Nigeria in 1min: Economic, Business & Financial Headlines – 040417



April 04, 2017 6:10 AM / Proshare News 


Nigeria ranks 161 in Global 2017 Index of Economic Freedom: Trade and Prosperity at Risk - The latest rankings of trade freedom around the world, developed by The Heritage Foundation in the forthcoming 2017 Index of Economic Freedom, once again demonstrate that citizens of countries that embrace trade freedom are better off than those in countries that do not. Source Proshare Read More 

PMI Reading No 48 - FX Influence for the Good - Our manufacturing Purchasing Managers’ Index (PMI), the first of its kind in Nigeria, shows a modest increase from 50.0 in February to 52.8. Our partner, NOI Polls, has gathered and compiled the data. Source Proshare Read More 

Global FDI flows contracted to $1.5trn in 2016 - The global Foreign Direct Investment (DFI) which rose by 40 per cent to $1.8 trillion in 2015 contracted to $1.5trn last year, the United Arab Emirates Minister of Economy, Sultan Bin Saeed Al-Mansoori, has said. Source Daily Trust Read More 

FG begins online registration of unemployed persons tomorrow - The Federal Government will tomorrow begin online registration of unemployed persons in the country as part of its quest to keep a robust data base for job creation. Source Daily Trust Read More 

Fed Govt budgets $1b for software importation - The Director-General, National Information Technology Development Agency (NITDA), Dr Isa Ali Ibrahim Pantami has lamented the huge foreign exchange (forex) wasted yearly on the importation of information communication technology (ICT) goods and services. Source THE NATION­­­ Read More 

GE’s $5bn investment set to revolutionise rail operations in Nigeria - General Electric (GE) which has emerged the preferred bidder for the Nigeria Railway Corporation, plans to invest $5 billion over the next 30 years to upgrade rail transport in the country. Source BUSINESSDAY Read More 

Policy flipflops kill government initiative for tech hubs - The death of government supported technology incubation hubs in Nigeria after only a few years of operation has shown gross policy inconsistency in successive administrations in the country experts say. Source BUSINESSDAY Read More


NSEASI Records -0.95% Loss to Maintain Downtrend as Market Opens The Week Negative - Equities market closed today on a negative note, as NSE ASI depreciated by -0.95% to close at 25,273.03 basis points, as against -0.07% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.96%.  Source Proshare Read More

Dangote Sugar Refinery Plc - Strong Finishing From a Troubled 2016 - Dangote Sugar Refinery Plc (DANGSUGAR) released its Q4 and full year 2016 results this afternoon. 94.5% y/y revenue and PAT growth apiece, in the final quarter, summed up an impressive year for the company, wherein top-line grew by 67.9% while post-tax profit increased by 29.2%. Source Proshare Read More

WEMABANK Declares N2.56 billion PAT in 2016 Audited Results,(SP:N0.50k) - Without a doubt, 2016 was a challenging year given the spate of economic headwinds that impacted the economy and the banking industry, in particular. Source Proshare Read More 

Jaiz Bank Declares N5.48bn Gross Income - Jaiz Bank Plc said its gross income grew to N5.478 billion in the financial year ended December 31, 2016. Source Leadership Read More 

FCMB Group Q4 2016 Results Review - Upgrading from Underperform to Neutral on Asset Quality Surprise - Although FCMB’s Q4 2016 results showed that PBT declined by double-digit y/y, the PBT beat our forecast soundly. The variance was due to a significant positive surprise in loan loss provisions which came in -88% lower than our forecast. Source Proshare Read More  

OANDO Plc Announces a Delay to the Publishing of Year Ended 31 December 2016 Results - Oando PLC announces a delay to the publishing of its results for the year ended 31 December 2016. Source Proshare Read More 

Catalyst holds $103mln first close, Enko launches $200mln debt fund - Fund raising news dominated the headlines in Africa's private capital world last week. Both fund launches and partial closes. And in various shapes and sizes for various asset classes. Source Proshare Read More 

FMDQ OTC records N20. 99tn transactions in two months - The FMDQ OTC Securities Exchange recorded N22. 99tn worth of transactions in fixed income and currency markets in the first two months of 2017. Source Punch Read More 

CBN Boosts FOREX Supply by $240m - The Central Bank of Nigeria (CBN) on Monday, April 3, 2017, released the sum of $90 million to meet requests for invisibles such as BTA/PTA, medical and school fees. The Bank, also on the same day, offered a total of $150 million to authorized FOREX dealers in the interbank wholesale auction window. Source Proshare Read More 

Vetiva-Proshare Tweet Meet: FGN Savings Bond, considered risk free-Folagbade Adeyemi - Bonds issued by sovereigns like the FGN Retail Savings bonds of Nigeria, have been considered risk free for investments. This was the assertion of Mr  Folagbade Adeyemi , Head Retail Sales at Vetiva Capital at the April Vetiva/Proshare tweet-meet session. Source Proshare Read More 

London exchange lists 58 Nigerian firms among top Africa coys - The London Stock Exchange (LSE) has listed 58 companies in Nigeria among the 343 inspiring companies in Africa for 2017. Source Daily Trust Read More 

NLNG pays $489m in taxes to FG, states, local govts - The Nigeria Liquefied Natural Gas Limited, NLNG, paid $489.226 million, about N151.6 billion, in various forms of taxes to the Federal, States and Local Governments in 2016. Source Vanguard Read More 

Nigeria’s indigenous oil operators plan to increase production by 60 percent in 2018 - Indigenous companies in Nigeria have concluded plans to increase oil production by 60 per cent at end 2018. This is expected to increase their collective output from the current 313, 602 barrels per day (bpd) to 500,000 bpd in 2018. Source Vanguard Read More 

DISCOs claim revenue shortfall now N809.8b - Nigeria’s electricity distribution companies, DISCOs, under the umbrella body, the Association of Nigerian Electricity Distributors, ANED, has claimed that the revenue shortfall in the Nigerian Electricity Supply Industry, NESI, has reached N809.8 billion Source Vanguard Read More 

FG reduces gas flaring by 26% – NNPC - The Nigerian National Petroleum Corporation (NNPC) says it has succeeded in reducing gas flaring in the country by 26 percentage points in the last 10 years from 36 per cent to 10 per cent. Source Daily Trust Read More 

FG, Shell Lose $250m Deferred Revenue to Closure of Bonga Oil Field - The federal government and Shell Nigeria Exploration and Production Company Limited (SNEPCo) have lost about $250 million since March 4, when the oil giant commenced the turnaround maintenance of the Bonga deepwater oilfield, where statutory activities are being executed to ensure continuous optimum operations at the field. Source Thisday Read More 

NUPENG calls off strike, FG raises bridging cost to N7.20 - The Nigeria Union of Petroleum and Natural Gas employees has announced the immediate suspension of the nationwide industrial action embarked upon by its Petroleum Tanker Drivers division. Source Punch Read More 

Nipco to rename Mobil Oil, completes acquisition - Following the completion of the acquisition of ExxonMobil’s 60 per cent equity stake in Mobil Oil Nigeria Plc, Nipco Plc has said it will change the name of MON to 11Plc while retaining the Mobil brand. Source Punch Read More 


South Africa Cut to Junk for the First Time Since 2000 - South Africa lost its investment-grade credit rating from S&P Global Ratings for the first time in 17 years in response to a cabinet purge by President Jacob Zuma that’s sparked increasing calls for him to resign. The rand weakened. Source Bloomberg Read More 

Buhari's Change of Tack in Nigeria Delta Boosts Oil Production - When militants in Nigeria’s southern Niger River delta started attacking oil installations, President Muhammadu Buhari promised to crush them by force. A year and $7 billion in lost oil exports later, his decision to switch tack by negotiating with the fighters seems to be working. Source Bloomberg Read More 

U.K. Must Publish Costs of `No Deal' Brexit Outcome, Panel Says - U.K. Prime Minister Theresa May must commission and publish a “thorough assessment” of the consequences of Britain walking away from the European Union without a deal, a cross-party panel of lawmakers said on Tuesday. Source Bloomberg Read More 

Qatar to Drill in World's Biggest Gas Field After 12-Year Freeze - Qatar Petroleum plans to start a new development in the offshore North Field, ending a 12-year ban on new projects that allowed the company to assess how its current rate of extraction affects the giant reservoir it shares with Iran. Source Bloomberg Read More 

Botswana's economy rebounds in final quarter of 2016 - Botswana's economy expanded 0.1 percent quarter-on-quarter in the last three months of 2016 versus a revised 1.1 percent contraction in the third quarter, data from the statistics office showed on Monday. Source Reuters Read More 


LSETF Disburses N1.7bn to 1,400 Beneficiaries - The Lagos State Employment Trust Fund (LSETF) has put the total disbursement of its fund currently at about N1.7 billion, to 1,400 beneficiaries. Source Thisday Read More 





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