINESSDAY Read More 

Govt requires $10 billion for gas industrial park - The Federal Government has said that there are $10 billion investment opportunities for the Nigeria Gas Revaluation Industrial Park. Source Guardian Read More

Stakeholders discuss Delta economy at DESG maiden forum - The possibilities of transforming the economic landscape of Delta State through a strategic public-private sector partnership came to the fore at the maiden Delta State Economic Summit Group(DESG) economic discourse in Lagos. Source Proshare Read More 

Nigeria needs $3tr to develop infrastructure, says Fayemi - Minister of Solid Minerals Development, Dr Kayode Fayemi, who spoke yesterday in London, United Kingdom (UK), at a business forum organised by the Royal African Society, quoted a recent report by the National Integrated Infrastructure Master Plan, which said Nigeria’s core infrastructure stocks gap, based on international benchmarks, is estimated at $80 billion. Source THE NATION Read More 

States pull out of GES agric scheme over poor revenues - Crop production in Nigeria is set to dip on account of the country’s 36 states pulling out of the Growth Enhancement Support (GES) Scheme. Source BUSINESSDAY Read More

Nigeria Attracts Infrastructure Investment in Oil & Gas;Signs MOUs with Chinese firms worth $80bn - The Nigerian National Petroleum Corporation, NNPC is excited to announce the outstanding success of its China investor’s roadshow. The Corporation has achieved its bid to bridge the infrastructure funding gaps in the Nigerian oil and gas sector. This comes in the form of a first of its kind road show in China where memorandum of understanding’s (MOU’s) worth over $80billion to be spent on investments in oil and gas infrastructure, pipelines, refineries, power, facility refurbishments and upstream has been signed with Chinese companies.Source Proshare Read More 

Set up economic revival team, MAN tells FG - The Manufacturers Association of Nigeria has urged the government to set up a committee consisting of tested technocrats and stakeholders who will formulate policies and blueprints targeted at getting the economy back on track. Source Punch Read More 

FG Urged to Create Special FX Window for Manufacturers - Despite the appreciable progress recorded in the foreign exchange market since the Central Bank of Nigeria (CBN) announced its new foreign exchange policy, manufacturers in the country have decried their inability to get the greenback to import raw materials for production. Source Thisday Read More 

Nigeria’s National Carrier Inevitable – NSC Boss - A national carrier for Nigeria will boost the country’s international trade and help to instill a favourable balance of trade for the country as its citizens and governments trade in many continents of the world, the executive secretary and chief executive officer of the Nigerian Shippers’ Council (NSC), Mr Hassan Bello, has said. Source Leadership Read More 



CBN directs banks to register security asset in movable assets with NCR - Effective July 4,2016, all banks and Other financial Institutions (OFIs) operating in the country are required to register their security interest in movable assets with the National Collateral Registry (NCR) according to the Central Bank of Nigeria (CBN). Source BUSINESSDAY Read More 


Stocks seesaw on mixed sentiments, end volatile session lower - The equities market closed today on a negative note, as NSE ASI depreciated by 0.72% to close at 29,597.79basis points, compared with the 0.80% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +3.34%.Source Proshare Read More

Reports of Some Foreign Buying on the NSE such as Dangcem & GTB - The NSEASI reached a low this year of -21.6% ytd as early as 19 January on the fall of the oil price below US$30/b and the consequent rationing of fx by the CBN. There followed a modest pick-up on better-than-expected Q4 2015 results from the larger companies.Source Proshare Read More 

Fidelity Bank Plc Board of Directors Appoints Mr. Seni Adetu As An Independent Director - The Board Of Directors Of Fidelity Bank Plc Has Announced The Appointment Of Mr. Seni Adetu As An Independent Director. Source Proshare Read More 

FIRS shuts Atlas Petroleum over $1.5m tax debt - An enforcement team of the Federal Inland Revenue Service (FIRS), yesterday shut the headquarters of Atlas Petroleum International Limited over the firm’s tax liabilities totaling $1,5million. Source THE NATION Read More

Oil price drops as Nigeria’s output rises - Oil prices dropped more than three per cent yesterday due to return of Nigerian and Canadian crude output from outages and as traders booked profits at the end of the best quarter in seven years. Source THE NATION Read More 

Gencos, Discos ownership structure harms power supply - The current problems bedevilling the power sector, resulting in epileptic electricity supply could be traced to the ownership structure in which the three loops of the chain- generation, distribution and transmission, are held in separate hands, causing poor co-ordination and synergies, industry stakeholders say. Source BUSINESSDAY Read More 

Airfares soar by 57% over new forex policy - Foreign travels, especially for leisure during this year’s summer, may be out of the reach of many Nigerians, as the Federal Government’s newly introduced exchange rate policy has made airfares on foreign routes to go up by at least 57 per cent, according to findings by our correspondent. Source Punch Read More 

AFC Leads $425m Petroleum Loan Facility For New Age Ltd - Africa Finance Corporation (AFC) is acting as lead arranger for about $425 million senior mezzanine facility for New Age (African Global Energy) Limited, a privately held oil and gas exploration, development, and production company with assets primarily across Africa, to enable the company to further develop its existing assets and expand operations. Source Leadership Read More



Uncertainty, The Economy And Policy - UK Post-Brexit - The UK can handle change. It has one of the most flexible economies in the world and benefits from a deep reservoir of human capital, world-class infrastructure and the rule of law. Its people are admired the world over for their strength under adversity. The question is not whether the UK will adjust but rather how quickly and how well. Source Proshare Read More  

The UK's Future Economic Relationship With The EU - Before the summer recess, the Committee will be taking further evidence on the relationships that the UK might now seek with the EU, the trade-offs between market access and control that are likely to be involved, and the practical consequences for people and businesses. Source Proshare Read More 

U.K. Current-Account Gap Stays Near Record at 6.9% of GDP - As Brexit threatens to blast the U.K. economy, few things seem more exposed than the balance of payments. Source Bloomberg Read More 


When Globalization Goes Digital - American voters are angry. But while the ill effects of globalization top their list of grievances, nobody is well served when complex economic issues are reduced to bumper-sticker slogans – as they have been thus far in the presidential campaign Source Proshare Read More 



CBN votes N2.5b for NYSC entrepreneurs - Members of the National Youth Service Corps with good entrepreneurial skills can now access N2.5 billion loans provided by the Central Bank of Nigeria (CBN). Source Guardian Read More 

Fortis disbursed N16.5bn to small businesses in 4 yrs - Fortis Microfinance Bank Plc disbursed over N16.5 billion to Micro, Small and Medium Enterprises (MSMEs) operating in Abuja in four years. Source Daily Trust Read More 



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