Nigeria in 1min: Economic, Business & Financial Headlines – 020117



January 2, 2016 7:00 AM / Proshare News 


Foreign reserves drop by 11.7% to $25.72b - Foreign exchange reserves fell 11.7 per cent to $25.72 billion by December 28, from $29.13 billion a year earlier, Central Bank of Nigeria (CBN) data showed on Friday. Source THE NATION Read More

Job Creation Rises by 20.4% in Q3 2016 and 95.6% in Q2 2016 - This Summary report contains the latest estimates for jobs created in the Nigerian economy for the second and third quarters of 2016. Source Proshare Read More

Labour Productivity Increases to N713.77 in Q3 2016 from N637.5 in Q2 2016 - Among important measures of the wellbeing of an economy, is the level and growth of economic output, commonly known as the Gross Domestic Product (GDP). Source Proshare Read More 

Lagos state sells 47 bln naira of bonds - governor - Nigeria's Lagos state has sold 47 billion naira ($154.50 million) of bonds maturing in 2023 to help finance its efforts to improve basic infrastructure in the country's commercial hub, its governor said on Saturday. Source Reuters Read More 

Presidency, MDAs to spend N22.4bn on insurance premium this year - The Presidency, ministries of Foreign Affairs, Education and the other Ministries, Departments and Agencies, MDAs, are to spend N22.4 billion on insurance premium this year, according to the 2017 budget Source Vanguard Read More 

2016 in review: Manufacturing sector groans under recession weight - DESPITE expectations of better business environment in 2016, the reverse was the case for operators in the manufacturing sector of the economy. Source Vanguard Read More 

Recession: Sluggish activities to persist in insurance sector in 2017 - Year 2016, for the insurance industry was a very challenging and difficult business period given a number of negative factors that adversely affected operators. Source Vanguard Read More

Tomato industry faces N19bn loss - Nigeria’s tomato industry may cease to exist this year if the Central Bank of Nigeria (CBN) does not amend its policy on foreign exchange to exclude triple concentrate tomato paste from the scope of the 41 items under the restricted list, the Union of Tomato Paste Manufacturers in Nigeria, has said Source Daily Trust Read More

N529b vote for infrastructure inadequate, says NIESV - The N529 billion allocated to Power, Works & Housing in the 2017 Budget is not enough, Nigeria Institution of Estate Surveyors &Valuers (NIESV) President Bolarinde Patunola-Ajayi has said. Source THE NATION Read More 

Kwara Govt disburses N850m for community projects -The Kwara Government has launched N850 million Community Development Programme with the presentation of N165 million cheque to benefitting communities in the state. Source BUSINESSDAY Read More 

Ban on vehicle imports: ANLCA pleads for 3-month grace period - The Association of Nigerian Licensed Customs Agents (ANLCA), Seme Chapter, on Friday urged the Federal Government to grant a three-month grace period before enforcing the ban on importation of vehicles through the land borders. Source Daily Trust Read More 

STOAN: Reduction of Import Duty on Vehicles Will Stop Smuggling - The Seaport Terminal Operators Association of Nigeria (STAON) has said that government’s move to stop smuggling of vehicles into the country  by banning  importation through land borders will not yield desired result if not complemented with a corresponding reduction in customs duty. Source THE NATION Read More


2017 in Perspective: 8 Stocks to BUY and HOLD in 2017.... - In the last 3 years, the trading sentiments on Nigerian bourse remain bearish to post 34.97% loss, with 3yrs average loss of 13.66%- this shows sustained low risk appetite towards investment in equities, which could be traced to gradual decline in economic growth and other bearish microeconomic fundamentals. Source Proshare Read More 

Sentiment Analysis Report – W/E December 30, 2016 - Analysis of the market activity in the week ended December 30, 2016 technically revealed improved optimistic trading pattern while investors displayed active value investing approach in the week. Source Proshare Read More 

Corporate Earnings for the Week Ending December 30, 2016 - Source Proshare Read More 

82 Quoted Companies Declared Dividends and Bonuses in 2016 - Returns on investments such as bonuses and dividend payments by quoted firms remain a key attraction to shareholders as they usually look up to what various companies have to offer at the end of every financial calendar. Source Proshare Read More 

Dangote To Scale Up Investment In Oil, Gas Sector - The year 2016 has come and gone. It was the year that the country entered into recession due to some obvious reasons that are intertwined with the mismanagement of resources by the past governments and the policies of the current federal government, there are still rays of hope as the Africa’s richest man, Aliko Dangote, has promised to scale up investment in the Oil and Gas sector. Source Leadership Read More 

Naira lost more than half value in 2016 - The Naira has witnessed its worst year in history as it fell woefully against the United States Dollar by 57.8 percent in the interbank and 84.2 percent in the parallel segment in 2016. Source Daily Trust Read More 

NEITI says NNPC, NPDC withheld $4.7bn, N380bn in 2014  - The Nigeria Extractive Industries Transparency Initiative, NEITI, has stated that the Nigerian National Petroleum Corporation, NNPC and its subsidiary, the Nigerian Petroleum Development Company, withheld the sum of $4.7bn and N318.2bn to the Federation Account in 2014 in its latest report. Source BUSINESSDAY Read More

Value of Trading Declines 41% on Nigerian Bourse in 2016 - Investors staked N557.75 billion on 78.90 billion shares in 2016, showing a decline of 41.33 per cent compared with N950.66 billion invested in 92.83 billion shares in 2015. Source Thisday Read More 

NEITI: NPDC Owes N68bn, $3.3bn in Taxes, Royalties - The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the Nigerian Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC),owed the federation N68.2 billion and $3.3 billion in taxes and royalties from its oil and gas operations, respectively. Source Thisday Read More 

OPEC Projects Demand for Crude at 32.6mb/d in 2017 - The Organisation of Petroleum Exporting Countries (OPEC) has said the demand for its crude would slightly increase to 32.6 million barrels per day (mb/d) this year from 32.5 mb/d as world oil demand growth is projected to drop to 1.15 mb/d from 1.24 mb/d. Source Thisday Read More

Green Energy Spends N2bn On Electricity For Rivers Communities - Few weeks to the commencement of gas production in Otakikpo Marginal field located in OML 11 Andoni Local Government area of Rivers state, Green Energy International ltd (GEIL) has distributed 6 MW generators to its host communities for the provision of steady electricity. Source Leadership Read More 

Power sector loses N534b in 356 days - Over N534 billion in revenue was lost by the power sector in 2016, according to the Nigerian Electricity Supply Industry (NESI). Source Guardian Read More 


Congo’s Central Bank expects 2.9% GDP growth in 2017 -Democratic Republic of Congo’s Central Bank expects the country’s GDP to grow by 2.9 per cent this year, up from 2.5 per cent in 2016, as commodity exports pick up again, according to statement on Sunday. Source BUSINESSDAY Read More

Tanzania says seeking $300 million loan from Credit Suisse - Tanzania is in talks with banking giant Credit Suisse for a $300 million loan that would go towards financing infrastructure projects, the country's finance minister said on Saturday. Source Reuters Read More 

Tanzania raises power tariffs by 8.5 pct - Tanzania's energy regulator has approved a power tariff hike of 8.53 percent by the state-run utility, less than half of what the utility said it needed to stem losses. Source Reuters Read More 

Rwanda's economic growth slows to 5.2 per cent in Q3 - Rwanda's economy grew by 5.2 percent in the third quarter of last year, down from 5.4 percent in the second quarter and 5.9 percent in the same period in 2015, according to data published by the statistics office. Source Reuters Read More 

China to ban domestic ivory trade by end of 2017 - China will slap a total ban on the domestic ivory trade within a year, the government announced on Friday, shutting the door to the world's biggest end-market for poached ivory. Source Reuters Read More 

China Central Bank Adviser Calls for 6%-7% Growth Target Range - China should set a more flexible 2017 economic growth target to give policy makers more room to enact reform, according to Huang Yiping, an adviser to the People’s Bank of China Source Bloomberg Read More 

India PMI Signals First Manufacturing Contraction in a Year - A private gauge indicates that India’s manufacturing sector will shrink for the first time in a year as Prime Minister Narendra Modi’s unprecedented clampdown on cash hurts demand. Source Bloomberg Read More 


TEF Opens Application for 2017 Entreprenuership Programme - Africa’s largest business incubator, the Tony Elumelu Foundation (TEF), yesterday announced that it had started accepting applications from African entrepreneurs, with business ideas that can transform Africa, for its entrepreneurship programme. Source Thisday Read More 



Related News