Nigeria in 1min: Economic, Business & Financial Headlines – 100217



February 10, 2017 6:10 AM / Proshare News 


Nigeria’s $1bn Eurobond Records Eight Times Oversubscription, Signposting Investor Confidence - The federal government yesterday announced that its US$1 billion Eurobond was 780 per cent oversubscribed, demonstrating a strong market appetite for Nigeria. Source Thisday Read More 

World Bank Provides $320m For Community, Social Devt In Nigeria - The  World  Bank has provided $320 million  credit  to assist poor and vulnerable  Nigerians  in  remote  areas  through the Community and Social Development Agency (CSDA) . Source Leadership Read More

FG Takes over Troubled Arik, AMCON Says Airline Too Important to Fail - After months of uncertainty over the fate of Nigeria’s largest carrier, the federal government yesterday finally took over the management of Arik Air, stating that the decision had become necessary to save the distressed airline, which it said was “too important to fail”. Source Thisday Read More

Budget 2016 - Welcome Growth in Capital Releases - Our chart today is drawn from the CBN’s quarterly bulletin and shows recurrent expenditure to September 2016. The first point is that there were apparently no payments made to personnel in two months: for January 2016 we offer the mitigating explanation that the year’s budget was not signed off for several months (in May). Source Proshare Read More 

Nigeria Produced 5.79 mln Tonnes of Fish Between 2010 and 2015 - Nigeria’s fish production data has reflected that 5,788,474 tonnes of fish had been produced between 2010 and 2015.  Year 2014 recorded the highest tonnes of fish produced with 1,123,011 tonnes; the second highest tonnes of fish produced were recorded in 2015 while the least were recorded in 2010. Source Proshare Read More 

Africa: Rice farmers lose $200m to parasitic weeds yearly - A team of researchers, representing the Africa Rice Center (AfricaRice), the International Rice Research Institute (IRRI) and Wageningen University, has raised the alarm over the enormous economic impact of parasitic weeds on rice production in Africa, threatening the food security and livelihoods of millions of resource-poor rice farmers and consumers in the region. Source THE NATION Read More 

OGFZs give 200,000 Nigerians jobs, attract $20bn in investment - …as FG sets aside N54.1bn for 6 SEZs Federal Government said on Thursday that the Oil and Gas Free Zones (OGFZs) had created 200,000 direct and indirect jobs for Nigerians, in addition to attracting over $20 billion in investments to the country. Source BUSINESSDAY Read More 

Italy’s  Boeing 767-300 Meridiana Airline enters Nigeria, Ghana airspace - All is now set for commencement of late evening flight operations by Meridiana Fly, Italy’s fastest growing airline into the two West African countries of Nigeria and Ghana in summer schedule for 2017. Source BUSINESSDAY Read More 

EFCC recovers $9.750m, £750,000, N1.25bn - Acting chairman of Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, on Thursday, confirmed the recovery of $9.750 million and £750,000 from a residence in Kaduna State and N1.25 billion was recovered from a public servant a fortnight ago. Source BUSINESSDAY Read More 

Budget deficit undermines investors’ confidence – SEC - The Director General of the Securities and Exchange Commission, Mounir Gwarzo, has said large budget deficits can affect stock prices and undermine investor confidence. Source Daily Trust Read More 


Stock Market Resumes Downtrend After A Day of Positive Outlook - Equities market closed today on a negative note, as NSE ASI depreciated by 0.54% to close at 25,322.30 basis points, as against 0.05% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.78%.  Source Proshare Read More 

Dangote Cement Plc Issues Notice of Closed Trading Period - With reference to circular NSE/LARD/LR/ClR2/15/05/17 on the “Notice of Securities Trading by Interested Parties” effective January 1, 2015, please note that Dangote Cement Plc has entered a closed trading period from February 9, 2017 until one (1) day (24 hours) after the audited financial results for the period ended December 31, 2016 are released to the public on or before February 28, 2017 after which the trading period will be resumed. Source Proshare Read More 

Africa Prudential Registrars Plc Issues Notice of Board Meeting - This is to notify the Nigerian Stock Exchange and the investing public that there shall be a meeting of the Board of Directors of Africa Prudential Registrars Plc on Tuesday, February 21,2017 at 12pm. Source Proshare Read More

An Investment Opportunity in REIT - A cursory review of the Top Services Limited Real Estate Investment Trust (TSL REIT) shows that this is a very good opportunity to participate in a commercial real estate venture. Source Proshare Read More 

Banks to Pool N25bn Annually to Support Export, Import Substitution - The banking industry has committed to contribute five percent of its profit-after-tax (PAT) towards the support of eligible and bankable export and import substitution projects. Source Thisday Read More 

FG’s N1.3 trillion domestic borrowing plan will curb appetite for stocks-…Debt markets seen outperforming   …low private sector role to blunt impact Nigerian equity investors may be in for another year of negative return as prospects of the Federal Government engaging in significant borrowing from the domestic market to finance its deficit and the attractive interest rates will dim appetite for stocks and make fixed Source BUSINESSDAY Read More 

$4bn forex demand backlog increases banks’ default risk  - Unsettled foreign exchange demand put at $4 billion is increasing default risk as deposit money banks delay in repayment of hard currency sourced from their correspondent banks to pay for their clients’ letters of credit. Source BUSINESSDAY Read More 

Total to decide on 10 oil projects in Nigeria, others - French oil major Total SA will make final decision on 10 oil and gas production projects in the next 18 months in countries including Nigeria, Angola, Azerbaijan and Argentina. Source Daily Trust Read More 

The Oil War Is Only Just Getting Started - It's been a month now that investors and analysts have been closely watching two main drivers for oil prices: how OPEC is doing with the supply-cut deal, and how U.S. shale is responding to fifty-plus-dollar oil with rebounding drilling activity. Source Proshare Read More 

NNPC Refinery Loses 2billion Naira to Illegal Tappers - The Kaduna Refining and Petrochemical Company Limited (KRPC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), loses an average of 2.2 billion naira annually to illegal tapping of its raw water pipeline that runs from Kaduna River. Source NNPC Read More


Kuwait’s Stock Exchange to Modernize in Bid to Lure Investors - Kuwait’s stock exchange is increasing its efforts to attract investors by reforming its trading infrastructure and introducing products such as stock options and futures. Source Reuters Read More

China Exports Rebound Ahead of Looming Challenge From Trump - China’s overseas shipments rebounded on stronger global demand, putting the nation’s external sector on a firmer footing as it braces for potential trade frictions with the U.S. under Donald Trump’s presidency. Source Reuters Read More

Egypt Said to Clear Backlog of Investors Repatriating Funds - Egypt has cleared the backlog of investors seeking to repatriate funds, a central bank official said, a further indication that the shortage of hard currency that crippled the economy is easing. Source Reuters Read More

Kenya May Raise Rates to Protect Shilling, Finance Chief Says - Kenya’s central bank will continue to intervene in the market and may tighten monetary policy to protect the shilling against excess volatility from the external environment, Treasury Secretary Henry Rotich said. Source Reuters Read More

Somalia's GDP growth seen slowing to 2.5 pct in 2017 - IMF - Somalia's economy is expected to slow sharply this year as a drought knocks production in farming, although the impact will be partially offset by a boost from construction and telecommunications, the International Monetary Fund said. Source Reuters Read More 





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