Nigeria in 1min: Economic, Business & Financial Headlines – 050916


September 05, 2016 7:10 AM / Proshare News  

FG plans 20-man panel to review electoral laws - The Federal Government is finalising its plan to set up a 20-member committee to review existing electoral laws and past reports on electoral reforms, including that of the Justice Muhammad Uwais National Electoral Committee Source Punch Read More  

FG’s non-oil revenue shrinks by N134bn - Revenue from exportation of food items and other non-oil products is fast shrinking with the latest report showing a drop of $438.82m in three months Source Punch Read More 

FG targets $100bn from Indian agric market - The Federal Government has announced its readiness to partake in the $100bn market for pulses(food crops) in India as it has commenced moves to start growing the plant in commercial quantity for export to the Asian country. Source Punch Read More 

Govt votes N567.4b for rail upgrade - The Federal Government has set aside N567.4 billion ($1.68 billion) for the upgrade and modernisation of the Kano-Kaduna segment of the Lagos-Kano rail line. Source THE NATION Read More 

Fed Govt unveils 10,000Mw transmission capacity plan - The Federal Government has unveiled its five-year plan to boost power transmission capacity from 5,500Megawatts (Mw) to 10,000Mw in the next three years. Source THE NATION Read More 

80% imported goods under declared, says Bello - About 80 per cent of the goods imported through the ports are under-declared, the Executive Secretary, Nigerian Shippers’ Council, Hassan Bello, has said. Source THE NATION Read More 

Customs Loses N600bn To Diverted Vehicle Imports - Nigerian ports have lost a whopping N600 billion in the last three years due to diversion in the importation of vehicles from the nation’s ports to neighbouring ports, especially the Cotonou port in the Republic of Benin Source Leadership Read More 

Nigeria’s situation now requires hard choices, says Central Bank - With the economy now in recession, Nigerians have been urged to come to realities of the times, especially regarding the issues that brought the nation to the unsavory development. Source Guardian Read More 

Sentiment Analysis Report – W/E September 02, 2016 - Analysis of the market activity in the week ended September 02, 2016 technically revealed improved optimism as investors displayed fresh risk appetite towards equities, particularly towards the bellwethers. Source Proshare Read More  

SF Markets Monthly Index Highlights: August 2016 -  Monthly overview of the Nigerian financial markets as reflected through SF Markets equity and fixed income indices. SF Markets is a provider of innovative benchmark and tradable indices focused on the Sub-Saharan African region. Source Proshare Read More 

Recession, Personal Income and Planning -  On this, I would like to relate and share my personal approach and strategies that i have taken already and the ones I would be taking towards tackling the looming recession. For me, I would be personally experiencing double recession because I have consciously put myself into recession mode long before now- just for two reasons (1) the issue of fixed salary for a very and too long period (2) my nature. Source Proshare Read More 

CBN faces more FOREX crisis as Naira drops by 40% in 18 months - The Nigerian foreign exchange market has in recent times been facing challenges as the naira has lost close to 40 per cent in 18 months. Source Vanguard Read More 

PFAs invest N1.7bn in infrastructure - The total funds invested by operators of the Contributory Pension Scheme in infrastructure have risen to N1.7bn. Source Punch Read More 

Marketers ask FG to remove fuel price cap
- Fuel marketers in the country have called for the removal of the cap on the pump price of fuel.They said yesterday that the N145 per litre ceiling was unsustainable in view of the falling value of the naira against the U.S dollar. Source Daily Trust  
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Fuel crisis imminent as PENGASSAN threatens strike - The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) at the weekend threatened to resume its suspended strike if the Federal Government failed to intervene in an agreement it signed with the stakeholders in the industry. Source THE NATION Read More 

Interbank rate rises to 16% - The nation’s overnight naira interbank lending rate eased to 16 per cent on Friday, down from 20 per cent recorded the previous Friday. Source Punch Read More 

54% of electricity consumers have no meters — Sahara Group - A total of 2.8 million electricity consumers in Nigeria have no prepaid meters, the Business Leader  (Distribution), Sahara Group, the firm with majority stakes in Ikeja Electricity Distribution Company, Mr. Rotimi Onanuga, has said. Source Punch Read More 

NNPC Reviews JV Funding, Reiterates Oil Search In Chad Basin - The Nigerian National Petroleum Corporation (NNPC) has reiterated its resolve to exert energy in exploring oil in the Chad basin. Source Leadership Read More  


Asian Stocks Rally With Won, Kiwi After Payrolls Data; Oil Falls - Asian stocks rallied the most in eight weeks and higher-yielding currencies led gains against the dollar after weaker-than-expected U.S. jobs data kept a lid on speculation that the Federal Reserve will raise interest rates this month. Source Bloomberg Read More 

Nigerian Telecommunications (Service) Sector Q2 Report 2016 - NBS - In real terms, the telecommunications sector contributed N 1,580 billion to GDP in the second quarter of 2016, or 9.8%, which represents an increase of 1.0% points relative to the previous quarter. Source Proshare Read More  

BoI to increase funding to mining sector - The Bank of Industry has promised to increase funding support to the mining sector in order to improve the sector’s contribution to the Gross Domestic Product. Source Punch Read More  


 Focus on the Nigerian Petroleum Sector(2)



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