Nigeria in 1min: Economic, Business & Financial Headlines – 021216



December 2, 2016 7:00 AM / Proshare News 


PMI Reading No 44 is Back Below Water - Our manufacturing Purchasing Managers’ Index (PMI), the first of its kind in Nigeria, shows a decline from 52.9 in October to 48.8. Our partner, NOI Polls, has gathered and compiled the data. Source Proshare Read More 

FG Orders CBN, NPA, 15 Others to Refund N450bn Unremitted Revenue - Seventeen revenue-generating agencies have been summoned for a meeting to tender proposals on how they intend to repay N450 billion unremitted operating surplus into the Consolidated Revenue Fund (CRF). Source Thisday Read More 

Kaduna Assembly passes 214bn budget for 2017 - Kaduna State House of Assembly, yesterday, passed the 2017 Appropriation Bill, three weeks earlier than it did last year. Source Vanguard Read More 

Gov. Gaidam presents N69.3bn budget for 2017 fiscal year - Gov. Ibrahim Gaidam of Yobe on Thursday presented a budget of N69.3 billion to the state House of Assembly for the 2017 fiscal year. Source BUSINESSDAY Read More 

Nigeria exports rise in Q3 lifted by crude sales to India, US - Nigerian exports climbed 29 percent in the third quarter, official figures showed on Thursday, lifted by crude sales to India and the U.S. that helped cut a widening trade deficit in Africa’s largest economy. Source Daily Trust Read More 

Imports surge 43% on naira devaluation - The latest trade data released by the National Bureau of Statistics (NBS) shows that imports rose 43 percent year-on-year to N2.41 trillion from N1.68 trillion recorded in the same period of 2015 Source BUSINESSDAY Read More 

Auto import, sales drop by 60% - The economic downturn has forced a drop in semi knocked down parts (SKDs) and fully built vehicles (FBUs) imports by 60 per cent. Source THE NATION Read More 

Nigeria’s 33 grain silos empty - Nigeria has 33 silos meant for storing grains against periods of poor harvest but all the silos are empty, as fear of famine stalks the country. Source BUSINESSDAY Read More 

Africa to spend $110b on food imports by 2025, says IITA DG - Africa will spend  $110 billion in  food imports by 2025 because of the neglect of agriculture, International Institute of Tropical Agriculture (IITA), Director-General Dr Nteranya Sanginga has said. Source THE NATION Read More 

N7trn budget can’t make huge impact – Osinbajo - Vice President Yemi Osinbajo yesterday confirmed that the Federal Government has proposed about N7 trillion as budget estimate for the 2017 fiscal year but said it could not make a huge difference in a N90 trillion economy like Nigeria’s. Source Daily Trust Read More 


CBN: No disagreement with fiscal authority - The Central Bank of Nigeria (CBN) has denied insinuations of disagreement with the fiscal authority led by the Federal Ministry of Finance. Source Daily Trust Read More


Market Sustains Negative Sentiment in November; Proshare Migrates WebTV to its Main Hub -Nov '16 SSS - Nigeria’s Equities Market sustains negative sentiment in the month of November 2016 to record –7.27% loss as against -3.94% loss recorded in October 2016 as negative sentiment persists while current NSE ASI performance depressed market YTD performance further in the negative territory to stand at -11.87% from -4.97% recorded in October 2016. Source Proshare Read More 

NSE-ASI sustains gains as Oil and Gas Stocks drive price  - The equities market closed today on a positive note, as NSE ASI appreciated by 0.09% to close at 25,265.08 basis points, compared with the 0.03% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.79%. Source Proshare Read More 

NSE Delists Six Stocks Today -Please note that the under listed stocks have been delisted from the official list of the Nigeria Stock Exchange effective today 1st December, 2016. Source Proshare Read More 

NASD OTC Defies Bearish Economic Fundamentals; Grows Market CAP - The growth in a market is measured by the rate at which liquidity is entering and exiting such market. If exiting rate is higher, it means liquidity level is shrinking, i.e. more money is exiting the market than entering. Source Proshare Read More 

UBA seals $150m AfDB loan deal - United Bank for Africa, UBA, Thursday said it has secured a $150 million loan deal from the African Development Bank (AfDB) to support infrastructure projects. Source Vanguard Read More 

Naira faces further pressure against dollar - The naira is seen weakening further against the United States dollar next week amid a crackdown in the parallel market currency traders and the persistent scarcity of the greenback. Source Punch Read More 

High FX Rate: Insurers Groan under Huge Claims Figure - The twin problems of high exchange rate, which has seen the Nigerian commodity price index moving at geometric increase rate and adverse effects of climatic change with its attendant risk of damages to lives and properties in 2016 have exposed Nigerian insurers into high claims ratio experience in 2016 more than ever. Source Thisday Read More 

NNPC to explore for crude in Gulf of Guinea - The Nigerian National Petroleum Corporation on Thursday announced its preparedness to explore for crude oil in the Gulf of Guinea in a bid to increase the country’s reserves. Source Punch Read More 

OPEC deal pushes oil to one-year high - Global oil benchmark, Brent crude, extended its rally on Thursday, surging to $54 per barrel, the highest level this year. Source Punch Read More 

Indonesia quits OPEC over oil production cuts - Indonesia has suspended its membership in oil producer club, the Organisation of Petroleum Exporting Countries again, as the crude oil importer said it does not agree to the club’s production cuts. Source Punch Read More 

Power generation drops to 3,321MW - National power generation capacity has dropped from 4,285 megawatts recorded in September 16 to 3,321 megawatts, yesterday, due to scarcity of gas. Source Vanguard Read More 

Sokoto Successfully Test-runs North’s First Independent Power Project - Sokoto State Government has successfully conducted a test-run of its N3.8 billion Independent Power Project (IPP), whose contract was awarded in November, 2008. Source Thisday Read More 


A Checklist for Your Annual December Holiday Shutdown - If you’re the owner or manager of a Small & Medium Business outside the retail and hospitality industries, you’re probably looking forward to the annual break. Source Proshare Read More 

Tunisia to sell stakes in Ooredoo, Orange telecom companies: official - The Tunisian government will sell its stakes in telecom companies Orange Tunisia and Ooredoo next year, a senior official told Reuters on Thursday. Source Reuters Read More 

Tunisia's central bank holds key rate unchanged at 4.25 percent - Tunisia's central bank kept its key interest rate unchanged at 4.25 percent on Thursday. Source Reuters Read More 

Mozambique oil and gas contracts to be signed early next year - Mozambique's National Petroleum (INP) expects to sign new oil and gas prospecting contracts by early next year with the companies awarded rights to test for hydrocarbons across the country, an official said on Thursday. Source Reuters Read More 

Waiting for Mugabe’s Exit, Zimbabweans Endure Shattered Economy - Edgar Garwe sits repairing mobile phones behind the counter of his tumble-down stall, worrying about a scarcity of customers and how he’ll pay his two children’s school fees. Source Bloomberg Read More 

Kenya Seeks Banks’ Advice on Raising $1.5 Billion Abroad - Kenya has invited banks to submit proposals on how it can tap international markets for as much as $1.5 billion to finance a budget deficit and boost foreign-currency reserves, according to a person with direct knowledge of the matter. Source Bloomberg Read More 

Global Bonds Suffer Worst Monthly Meltdown as $1.7 Trillion Lost - The Bloomberg Barclays Global Aggregate Total Return Index lost 4 percent in November, the deepest slump since the gauge’s inception in 1990. Source Bloomberg Read More 

Nigerian Cabinet Approves 20% Increase in Spending for 2017 - Nigeria’s cabinet approved a 20 percent increase in spending proposals next year, taking the figure to 7.3 trillion naira ($23.3 billion), according to the Budget and Planning Ministry. Source Bloomberg Read More 

Vietnam Seeks $1.2 Billion in Overseas Loans to Expand Refinery - Vietnam is seeking about $1.2 billion in overseas loans for its only oil refinery before a share sale in 2017, to increase output and meet demand in one of Southeast Asia’s fastest growing economies. Source Bloomberg Read More 


Digital music downloads revenue hits $20m monthly - Digital music downloads in Nigeria have become the fastest and most resilient revenue source for local musicians, with revenues from the segment now estimated at between $US15 million and $US20 million monthly. Source BUSINESSDAY Read More 


BOI Partners Firm on Solid Minerals Development - The Bank of Industry (BOI) has partnered Laurel School of Mines (LSM) to boost gem stone development, noting that this move is the boldest initiative the Development Finance Institution ( DFI) has taken so far in the solid minerals space in the country. Source Thisday Read More 






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