Nigeria in 1min: Economic, Business & Financial Headlines – 020217



February 2, 2017 7:00 AM / Proshare News 


Total Value of Capital Imported into Nigeria in Q4 2016 Estimated at $1,548.88mln - NBS - The total value of capital imported into Nigeria in the fourth quarter of 2016 was estimated to be $1,548.88 million, which represents a decrease of 15.00% relative to the third quarter, and a fall of 0.52% relative to the fourth quarter of 2015. Source Proshare Read More 

Nigeria Seeks $1 Billion Loan From World Bank to Support Budget - Nigeria plans to apply for a $1-billion loan from the World Bank to support this year’s budget once lawmakers approve the government’s spending proposals, Finance Minister Kemi Adeosun said. Source Bloomberg Read More

Manufacturing PMI Stands at 48.2% in January 2017 from 52.0% in December 2016 - CBN - The Manufacturing and Non-Manufacturing PMI Report on businesses is based on data compiled from purchasing and supply executives. Survey responses indicate whether there is change or no change in the level of business activities in the current month compared with the previous month. Source Proshare Read More 

FG approves new national tax policy, sets up panel on rising food prices - The Federal Executive Council (FEC) has approved a new National Tax Policy for the country. The policy is expected to guide the operation and review of the nation’s tax system and provide the basis for future tax legislation and administration. Source Guardian Read More 

Fitch Revises Lagos' Outlook to Negative; Affirms IDRs at 'B+' - Fitch Ratings has revised Lagos State's Outlook to Negative from Stable while affirming the Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B+'. The issue ratings on Lagos' senior unsecured bonds have also been affirmed at 'B+/AA+(nga)'. The National Long-Term Rating has also been affirmed 'AA+(nga)', with Stable Outlook. Source Proshare Read More

Nigeria’s Economic Recovery Prospects Reviewed at The Cordros 2017 Roundtable - Nigeria’s economic recovery from recession and the pathway to sustainable economic growth, came to the fore at the Cordros Capital 2017 annual economic roundtable in Lagos. Source Proshare Read More

Reaching the Moment of Truth – Going Beyond a Protest - The right to initiate, encourage others or/and join with fellow citizens in protest or peaceful assembly is an acceptable critical element to building a functioning democracy. Source Proshare Read More

‘Nigeria earned 97% of its tourism revenue from domestic travel’ - Nigeria   generated 97% of  its tourism revenue from domestic travel in 2016 while foreign travel accounted for 3% during the year in view,the Nigerian hospitality report 2017 launched by  Jumia Travel, has said . Source Daily Trust Read More 

Lagos to invest $500m in housing - Lagos State is to invest $500 million to redesign and complete housing units at Ilubirin and Ijora-Badia. Source THE NATION Read More 

Nigerians hit as demand pushes up palm oil prices by over 100% - Many homes in Nigeria can hardly afford to buy palm oil today, as the price of the commodity which is commonly used in cooking, rises by more than 100 percent, on account of extremely high demand. Source BUSINESSDAY Read More 

Fixed income, currency markets turnover hits N12.26trn - Turnover of transactions carried out in Nigeria’s Fixed Income and Currency (FIC) markets for the month of December 2016 amounted to N12.26trillion, according to the FMDQ OTC Securities Exchange. Source BUSINESSDAY Read More 

Nigerian, Brazilian firms float new airline - A Nigerian firm, Omni-Blu Aviation Limited, has partnered Omni Helicopters International S.A. of Brazil to develop a new alliance known as Omni Helicopters Nigeria. Source Punch Read More 

Ajaokuta requires $2bn to revive operations, says FG - The Federal Government has said that to get the Ajaokuta Steel Complex to produce at full installed capacity requires an investment of $2bn. Source Punch Read More 

CBN sells $660m forwards to clear backlog – Traders - The Central Bank of Nigeria has sold $660 million in three- and five- month currency forwards at an auction aimed at clearing a backlog of dollar demand, traders said on Wednesday. Source Daily Trust Read More 

CBN to penalise banks with cash problems - The Central Bank of Nigeria has said it will penalise Deposit Money Banks that have liquidity challenges by way of temporary suspension from its lending window. Source Punch Read More 


Medview Airlines listing, adds N14.65bl to the NSE Market Capitalization - The listing of one of the leading players in the Nigerian Aviation space, Medview Airlines has added a market capitalization worth N14.65bl to the Nigerian stock exchange. Source Proshare Read More 

Equities Market Sustains Two-day Losing Streak as NSE ASI Dips Further by -0.51% - Equities market closed today on a negative note, as NSE ASI depreciated by 0.51% to close at 25,903.55 basis points, compared with the 0.69% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.61%. Source Proshare Read More 

Dangote to scale up investments in Zambia - Nigerian multi-billionaire investor Aliko Dangote  has expressed the desire of his group to further consolidate on his existing investments in Zambia and other African countries by  exploring opportunities in the energy and agriculture sectors. Source Daily Trust Read More 

Oil Prices Rise As Russia, OPEC Begin Production Cut - Oil price yesterday headed northward to around $56 a barrel, climbing on supports from Russia and members of the Organization of the Petroleum Exporting Countries (OPEC) who are delivering on promised supply reductions. Source Leadership Read More 

Nigeria’s oil rig count falls by 32% - The number of active oil rigs in Nigeria extended its decline last year, as it dropped to 23 in December, down from 38 in January 2015, data from Baker Hughes Incorporated and the Organisation of Petroleum Exporting Countries showed. Source Punch Read More 

TCN floats $200mn funding scheme to rehabilitate existing transmission lines - The Transmission Company of Nigeria (TCN) says it has received approval from the Federal Government to begin a pilot funding scheme of 200 million dollars for the refurbishing of its existing lines and substations . Source BUSINESSDAY Read More 


Ghana government says inherits budget deficit "closer to double digits" - Ghana's new government has inherited a budget deficit "closer to double digits" as a percentage of GDP than the 5 percent targeted for 2016 by the previous government, Finance Minister Ken Ofori-Atta told Reuters on Wednesday. Source Reuters Read More 

Morocco sees potential $1 bln of international bond issues in 2017: finance ministry source - Morocco is considering tapping international debt markets in 2017 through around $1 billion of bond issues, a senior official in the finance ministry said. Source Reuters Read More 

Egypt’s Banks Attract $9 Billion in Inflows Since Pound Float -Foreign holdings of Egyptian treasury bills have grown since the pound was floated three month ago, while renewed trust in the currency has sent billions of dollars into local banks. Source Bloomberg Read More 

Ghana Finds a $1.6 Billion Hole in Budget - Ghana’s budget deficit could be twice as big as previously forecast, Finance Minister Ken Ofori-Atta said a day after the government revealed a 7 billion-cedi ($1.6 billion) hole in the budget. The disclosure sent bonds tumbling. Source Bloomberg Read More 

Banks Get Bashed in Battle Over South African Financial System - New allegations by President Jacob Zuma’s supporters that South Africa’s biggest banks are frustrating efforts to address racial inequality signal an escalation of a battle for control of the nation’s financial system including the Treasury. Source Bloomberg Read More 

China Oil Trader’s Mideast Spree Contributes to Shake-Up in Global Supply Flows - Crude purchases in one corner of the oil market by a Chinese trader are contributing to the shake-up of supply flows across the globe. Source Bloomberg Read More 

Saudi Arabia Plans the World’s Cheapest Power With Solar and Wind - Saudi Arabia will award its first tender to build 700 megawatts of solar and wind energy in September, with the cost of power forecast to be the lowest in the world, Energy Minister Khalid Al-Falih said. Source Bloomberg Read More 

Asian Stocks Mixed While Yen Strengthens After Fed: Markets Wrap - Stocks in Asia were mixed as investors digested a raft of earnings reports, while the yen turned higher after the Federal Reserve gave investors little fodder to change their views on the pace of U.S. interest-rate hikes. Source Bloomberg Read More 

Malawi to explore Nigeria’s oil, gas transparency initiative - A high-ranking delegation from Malawi is expected to arrive in Abuja this week on a study of Nigeria’s implementation of the global Extractive Industries Transparency Initiative (EITI). Source Guardian Read More 

UAE firms to produce 30mw from municipal waste - With abundant  wastes in Nigeria, the Federal Government can borrow a leaf from United Arab Emirate, (UAE) where municipal wastes are being turned to energy. Masdar, Abu Dhabi’s renewable energy company, is to develop a cutting-edge waste-to-energy plant in Sharjah, in partnership with Bee’ah, the Middle East’s leading and award-winning environmental management company. Source THE NATION Read More 

Zuckerberg Gains $3 Billion as Facebook Shares Surge - Facebook Inc. founder Mark Zuckerberg added almost $3 billion to his net worth as shares rose with the social-media giant solidifying its No. 2 position in the market for mobile advertising, behind Alphabet Inc.’s Google. Source Bloomberg Read More 




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