Nigeria in 1min: Economic, Business & Financial Headlines – 030616



June 3, 2016 6:10 AM / Proshare News 


The Road to Recession – Nigeria’s Steady Descent - Nigeria’s descent to a now virtually inevitable (?) recession has long been foretold by this columnist so no serious-minded person will be surprised at the news that the Nigerian economy contracted by 0.36 percent in the first quarter of 2016. Source Proshare Read More

A Spike in Inflation Rate to 15.6% in May 2016 - We expect the May 2016 inflation rate (year-on-year) to increase to 15.58% from 13.72% recorded in the month of April 2016. Source Proshare Read More

Five Worst Performing Economic Sectors in Q1 2016  -  From the national accounts for Q1 2016 we today highlight the five worst performing sectors. We include what the NBS terms activity sectors, which are often subdivided into segments, and only those accounting for at least 1% of GDP at constant basic prices.Source Proshare Read More 

X-raying the Budget of Change ...How much can it achieve? -  One year into the transition from President Jonathan to the Buhari led administration, the burden on Government remained the need to rejuvenate the Nigerian economy which has suffered from the declining global oil prices, poor governance structure, sub-optimal fiscal crisis and monetary policy actions. Source Proshare Read More 

Pension Funds Rise to N5.4tn - Director-General, National Pension Commission,(PenCom), Mrs Chinelo Anohu-Amazu has revealed that Nigeria’s pension funds now stand at about N5.4 trillion with approximately seven million contributors. Source Thisday Read More 

How to Decommission an Economy - Most literature on economics focuses on growth and development, and appears to be based on the assumption that human progress is dependent upon increase, growth, enhancement or expansion. Source Proshare Read More 

Nigeria’s Central Bank to make Another U-turn on Promised Flexible Currency Policy - Unable within its own self-imposed 7 day (168 hour) deadline to reconcile the contradictory monetary economic principles undergirding a promised flexible exchange rate regime, with a concomitant vow by President Buhari against a Naira devaluation – the Nigeria central bank is poised to again reverse course and rather tweak the current illiquid managed fixed peg exchange rate regime. Source Proshare Read More 

N15bn substandard products imported into Nigeria annually –Erisco CEO - The Chief Executive Officer of Erisco Foods, a subsidiary of Erisco Bonpet Group, Chief Eric Umeofia, has said that substandard products worth about N15bn are imported into Nigerian market annually. Source Punch Read More 

Fed Govt saves N185b from new payroll system - The Federal Government has saved over N185 billion from the implementation of the Integrated Payroll and Personnel Information System (IPPIS),  Bureau of Public Service Reforms, Director-General Dr Joe Abah has said. Source THE NATION Read More 

TUC sets up $1bn Economic Development Fund - The Trade Union Congress (TUC) says it has set up one $1billion Economic Development Fund for the actualisation of its Economic Development Plan. Source DAILY Trust  Read More 

Nigeria’s Mohammed Barkindo Named OPEC Secretary-General - Mr. Mohammed Barkindo, previous Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) from 2009 to 2010, has been announced as the Secretary-General of the Organisation of Petroleum Exporting Countries, OPEC. Source Proshare Read More 

Ajibola emerges CIBN president - The Chartered Institute of Bankers of Nigeria (CIBN) at its Annual General Meeting held in Lagos elected Prof. Segun Ajibola as its 19th President and Chairman of Council. Source THE NATION Read More 

Foreign Airlines Lose Nigeria’s High Yield Market to Economic Downturn - THISDAY investigations have revealed that foreign airlines lose about $200 million monthly to the present economic crunch in Nigeria, which has forced potential travellers to defer their trips due to lack of disposable income. Source Thisday Read More 

IATA urges Nigeria, Venezuela to release $5b airlines cash - The International Air Transport Association (IATA) called yesterday for countries with tight currency exchange rate controls, including Venezuela and Nigeria, to release $5 billion worth of local ticket sales revenues owed to foreign airlines or risk losing their services. Source THE NATION Read More 

‘CBN Declined in Clarifying Currency Plans’ - A meeting between the Central Bank of Nigeria (CBN) and local currency traders has failed to dispel uncertainty over the implementation of plans to abandon the naira peg and adopt a flexible currency, bankers said on Thursday. Source Thisday Read More


SF Markets Monthly Index Highlights: May 2016 - Monthly overview of the Nigerian financial markets as reflected through SF Markets equity and fixed income indices. Source Proshare Read More 

OANDO Extends the Release of its 2015 Audited Financial Statements to 30th June 2016 - This is to inform our valued shareholders and key stakeholders that there has been a further extension to the release of Oando PLC’s Full Year End (FYE) 2015 Results. Source Proshare Read More 

GLAXOSMITH Holds EGM on the Proposed Sales of the Company's Manufacturing Business - Notice Is Hereby Given that the Extra-Ordinary General Meeting of GlaxoSmithKline Consumer Nigeria PLC will be held at the Shell Nigeria Hall, MUSON Centre, 8/9 Marina, Onikan, Lagos, on Monday 4th July 2016 at 12:00 o'clock in the noon or so soon after, to transact the following business Source Proshare Read More 

A May to Remember in the Nigerian Equities Market - Sell in May and Go Away. At least that’s how the saying goes. However, May 2016 has been one with a difference. The 10%+ rally in the month marks the third strongest gain for the month of May in nearly two decades and this is after a 4.2% cutback in the last two trading days of the month. Source Proshare Read More 

NEXIM Bank to aid CBN on non-oil sector devt - The Nigeria Export-Import Bank (NEXIM) has pledged its support for the Central Bank of Nigeria (CBN’s) financing schemes for the development of the non-oil export sector. Source THE NATION Read More 

Low oil price remains as OPEC shuns output cut - The price of oil may remain low for the rest of the year as the Organisation of Petroleum Exporting Countries (OPEC) failed to agree on crude oil output cut at its 169th meeting held in Vienna, Austria, yesterday. Source Daily Trust  Read More 

Vitafoam boss seeks manufacturers’ access to official forex window - The Group Managing Director and Chief Executive Officer, Vitafoam Nigeria Plc, Taiwo Adeniyi has called on the Federal Government to ensure that genuine manufacturers have access to official foreign exchange window, to reduce cost of production and promote job creation agenda of the administration. Source Guardian Read More 

Cooking gas price rises by 45%, marketers lament - The price of Liquefied Petroleum Gas, popularly known as cooking gas, has jumped by 45 per cent in less than a week amid scarcity of the product. Source Punch Read More 

’Renewable energy produces 23.7% of global electricity production’ - About 23.7 percent of electricity produced around the world comes from renewable energy sources, according to a report titled ‘Renewables 2016 Global Status’ an annual review of the state of renewable energy published by Renewable Energy Network (REN21). Source BUSINESSDAY Read More 

Saudi Arabia Says Oil at $50 Won’t Hinder Market Recovery - Oil prices at $50 won’t allow shale oil and other higher-cost producers to lift supply to levels that hinder market recovery, Saudi Arabia’s oil minister said. Source Bloomberg Read More 

Oil Rises to Seven-Month High Even as OPEC Maintains Status Quo - Oil rose to a seven-month high in London after a U.S. crude supply decline tempered the impact of OPEC’s failure to reach an agreement for a new production ceiling. Source Bloomberg Read More 



Facts Behind the Ecobank vs. Otudeko Debt Debacle, Airtel/SEC Angle  - The public reportage of the loan issue between Ecobank and Oba Otudeko (and company) started out as another story about debtors but soon enough it became a a story we had to stay on for much longer as it developed all the trappings of an epic. Source Proshare Read More

IMF team in Angola for loan talks, economy diversification on agenda - A team from the International Monetary Fund is visiting Angola to negotiate a loan facility after lower oil prices hammered the finances of Africa's second largest crude exporter, the Ministry of Finance said on Wednesday. Source Reuters Read More

Congo Republic to cut budget for second straight year due to oil prices - Congo Republic's government is proposing to cut spending in the current 2016 budget by around 9 percent, repeating a similar mid-year revision made last year as low oil prices cut into revenues, the communications minister said. Source Reuters Read More 

Denmark Dumps $3.5 Billion in FX Interventions Amid Brexit Risks - Denmark’s central bank dumped the equivalent of $3.5 billion in kroner to weaken the currency and defend its peg to the euro. Source Bloomberg Read More 

Saudi Fund Said to Consider Loan of $3 Billion for Uber Deal - Saudi Arabia’s sovereign wealth fund is weighing a loan of as much as $3 billion for its investment in Uber Technologies Inc., people with knowledge of the matter said. Source Bloomberg Read More



Telecoms Sector Contributes 8.83% to GDP in Q1 2016 -  In real terms, the telecommunications sector contributed 1,411.74 billion to GDP in the first quarter of 2016, or 8.83%, an increase of 0.5% points relative to the same quarter of the previous year. Source Proshare Read More 

Naspers invests $60 million in online-learning company Udemy to expand global reach - Media and e-commerce group Naspers, the largest listed company in Africa by market value, said on Thursday that it has invested $60 million in U.S. education-technology firm Udemy. Source Reuters Read More 



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