Nigeria in 1min: Economic, Business & Financial Headlines – 090616



June 9, 2016 7:00 AM / Proshare News 


Inflation Up Again - A Never Ending Problem - FDC - We are estimating a spike in YoY inflation to 14.5% in May, 0.8% higher than that of April. If accurate, this will be the fifth consecutive monthly increase in inflation and the highest in nearly six years. Source Proshare Read More

55.2% of Total Domestic Crude Oil supply in April 2016 was via Direct Sales Direct Purchase Agreement - Global Crude Oil Spot Prices increased by $3.41 per barrel in April, 2016 to a monthly average of $40.75 per barrel, up from $37.34 in March 2016 and down from $57.54 in April 2015 (one year ago). This represents an increase of 9.13% from March 2016 and - 29.18% from April 2015, one year ago. Source Proshare Read More 

Budget Deficit Won’t Grow Beyond Projected N2.20trn - We attended a presentation in London yesterday by the federal finance minister, Kemi Adeosun, within the FGN’s non-deal roadshow. She provided much information, some of which we share, and prompted us to call for more regular briefings for the investor community and financial media. Source Proshare Read More 

FG: Procurement process delaying release of N350bn - The public procurement process is delaying the release of the N350 billion meant to stimulate the economy, Budget and National Planning Minister Udoma Udoma, said yesterday. Source  Daily Trust Read More 

FG to issue $1bn Eurobond in Q3 2016 - The Federal Government has said it would issue $1 billion Eurobond in the third quarter of this year towards its securing of $3 billion loan from the World Bank and African Development Bank. Source Vanguard Read More 

FG begins recruitment of 500,000 teachers on Sunday - The recruitment of the 500,000 teachers promised by President Muhammadu Buhari in his Democracy Day speech starts on Sunday. Source Punch Read More 

‘LASG needs N1tn annually for infrastructure’ - The Lagos State Government will need an average of N1tn annually for the next 10 years to meet its infrastructural needs due to population explosion, the Commissioner for Works and Infrastructure, Mr. Ganiyu Johnson, has said. Source Punch Read More 

World Bank slashes Nigeria’s growth forecast - The World Bank has cut Nigeria’s economic growth forecast for this year, citing weakness from oil-output disruptions and low prices. Source Punch Read More 

Nigeria Can Earn $100bn Annually from Non-oil Sector, Says Awolowo - Nigeria needs export revolution to rank among the greatest countries of the world with sound economy and foreign reserves comparable to the key global players, the Executive Director/CEO of the Nigerian Export Promotion Council (NEPC), Mr. Olusegun Awolowo, said wednesday in Ibadan. Source Thisday Read More 

Airlines Exit Nigeria on Slowing Economy Hit by Dollar Shortage - International carriers may follow the example of United Airlines and Iberia and halt operations in Nigeria or cut flights as they struggle to move revenue out of the country because the oil-price slump has depleted the West African nation’s foreign exchange reserves. Source Bloomberg Read More 

Economic Crunch: Nigerian Airlines Abandon Aircraft at Maintenance Facilities Overseas - Checks by THISDAY have revealed that some Nigerian airlines are unable to bring back their aircraft taken abroad for routine maintenance due to their inability to pay outrageous maintenance bills, which have tripled because of the low value of Naira. Source Thisday Read More 



Emefiele to meet bank CEOs over sacking, forex policy - Barring any last-minute change in plans, the Governor of Central Bank of Nigeria, Mr. Godwin Emefiele, will today (Thursday) meet with Managing Directors and Chief Executive Officers of all the Deposit Money Banks in the country. Source Punch Read More

14 Trade Groups Form a Transatlantic Financial Regulatory Coherence Coalition  - An international group of fourteen trade associations and business groups today announced the formation of a Transatlantic Financial Regulatory Coherence (TFRC) Coalition. Source Proshare Read More  

ESMA Issues Technical Standards For European Long-Term Investment Funds - The European Securities and Markets Authority (ESMA) has today published its Final Report and draft Regulatory Technical Standards (RTS) for Regulation (EU) 2015/760, the European Long-Term Investment Fund Regulation (ELTIF). Source Proshare Read More 

Losing streak persists as Stocks post 6.24% loss in 7days  - The equities market closed today on a negative note, as NSE ASI depreciated by 1.37% to close at 27,098.18basis points, compared with the 0.45% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.39%. Source Proshare Read More 

Deutsche Börse Adapts Rules For MDAX, SDAX And TecDAX Indices - Deutsche Börse is changing the rules for the composition of the MDAX, SDAX and TecDAX indices. As of September 2016, the process for selecting companies in the indices will be purely quantitative as well as completely automated, and aligned with the existing DAX index rules. Source Proshare Read More 

AG-Dangote commissions longest concrete road in Nigeria - AG-Dangote Construction Limited, a joint venture company between Andrade Gutierrez (AG) of Brazil and Dangote Group Nigeria, has commissioned the longest  stretch of concrete road, in the country recently. Source Daily Trust Read More 

Naira tumbles to 371 as dollar scarcity persists - The continuing pressure on the naira rose sharply on Wednesday with the local currency tumbling to a new low of 371 against the United States dollar at the parallel market. It had closed at 361 per dollar on Tuesday. Source Punch Read More 

Nigeria outages drag OPEC oil supply lower - Militant attacks on oil installations cut Nigeria’s production by 10 per cent in May, contributing to a drop in monthly output from the Organisation of Petroleum Exporting Countries, a Bloomberg News survey showed. Source Punch Read More 

N’Delta Militants Strike Chevron Again as Nigeria Risks Losing Oil Market to Iran - Following the incessant production outages and force majeure declared on exports of some grades of Nigerian crude oil, which have created supply uncertainty to the major buyers of Nigeria’s crude oil, mostly foreign refineries, the refineries from India to the United States are backing away from buying Nigerian oil and turning to Iran and other Middle East countries for sustainable crude oil supply. Source Thisday Read More 

Nigeria Militants Say No Talks With Abuja to End Oil Attacks
- A Nigerian insurgent group which has claimed attacks on oil facilities that have slashed Nigeria’s output to the lowest level in 27 years said it’s not in talks with the government, a day after the authorities said they were preparing for dialogue. Source Bloomberg
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US, Indian refiners shun Nigeria’s oil amid outages - Against the backdrop of supply disruptions in the Niger Delta region, refineries from India and the United States are backing away from buying Nigerian oil amid heightened uncertainty about deliveries. Source Punch Read More


Gas to power down 50% over attacks – Report - Recent upsurge in vandalism has not only negatively impacted on oil production but reduced Nigeria’s domestic gas production by 50 percent which has in turn constrained gas supply to power plants in the country Source Daily Trust Read More 

Last month’s power generation lowest in seven years, says report - Nigeria’s power generation hit zero megawatts six times in May, the lowest level since 2009. Source THE NATION Read More 

Diesel, kerosene prices skyrocket nationwide - The prices of Automated Gasoline Oil (AGO) or diesel and household Kerosene have skyrocketed across the country. Source Daily Trust Read More 

Oil production disruptions hit local firms hard - While the recent militant attacks on oil and gas infrastructure in the Niger Delta have been mostly targetted at International Oil Companies, a number of local firms have suffered huge losses as a result of the attacks. Source Punch Read More 

Equatorial Guinea Opens Licencing Round For 37 Oil Blocks - Equatorial Guinea has opened bidding for oil and gas exploration blocks, saying it will accept bids for oil 37 blocks of which 32 are offshore, until November 30, 2016. Source Leadership Read More 

Shell mulls $30b yearly investment - The Royal Dutch Shell yesterday said its yearly capital investment will be between $25 billion and $30 billion from this year through to 2020. Source THE NATION Read More 



British Envoy to Nigeria Commends Guinness Ng on exemplary commitment to quality - British High Commissioner to Nigeria, Paul Arkwright, has commended Guinness Nigeria’s commitment to high quality standards and innovation in the Nigerian brewery industry as demonstrated by the company’s robust and diverse product portfolio and manufacturing facilities. Source Proshare Read More 

South African economy contracts, on track for recession - South Africa's economy contracted more than expected in the first quarter of the year, data showed on Wednesday, putting it on track for its first recession in seven years. Source Reuters Read More 

Fitch affirms South Africa's credit rating but warns of political risks - Ratings agency Fitch affirmed South Africa's investment grade credit rating and maintained its stable outlook, strengthening the rand on Wednesday, but warned that political tensions could still derail efforts to boost growth. Source Reuters Read More 

Kenyan finance minister raises budget deficit forecast - Kenya's budget deficit for the fiscal year 2016/17 is likely to be more than 9 percent of gross domestic product (GDP), based on a forecast given by its finance minister on Wednesday. Source Reuters Read More 

Cameroon oil output up nearly 20 pct this year - Cameroon's crude oil production rose 19.4 percent between January and April, compared with a year earlier, to 12.3 million barrels, the state oil company SNH said on Wednesday, without giving a reason for the higher production. Source Reuters Read More


BoI, Ebonyi Govt To Partner On Clean Energy Project - The Bank of Industry (BoI) has said that it was ready to partner with the Ebonyi State Government on its clean energy initiative as it would have meaningful impact on the local people and open up business activities in the area. Source Leadership Read More 

Agric Bank Grants N10.4m Loan Facility to Aba Leather Manufacturers - With its liberalised loan conditions and very low interest rate, the Bank of Agriculture (BOA) has become the preferred lender for manufacturers of leather products in Aba. Source Thisday Read More



4.56 million telephone lines inactive – NCC - The number of telecoms subscribers in the country has declined by 4,562,862 in the last six months, the latest statistics from the Nigerian Communications Commission have shown. Source Punch Read More 

Cybersecurity of Interbank Messaging and Wholesale Payment Networks: FFIEC - The Federal Financial Institutions Examination Council (FFIEC), on behalf of its members,1 today issued the attached statement, in light of recent cyber attacks, to remind financial institutions of the need to actively manage the risks associated with interbank messaging and wholesale payment networks. Source Proshare Read More 



Capital market critical to Nigerian economic policy decisions-Jalo Waziri

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