Nigeria in 1min: Economic, Business & Financial Headlines – 070316


March 7, 2016 7:30 AM / Proshare News 

FG To Spend 35% Of Budget On Debt Servicing - The federal government is expected to spend 35 per cent of its federal government revenues servicing debt this year, up from 26 per cent last year, the Debt Management Office (DMO) has said. Source Leadership Read More

FG Proposes N39.41bn for Vehicles in 2016 Budget - The controversies trailing the 2016 budget resurfaced yesterday as it was discovered that the federal government budgeted a whopping N39.41 billion only for the purchase of cars in this fiscal year. Source Thisday Read More

Investment inflow into Nigeria drops by N2.3tn - Over the past three years, the flow of investment into the country has been declining due to issues in the economy, which have made Nigeria not to be the darling of foreign investors again, IFEANYI ONUBA writes Source Punch Read More 

Nigerians to Spend N27.5bn on Imported Textiles by Q4 2016 - About $140 million (N27.5 billion) would be spent on imported textiles by the end of the year, THISDAY findings have revealed. Foreign textiles are among the 41 items that will not benefit from official foreign exchange from the Central Bank of Nigeria (CBN). Source Thisday Read More

Sterling Bank, Innoson Motors Sign Auto Finance Deal - In line with the federal government’s desire to aggressively drive the patronage of made-in-Nigeria goods, Sterling Bank Plc said it has taken a bold step to champion the use of locally manufactured goods and services by going into a partnership with Innoson Motors to finance the purchase of locally made vehicles produced by the company. Source Thisday Read More

Buhari: FG Will Punish Banks, Importers Caught Round-tripping - President Muhammadu Buhari has said that banks, importers and individuals involved in round-tripping of dollars they buy from the Central Bank of Nigeria’s (CBN) official market and resell in the parallel market will be made to face the law when caught. Source Thisday Read More

A slowdown in reserves depletion by US$340m in February 2016 -  Data from the CBN show that official reserves declined by US$340m in February on a 30-day moving average basis to US$27.8bn. The decline occurred in the first half of the month: this could mean that fx sales by the CBN slowed, that it was able to plug some leakages or that it saw a modest increase in its receipts/inflows. Source Proshare Read More  

Lagos airport passes US security audit, says NCAA - The United States Transportation Security Administration has passed a vote of confidence in the Murtala Muhammed International Airport, Lagos following the conclusion of a five-day security assessment of the facility. Source Punch Read More

South Africa’s WesBank seeks foothold into Nigeria’s auto credit market - A delegation from WesBank of South Africa will be arriving Nigeria  today to hold talks with local automobile assemblers who have already started operations in the country. Source BUSINESSDAY Read More 

50 years on, Nigeria fails to regain status among palm oil producers -
More than 50 years after Nigeria lost its position as one of the world’s largest palm oil producers, the country is yet to recover and take its proper place in the comity of producer nations. Source BUSINESSDAY Read More 

Investors shun NAICOM’s N350m micro insurance licence - The National Insurance Commission’s (NAICOM’s) plan to reach the grassroots through its microinsurance scheme seems to have hit the rock as investors within and outside the country do not show interest in purchasing the N350 million licence to register a microinsurance firm. Source THE NATION Read More 

E-payment card crime unit in police tops NeFF’s 2016 agenda – CBN - The Nigeria Electronic Fraud Forum (NeFF), an arm of the Central Bank of Nigeria (CBN) has unveiled its activities for 2016 with the setting up of a dedicated e-payment and card crime unit in the police force topping the agenda. Source BUSINESSDAY Read More

CBN Calls For Diversification Of Foreign Exchange Sources - The Central Bank of Nigeria (CBN) has called for diversification of sources of foreign exchange inflow into the country. Source Leadership Read More

Sentiment Analysis Report - W/E March 04, 2016 - Analysis of the market activity in the week ended March 04, 2016 technically revealed  a renewed and active optimistic trading, particularly towards big CAPs while price volatility waned significantly on the back of low speculative trading. Source Proshare Read More

NSE delists 914 million Wema Bank shares - The Nigerian Stock Exchange (NSE) on Friday said it has delisted a total of 913,907,131 units of ordinary shares of 50 kobo each belonging to Wema Bank Plc. Source Daily Trust Read More  

Asian shares hit two-month high after solid U.S. job growth - Asian shares hit two-month highs on Monday, extending sharp gains from last week, following upbeat U.S. jobs data and a rebound in oil and commodity prices. Source Reuters Read More  

Corporate Earnings for the Week Ending March 4, 2016 - Source Proshare Read More

A bullish week, stocks post 6.57%WoW as investors hunt Big CAPs  - The equities market closed today on a positive note, as NSE ASI appreciated by 0.01% to close at 25,820.10basis points, compared with the 1.65% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -9.85% Source Proshare Read More 

Stanbic IBTC Insurance Brokers begins operations - Stanbic IBTC Insurance Brokers is set to provide bespoke risk management and insurance services in Nigeria. Source Guardian Read More 

Dangote Sugar secures global food safety certification - Dangote Sugar secures global food safety certification. The certification which is fully recognised by the Global Food Safety Initiative (GFSI) comes on the heels of other standards already obtained by the refinery such as the ISO 9001:2008, ISO 22000:2005 and ISO OHSAS 18001:2007. Source Guardian Read More 

Fuel scarcity: NNPC reopens Port-Harcourt refinery - The Nigerian National Petroleum Corporation, NNPC, weekend, said it has reopened the Port Harcourt refinery, about six weeks after it was shut down, while it also disclosed that it has stepped up efforts to bring the fuel scarcity currently witnessed across the country to an end. Source Vanguard Read More 

Refineries record first profit in 12 months - Nigeria’s three refineries, for the first time since February 2015, were able to make profit at the close of business in January this year, latest figures from the financial and operations report of the Nigerian National Petroleum Corporation have shown. Source Punch Read More 

Oil workers kick against NNPC’s unbundling - Oil workers under the aegis of the Nigeria Union of Petroleum and Natural Gas Workers have expressed reservations about the plan to unbundle the Nigerian National Petroleum Corporation into 30 companies without following due process. Source Punch Read More 

Iranian Oil Lands in Europe for First Time Since Sanctions Ended - The Monte Toledo oil tanker covered the uneventful voyage from Iran to Europe with a haul of one million barrels of crude in just 17 days, but its journey has been four years in the making. Source Bloomberg Read More 

Domestic gas utilization rises as oil companies show commitment to cut gas flaring - Data released by the Nigerian Bureau of statistics indicate that oil exploration companies cut gas flaring by as much as 83 percent in 2014. According to the NBS data, oil exploration companies in Nigeria burned 409,311,4300 thousand standard cubic feet of gas (mscf) in 2013 but the figure reduced to 289,600,014 mscf  in 2014 Source BUSINESSDAY Read More 

African oil and gas deals dropped by 33 and 67 percent in volume and value in 2015 - The total deal transactions in the upstream sector of the Oil and Gas industry in Africa in terms of volume and value in 2015 were at their lowest levels since 2010, according to Ernst & Young’s Global oil and gas transactions review 2015 . Source BUSINESSDAY Read More 

Nigeria's president rejects IMF calls to lift FX curbs, end naira freeze - Nigeria's President Muhammadu Buhari has rejected calls by the International Monetary Fund (IMF) to lift the West African country's foreign exchange curbs and allow a more flexible rate for its currency. Source Reuters Read More 

Dollar scarcity: Importers explore timber, solid minerals export - Due to the foreign exchange scarcity and the declining value of the naira, many Nigerian importers have shifted their focus to the export trade, mainly timber and solid minerals. Source Punch Read More 

Forex scarcity: Students abroad feeling the pinch - Some students studying abroad are currently passing through hard times due to the depreciation of the naira. Source Daily Trust Read More 

Banks Delay Loan Repayments Due to Dollar Shortage - The Central Bank of Nigeria’s (CBN’s) restrictions on the flow of dollars to domestic lenders is forcing them to delay hard currency loan and trade repayments to foreign banks and increasing the risk of default, bankers said. Source Thisday Read More 

Expert Proposes N15trn Collateral Bank - The Group Managing Director of CFL Group of Companies, Mr. Lai Omotola, at the weekend proposed the establishment of Collateral Bank which, he said, could help over 10 million businesses in the country access capital. Source Thisday Read More 

Dearth of infrastructure threatens 20,000Mw projection - Dearth of infrastructure will affect Nigeria’s projection of hitting 20 megawatts (Mw) of electricity generation, the Chief Executive Officer, Enugu Electricity Distribution Company (EDEC), Rob Dickerman, has said. Source THE NATION Read More 

Energy firm begins supply of 40Mw to Eko DisCo - Following the approval by the power sector regulator, Nigerian Electricity Regulatory Commission (NERC), Paras Energy Resources Limited has begun the supply of 40 megawatts of electricity to Eko Electricity Distribution Company (EKEDC). Source THE NATION Read More 



Senate summons ministers over payment of MTN fine - The Senate has summoned the Minister of Communication Technology, Adebayo Shittu and the Attorney General and Minister of Justice, Abubakar Malami, to explain their roles on the reported payment of N50billion out of the N780bn fine on MTN Nigeria. Source Daily Trust Read More

Nigeria among lowest mobile banking users – Report - Astudy of five countries in Sub-Saharan Africa has revealed that only two per cent of banked Nigerians are using mobile money platform. Source Daily Trust Read More 

IG Orders Police to Stop Closure of Telecoms Sites - The Inspector General of Police (IGP), Mr. Solomon Arase has directed all State Police Commissioners to caution officers and men of their various commands from allowing themselves to be used by government agencies in shutting down telecoms sites across the nation. The police boss noted that the effect of the closure is already affecting police operations the same way it is affecting other telecoms subscribers. Source Thisday Read More

NCC Assures Foreign Investors of Nigeria’s Telecoms Potential - The Nigerian Communications Commission (NCC), has assured International and potential investors that Nigeria remains a sure haven for ICT investments. Source Thisday Read More

Fitch cuts Barclays Africa after parent says to sell down stake - Credit ratings agency Fitch downgraded South Africa's Barclays Africa Group, citing a lower likelihood of support from the bank's British parent as it sells down its stake. Source Reuters Read More


Senate Constitution Review C’ttee Proposes Emergence of Candidates Vying in 2019 Poll in 2018 - The Senate Committee on the Review of 1999 Constitution is currently considering an amendment that will make it mandatory for candidates at the forthcoming 2019 general election to emerge at the first quarter of 2018, THISDAY learnt at the weekend. Source Thisday Read More 


NBCC to encourage Nigerian investments in U.K - One of Nigeria’s foremost trade organizations, the Nigeria-British Chamber of Commerce is ready to promote and encourage Nigerian investments in the United Kingdom. Source WebTV Read More 



Revisiting the CBN FX Policy & Nigeria’s Business Environment

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