Nigeria in 1min: Economic, Business & Financial Headlines – 040516




May 4, 2016 6:10 AM / Proshare News 


Africa’s growth lowest in 15 years -IMF - THE International Monetary Fund, IMF, has challenged Sub-Saharan African countries, to reset their economic policies in order to return to the path of growth. Source Vanguard Read More

Savings in TSA hits N3trn – AGF - The total inflow into the Treasury Single Account (TSA) was N3 trillion ($15 billion) as at March ending while the number of Ministries, Departments and Agencies on single account  has risen to 976, the Accountant General of the Federation (AGF), Alhaji Ahmed Idris, has said. Source Daily Trust Read More 

Manufacturing PMI Drops to 43.7% in April 2016 - CBN - The Manufacturing PMI dropped to 43.7 per cent in April 2016, compared to 45.9 per cent in the preceding month (Fig. 2 and Table 1). This implies that the manufacturing sector declined at a faster rate during the review period. Source Proshare Read More 

95% Of Industrial Raw Materials Imported –RMRDC - The Raw Materials Research and Development Council (RMRDC) said over  95 percent of  industrial raw materials for production  of fruit juices and allied products are imported into the country. Source Leadership Read More 

IMF: Policy Reset Urgently Needed in Nigeria, Others to Secure Growth - In order for Nigeria and other economies in Africa to harness their strong potential, the International Monetary Fund (IMF) has stressed the “critical need” for a substantial policy reset by policy makers in the countries, adding that their response to date has generally been insufficient. Source Thisday Read More 

Moody’s Downgrades Nigeria’s Sovereign Issuer Rating to ‘B1’ - Moody’s Investors Service has downgraded Nigeria’s long-term issuer ratings to B1 from Ba3 and has assigned a stable outlook, concluding the review for the downgrade that was initiated on March 4th 2016. Source Thisday Read More 

External Reserves Fall by $753 Million - Nigeria’s external reserves diminished by a total of $753 million to close at $27.123 billion as at April 28th, compared with the $27.859 billion it was as at April 1. Source Thisday Read More 


Big CAPs top demand as Equities market starts week bullish - The equities market closed today on a positive note, as NSE ASI appreciated by 3.20% to close at 25,865.50basis points, compared with the 0.42% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -9.69%.Source Proshare Read More 

MSCI places Nigeria under "Special Treatment" Status - Following a review of Nigeria's continued inclusion in its Frontier Markets Index, the MSCI has decided that it will keep Nigeria in its benchmark indexes. Source Proshare Read More 

FIDELITYBK Loan Loss Provisions Decline by 28% in Q1'16 - Fidelity Bank’s Q1 2016 (Fidelity) results which were published over the weekend came in weaker than expected. Source Proshare Read More

AFRILAND Records Revenue Growth despite Challenges; Pays 40k per share - Afriland Properties (or the “Company” or “Afriland”) Plc, released its audited Financial Statement for the year ended December 31, 2015 with a dividend payment of 40 kobo per share.Source Proshare Read More 

FCMB Plc - Elevated Provisioning Underpins a Difficult Start to 2016 - First City Monument Bank Group Plc. (FCMB) reported a 12% YoY decline in gross earnings to N34.6 billion for Q1 2016.  Largely reflecting an upswing in loan loss provisions, PBT and PAT for the period declined 61% and 69% YoY to N2.2 billion and N1.6 billion respectively. Source Proshare Read More

The Nigeria Bond Watch - Review and Outlook @050316 - The domestic fixed income OTC market during the review week was influenced by OMO bills auctions and redemption by the Central Bank of Nigeria (CBN) and inflow from statutory FAAC allocation..Source Proshare Read More 

Sterling Bank Optimistic as Core Banking Profit Rises - Sterling Bank Plc rode on the back of improving internal efficiency to reduce funding costs and improve profitability of its core banking operations in the first quarter of 2016.Source Proshare Read More

NESTLE Q1'16 Results: Upward adjustments to consensus estimates expected - Late last week, Nestle Nigeria (Nestle) reported impressive Q1 2016 results which showed a continued recovery on all key line items on the firm’s P&L. Source Proshare Read More 

Nestle plans N15b production line expansion for Ogun plants
- Nestle Foods, the world’s leading nutrition, health and wellness company, has unfolded plans for a N15 billion production line expansion for its plants in Ogun State, to be executed in two phases- N6 billion in 2016 and N9 billion in the year 2017. Source Guardian
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UBA plans African expansion to 25 countries - United Bank for Africa (UBA), plans to expand its operations beyond its present 18 African countries to 25, its Group Chairman, Tony Elumelu, has said. Source THE NATION Read More 

Fortis MFB Gets Client Protection Certification, Disburses N15bn Credit - Fortis Microfinance Bank Plc has been labeled the first Client Protection Certified organisation in Nigeria by Smart Campaign, a global initiative to incorporate strong client-protection and best practices into the microfinance industry. Source Thisday Read More 

Lafarge Africa to Raise N60bn Bond for Debt Refinancing - Lafarge Africa Plc is to raise N60 billion to refinance its debts and restructures its balance sheet for optimum performance in the years ahead. The N60 billion would be raised through second tier bond with short-to-medium tenors of two, three and five years. Source Thisday Read More 

Afreximbank gets $50million line of credit from BADEA - Trade operations in Africa is set to see a boost with increased financing as the Arab Bank for Economic Development in Africa (BADEA) and the African Export-Import Bank (Afreximbank) have signed an agreement for a $50 million line of credit granted to Afreximbank. Source BUSINESSDAY Read More 

NERC Frowns At Enugu Disco’s Over 70% Unmetered Customers - The acting Chairman of the Nigerian  Electricity Regulatory Commission (NERC), Dr. Anthony Akah, has frowned at Enugu Electricity Distribution Company (EEDC) over rising complaints on estimated billing, which is as a result of the fact that about 70 per cent of customers in the Disco are not metered. Source Leadership Read More 

Nigeria loses N1.7 trillion deals to non-passage of PIB - Nigeria has lost estimated $10 billion (N1.7 trillion) fresh investments to the non-passage of the Petroleum Industry Bill (PIB). The Chairman of Petroleum Technology Association of Nigeria (PETAN), Bank Anthony Okoroafor, who made the disclosure at the on-going Offshore Technology Conference (OTC) in Houston, Texas in the United States (U.S.) said Nigeria lost a huge opportunity by not passing the bill when the oil price was high. Source Guardian Read More

Nigeria’s oil exports drop, 20 cargoes remain unsold - Indications have emerged that Nigeria will export about 52 cargoes of crude oil in June, representing a drop from 55 cargoes slated for May in the futures market. Source Guardian Read More 

Lagos joins oil-producing states as Aje field begins production - Twenty years after it was discovered, the Aje field located in Oil Mining Lease 113 has achieved its first oil, putting Lagos on the list of oil-producing states in the country. Source Punch Read More 


Stakeholders Recommend Dangote Concrete to Fix WHARF-APAPA Road - With Nigeria recording an economic loss of a staggering $1.5 billion (about N300 trillion) annually due to failed roads, a case has been made to the federal and state governments to consider the use of concrete paved road as a sustainable alternative to bituminous roads to save the nation the huge economic loss. Source Proshare Read More 

Asian Stocks Fall With Won on Global Growth Woes; Oil Below $44 - Asian stocks fell for a sixth day, their longest losing streak since February, as anxiety over the health of the global economy unnerved investors. South Korea’s won dropped by the most in four months, crude oil traded below $44 a barrel and sovereign bonds rallied. Source Bloomberg Read More

European Banks Weary of Cuts Seen Needing More as Revenue Drops - Record-low interest rates and wild market swings are eroding profit at Europe’s banks, with no end in sight. Source Bloomberg Read More 



Lagos implements national MSME policy - The Lagos State Government on Tuesday commenced the implementation of the National Policy on Micro, Small and Medium Enterprises with the inauguration of the state council on MSMEs. Source Punch Read More


SimbaPay announces single money transfer of up to $45,000 (USD) to Africa - SimbaPay is revolutionizing the remittance space through its official announcement of raising the single transaction limit to a whopping $45,000. This is substantially higher than the previous transaction limit of $3,000. Source Proshare Read More 

Global PC addressable market falls to 28% - Global Personal Computer (PC) addressable market has declined from 35 per cent in 2012 to 28 per cent in 2015, according to a document from Intel Corporation. Source Guardian Read More 



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