Nigeria in 1min: Economic, Business & Financial Headlines – 060217



February 6, 2017 7:30 AM / Proshare News 


Nigeria's Economic Reform - Resist Now and Regret Later - LBS EBS - Feb 2017 - Against analyst expectations, January 2017 turned out to be a wet blanket. The purchasing managers’ index (the proxy for manufacturing confidence) contracted from 52 to 48.2. Inflation inched up instead of declining and the naira touched N500/$. Source Proshare Read More 

Foreign investors bought N557bn treasury bills in 2016 - ATTRACTED by the high interest regime in the money market, foreign investors bought N557 billion worth of treasury bills, TBs, in 2016. Source Vanguard Read More 

Capital importation to rise as EU unveils €44b Africa fund - Hopes of Nigeria attracting foreign investments have been renewed as the European Union (EU), at the weekend, unveiled a €44 billion Africa economic development fund aimed at helping African countries manage their economic crisis in order to attract private investments into the continent. Source Guardian Read More 

2017 budget: N/Assembly to conduct public hearing - The appropriations committees of both the Senate and the House of Representatives are set to conduct a national public hearing on the 2017 budget estimates. Source Daily Trust Read More 

Windfall Amidst Recession: States, LGs Shared N2.6tn in 2016 - A new report has disclosed that the 36 states and the 774 local government councils in Nigeria shared a total sum of N2.6 trillion from the Federation Account in 2016 in spite of the prevailing economic recession. Source Thisday Read More

NAFDAC Seals Largest Karu Supermarket over Fake Bread, Others - The National Agency for Food and Drug Administration and Control (NAFDAC) has sealed one of the largest supermarkets in the Karu area of the Federal Capital Territory (FCT), Fort Mart Supermarket,  for the production of fake bread and sales of harmful salt. Source Thisday Read More

Brazil – Based Firm, Partners Nigerian Company to Provide Air Shuttle to OICs- Despite the present lull in oil and gas sector, providers of air services to the industry see a growing market in the near future and this has attracted Brazil – based Omni Helicopters International S.A. into Nigeria. Source Thisday Read More 

EU offers Nigeria, others £4bn for digital economy - The European Union Commission says it is offering £4bn credit to Nigeria and other members of the Economic Community of West African States to cover risks arising from investments in digital economy. Source Punch Read More

20% of FG retirees are unpaid – NUP - About 20 per cent of federal civil service retirees have been denied pensions for about four months, the Nigerian Union of Pensioners (Federal Branch) Lagos, has said. Source Punch Read More

CBN sells N400b T-Bills to mop up liquidity - The Central Bank of Nigeria (CBN) sold N400 billion ($1.27 billion) of Treasury bills at the weekend, lifting the interbank lending rate to 12 per cent. Source THE NATION Read More 

NAICOM: Defaulting Insurance Firms Paid over N5bn Claims in 2016 - In its deliberate effort to protect the interest of the insuring public and safeguard the image of insurance sector, the National Insurance Commission (NAICOM) last year compelled some operating firms to settle a total of N5 billion worth of claims to the members of the insuring public. Source Thisday Read More 


Proshare Nigeria Launches Mobile App - The multiple awards winning Proshare known for its continuous innovation is delighted to announce that the Proshare Mobile App is now live on Android mobile devices. Source Proshare Read More 

How A Set Of Tweets Underscored Governance Issues At Nigeria's Central Bank #WhyEmefieleMustStay - The governance status of the CBN was laid bare late yesterday night when a series of tweets from the official handle of @cenbank was used to promote a personal agenda #WhyEmefieleMustStay. Source Proshare Read More 

Jaiz Bank shares go public this week - The management of Jaiz Bank Plc will visit the Nigerian Stock Exchange to list 29.46 billion ordinary shares of 50 kobo each at N1.25, and present capital market stakeholders with a facts behind the listing before the end of this week. Source Daily Trust Read More 

Cost of banks’ borrowing high after N400bn OMO by CBN - Interbank overnight rate rose to 11.25 percent on Friday, higher than 6.92 percent as of January 25, 2017, after the Central Bank of Nigeria (CBN) mopped up N400 billion in the system using Open Market Operation (OMO). Source BUSINESSDAY Read More

First Bank leads Nigerian banks in Top 500 Global Brands - First Bank of Nigeria Limited has been named as the most valuable banking brand in Nigeria in The Top 500 Banking Brands of The Banker magazine of the Financial Times  and Brand Finance, London, United Kingdom for the sixth consecutive time. Source Daily Trust Read More 

Firm floats N20b investment trust - Top Services Limited (TSL) said is floating a N20 billion Real Estate Investment Trust (REIT) to increase its investment in the property sector. Source THE NATION Read More

Portland Paints opens application for N1b rights issue - Portland Paints and Products Nigeria (PPPN) Plc has opened application list for its N1 billion rights issue, paving the way for shareholders of the paints and chemical company to pick up their rights. Source THE NATION Read More

FCMB raises N5.1b via bonds - First City Monument Bank (FCMB) has sold N5.1 billion ($16 million) of bonds, less than te amount it planned to raise, at an interest rate coupon of 17.25 per cent, its advisers said. Source THE NATION Read More

Shell to invest $25b in three years - The Royal Dutch Shell Plc will invest about $25 billion in various projects across its global operation this year, and will sustain such investment to 2020, its Chief Executive Officer Ben van Beurden, has said. Source THE NATION Read More

We’ve petrol enough to last 36 days – NNPC - The Nigerian National Petroleum Corporation (NNPC) has a 36-day sufficiency of petrol, its Group Managing Director, Dr. Maikanti Baru, has said. Source Daily Trust Read More 

MD: NDDC owes N1.2tn - The Managing Director of the Niger Delta Development Commission (NDDC), Mr. Nsima Ekere, has lamented the N1.2 trillion debt burden facing the new management of the commission. Source THE NATION Read More

China’s West African oil buying spree hits record in February -  China purchases centred on Angolan crude – China’s red-hot crude oil buying will push its February loadings of West African crude to their highest in at least 13 years Source BUSINESSDAY Read More 


Egypt's non-oil business activity shrinks for 16th consecutive month -Business activity in Egypt shrank for the 16th consecutive month in January as record-high inflation pushed up prices charged by businesses and sent employment to a four-month low, a survey showed on Sunday. Source Reuters Read More 

Mali forecasts 2017 GDP growth at 5.3 percent - Mali is forecasting 2017 GDP growth of 5.3 percent due to expectations of a strong grain and cotton harvest and gold production, Diakaridia Dembélé, technical adviser at the finance ministry said on Saturday. Source Reuters Read More 

Tanzania hikes fuel prices due to weaker currency, crude costs - Tanzania's energy regulator raised maximum fuel prices on Saturday, citing higher international costs for crude and refined products and a weaker local currency. Source Reuters Read More 

The U.A.E. government approves a new visa system designed to attract top talents  - The U.A.E. government approved a new visa system designed to attract top foreign talents in fields such as medicine, science and research to the country, Prime Minister Sheikh Mohammed bin Rashed Al Maktoum said on Sunday. Source Bloomberg Read More 

Romania scraps corruption immunity for politicians - Romania’s government finally caved to pressure this weekend to shelve a deeply unpopular law to decriminalise low-level corruption — but hundreds of thousands of protesters took to the street on Sunday, still doubting the government’s commitment to the fight against graft. Source FT Read More 

Hyundai to set up assembly plant in Pakistan - A Pakistani firm, Nishat Mills, has signed an agreement with Korean-based company Hyundai to establish an assembly plant in Pakistan in a major development. Source THE NATION Read More 

Lekki FTZ developer announces multi-million dollar expansion project in Kenya - Rendeavour, an urban land developer in Africa behind the development of Lekki Free Trade Zone (LFTZ) in Lagos, has announced the commencement of another multi-million dollar mixed-use development project in Nairobi, Kenya, known as Tatu City. Source BUSINESSDAY Read More 

Ghana Says IMF Deal Needs ‘Tweaking’ After Shortfall Discovery - Ghana’s debt bailout program with the International Monetary Fund may require “tweaking” after the nation’s new administration revealed that 7 billion cedi ($1.6 billion) in expenses were not accounted for by the previous government, the finance minister said. Source Bloomberg Read More

Indonesia’s Economy Grows Less Than Forecast on Spending Cut - Gross domestic product rose 4.94 percent in the fourth quarter from a year earlier, the statistics bureau said in Jakarta on Monday; median estimate of economists was for 5 percent growth Source Bloomberg Read More

Australia Orders Sale of Illegal Foreign Property Purchases - Australia has ordered the sale of 15 properties illegally acquired by overseas buyers as part of the government’s crackdown on breaches of its foreign investment laws. Source Bloomberg Read More

America’s Asia Allies May Face Biggest Currency Reversal - Asia’s top two performing currencies so far this year are unlikely to enjoy prolonged gains, with the new U.S. administration’s increasing turn toward protectionism set to hit the economies of South Korea and Taiwan. Source Bloomberg Read More

‘13.58 million Nigerian Internet users suffer cyberattacks’ - About 14 per cent or 13.58 million of the 97 million Internet users in the country suffer cyberattacks annually, the Director-General, National Information Technology Development Agency, Dr. Isa Ibrahim, has said. Source Punch Read More 





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