Nigeria in 1min: Economic, Business & Financial Headlines – 070416



April 7, 2016 6:00 PM / Proshare News 


Government unfolds roadmap for agricultural sector - The Federal Government yesterday unfolded its blueprint to drive the agricultural sector with the plan to build an agribusiness economy capable of achieving food security requirements. Source Guardian Read More 

Buhari to sign loan deal with China - President Muhammadu Buhari will sign a loan deal with China during a visit next week as the Federal Government seeks funds to finance the over N2tn budget deficit Source Punch Read More 

Ladol pays N16.9bn to FG as customs duty - The Lagos Deep Offshore Logistics Base Free Zone has paid about N16.9bn as customs duties to the Federal Government in the last decade, the Managing Director of the company, Dr. Amy Jadesimi, has said. Source Punch Read More 

FG, banks begin talks on N1.8tn borrowing - The Federal Government on Wednesday said it had commenced discussions with local banks and other international finance institutions such as the World Bank and China Export-Import Bank on its planned borrowing of N1.8tn this year. Source Punch Read More 

MDAs air travel costs to drop by N13.88bn on efficient spending, says Adeosun - With the Efficiency Unit initiated and run by the Federal Ministry of Finance, President Buhari’s government hopes to cut down air travel expenditure by 20 percent, amounting to  N13.88 billion annually, especially if the provisions of the new circular issued by the Office of the Secretary to the Government (OSGF) are fully implemented. Source BUSINESSDAY Read More 

Nigeria ranked 142 of 149 countries in wealth to well-being convertibility - A new report by Boston Consulting Group has shown that Nigeria ranks 142 out of 149 countries on ability to convert wealth into well-being. Source Vanguard Read More 

Passenger traffic in Nigerian airports hits 15 million - The Federal Airports Authority (FAAN) has stated that in the past 12 years, passenger traffic at the airports increased from 4.4 million to 15 million a year. Source Guardian Read More 

Akwa Ibom Targets 80,000 Acres of Cocoa Plantation in 3 Years - Akwa Ibom state government has said that in the next three years it will increase cocoa production in the state to 80,000 acres of plantation. Source Thisday Read More 


NAICOM Releases Names of Qualified Insurance Brokers - The National Insurance Commission (NAICOM) has made public, names of insurance brokers that are qualified to operate insurance broking business in the country. Source Thisday Read More


Market maintains positive stance in March 2016; MERIFX diversifies market -March ’16 SSS Report - Nigerian Equities Market maintains positive outlook in the month of March 2016 as it recorded +2.29% gains as against +2.74% gains recorded in the previous month. Consequently, the market YTD performance continues to buttress analysts call that market may close the year negative as it closed at -11.65% at the end of the month under review. Source Proshare Read More

Stocks end lacklustre session with a modest gain - The equities market closed today on a positive note, as NSE ASI appreciated by 0.04% to close at 25, 464.94basis points, compared with the 0.42% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.09%. Source Proshare Read More 

Zenith Bank pays shareholders 1.80k dividend, amidst financial headwinds - Despite the financial headwinds, Nigeria experienced in the year 2015 one of its leading banking groups Zenith Bank plc posted a remarkable profit turnover. Source Proshare Read More 

GTBank shareholders approve N45bn dividend payment - Shareholders of Guaranty Trust Bank Plc yesterday approved payment of N44.735 billion final dividend declared by the board of directors of the bank. Source Daily Trust Read More

UACN: Struggling Real Estate Business Drags Earnings Lower in FY 2015 Results - UAC of Nigeria Plc. (UACN) released audited FY 2015 results wherein revenue fell 14.6% YoY to N73.1 billion while PBT and PAT declined 43.6% and 52.0% YoY to N7.9 billion and N5.1 billion respectively. Source Proshare Read More

UNILEVER: Strong Q4'15 Performance Lifts Earnings Marginally - UNILEVER reported FY’15 financial results showing a 6% y/y revenue growth (above our 2% estimate) but a 51% decline in bottom line. On the back of a very weak 9M run rate, Q4’15 performance came in strong across key line items. Tracking historical trend, Q4’15 contributed 30% and 88% to FY’15 top and bottom line respectively. Source Proshare Read More 

$575m stuck in Nigeria as forex shortage hits airlines - The current foreign exchange (FX) policy of the Federal Government is impacting airline operators in Nigeria negatively as they have an estimated build-up  of  $575 million held in the country, which they are unable to repatriate Source BUSINESSDAY Read More 

Nigeria loses 3,100MW to gas constraints - The nation’s power generation is significantly being limited by gas constraints, a development that has driven down electricity supply to households and businesses across the country. Source Punch Read More 

Monopoly adds to cost of oil production, says Nigerdock chief - The monopoly in the oil and gas logistics and supply services sector is largely responsible for high cost of oil production, a stakeholder has said. It also adds an extra $3-$5 to per barrel of crude produced, Nigerdock and Jagal Group Chair, Anwar Jamarkani said. Source Daily Trust Read More

Meter manufacturers lose N10b to power sector issues - Not less than N10billion has been lost by five meter manufacturing companies due to the problems in the nation’s power sector Source Daily Trust Read More 

Fashola: Court Cases Slowing Down Progress of Electricity Sector -
The Minister of Power, Works and Housing, Mr. Babatunde Fashola, wednesday said there are a lot of court cases instituted against ongoing electricity projects in the country which are slowing down the progress of work on the projects. Source Thisday
Read More 

Fares rise by 200 per cent as fuel scarcity persists - Amid efforts by the Nigerian National Petroleum Corporation (NNPC) and independent marketers to ensure the supply of Premium Motor Spirit (PMS) in the country, fares have increased by over 200 per cent in major cities in the country. Source Guardian Read More

NNPC, Chevron spend N17bn on Niger Delta projects - The joint venture of the Nigerian National Petroleum Corporation and Chevron Nigeria Limited has spent a sum of N17bn on various developmental projects in the Niger Delta in the last 10 years. Source Punch Read More

Unremitted revenue: NNPC gives 7-day ultimatum to NRGI to withdraw report - The Nigerian National Petroleum Corporation (NNPC) has given the Natural Resource Governance Institute (NRGI) seven days to review its report the corporation said was full of blunders. Source Daily Trust Read More 

Global Agreement on Oil Output Freeze Imminent, Says Kuwait - The Kuwait Governor of the Organisation of Petroleum Exporting Countries (OPEC), Nawal Al-Fuzaia, has said that there are strong indications that a meeting of oil-producing countries on April 17 will reach an agreement to freeze output. Source Thisday Read More


Most Asian Stocks Advance on Dovish Fed as Oil Jumps; Yen Surges - Most Asian stocks climbed after Federal Reserve meeting minutes reaffirmed U.S. policy makers aren’t rushing to raise interest rates and the yen advanced to a 17-month high as Japanese officials’ expressions of concern failed to halt gains. Source Bloomberg Read More

Angola to open loan talks with IMF as oil price bites - Angola will begin loan negotiations with the International Monetary Fund (IMF) this month as lower oil prices hammer the finances of Africa's second-largest crude exporter, the Finance Ministry said on Wednesday. Source Reuters Read More

South Africa's credit rating at risk due to political tensions: S&P - Political upheavals in South Africa pose a risk to its sovereign credit rating, ratings firm Standard & Poor's said on Wednesday, a day after President Jacob Zuma survived an impeachment motion in parliament for ignoring the constitution. Source Reuters Read More


Firm to assist SMEs access $10bn credit - A United States-based financial consulting firm, King Solomon Capital Empire, says it is set to assist indigenous entrepreneurs to secure alternative funding solutions outside commercial banks. Source Punch Read More

Banks risk losing 25 percent market share to FinTechs – PwC - A new PricewaterhouseCoopers’s survey on the rise of new technologies in the financial services (FS) sector and their impact on market players reveal 25 percent of bank’s market share is at risk to financial technology firms (Fintechs) Source BUSINESSDAY Read More

MTN N730bn fine: Negotiations yet to start – NCC - Talks with the MTN on how to pay the N730 billion fine imposed on it are yet to start because of lack of key negotiation instruments, the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof Umar Garba Danbatta, has said. Source Daily Trust Read More


Shareholders commend Zenith Bank on 2015 FY performance

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