Nigeria in 1min: Economic, Business & Financial Headlines – 031116



November 3, 2016 7:10 AM / Proshare News 


AfDB approves $600m loan for Nigeria - The African Development Bank’s Board of Directors on Wednesday approved a $600m loan for Nigeria, several months after the Federal Government had approached the lender for a budget-support facility. Source Punch Read More

Pension assets rise to N5.9tn - The total assets under the Contributory Pension Scheme rose to N5.9tn as of the end of September.The Director-General, National Pension Commission, Mrs. Chinelo Anohu-Amazu, disclosed this during a seminar in Abuja on Wednesday. Source Punch Read More

Government earns N500m from renewal of 668 telecoms licences - The Federal Government through the Ministry of Communications has earned about N500 million from the issuance and renewal of spectrum licenses between November 2015 and September 2016. Source Guardian Read More 

Nigeria beauty, personal care market strong despite 40% reduction in products use - Nigeria beauty and personal care market estimated to be growing at five to 10 percent cumulative annual growth rate (CAGR) retains strong potential and opportunity despite 40 percent reduction in products use by consumers, in response to soaring inflationary trend and biting recession. Source BUSINESSDAY Read More 

Supply gap of 600,000mt in national diary output opens investment for milk industry - Nigeria’s annual diary output and demand at 700,000 metric tons (mt) and 1,300,000mt, respectively, leaves a supply gap of 600,000mt, which signals investment opportunities for dairy farmers and milk industries in Nigeria, according to BusinessDay finding Source BUSINESSDAY Read More 



CBN settles manufacturers’ $330m demand as production declines - The Central Bank of Nigeria (CBN) yesterday reduced manufacturing sector’s backlog of foreign exchange demand by $330.09 million (about N105.6 billion) as real sector records persistent decline. Source Guardian Read More 

CBN releases $300m to foreign airlines - To cushion the effect of the cash squeeze affecting foreign airlines flying into Nigeria, the Central Bank of Nigeria (CBN) has released $300 million out of the $600 million airlines fund stuck in the country. Source THE NATION Read More 


FMDQ collaborates with Proshare, Launches Fixed Income & FX Price Ticker Tape on Proshare  - Proshare today, completed the market coverage it set out to achieve this year – creating a nexus between the NSE, NASD and FMDQ markets; for the discerning investor. Source Proshare Read More

Stocks fluctuate as Q3’16 earnings reports so far unattractive  - The equities market closed today on a negative note, as NSE ASI depreciated by 0.11% to close at 27,223.18basis points, compared with the 0.12% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.95%. Source Proshare Read More

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

Access Bank Plc - Investment Case Still Strong Despite Raised OPEX - Following Access Bank’s Q3 2016 results, we have cut our 2016-17E earnings estimates by an average of 8.3% and our price target by 7.2% to N9.0. Source Proshare Read More 

Banks’ outstanding loans rise to N13.8tr against sluggish deposit growth - OUTSTANDING banking industry loans to the economy as at end of third quarter 2016 (Q3’16) escalated by N2.1 trillion to N13.8 trillion, about 17.9 per cent rise against N11.7 trillion recorded in the corresponding period of 2015. Source Vanguard Read More 

Can Oil Markets Survive An OPEC Implosion?  - A technical meeting that was supposed to iron out some wrinkles for a deal to cut oil production ended in acrimony over the weekend, and OPEC's effort at coordination could be at yet another impasse. Source Proshare Read More 

NNPC posts N127.73bn loss in eight months - The Nigerian National Petroleum Corporation recorded a total loss of N127.73bn between January and August this year, its latest group financial report released on Wednesday showed. Source Punch Read More 

Oil falls to lowest level since before Algiers agreement
- Oil prices have fallen to their lowest level since Opec pledged to cut production in Algiers in September, as doubts grow about Opec’s ability to follow through with its plan. Source BUSINESSDAY
Read More 

NNPC remits $180.93m to Federation Account - The Nigerian National Petroleum Corporation (NNPC) yesterday said it remitted $180.93million into the Federation Account in August. Source THE NATION Read More 

NNPC To Split Into Two As PIB Scales Second Reading At Senate - The move is seen as the commencement of a definite process to breaking the monolithic hold of the Nigerian National Petroleum Corporation (NNPC) on oil industry in the country. Source Daily Independent Read More 

Power firms, others owe gas producers N110bn - Gas producers in Nigeria are not happy about the rising debts of their clients with respect to making payment for supplied gas, particularly power firms. Source Punch Read More 

EU to spend €150m grant on Nigeria’s power sector - The European Union will spend €150m (N50bn) on the development of power sector in Nigeria, Mr. Michel Arrion, the Ambassador and Head of EU Delegation to Nigeria, said on Wednesday. Source Punch Read More 

Electricity generation drops by 740MW - Nigeria’s electricity generation has dropped by over 740 Mega Watts (MW) from the 4,202.7MW recorded in September to 3,462.1MW, according to data from the Transmission Company of Nigeria (TCN). Source Guardian Read More 



Asian Stocks Drop as Vote Jitters Hit U.S. Futures, Mexican Peso - Investors are becoming more jittery amid a tightening race for the U.S. presidency, spurring losses in Asian shares, U.S. equity index futures and the Mexican peso. The dollar weakened versus most peers as gold paced gains among haven assets. Source Bloomberg Read More 

Fed Gives Subtle Nod on December Hike - Six days before a contentious U.S. presidential election, Federal Reserve officials opted to avoid the fray and instead telegraphed their intent to raise interest rates in a single word. Source Bloomberg Read More 

The Big Read: Financial Terrorism - Elizabeth Fernando was left with no choice than to resign two days after the Bolivian Electoral Commission declared her winner of the Presidential election. By the time she had finished making her victory speech, the Boliviano currency had crashed by 12% while the yield on the government bond jumped to 15%. Source Proshare Read More 

Tax Amnesty Indonesia: Regulations for Asset Repatriations Eased - Indonesia's tax amnesty program, which was launched in July 2016 and will run until 31 March 2017, can be labeled a success. Up to 16 October 2016, a total of IDR 3,842.9 trillion (approx. USD $296 billion) worth of assets (either at home or abroad) have been declared to Indonesia's tax authorities nearly achieving the government's target of IDR 4,000 trillion. Source Proshare Read More 

IMF says sees Rwanda's economy expanding at 6.2 percent in 2017 - The IMF said on Wednesday Rwanda's economy was forecast to grow at 6.2 percent in 2017, slightly up from this year's projection of 6 percent and that the rate would accelerate to 6.6 percent in 2018. Source Reuters Read More 

Tanzania sees economy expanding at 7.5 pct in 2017 - Finance Ministry - Tanzania's government has set an economic growth target of 7.5 percent in 2017, compared to an estimate of 7.2 percent this year, and plans to hike spending in the 2017/18 fiscal year by 11.5 percent to 32.9 trillion shillings ($15.1 billion). Source Reuters Read More 



Abu Dhabi Global Market Launches Its FinTech RegLab - Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, is pleased to launch its Regulatory Laboratory (RegLab) with the implementation of its FinTech legislative framework with effect from 2 November 2016. Source Proshare Read More

Facebook scores big in Q3 earnings: $7.01B revenue and 1.79B users - Facebook had a wildly successful Q3, earning $7.01 billion in revenue and $1.09 EPS. That’s off of from 1.79 billion monthly users, up 16% year-over-year, and growing 4.67% this quarter, speeding up from 3.63% last quarter. Source TECHCRUNCH Read More 





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