Nigeria in 1min: Economic, Business & Financial Headlines – 031016



October 03, 2016 7:10 AM / Proshare News 


Imo launches Rice Anchor Borrower’s N9 billion loan programme - Governor Rochas Okorocha of Imo State on Wednesday launched Rice Anchor Borrower’s programme, with a charge to every adult in the state to embark on farming of rice among other products. Source Guardian Read More 

Okorocha imposes N3,000 development levy on Imo adults - Citing the need to replicate development in all 637 communities of Imo State, Governor Rochas Okorocha has directed all taxable adults in the 27 local councils to pay N3,000 as development levy. Source Guardian Read More 

‘Zamfara Loses $500m To Illegal Mining Annually’ - The governor of Zamfara state, Abdulaziz Yari Abubakar has raised the alarm that the state experiences an annual loss of over five hundred million US Dollars ($500m) to improper mining business. Source Leadership Read More 


CBN Enhances Minimum Qualifications for Banks CCOs to Ensure Compliance  - In its attempt to ensure strict compliance with all extant regulations; particularly those relating to foreign exchange transactions, Financial Action Task Force (FATF) and Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT), the CBN has decided to enhance the minimum qualifications for the position of the Chief Compliance Officers (CCOs) of the Deposit Money Banks (DMBs). Source Proshare Read More 

Banks reject cheques for savings accounts deposits - Deposit Money Banks (DMBs) are yet to comply with the Central Bank of Nigeria (CBN) directive that they allow cheques payments into savings accounts. Source THE NATION Read More 

CBN to raise N129.6b in T-Bills - The Central Bank of Nigeria (CBN) plans to raise N129.67 billion ($403.01 million) in short-dated treasury bills at an auction on Wednesday. Source THE NATION Read More 



Sentiment Analysis Report - W/E September 30, 2016 - Analysis of the market activity in the week ended September 30, 2016 technically revealed a waning optimistic trading pattern as investors reduced exposures in key active sectors. Source Proshare Read More 

Bank Modifies International Spend Limits on Naira Debit Cards - As the forex scarcity which currently faces the country continues to bite harder, indications have emerged that banks have started to adjust international spend limits. Source Proshare Read More 

Proshare migrates its Economy & Politics website to Proshare Economy on the new Hub - The Nigerian economy in recent times has been at the fore front of discussions by both businesses and individuals alike. Now more than ever, individuals are more concerned about the policies, reforms, strategies and decisions made by the Buhari administration towards reengineering the nation and how it would affect them. Source Proshare Read More 

PenCom Introduces Scheme for Artisans, Farmers - In a bid to enable informal sector employees participate in the contributory pension scheme (CPS), the National Pension Commission (PenCom) has introduced the Micro Pension Scheme for artisans, traders, tailors, farmers and other categories of self-employed persons. Source Punch Read More 

Naira faces further loss as dollar scarcity deepens - There is no end in sight to the continued depreciation of the naira despite recording a little gain against the dollar on Friday. Source Punch Read More 

Power sector losses reduce as generation picks up - The daily losses being recorded by operators in the power sector have reduced as electricity generation picks up gradually across the country. Source Punch Read More 

Oil price hits $50, Nigeria’s exports to rise - Global oil benchmark, Brent crude, extended its rally on Sunday to hit the $50 per barrel mark, the third time this year. Source Punch Read More 

Oil Marketers Want Preferential FX Rate for Petrol Extended to Aviation Fuel - Despite the preferential foreign exchange rate given to oil marketing firms by the international oil companies (IOCs), aimed at sustaining the importation of petrol into the country, the Major Oil Marketers Association of Nigeria (MOMAN) has decried the non-allocation of the same preferential FX rate for the importation of aviation fuel. Source Thisday Read More 

Fuel import: FG saves N173bn in five months - The Federal Government says it has been saving a total of $4m (N1.22bn) daily in fuel import bill since May 12, this year when it stopped paying subsidy claims to importers. Source Punch Read More 

Gas shortage, weak transmission facilities threaten power supply - ABOUT 4,646.9 Mega Watts (MW) of electricity have been lost by the Nigeria Electricity Supply Industry (NESI) to gas shortage, line and high frequency among other constraints. In the face of the drawbacks, the Nigerian Electricity System Operator (SO) of the Transmission Company of Nigeria (TCN) could only wheel out 3,382 MW to the 11 Distribution Companies (DisCos). Source THE NATION Read More 

Recession: Oil Firms Slash Salaries, Hold New Investments - Oil companies operating in Nigeria have come under serious financial challenges due to the volatility in the global oil market, which has impacted on their operations and profitability. Source Leadership Read More 



Congo republic govt sees 2017 GDP growth rising to 3.4 pct - Congo Republic plans to cut its budget by 24.3 percent in 2017 to 2.74 trillion CFA francs ($4.7 billion) as it reins in public spending following this year's presidential election, the government said late on Friday. Source Reuters Read More

South Africa foreign currency bonds oversubscribed despite low-growth - South Africa issued a pair of new dollar bonds worth $3 billion on Friday in a surprise show of confidence by investors in an economy that narrowly avoided recession and faces possible downgrades to junk in coming months. Source Reuters Read More

South Africa's petrol price to rise by 3.5 percent next week - The retail price of petrol in South Africa will rise by 3.5 percent from October 5, while the price of wholesale diesel will go up by 2.2 percent, the energy department said on Friday. Source Reuters Read More

Tanzania GDP growth at 6.7 pct in H1 2016: central bank - Tanzania's economy grew 6.7 percent in first half 2016 from 5.7 percent in same period a year ago, helped by expansion in the transport, mining, communications and finance sectors, the central bank said on Friday. Source Reuters Read More

Mauritius cuts 2016 growth forecast; agriculture, manufacturing seen slowing - Mauritius' economy is expected to grow by 3.7 percent this year, from a previous forecast of 3.9 percent in June, due to an expected slowdown in agriculture and manufacturing and no growth in construction, the statistics office said on Friday. Source Reuters Read More

Asian Stocks Rebound as Deutsche Bank Concern Ebbs; Pound Drops - Asian stocks rose and regional bonds fell as concern about Deutsche Bank AG’s finances eased after the lender was reported to be lining up a less-costly settlement with U.S. regulators than investors had feared. Brexit angst weighed on the pound and oil declined. Source Bloomberg Read More 





How Nigeria’s economy can be revived- Atiku Abubabar    Keys to African Economic Transformation- Tony Elumelu

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