Nigeria in 1min: Economic, Business & Financial Headlines – 080316



March 8, 2016 7:30 AM / Proshare News 


PPPs: The Antidote to Nigeria's Healthcare Infrastructure Deficit - As Africa's most populous country and with an average five year real growth rate of 5% between 2011 and 2015, Nigeria is ranked as one of the fastest growing economies in the world. Despite this position, the nation's activities in healthcare account for less than 5% of the country's GDP . Source ProshareRead More  


Moodys places Nigeria’s Ba3 credit rating on review for downgrade - Moody’s Investors Service on Monday placed Nigeria’s Ba3 government bond and issuer ratings on review for downgrade. Source BUSINESSDAY Read More 

NNPC’s Oil Revenue Remittance to FAAC Drops by N382m - The Nigerian National Petroleum Corporation (NNPC) monday said its monthly naira remittance to the federation account dropped by N382 million from N86,340,969,392 to N85,958,157,358 in the month of January. Source Thisday Read More

Nigeria’s PMI Moves Lower for the Second Consecutive Month – Expect Lower Q1 GDP Growth - The report captures the PMI for both the manufacturing and non-manufacturing sectors. Both sector PMIs dropped sharply to 45.5 (previously 47.2) and 44.3 (previously 46.9) respectively, for the second consecutive month.  Source Proshare Read More

Africa’s Prospects Indicators for February 2016 - The second edition of the Africa Prospects Indicators (APi) provides a trended ranking of multi dimensional, comparative indicators for nine of Sub Saharan Africa’s leading markets, where common measurement information is available. Source Proshare Read More 

Benue saves N2.6bn from ghost workers syndicate - Governor Samuel Ortom of Benue State, yesterday said his administration had saved over N2.6 billion from ghost workers syndicate at the state and local government levels. Source Vanguard Read More 

OPS needs N5.4trn to diversify economy— Iweta - The Federal Government has been called upon to inject N5.4 trillion (about $27 billion) every year for the next three years to the private sector in the country. Source Vanguard Read More 

N11.7b ‘spent yearly on tomato paste’ - The Manufacturers Association of Nigeria (MAN) has lamented that in spite of the availability of land suitable for the cultivation of tomato in the country, N11.7billion is spent yearly on the importation of tomato paste. Source THE NATION Read More 

Nigeria’s Purchasing Index Hits Record Low On Dollar Supply, Power - The country’s Purchasing Managers’ Index (PMI) has weakened to a record low of 45.5 in the month of February from the 47.2 in January for manufacturing sector, and equally slowed to 44.3 in February, down from 46.9 in January for the non-manufacturing sector. Source Leadership Read More 

Fall in oil prices won’t spell doom for Nigerian economy —Dangote - Africa’s richest man and President, Dangote Industries, Alhaji Aliko Dangote, yesterday, dismissed fears about the impact of the fall in crude oil prices on the Nigerian economy, saying the decline would not translate to doom for the economy. Source Vanguard Read More 

Nigeria set to invest in shipping - The Federal Government is set to invest heavily in shipping and regulate the maritime industry to eliminate substandard ships in the country. Source THE NATION Read More 

Lagos trains move 174,360 passengers in one month
- About 174,360 people travelled by train in Lagos last month, the latest statistics from the Nigerian Railway Corporation have indicated. Source Punch
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Nigerian economy in recession, says Agbakoba - A former President of the Nigerian Bar Association, Dr. Olisa Agbakoba (SAN), says the country’s economy has slid into recession due to what he termed as the strict monetary policy of the President Muhammadu Buhari’s government. Source Punch Read More 

FG’ll exploit construction sector for economic growth – Fashola - The Minister of Power, Works and Housing, Babatunde Fashola, has said that the Federal Government will exploit the country’s construction sector to grow its economy. Source Punch Read More 

Garment markers reap benefits of falling Naira - The fall in the value of the Naira may have turned out to be a fortune for the garment and tailoring industry in the country. Reason: The development has shot up the prices of ready-made imported attires above the reach of an average Nigerian and as such, people now resort to buying materials and taking them to tailors to sew. Source Guardian Read More 

Oil firms struggle to repay bank loans over dollar scarcity - Nigerian oil servicing companies are struggling to offset their dollar-based bank loans as demand for the U.S. currency increased amid a plunge in crude oil prices and foreign exchange restrictions by the Central Bank of Nigeria (CBN). Source Daily Trust Read More 

Fiscal agency moves to halt new revenue formula - Against the backdrop of dwindling state funds and the delay by the Presidency in working on the revised revenue formula for the federal, state and local councils, as well as the proposed pay package for political officers, the Revenue Mobilization, Allocation and Fiscal Commission (RMAFC) has moved to stop them. Source Guardian Read More 


CBN Releases National Financial Literacy Framework Report - The National Financial Inclusion Strategy launched on the 23rd October, 2012 aims to reduce the financial exclusion rate in Nigeria from 46.3 per cent in 2010 to 20 per cent in 2020. Source Proshare Read More

CBN Publishes Nigeria Financial Literacy Baseline Survey Report - The National Financial Inclusion Strategy (NFIS) was launched by the Federal Government of Nigeria in 2012 to reduce the number of adult Nigerians who 1 are financially excluded from 46.3 per cent in 2010 to 20 per cent in 2020; and to empower the public through an 'increase in coordinated financial literacy 2 measures that are complemented by consumer protection' . Source Proshare Read More

Stocks start week bullish, gaining streak hits 8days on fresh momentum - The equities market closed today on a positive note, as NSE ASI appreciated by 0.27% to close at 25,890.94basis points, compared with the 0.01% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -9.61% Source Proshare Read More

Asian shares retreat on profit-taking; oil eyed - Asian shares fell on Tuesday as investors took profits after a month-long rally and investors grew wary of the market's near-term prospects ahead of major central bank meetings. Source Reuters Read More 

European shares slip as EDF and bank stocks fall - European shares fell on Monday, led lower by a slump in utility EDF after a senior executive quit, and by weaker bank stocks which were hit by some broker price target cuts. Source Reuters Read More 

The Nigeria Bond Watch - Review and Outlook @030716  - During the review week, activities in the domestic fixed income market were influenced by treasury bills auction and redemption and OMO bills auction by the CBN - which dictated trading patterns and ultimately market directions. Source Proshare Read More  

DANGCEM: Bright outlook for 2016 after weak Q4 results - Dangote Cement’s (DangCem’s) Q4 2015 results showed that PBT came in 33% behind our estimate. As such, we have cut our EPS forecasts by 9% on average over the 2016-17E period. Source Proshare Read More 

The Nexus between SEC and TSA
- The Treasury Single Account (TSA) is an initiative of the Federal Government being implemented through the office of the Accountant General of the Federation (AGF) as part of its Economic Reform Programme. It is a unified structure of Government Bank Accounts – a single Account or a set of linked Accounts for all Government transactions. Source Proshare
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GTBank Leads in Forex Allocation from CBN - The exit by foreign portfolio investors from the country, as revealed by bank returns on the utilisation of foreign exchange bought from the Central Bank of Nigeria (CBN), has continued to take its toll on the country’s stock and fixed income securities markets. Source Thisday Read More 

FBN Holdings Plc Holds Board Meeting on 22nd March 2016; To Observe Closed Period - In line with the provisions of Rule 19.2 of Part 2 (Issuer’s Rules) of the NSE’s Rule Book (2015), kindly be informed that our Board of Directors will be meeting to discuss audited financial statements for the 2015 financial year on Tuesday, 22nd of March, 2016. Source Proshare Read More 

NSE Delists 913,907,131 Units of WEMABANK Shares Representing an Unpaid Portion - A total of 913,907,131 units of Ordinary Shares of 50 kobo each belonging to Wema Bank Plc representing in May 2009 now reversed in compliance with CBN’s directive was delisted from the shares outstanding of the company. Source Proshare Read More 

Trevor Neil's Friday Technical Analysis Surgery - Trevor Neil’s free 24-part Comprehensive Course in Technical Analysis  continues with the March module - the 12th covering the understanding and use of Cycles. Source Proshare Read More 

APR proposes N1.2b dividend for shareholders - Africa Prudential Registrars Plc has set aside N1.2 billion to be paid to ordinary shareholders of the company if the proposed final dividend of 43 Kobo per share is ratified at the coming Annual General Meeting. Source THE NATION Read More 

Africa's richest man eyes Morocco phosphate deal, rice production -  Dangote Group, the company owned by Africa's richest man Aliko Dangote, said on Monday it plans to buy phosphate from Morocco and potash from Congo-Brazzaville to feed a planned fertilizer plant. Source Reuters Read More 

Dangote plans to generate 12,000MW of electricity - The President, Dangote Industries, Aliko Dangote, has said his company should be able to generate about 12,000 megawatts of electricity for the country by 2018. Source Punch Read More 

We’ll Start Selling Forex To CBN By 2020 – Dangote - President of Dangote Group, Aliko Dangote, has projected that his conglomerate whould be selling foreign exchange to the Central Bank of Nigeria (CBN) by year 2020. Source Leadership Read More 

Crude Theft: FG Sues IOCs over $12bn Missing Oil Revenue - In a move interpreted by industry watchers as a major step by the Muhammadu Buhari administration to curb the menace of oil theft in the country, the federal government has instituted civil suits against international oil companies (IOCs) operating in the country in a bid to recover over N2 trillion in alleged missing revenues from over 57 million barrels of crude oil shipments that were believed to have been declared or under-declared between 2011 and 2014. Source Thisday Read More

Oil Prices Hit 2016 High, Rise Above $40/bl - The price of Brent crude monday rose for the sixth consecutive trading day in a row, hitting a 2016 peak of over $40 a barrel, as buyers were encouraged by talk that the Organisation of Petroleum Exporting Countries (OPEC) was targeting a higher anchor price after a sell-off that has lasted nearly two years. Source Thisday Read More 

NERC sets team to monitor estimated billing - The Nigerian Electricity Regulatory Commission (NERC) said it has deployed monitoring teams to guard against the extortion of electricity customers paying ‘estimated bills’ for February across the 11 Distribution companies (Discso). Source Daily Trust Read More 

Ikeja Electric employs 603 staff, promotes 74 - Nigeria’s largest electricity distribution company, Ikeja Electric (IE) has employed 603 staff between January 2015 and February 2016, in keeping with its commitment to drive service excellence through robust human capital profiling and development Felix Ofulue, the company’s head of corporate communications also pointed out that 74 others were promoted across different functions Source BUSINESSDAY Read More 

NUPENG kicks against unbundling of NNPC - Oil workers under the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) vowed to resist attempts by the federal government to unbundle the Nigerian National Petroleum Corporation (NNPC) into 30 companies. Source Daily Trust Read More 

Nigerian firms dominate bid for Uganda’s oil - Three Nigerian oil and gas  firms have submitted bids in the final round of Uganda’s first oil licensing. Source Daily Trust Read More 



MOMAN elects Forte Oil Plc GCEO, Akin Akinfemiwa, as Chairman - Akin Akinfemiwa Group Chief Executive Officer of Forte Oil Plc elected as MOMAN Chairman. Source Proshare Read More 

February 2016 - White Collar Crimes, Economic Crimes and International Corruption  - White-collar crime refers to financially motivated nonviolent crime committed by business and government professionals. Within criminology, it was first defined by sociologist Edwin Sutherland in 1939 as "a crime committed by a person of respectability and high social status in the course of his occupation". Source Proshare Read More 

Ethiopian Airlines Profit Rises 12 Percent in 2014-15 - Ethiopian Airlines Enterprise, Africa’s largest carrier by revenue, increased its profit by 12 percent to 3.53 billion Ethiopia birr ($165.4 million) in 2014-15 despite declining air traffic on the continent. Source Bloomberg Read More 

Cape Verde state airline to cut jobs, debt in restructuring plan - Cape Verde's loss-making national airline plans to cut nearly a quarter of its staff and review flight routes later this year as part of a restructuring plan to reduce debt and attract foreign investors, the company head told Reuters on Monday. Source Reuters Read More


‘N780b fine: MTN’s challenge remains regulatory’ - The Minister of Communications, Adebayo Shittu, has said that the Federal Government has no personal grouse against MTN, but stressed that the hurdle currently faced by the telecommunications firm remains regulatory. Source Guardian Read More

NCC to Unveil New Tariff for Fixed Transmission Services Soon - The Nigerian Communications Commission (NCC), on Monday, said arrangement had been concluded to unveil new pricing cost for wholesale fix transmission service providers in the telecommunication industry. Source Thisday Read More 

MTN: No plans for Nigeria listing - Last week, the MTN Group held a media briefing to announce its financial results for the year ended 31 December, 2015 which showed that profits had plunged 51per cent  as Africa’s largest mobile operator battled poor economic conditions in South Africa, regulatory hurdles, a hefty fine in its largest market, Nigeria, and changes in its top management team. Source THE NATION Read More 

Broadband penetration rose by 4% in 2015 – NCC -  Broadband penetration in the country rose by four per cent to 10 per cent last year, the Nigerian Communications Commission has said. Source Punch Read More 

70% Of Nigerians Have Not Heard Of Mobile Money –Survey - Although the advent of mobile money in Nigeria is more than two years and over 21 operators in the sector have been licensed by the Central Bank of Nigeria, more than 70 per cent of Nigerians say they have not heard of mobile money. Source Leadership Read More


Sage One Hosts Webinars on International Financial Reporting Standards for SMEs - Sage One in partnership with 2020 Innovation brings you International Financial Reporting Standards for SMEs. Source Proshare Read More

Agency grants N50m to tech start-ups in Nigeria - The Office for ICT Innovation and Entrepreneurship (OIIE), a subsidiary of National Information Technology Development Agency (NITDA) has disbursed over N50 million grants to technology-driven startups in the country in 2015. Source Guardian Read More 

BOA disburses N9.6bn loans to women, youth - The Bank of Agriculture (BOA) has disbursed loans worth over N9.6 billion to women and youth in the past 16 years, BusinessDay has been told. Auta Bulus Jamaka, assistant general manager at BOA disclosed to BusinessDay in an exclusive interview, that about 68,000 women and youth enterprises have so far benefited from the loans. Source BUSINESSDAY Read More

BoI signs pact with 11 facilitators on entrepreneurship scheme - The Bank of Industry (BoI) on Monday signed a Memorandum of Understanding (MoU) with 11 capacity building consultants for the Youth Entrepreneurship Support (YES) Programme of the bank. Speaking at a ceremony to sign the Mou in Lagos Source BUSINESSDAY Read More



Lagos Assembly orders relocation of Mile 12, Owode markets - Smarting from the last week’s crisis in the Mile 12 market area of Lagos, the State House of Assembly yesterday told the state government to begin arrangements for the relocation of the popular foodstuff market. Source Guardian Read More 

PDP approves May 21 for national convention - National Executive Committee (NEC) of the Peoples Democratic Party (PDP) ‎ has approved May 21 for its national convention to be held in Port Harcourt, Rivers State,  to elect new leaders of the party. Source Daily Trust Read More 

Swiss Govt to Hold Talks with Nigeria on Repatriation of Fresh $321m Abacha Loot - Representatives of the Swiss government are expected in Nigeria today to discuss with their Nigerian counterpart on the repatriation of huge public funds stolen by the late Head of State, General Sani Abacha. Source Thisday Read More 

NBCC Roundtable:Stakeholders explore strategic reforms for Real Estate Sector - As Nigeria grapples with housing deficit issues and a challenged real estate sector, the foremost bi-lateral chmaber; the Nigeria-British Chamber of Commerce hosted its first advocacy roundtable focusing on the “Real Estate Sector:The Reform Agenda”. Source WebTV Read More 



NBCC Roundtable:Real Estate Sector-The Reform Agenda

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