Nigeria in 1min: Economic, Business & Financial Headlines – 060416



April 6, 2016 6:30 AM / Proshare News 


$40m inflows push foreign reserves to $27.9b - Official foreign exchange reserves increased marginally by $40 million in March on a 30-day moving average basis to $27.9 billion, data from the Central Bank of Nigeria (CBN) have shown. Source THE NATION Read More 

CBN’s Nigeria PMI – Third Consecutive Month of Decline - Last week, the Central Bank of Nigeria (CBN) released its Purchasing Managers' Index (PMI) Report for March 2016. As usual, the report captures PMI for both manufacturing and non-manufacturing sectors. Source Proshare Read More

Africa Finance Corporation grows asset by 25% in 2015
- AFRICA Finance Corporation (AFC) said its 2015 fiscal year results despite a difficult operating environment, delivered strong underlying operating results. It said it achieved  25 per cent growth in its balance sheet, with total assets in excess of $3.2 billion. Source Vanguard
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NSIA to begin investment of $250m additional capital in 2016 FY - The Nigerian Sovereign Investment Authority (NSIA) will begin the In – vestment of the $250 million additional capital in the 2016 fiscal year using the existing deployment ratio of 40 per – cent in Infrastructure Fund Source BUSINESSDAY Read More 

LAPO empowers farmer with N3.5 billion in 2015 fiscal year - As part of policy geared towards boosting food sufficiency and security, the management of Lift Above Poverty Organization (LAPO) says it empowered over 68,000 farmers with N3,725,424.900 billion in 2015 financial year. Source BUSINESSDAY Read More 

Nigeria’s agric import hits N606bn in Q4 on forex crisis - A total of N603 billion worth of agricultural products was imported into the country in the fourth quarter 2015, according to the National Bureau of Statistics (NBS) in its recent foreign trade reports. Source BUSINESSDAY Read More 

Gov Ikpeazu Signs 2016 Budget Into Law - The Abia State Governor, Dr Okezie Ikpeazu has signed  into law, the 2016 budget of N101. 4 billion. Source Leadership Read More 

GTBank expects further rise in inflation this year - Guaranty Trust Bank Plc says it expects a further rise in inflation to the lower double digits in 2016. Source Punch Read More 



March 2016 PMI: Manufacturing PMI Improves Marginally to 45.9% - CBN - The Statistics Department, Central Bank of Nigeria conducts on monthly basis the survey of purchasing and supply executives of manufacturing and non-manufacturing organizations in 13 locations in Nigeria: - two states in each of the six geo-political zones, and the FCT (Fig. 1).  Source Proshare Read More 

Nigeria’s Terms of Trade improves in Q4 2015-CBN - THE Central Bank of Nigeria (CBN) yesterday said that the country’s Terms of Trade (TOT) improved in the fourth quarter of 2015. Source Vanguard Read More


State Of The Market: 5 stocks to remove from your portfolio - The equities market sustained moderate bargain postures to end the month of March positive by 2.99%. The market had experienced an impressive rally between February 1st and March 22nd, 2016, recording 9.21% gain to hit above 26,000bpts - a 50-day high with a new support level at 25,145.28bpts. Source Proshare Read More 

SF Markets Monthly Index Review for March 2016 - This month, we initiate our coverage for the SF Markets equity and fixed income indices – highlighted below for the month of March.  Source Proshare Read More 

Stocks seesaw on mixed sentiments, end higher on late rally -  The equities market closed today on a positive note, as NSE ASI appreciated by 0.42% to close at 25, 454.75basis points, compared with the 0.62% depreciation recorded previously. Source Proshare Read More

Erin Energy Announces Agreement with Zenith Bank on Terms of Loan Facility - Yesterday, Erin Energy Corporation (NYSE MKT: ERN), an independent oil and gas exploration and production company focused on energy resources in sub-Saharan Africa listed on the New York and Johannesburg Stock Exchanges, announced it had obtained a waiver  to the funding requirements of the Debt Service Reserve Account associated with the Zenith Bank Note until December 31, 2016.Source Proshare Read More 

GTB Shareholders Approve N52bn Dividend - Shareholders of Guaranty Trust Bank Plc have approved a total dividend payout of N52.09 billion for the 2015 financial year. Source Leadership Read More 

NAHCO Invests N2bn on Equipment, to Pay N325m Dividend - Nigerian Aviation Handling Company Plc, (nahco aviance) invested N2 billion on re-fleeting of ground support equipment (GSEs) and inaugurated its  warehouse in Enugu, Enugu State  in 20156 as part of efforts to deliver improved services to customers. Source Thisday Read More 

Fuel queues end by weekend, says Kachikwu - Hopefully by tomorrow (today) and Thursday, the fuel queues in Abuja should be over. Hopefully, the same thing will happen in Lagos, and thereafter by the weekend, we should see Kano, Katsina, Sokoto, Port Harcourt and Warri get off the queue list.” Source Guardian Read More

NNPC shops for investors for ethanol plant - The Nigerian National Petroleum Corporation (NNPC) is seeking investors for its Renewable Energy Division (RED) to implement Nigeria’s automotive biofuels industry programme through a series of planned Special Purpose Vehicles (SPVs). Source Guardian Read More 

Electricity: FG dissolves task force, constitutes power team - The Federal Government has disolved the Presidential Task Force on Power (PTFP) set up by former President Goodluck Jonathan to monitor the implementation of the Road Map on Power, while creating a Power Team in the Vice President’s office Source Daily Trust Read More 

Blackout: Shiroro, Sapele power plants shut - The nation’s electricity woes worsened on Tuesday as two additional power generating plants were shut down, bringing the total number of plants not generating any megawatts of electricity to 10. Source Punch Read More 

DMO to borrow N110bn via bonds - The Debt Management Office has said it will raise N110bn ($553m) in naira-denominated bonds on April 13. Source Punch Read More 

W’Bank, FG to remove solid mineral sector’s obstacles - The Federal Government on Tuesday said it had entered into a partnership with the World Bank Group to address the challenges facing the solid minerals sector in the country. Source Punch Read More 

Customs blames CBN’s policies as revenue falls by N230bn - Comptroller-General, Nigeria Customs Service (NCS), retired Col. Hameed Ali, has said that the service had a revenue shortfall of N230 billion in the last quarter of 2015. Source Daily Trust Read More



Global Stocks Sink Most Since February as Yen Soars to 2014 High - Stocks around the world fell by the most in almost two months as heightened concern over global growth drove investors toward haven assets, boosting government bonds and propelling the yen to its strongest level since 2014. Source Bloomberg Read More

U.S. Trade Deficit Rises to a Six-Month High of $47.1 Billion - America’s trade deficit widened in February to a six-month high as an increase in imports exceeded a more modest pickup in shipments overseas. Source Bloomberg Read More

Pfizer to Terminate $160 Billion Merger With Allergan - Pfizer Inc. decided to terminate its $160 billion merger with Allergan Plc, a person familiar with the matter said, marking an end to the largest-ever health-care acquisition as officials in Washington crack down on corporate inversions. Source Bloomberg Read More

Saudi Arabia to sign $21.5 bln energy, development deals with Egypt: sources - Saudi Arabia is expected to sign a $20 billion deal to finance Egypt's petroleum needs for the next five years and a $1.5 billion deal to develop its Sinai region, two Egyptian government sources told Reuters on Tuesday. Source Reuters Read More

Ford pumps $167 million into South African factory: regional head - Ford Motor Co will invest 2.5 billion rand ($167 million)to expand its factory in South Africa in order to build a new model that would be exported elsewhere on the continent, its regional head said on Tuesday. Source Reuters Read More



Jumia, others get N1.6tn support from Orange - French telecommunications company, Orange, says it will invest €75m (N1.6tn) in Nigerian e-commerce group, the Africa Internet Group. Source Punch Read More 

Telcos Target $144bn Investment On Fibre Infrastructure - Telecommunications operators will invest $144.2 billion between 2014 and 2019 on fibre cable infrastructure to enhance broadband expansion globally according to the latest edition of ITU’s annual global ICT regulatory report, Trends in Telecommunication Reform 2016 released yesterday. Source Leadership Read More 

FirstBank ATMs Account For 45% Bills Payment - First Bank of Nigeria Limited, a subsidiary of FBN Holdings Plc, says it presently accounts for 45 percent of bills payment services on Automated Teller Machines in the nation’s banking industry as at December 2015. Source Leadership Read More

Buhari to Submit Electoral Reforms Proposals to N/Assembly - Onyebuchi Ezigbo in Abuja, Ernest Chinwo in Port-Harcourt and James Sowole in Akure In line with his commitment to comprehensive legal reforms, President Muhammadu Buhari has begun the process of reforming the nation’s electoral laws in order to bring them into conformity with best global electoral practises. Source Thisday Read More 



Proshare CEO speaks on State of Nigerian Economy(2)

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