Nigeria in 1min: Economic, Business & Financial Headlines – 030216



February 03, 2016 7:30 AM / Proshare News

Capital Importation into Nigeria Moves up by 3.07% in Q3'15, down by 43.34% in Q4'15 - The total value of Capital imported into Nigeria in the Third Quarter of 2015 was $2,748.10 million, up 3.07% from the preceding quarter. This was followed by a total of $1,556.95 million in the fourth quarter, a decline of 43.34% from levels recorded in the previous quarter. Source Proshare Read More

FG asks AfDB for $1bn budget support loan - The Federal Government has asked the African Development Bank for a $1bn (N199bn) loan to help fund an increased budget deficit, the bank said on Tuesday. Source Punch Read More

FIRS sets N4.9tn revenue target to fund budget - The Federal Inland Revenue Service on Tuesday projected a revenue target of N4.95tn for the 2016 fiscal period to fund the Federal Government’s budget. Source Punch Read More

Govt plans cut of agric loans interest to 5% - NIGERIAN farmers may soon heave a sigh of relief as the Federal Government is planning to reduce interest rate on agricultural loans from 21 percent to 5 percent. Source Guardian Read More

FG to save N12bn from unwanted overheads - The recently constituted Efficiency Unit in the Federal Ministry of Finance has said it is targeting to save for the federal government some N12 billion annually by driving efficiency on government procurement processes. Source Daily Trust Read More

Budget: We won’t increase VAT – FG - The Federal Government has reassured Nigerians that it will not increase the Value Added Tax (VAT) to finance the 2016 budget.Source Daily Trust Read More

Nigeria most profitable route for foreign airlines – Megisson - Capt. Noggie Megisson, the Executive Chairman of Airline Operators of Nigeria (AON), in this interview, speaks on the challenges confronting airline operators and the aviation sector. Source Daily Trust Read More


Africa’s remittances top $90b yearly - France and Germany -based Tempo Money Transfer, has just completed its study on the remittances segment of a 1.1-billion populated region, in Africa. Source Guardian Read More

Nigeria's budget support loan is a fiscal insurance policy and well costed - The FGN has opened preliminary discussions with the World Bank and the African Development Bank (AfDB) about budget support loans of US$2.5bn and US$1.0bn respectively. We refer to budget support because the loans are intended to cover a potential gap in the FGN’s 2016 proposals although they would be deployed for specific capital projects. Source Proshare Read More


Monetary strokes normalise yield curve - The case for a lower treasury yield curve - Whilst yields on FI instruments initially responded to increased risk perception on a combination of extended decline in oil prices, delayed cabinet appointments, exclusion of FGN bonds from the JP Morgan Emerging Market Bond Index and prospect of a US rate lift-off, it was the switch in monetary policy to a dovish tone that ultimately underpinned yields trajectory over H2 15 Specifically, the impact of CBN’s accommodative policy induced a 9.5pps contraction the short end of the curve to ~4% (vs. 5.5pps contraction at the long end). Source Proshare Read More

Free Trade Zone: Banks To Be Exempted From Duties, Taxes - As an incentive, banks operating in free trade zones in the country will be exempted from stamp duties on all its documents, withholding tax deductions on interest payable on deposits, dividends and royalties as well as corporate and capital gains taxes. Source Leadership Read More

$25b Infrastructure Fund elicits global interest, says Osinbajo - The Federal Government’s plan to raise a $25 billion Infrastructural Fund from the global community and establish long term bankable projects is gaining traction,  Vice President, Prof. Yemi Osinbajo, has said. Source THE NATION Read More

‘Govt to save N12b from MDAs’ - The Federal Government plans to save N12 billion yearly from the discounts it would receive from the large purchase of overhead items for Ministries Departments and Agencies (MDAs). Source THE NATION Read More

Fed Govt to inaugurate Insurance Bill review committee tomorrow - The Federal Government will tomorrow inaugurate the 10-member committee set to review the Insurance (Consolidated) Bill. Source THE NATION Read More

NPA, NIMASA, Others For KPMG, SIAO Audit - The Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), and the Nigeria Customs Service (NCS) are among the 81 agencies of the federal government responsible for revenue generation billed to be audited by KPMG and SIAO. Source Leadership Read More


NCAA Receives 7,328 Passengers’ Complaints In 2015 - The Nigerian Civil Aviation Authority (NCAA) said on Tuesday that it received a total of 7,328 complaints from both domestic and international air passengers in 2015. Source Leadership Read More

Nigeria ranks low on agric mechanisation scale - For Nigeria to attain the level of food security, diversify its economy away from oil, and reduce dependency on food imports, it has to improve its level of mechanization in its agriculture, experts have said. Source BUSINESSDAY Read More


Polish, Nigerian firm invests $3m in agric equipment manufacturing factory - Federal Government of Nigeria policy on diversification of the economy from oil to non-oil sectors may have begun yielding fruitful results as Poland-based Company Agro Machine and Nigerian partners – Sleek Group Limited and Shebag Holdings Limited – have concluded plans to set up an agricultural manufacturing factory in Nigeria. Source BUSINESSDAY Read More


Benin Disco to invest N2.7 billion on smart meters  - The Benin Electricity Distribution Company (BEDC) has unveiled plans to spend about N2.7 billion on smart meters in other to meet the metering requirements of its network. Source Guardian Read More

Power generation to increase by 2,000MW this year − Fashola - The Minister of Power, Works and Housing, Babatunde Fashola, has said that given the various plans by the present administration in the sector, power generation would increase by an additional 2,000 megawatts by the last quarter of 2016. Source Punch Read More

Fashola defends electricity tariff hike - The Minister of Power, Works and Housing, Mr. Babatunde Fashola, on Tuesday justified the 45 per cent increment in electricity tariff, which took effect on Monday, stressing that the action remained the only way to enhance stable power supply in the country. Source Punch Read More


CBN Releases Nigeria Electronic Fraud Forum 2014 Annual Report - In 2011, the Central Bank of Nigeria in conjunction with the Bankers Committee embarked on an ambitious project of transforming the Nigerian retail payments system from overdependence on cash for P2P, P2B and G2P transactions, to the adoption of electronic alternatives for payments. Source Proshare Read More

CBN Publishes Guidelines for Banking Operations in the Free Trade Zones in Nigeria - Banks and other financial institutions in Nigeria are licensed under the Banks and Other Financial Institutions Act (BOFIA), Cap B3, Laws of the Federation of Nigeria, 2004 (as amended), complemented by the directives and guidelines issued from time to time by the Central Bank of Nigeria (hereinafter referred to as “CBN”) to carry on banking business in accordance with the provisions of the Act. Source Proshare Read More

PenCom recovers N10b pension contribution - The National Pension Commission (PenCom) has recovered over N10 billion unremitted pension contributions in principal and interest penalty, The Nation has learnt. Source THE NATION Read More

PenCom moves against defaulting firms on remittance - Worried by the non remittance of pension contributions running into billions of naira, the National Pension Commission (PenCom) has given defaulting firms two weeks from the middle of January to pay up outstandings, plus interest or face legal action, BusinessDay investigations reveal. Source BUSINESSDAY Read More

CBN tells lenders to fund accounts for Thursday’s dollar sales - The Central Bank of Nigeria (CBN) told commercial lenders to fund their naira accounts on Tuesday to be able to participate in a currency intervention on the interbank market on Thursday, traders said, citing a message from the regulator. Source BUSINESSDAY Read More

NAICOM Releases Requirements for Re-registration of Insurance Brokers - The National Insurance Commission (NAICOM) has released requirements for re- registration of insurance brokers whose licenses had lapsed. Source Thisday Read More


Exporters lose N78bn to dollar restriction, others - The ongoing conflict between stakeholders and the Central Bank of Nigeria over the export repatriation policy, which came into force in February 2015, has forced some non-oil exporters to abandon the sector, while others have gone underground to carry out informal exports, our correspondent has gathered. Source Punch Read More

CBN Plans Forex Intervention For Banks - The Central Bank of Nigeria is planning to pump foreign exchange in to the market this week as it told commercial banks yesterday to fund their naira accounts to be able to participate in a currency intervention on the interbank market on Thursday. Source Leadership Read More


Stocks seesaw on growing volatility, post modest gain - The equities market closed today on a positive note, as NSE ASI appreciated by 0.03% to close at 23,834.87basis points, compared with the 0.37% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.78% Source Proshare Read More

Sustained oil price weakness combines with policy opacity to stoke market downturn - Nigerian equities resumed the bearish run briefly punctuated by euphoria over peaceful conclusion of the 2015 general elections in Q2 15, by posting two quarters of losses in H2 15. This resulted in  the NSEASI posting its worst performance in six years (YTD: -17.4%). Renewed market weakness over the period Source Proshare Read More


CBN, FIRS, NIPOST clash over stamp duty - Tension is brewing among three key government agencies over the implementation of the stamp duty recently reintroduced to the banking industry by the Central of Bank of Nigeria. Source Punch Read More

N900bn debts: AMCON begins sale of defaulters’ assets - The Asset Management Corporation of Nigeria (AMCON) has commenced the sale of assets of bad debtors. Source Daily Trust Read More


Berger Paints Nigeria Plc Outsources Depots; Intends to Appoint Franchisees Countrywide - As part of its strategy to enhance accessibility and visibility of its products, Berger Paints has embarked on the outsourcing of all its depots. It thereafter intends to appoint franchisees in various other locations of the country where the Company does not have a presence.


TIGERBRANDS declares N900.76 million loss in Q1'16 result,(SP:N1.20k) – Source Proshare Read More


FG Loses N64bn To Cybercrimes – AGF - The Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN, has said Nigeria lost well over N64billion to cyber crimes. Source Leadership Read More

Corruption’ll cost Nigeria 30% of GDP by 2030 —Report - A NEW study by professional services firm, PriceWaterhouseCoopers, PwC has shown that Nigeria will lose 30 per cent of its GDP to corruption by 2030. Source Vanguard Read More


Petrobras faces class-action lawsuit in bribery and political kickbacks scandal - The large Brazilian oil company has been accused of inflating the value of more than $98bn of its stock and bonds through years of corruption Source guardian Read More


‘EFCC recovered $2tn from looters in 12 years’ - The Chief Justice of Nigeria, Justice Mahmud Mohammed, on Tuesday called for collaboration between all relevant agencies of the Federal Government for the war against corruption and other related crimes to succeed. Source Punch Read More

Telcos to spend N4.8bn rebuilding base stations in N-East - Telecommunication businesses are said to be among the worse hit by the Boko Haram insurgency in the North-East of the country and would need to spend about N4.8 billion rebuilding blown up masts and base stations in affected areas. Source BUSINESSDAY Read More

MTN masts in Ondo sealed for alleged N458m tax evasion - The Ondo state government has sealed some mast sites belonging to MTN, due to an alleged N458 million tax evasion between 2010 and 2013. Source BUSINESSDAY Read More

Govt cancels import waiver - AS the Federal Government continues to consider options to finance the almost N3 trillion gap in its N6.08 trillion 2016 spending plan still before the National Assembly, the President Muhammadu Buhari administration may have cancelled most of the import waivers granted some Nigerians as well as operators in certain sectors of the economy by the Goodluck Jonathan government. Source Guardian Read More

INEC shifts Rivers rerun to March 19 - THE Independent National Electoral Commission has shifted the State and National Assembly rerun elections in Rivers State to March 19, 2016. Source Punch Read More


No subsidy paid in January— Kachikwu - THE Minister of State for Petroleum/Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Ibe. Kachikwu, yesterday said the Federal Government did not pay any subsidy on petroleum products in January 2016. Source Vanguard Read More

Crude oil prices slide as hopes of production cut dim - West Texas Intermediated (WTI) crude oil declined by 6.33 per cent at $31.62 a barrel and Brent fell by 0.14 per cent to $34.69 a barrel as hopes for a deal on production did not scale through. Source Guardian Read More

Shale production pushes U.S., Nigeria’s trade volume down to $4.9 billion - Nigeria and the United States bilateral trade has decreased from the $9.9 billion it recorded as at December 2014 to $4.9 billion by the end of 2015, due to the shale oil evolution. Source Guardian Read More 

NLNG offers FG N60bn for Bonny-Bodo road - Nigeria LNG Limited (NLNG) today called on the Federal Government and relevant agencies, including the Niger Delta Development Commission (NDDC), to partner with it in the development of Bonny-Bodo road, a long-standing government project which will help improve the infrastructure in the Niger Delta. Source Daily Trust Read More

New oil swaps to begin March, save FG $1bn – Kachikwu - The Nigerian National Petroleum Corporation (NNPC) crude-for-products exchange arrangement known as crude swap will be replaced by a Direct-Sale-Direct-Purchase (DSDP) arrangement which would take off next month. Source Daily Trust Read More

Oil Prices Could Jump 50% by the End of 2016 - Oil bulls distressed that last week’s rally fizzled can find some comfort in forecasts for a bigger and longer rebound by the end of the year. Source Bloomberg Read More

BP Profit Tumbles 91% Amid Oil Slump, Falling Short of Estimates - While Chief Executive Officer Bob Dudley has trimmed billions of dollars of spending, cut thousands of jobs and deferred projects in response to the plunge in crude prices, BP’s cash flow still doesn’t cover investments and dividends. Source Bloomberg Read More

Oil Pipeline Bombs Threaten New Nigeria Rebellion - “General” Ramsey Mukoro opens a wad of cash and orders a double Hennessy before issuing his warning: the rebellion he was part of is threatening to return to the oil-rich Niger River delta. Source Bloomberg Read More


Asian shares fall, safe assets shine as oil retreats - Asian shares tumbled on Wednesday as oil prices dropped for a third day, prompting investors to seek shelter in safe-haven assets and lifting bonds and gold to multi-month highs. Source Reuters Read More


European shares drop as oil prices fall, BP reports loss - European equities fell sharply on Tuesday as crude oil prices slipped again and companies like BP reported disappointing earnings. Source Reuters Read More

South African economy to slow, weighed down by policy, drought: World Bank - South Africa's economy will slow to just 0.8 percent in 2016, weighted down by uncertainty over policy, gaps in infrastructure and drought, the World Bank said on Tuesday. Source Reuters Read More


Tanzania plans to cut deficit but raise spending in 2016/17 - Tanzania plans to lift spending on industrial and infrastructure projects but wants to cut the budget deficit, its finance minister said in an outline of the draft budget for 2016/2017, which will be the first under the new president, John Magufuli. Source Reuters Read More


Nigeria, Angola seek World Bank help as oil revenues slide -  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


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