Nigeria in 1min: Economic, Business & Financial Headlines – 020216

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February 02, 2016 7:30 AM / Proshare News

 

NIGERIAN ECONOMY
#AskProshare Day 6:Opeyemi Agbaje says Devaluation is Probably Inevitable - Notable Nigerian Economist & Policy Expert, Mr. Opeyemi Agbaje says devaluation of the Nigerian currency the “Naira” is inevitable. Source WebTV Read More
 

We’ve not applied for foreign loans – Minister - The Minister of Finance, Mrs. Kemi Adeosun, says Nigeria is exploring local and domestic sources to fund the N1.8tn deficit in the 2016 budget currently undergoing approval at the National Assembly. Source Punch Read More
 

Non-oil Revenues Will Largely Fund 2016 Budget – FG - The federal government has said it is depending largely on revenues from the non-oil sectors of the economy to fund the 2016 budget of N6.08 trillion. Source Leadership Read More
 

Budget 2016:Adedipe lauds FG’s plan to Invest in Infrastructure - The plan by the Federal Government to invest in infrastructure in its 2016 Budget, has been lauded by cerebral economist Dr Abiodun Adedipe. Source WebTV Read More
 

NEXIM Bank gets CBN’s N300b export stimulation fund - The Central Bank of Nigeria (CBN) yesterday approved a N300 billion export stimulation fund for the Nigerian Export-Import Bank (NEXIM). Source THE NATION Read More
 

NIMASA remits over N42b to Federation Account - The Nigerian Maritime Administration and Safety Agency (NIMASA), says it has remitted over  N42 billion into the Federation Account and Federal Government special projects. Source THE NATION Read More 

An Open Letter to PMB on Anti-Poor Economic Policies of Nigeria - I write to you because I am concerned about the state of micro-entrepreneurs and low income earners in Nigeria. I am empowered to write you on the strength of paragraph 50 of your 2016 Budget Statement as presented on 22 December 2015 to the joint sitting of the National Assembly Source Proshare Read More
 

GTI Nigeria Outlook 2016: "To be or not to be" - ‘’To be, or not to be’’ is the dilemma that confronts the Nigerian economy in 2016. The largest economy in Africa has continued to perform below its potentials given its inherent potentials. Source Proshare Read More
 

Purchasing Managers' Index reading no 34 is below water, fx to blame - The latest report for our manufacturing Purchasing Managers’ Index (PMI), the first in Nigeria, shows an unprecedented steep fall from 54.2 in December to 44.6. Our partner, NOI Polls, has compiled the data. Source Proshare Read More

 
January 2016 Purchasing Managers' Index is worst reading to date, fx the culprit - We release today the latest reading (no 34) of our manufacturing Purchasing Managers’ Index (PMI) for Nigeria, which takes the temperature of the sector. Our PMI was the first in Nigeria. It has become a core forward indicator for analysts, policymakers and financial market players. Source Proshare Read More
 

Oil palm firm to generate 45,000 jobs at new plantation - FROM the organized private sector came support for Federal Government’s drive to fight unemployment as Okomu Oil Palm, Edo State yesterday said that it planned to employ 45,000 workers at its new plantation in Ovia North East Local Government Council. Source Guardian Read More

 
Kebbi, Lagos State to partner on rice, beef processing - Gov. Atiku Bagudu of Kebbi said on Monday in Birnin-Kebbi, that Kebbi would partner Lagos for the processing of paddy rice and beef. Source BUSINESSDAY Read More

 
FG to save N127bn annually on substitution of cassava flour for wheat imports - The Federal Government says the nation will be saving N127billion annually by focusing on cassava flour with a view to reducing import bills on wheat. Source BUSINESSDAY Read More
 

Nigeria deal slump masks activity in non-oil sectors - The sharp slow down in Nigerian large ticket oil and gas mergers and acquisitions (M&A), and equity/debt capital markets transactions is masking some deal activity targeted at consumer focused midsized firms Source BUSINESSDAY Read More
 


 

FACC Allocations by Federal State and Local Government

2010 FACC Allocations by Federal State and Local Government

2011 FACC Allocations by Federal State and Local Government

2012 FACC Allocations by Federal State and Local Government

 2013 FACC Allocations by Federal State and Local Government

2014 FACC Allocations by Federal State and Local Government

2015 FACC Allocations by Federal State and Local Government

 

 

 

POWER
‘New electricity tariff to attract N1.36tr investments in five years’ - The new multi-year tariff order may raise the country’s yearly investment profile by N1.36 trillion over the next five years. Source Guardian Read More
 

Prepaid meters’ll go round in one year – NERC - The Nigerian Electricity Regulatory Commission has said that the new electricity tariff regime has the mechanism to meter all consumers within one year. Source Punch Read More
 

Privatised power owners lack money to pay bills - Expert - An expert in energy matters, Mr. Thomas Kraneis, said that owners of the privatised power utilities do not have money to pay their bills after the acquisition. Source Daily Trust Read More
 

 

RULES & REGULATION
SEC pushes for investment of pension funds in Capital Market - Mounir Gwarzo, director-general of the Securities and Exchange Commission (SEC) has called for the investment of the over N5 trillion Nigeria Contributory Pension Fund in the capital market to help deepen the market and stimulate the economy. Source BUSINESSDAY Read More
 

 

FOREX
BDCs to cut 30,000 jobs over forex ban -  About 30,000 jobs may be lost following the stoppage of forex sales by the Central Bank of Nigeria (CBN) to Bureau de Change (BDC) operators, our correspondent gathered from industry sources yesterday. Source Daily Trust Read More
 

 

CAPITAL MARKET
Stocks erase early gains, end bearish as price volatility resumes - The equities market closed today on a negative note, as NSE ASI depreciated by 0.37% to close at 23,826.76basis points, compared with the 1.34% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.81% Source Proshare Read More
 

 

BOND MARKET
The Nigeria Bond Watch - Review and Outlook @020116 - In our assessment of activities of the review week, the dominant themes were: 1) The CBN’s MPC meeting; 2) Statutory allocation from FAAC; and 3) OMO bills redemption and auction by the CBN. Source Proshare Read More


 

 

INVESTORS NEWSBEAT
GUINNESS' Sales & PBT Decline Respectively in Q2 2016 - Over the weekend, Guinness Nigeria (Guinness) published its Q2 2016 (end-Dec) results which showed that PBT and PAT both declined by around 58% y/y to N1.1bn and N809m respectively. An 18% y/y reduction in sales to N28.1bn and a gross margin contraction of 140bps y/y were the major drivers behind the y/y decline in earnings. Source Proshare Read More
 

Implications of a favourable Supreme Court ruling for Seplat in relation to OMLs 53 & 55 - Late on Friday of last week, the Supreme Court ruled in favour of Seplat and brought to an end protracted legal proceedings instituted by Brittania-U. Brittania-U had challenged the validity of the sale of Chevron’s OMLs 52, 53 & 55 to the Seplat Consortium following an unsuccessful bid. Source Proshare Read More
 

We’ll soon be Nigeria’s largest forex earners after NNPC – Dangote - Dangote Group is focusing on generating foreign exchange earnings over the next five years when all its projects are completed, its President/Chief Executive Alhaji Aliko Dan­gote has said. Source Daily Trust Read More

 

CORPORATE EARNINGS
AFROMEDIA releases Q4'15 and Q1'16 Results; declares N269.59 million loss in Q1'16,(SP:N0.50k) - Source Proshare Read More


NNFM declares N54.96 million Profit After Tax in Q3'16 Result,(SP:N7.35k) -
Source Proshare
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NEWGOLD declares 5.01 million USD PAT in Q3'16 Result,(SP:N2,144) – Source Proshare Read More
  

 

PEOPLE
GUINNESS Appoints Mr Rotimi Odusola as New Company Secretary - I am delighted to inform you that the Board of Directors of Guinness Nigeria at its meeting of 29th January, 2016 approved the appointment of Mr. Rotimi Odusola as Company Secretary effectively Source Proshare Read More
 

GUINNESS Appoints Dr Omobola Johnson as a Non-Executive Director - This is to inform you that the Board of Directors of Guinness Nigeria at its meeting of 29th January, 2016 approved the appointment of  Dr.Omobola Johnson as a non-executive director of the Company. Source Proshare Read More
 

 

PRODUCT & SERVICES
Arthur Stevens offers investors a cash flow support - One of Nigeria’s active capital market operators today announced a support service for investors; seeking to allow stock portfolio holders a means to obtain much needed cash flows during these difficult times without selling down their stocks. Source Proshare Read More
 

Changes in subscription cost for TheAnalyst dedicated data service - Beyond the  currency crisis in the country and the increasing cost of meeting a high quality data and analysis service, our data and analytics services function, like others have had to contend with a myriad of issues in delivering a high quality services for subscribers Source Proshare Read More


Sahara Group marks 20th anniversary with sustainable development projects - The Sahara Group, a leading energy and infrastructure conglomerate has said its 20th anniversary celebration will be dedicated to giving back to indigent communities and supporting sustainable development projects at its various locations across the globe. Source Proshare Read More
 


 

TELCOs
FG Will Create 2m Jobs With New ICT Road Map – Shittu - The minister of communications, Mr Abdur-Raheem Adebayo Shittu, in this chat with CHIMA AKWAJA, outlines some key areas of the proposed ICT road map which will support President Muhammadu Buhari’s change agenda towards connecting citizens and businesses to government. Source Leadership Read More
 

 

COMMODITIES
Agip loses 16,000bpd of crude to pipeline explosion - The Nigerian Agip Oil Company is losing about 16,000 barrels of crude oil per day due to explosion that recently rocked its pipelines in Bayelsa State, Eni, Italian energy firm and parent company of Agip, has said. Source Punch Read More
 

GLOBAL MARKET
Asian shares slip as crude resumes drop - Asian shares fell on Tuesday as crude oil prices slid on rekindled oversupply fears and after downbeat manufacturing data raised concerns about sluggish global economic growth. Source Reuters Read More
 

European shares fall after slump in Nokia and Alcatel - European shares fell on Monday, pulled lower by telecom equipment stocks amid investor disappointment over the terms of a deal between Nokia and Samsung to settle a legal dispute. Source Reuters Read More

 
Botswana's economy to recover in 2016 after last year's dip: finmin - Botswana's economy will recover in 2016 after falling last year, but its budget deficit will widen as revenue from diamond mining continues to slide, the finance minister said on Monday. Source Reuters Read More

Sasol to start drilling in new Mozambique oil and gas fields - South Africa's Sasol has received the green light from Mozambique to develop more oil and gas fields in the southern African state, the company said on Monday, without disclosing how much the project will cost Source Reuters Read More

Africa's big oil producers seek World Bank support - Nigeria and Angola, Africa's two biggest oil producers, are both in talks with the World Bank about support to help cope with low crude prices, weakening currencies and strained public finances. Source Reuters Read More

gola central bank raises lending rate to 12 pct - LUANDA (Reuters) - Angola's central bank said on Monday it had raised its benchmark lending rate by 100 basis points to 12 percent, due to a general rise in price pressures. Source Reuters Read More

Rwanda to issue $20 mln local currency bond to develop infrastructure - Rwanda will sell a five-year Treasury bond worth 15 billion francs ($20.24 million) this month, the central bank said on its website. Source Reuters Read More

 

 

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