Nigeria in 1min: Economic, Business & Financial Headlines – 051016


October 5, 2016 7:10 AM / Proshare News   

FG plans N6.8tn budget for 2017 - The Federal Government plans to spend an estimated N6.812tn as its budget for 2017. Source Punch Read More 

IMF downgrades Nigeria growth forecast for 2017 - The International Monetary Fund has cut its 2017 economic growth forecast for Nigeria. Source Punch Read More

FG to borrow N105bn via local bonds - the Federal Government is planning to borrow N105bn ($345m) in local currency — denominated bonds at an auction on October 12, the Debt Management Office has said. Source Punch Read More

Nigeria’s recession drags West Africa’s GDP down – ECOWAS - The President of the ECOWAS Commission, Mr. Marcel de Souza, says the recession being experienced in Nigeria has a negative impact on the sub-region’s overall economic performance. Source Punch Read More

PMI Reading No 42: A Reality Check - The latest report for our manufacturing Purchasing Managers’ Index (PMI), the first of its kind in Nigeria, shows a fall from 52.2 in August to 47.9. Our partner, NOI Polls, has gathered and compiled the data. Source Proshare Read More

Africa private equity funds hit N500tr in first half - Africa private equity funds achieved a final close of $1.1 trillion, about N500 trillion, in the first half of this year as investors’ appetite for African real estate deals continued to grow. Source THE NATION Read More 

September 2016 PMI is Back in Negative Territory - We release today the latest reading (no 42) of our manufacturing Purchasing Managers’ Index (PMI) for Nigeria, which takes the temperature of the sector. Our PMI was the first in Nigeria. It has become a core forward indicator for analysts, policymakers and financial market players. Source Proshare Read More 

Nigerian Palm Oil sector Update - Still a Promising Growth Story - With a supply gap of about 500,000 metric tonnes (mt) and fertile arable land for cultivation, the untapped potential of the Nigerian palm oil sector is large. The main producers, Okomu Oil and Presco, have continued to increase their plantation area and are on course to meet their 2018 and 2020 targets of growing their respective land area to 12,000 hectares (ha) and 20,000ha. Source Proshare Read More

Invest in Human Capital to Boost Economic Growth, W’Bank Urges Govts - The World Bank Group President, Jim Yong Kim has outlined three fundamental pillars that will drive momentum toward achieving the organisation’s goals of ending extreme poverty by 2030 and boosting shared prosperity. Source Thisday Read More

Manufacturers in survival mode, as PMI erases three-month rally - Nigeria’s manufacturing sector crawled back into negative territory in the month of September, erasing a three month positive run, as the Purchasing Managers’ Index (PMI) which takes the temperature of the sector, saw headline reading fall to 47.9. Source BUSINESSDAY Read More 


Emerging Market Regulators Seek to Strengthen Corporate Governance - The Growth and Emerging Markets (GEM) Committee of the International Organization of Securities Commissions (IOSCO) published today a report that seeks to strengthen corporate governance frameworks. Source Proshare Read More

CBN Agric Loans Gulp N465bn In 17 Years -The Central Bank of Nigeria (CBN) has disbursed loans worth over N466.56 billion to 782 agricultural projects in the country from 2009 till date Source Leadership Read More 

SEC plans to increase sub-brokers’ minimum capital requirements - Securities and Exchange Commission (SEC) plans to increase the minimum capital requirements for various functions of sub-brokerage. Source THE NATION Read More 

Stock Market Retracts to Close Positive; Proshare Economy is Launched - Sep -16 SSS Report - Trading activities in the Nigerian Stock market closed the month of August 2016 positive as NSEASI recorded +2.67% gain as against -1.47% loss recorded in the month of August 2016 while market YTD performance remains in the red zone to stand at -1.07%.Source Proshare Read More

Stocks start Q4’16 bearish as investors reduce exposure - The equities market closed today on a negative note, as NSE ASI depreciated by 0.18% to close at 28,283.99 basis points, compared with the 0.31% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.25%. Source Proshare Read More                                     

GlaxoSmithKline Consumer Nigeria Plc Announces the Completion of Its Divestment - We announce the completion of the divestment of the GlaxoSmithKline Consumer Nigeria Plc Drinks and Distribution business to Suntory Beverage & Food Nigeria Limited (SBFN). This follows the recent approvals obtained from the shareholders and the Nigeria Securities & Exchange Commission (SEC).  Source Proshare Read More 

SF Markets Monthly Index Highlights: September 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 

Access Bank Plc -Tapping the Eurobond Current - Last week, Bloomberg reported that Access Bank Plc (Access) plans to tap the Eurobond market for a five-year issue to be utilized for ‘working capital and lending to investment grade borrowers’. Source Proshare Read More 

Dr Teddy Ngu Resigns from Honeywell Flour Mills Board - We hereby notify the general public THAT Dr. Teddy Ngu has resigned from the Board of Honeywell Flour Mills Plc with effect from the 30th September 2016 as he will be relocating to the United States of America. Source Proshare Read More 

Searching for Investor Confidence - Nigerian Banking Sector Report 2016 - Over the last two years, policy makers in emerging and frontier markets have had to deal with a cross current of headwinds arising from internal and external sector imbalances occasioned by several factors including, the crash in commodity prices, normalization of monetary policy by the US Fed, faltering global growth (led by China) and the heightening risk outlook posed by Brexit, illiquidity in domestic capital markets and volatility in global financial markets. Source Proshare Read More 

Lafarge Africa Appoints Mr. Bruno Bayet as Chief Financial Officer - Please be informed that at a meeting of the Board of Directors of Lafarge Africa Plc dated September 30 2016, the Board duly accepted the resignation of Mr. Anders Kristiansson as the Chief Financial Officer of the company effective  September 30th 2016. Source Proshare Read More

GSK Nigeria Completes Divestment of Drinks Bottling Business - Glaxosmithkline Consumer Nigeria Plc has completed the divestment of its drinks bottling and distribution business to Suntory Beverage & Food Nigeria Limited (SBFN). Source Thisday Read More

Hilton Expands, To Build 350 Room Hotel In Lagos Airport - Hilton has announced the signing of a management agreement with Quality Inspection & Testing Services Limited to open a 350 guest-room and suite hotel at Lagos’ Murtala Muhammed International Airport, Nigeria. Source Leadership Read More

Banks’ bad loans rise above CBN limit - Bad loans in Nigeria’s banking system soared to more than double the limit set by the Central Bank of Nigeria (CBN) as the industry struggles with an economic downturn. Source Daily Trust Read More 

Alade: Oil Sector Exposure Constitutes 40% of Banks’ Loans - The Central Bank of Nigeria (CBN) Deputy Governor (Economic Policy), Dr. Sarah Alade has revealed that oil and gas exposures constitute about 40 per cent of the banks’ loan portfolio. Source Thisday Read More 

FG Accuses Shell of Crude Oil Theft, Demands $406m - The federal government is demanding $406.75 million at the minimum from the Shell Petroleum Development Company (SPDC) and its surrogate Shell Western Supply & Trading Limited for alleged crude oil theft. Source Thisday Read More 

Crude oil prices hit four-month high on OPEC speculation - Crude oil prices rose yesterday, with Brent hitting four-month highs on a rally inspired by Organisation Of the Petroleum Exporting Countries (OPEC) plans to tighten output before pulling back as a surging dollar weighed on greenback-denominated commodities. Source Guardian Read More 

Benue to spend $18m on 10MW power plant - Governor Samuel Ortom of Benue says the state government, with an investor Contec Global, will construct a 10 Mega-Watt of embedded power plant valued at 18 million dollars to grow economic activities in the state. Source Punch Read More 


AfDB to support "too big to fail" Nigeria but FX reforms needed - The African Development Bank will help Nigeria to overcome its recession but the oil producer should increase taxes and lift hard currency curbs to ease the dollar shortages choking Africa's biggest economy, its president said. Source Reuters Read More  

Ghana inflation should fall to 13.5 pct by end 2016: IMF - Ghana's inflation rate should decline to 13.5 percent by the end of the year, from 16.9 percent in August, a senior International Fund official told reporters on Tuesday. Source Reuters Read More 

Fall in South African inflation seen temporary - cbank governor - The South African central bank governor said on Tuesday the decline in consumer inflation to within the bank's target range of 3-6 percent is expected to be temporary and that there is no room for complacency in monetary policy. Source Reuters Read More 

Emerging Markets Knocked by ECB, Fed Angst as Crude Oil Rallies - Emerging-market stocks and currencies fell in Asia, while regional bonds dropped as the prospect of monetary policies in Europe and the U.S. turning less accommodative dented investor confidence. Source Bloomberg Read More

Pound Drops to Lowest Since 1985 as Angst Builds Over Brexit - The pound tumbled to its lowest level in three decades amid mounting concern the U.K. is heading for a so-called hard Brexit that would restrict access to the European Union’s single market. Source Bloomberg Read More

Gold Investors Race to Exit in Biggest Futures Slump Since 2013 - The trickle of investors exiting gold in recent months has grown into a torrent. Source Bloomberg Read More

Iran, OPEC’s Big Winner, Agrees on Landmark Oil Contract - Iran, fresh from an OPEC meeting where it won significant concessions from regional rival Saudi Arabia, accelerated the rejuvenation of its sanctions-ravaged energy industry on Tuesday when the state producer signed a new-model oil investment contract. Source Bloomberg Read More


Recession and Savings: Five better ways to preserve savings in a recession - The recent state of the economy has made so many income earners embrace cautious spending and low expenses effortlessly with the primary aim to free up more cash for savings. Source Proshare Read More  

Google Pixel smartphone launched to take on Apple's iPhone - Google has launched two own-brand smartphones, the Pixel and Pixel XL, in a bid to take on Apple and its iPhone 7 head on. Source Guardian Read More 




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