Nigeria in 1min: Economic, Business & Financial Headlines – 100316



March 10, 2016 7:00 AM / Proshare News 


A dire set of GDP numbers; slows to 2.11% YoY in Q4’15 from 2.84% in Q3 - The latest national accounts from the NBS show that GDP growth (at constant basic prices) slowed to 2.1% y/y in Q4 2015 from 2.8% the previous quarter. These are very poor figures, and worse than expected. The imported macro headwinds did not improve. Source Proshare Read More 

Exchange rate turmoil to push Headline Inflation above 10% - FDC - We are projecting the YoY headline inflation rate for February 2016 to spike to 10.1%. This is the first time the price level has reached double digits since 2012. We are deviating from the usual practice of a single inflation projection by examining extenuating circumstances that led to such a significant increase in prices, and thereby providing an alternative scenario. Source Proshare Read More 

Nigeria's slower Q4-2015 GDP growth adds to pressure on both the monetary and fiscal authorities - The National Bureau of Statistics (NBS) just released Nigeria's Q4-2015 GDP growth estimate. Real growth came in at 2.11% y/y, the lowest in 2015 and historically. Cumulatively therefore, economic growth in 2015 as a whole stood at 2.79%, 343bps lower than the 6.22% growth recorded in 2014. Source Proshare Read More 

GDP growth plumbs to new depths on oil sector woes - Yesterday evening the National Bureau of Statistics (NBS) reported that real GDP growth slumped to a fresh trough of 2.11% YoY in Q4 15 – 73bps and 383bps below the corresponding reading in Q3 15 and Q4 14 respectively. Source Proshare Read More

FG to raise N100bn in local currency denominated bonds - In pursuit of its borrowing plans for budget deficit funding, the Debt Management Office, DMO, yesterday, said it would raise N100 billion in local currency denominated bonds on behalf of the government next week. Source Vanguard Read More 

FG uncovers fresh 11,000 ghost workers - The Federal Government is currently working to expose another 11,000 ghost workers on its payroll in its second batch of staff audit. Source Punch Read More 

Outrageous budgetary allocations: raising early red flag? - Barely two months after the submission of 2016 budget (“budget of change”) by the presidency, the National Assembly raised an alarm on suspected frivolous allocations in the budget document. Source Proshare Read More 

Kia Nigeria eyes 90% local content with 27,000 capacity facility
- Dana Motors, authorised dealer of Kia vehicles in Nigeria said the organisation has concluded plans to source 90 per cent of its vehicle components in the country. Source Guardian
Read More 

FG Urged to Provide N150bn Loan-able Funds for Private Sector - The President, Cement Importers Association of Nigeria, David Iweta, has called on the federal and state governments to summon courage to create investment windows by attracting capital flow of minimum of N150 billion (USD750m) as loan-able funds for the private sector of each of the 36 states of the Federation through external borrowing annually for three years consecutively for lending to private sector operators at six per cent per annual. Source Thisday Read More 

Manufacturers seek 18 months access to forex for backward integration - Manufacturers in the real sector of the economy have requested the federal government to grant them 18 months access to foreign exchange to enable them backwardly integrate. Source Vanguard Read More 

N696bn unpaid salary threatens Ogoni clean-up project - The implementation of the United Nations Environment Programme Assessment report on oil pollution in the Niger Delta is being threatened by the inability of the Federal Government to pay about 36 months’ salary arrears of the workers of the Hydro Carbon Pollution Restoration Project. Source Punch Read More 

NBS figures to show inflation at 3-year double digit high - Nigeria’s February headline inflation will likely jump to double digit, the largest increase in about three years, as higher energy costs, scarcity of petrol and the imported impact of tight Foreign Exchange FX conditions begin to weigh significantly on consumer prices, BusinessDay finds. Source BUSINESSDAY Read More 

Faulty education structure lowers Nigerian youths’ global competitiveness - The poor global workplace competitiveness of Nigerian youth is becoming more glaring on account of a sustained neglect of the structure and content of the country’s educational system, industry experts say. Source BUSINESSDAY Read More 

Excessive charges expose lenders’ lack of intermediation traction - The ongoing arbitrary charges by banks through what the lenders regard as maintenance, short message service (sms) fees and other hidden charges, even in the face of declining customer service and facilities, may have exposed their lack of intermediation footing, BusinessDay findings show. Source BUSINESSDAY Read More 



NSE Announces 8th Mar, 2016 as Effective Date for Its Rules Approved by SEC on 29th Dec, 2015 - Please be advised that The Exchange has received the Securities and Exchange Commission’s approval to its amended Rules set forth below. Source Proshare Read More

SEC Warns Against Ponzi Scheme Operated by Fantastic Esan Bet Nigeria Limited  - The attention of the Securities & Exchange Commission has been drawn to a ponzi scheme floated and operated by Fantastic Esan Bet Nigeria Limited in Benin, Edo State and its environs. Source Proshare Read More 

CBN, banks to step up fraudsters’ prosecution - The Central Bank of Nigeria and Deposit Money Banks have said effective prosecution of fraudsters will be their focus this year. Source Punch Read More


Equities market regains patronage as supply pressure wanes  - The equities market closed today on a positive note, as NSE ASI appreciated by 0.51% to close at 25,885.31basis points, compared with the 0.53% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -9.63% Source Proshare Read More 

Asia stocks gain as oil bounce improves sentiment, ECB awaited - Asian stocks edged up on Thursday, encouraged by a rally in crude oil prices and expectations that the European Central Bank will ease policy later in the day, emulating policymakers elsewhere seeking to bolster their struggling economies. Source Reuters Read More 

U.K. Industrial Output Rebounds on Manufacturing, Utilities - U.K. industrial production posted a modest rebound in January as manufacturing and energy production jumped. Source Bloomberg Read More

ELLAHLAKES declares N9.43 million loss in Q2'16 Result,(SP:N4.26k) – Source Proshare Read More 

Power generation drops to record 1,580MW -
The Transmission Company of Nigeria (TCN) yesterday confirmed that the power generation level has dropped to an all-time low of 1,580 Mega Watts (MW), thereby dampening hopes of early resolution of the nation’s power supply crisis. Source Guardian
Read More 

NBET to Cut Consultancy Costs on 450MW Azura IPP - The Nigerian Bulk Electricity Trading Plc (NBET) on Tuesday said that it is looking to drastically reduce what it would cost the project promoters of 450 megawatts (MW) Azura Independent Power Project (IPP) to engage construction consultants for the IPP by engaging the engineering department of the University of Benin (UNIBEN) to monitor, evaluate and report the progress of the project. Source Thisday Read More 

Eko DisCo partners Mojec on smart meters roll out - Eko Electricity Distribution Company Plc (EKEDC) is partnering with an indigenous smart meters manufacturing company, Mojec International Limited, to roll out smart meters for its customers. Source THE NATION Read More 

Ikeja Electric Apologises for Power Outage as Labour Picket Installations - Leading Electricity distribution company, Ikeja Electric, has apologised for the epileptic power supply across its network in the past three days. Source Thisday Read More 

DisCos battle to recover unpaid fixed charge - Electricity Distribution Companies (DisCos) are battling to recover huge unpaid fixed charge, increasing customers’ financial burden. Source THE NATION Read More 

Expert seeks finance devt bank for power sector - The Group Managing Director of CFL Group of Companies, Mr. Lai Omotola, has canvassed the establishment of a finance development bank for the power sector to address the frequent changes in electricity tariffs. Source THE NATION Read More 

Dangote Plans Gas Pipeline Project - The Dangote Group has said that it is investing in the construction of a gas pipeline, which will be able to transport 1.5 billion standard cubic feet of gas per day, that will be laid beneath the sea to link Nigeria’s oil-producing Delta region to West Africa. Source Leadership Read More

Saudi Arabia seeks $8b bank loan to shore up state coffers -
The pangs of plummeting oil prices continued to assail the commodity’s producers, with Saudi Arabia now seeking a bank loan of between $6 billion and $8 billion, in what would be the first significant foreign borrowing by the kingdom’s government for over a decade. Source Guardian
Read More 

NASS, oil workers tackle FG, over unbundling of NNPC - THE Senate and workers unions in the oil and gas sector were, yesterday, up in arms against federal government’s unbundling of Nigerian National Petroleum Corporation, NNPC. The protest  paralyzed  activities in the  corporation. Source Vanguard Read More 

Senate summons Kachikwu over NNPC unbundling - The senate on Wednesday, directed the Minister of State for Petroleum Resources, Ibe Kachikwu, to appear before it over the unbundling of the Nigerian National Petroleum Coporation. Source Punch Read More 

Reserves Rise As Oil Hit $40pb - Nigeria’s external reserves continued a steady appreciation, rising by 0.2 per cent within seven days in March as global oil price rose to $40 per barrel on Wednesday. Source Leadership Read More

Nigeria’s Oil Reserve Hits 36.2bn – DPR - The director of the Department of Petroleum Resources (DPR), M.B Ladan, has given the latest figure of Nigeria’s oil and condensate reserve as hovering around 36.2 billion at a “Round Table On the Nigerian Economy” organised by NewsDirect in Lagos, saying that Nigeria has advanced in its oil sector development, producing about 2.1 to 2.3 million barrels daily from about 5,000 barrels per day in 1965. Source Leadership Read More 

Activities of ‘economic terrorists’ behind fall of Naira — AGF - The Federal  Government, yesterday, blamed the current state of the Naira on orchestrated criminal conspiracies and manipulation by “unscrupulous elements hiding under the cloak of market forces”. Source Vanguard Read More 

Fallen Naira: FG Orders EFCC To Probe Speculators - The federal government has ordered the Economic and Financial Crimes Commission (EFCC) to conduct a full scale investigation to uncover the speculators involved in the fall of the nation’s currency. Source Leadership Read More 

MPC member urges CBN to devalue naira - A member of the Monetary Policy Committee (MPC), Adedoyin Salami, has advised the Central Bank of Nigeria (CBN) to devalue the naira. Source THE NATION Read More 


Federal Tender Update – March 2016 - Please find below the recent Tenders for Contracts from the following institut:ions Source Proshare Read More



Telecoms: Regulatory reform and digital convergence - On December 31 2015, after a long run of ambitious regulatory reform (for further details please see "NCC invites comment on proposed Communications Convergence Act"), the National Communications Commission (NCC) officially released its legislative proposal on five new laws to replace the existing Telecommunications Act, Terrestrial Radio and Television Act, Cable Television and Radio Act and Satellite Broadcasting Act. Source Proshare Read More 

MTN must pay fine in full, Reps insist - The House of Representatives has insisted that Global System for Mobile communication (GSM) service provider, MTN Nigeria must pay the N780billion fine slammed on it by the Nigerian Communications Commission  (NCC). Source THE NATION Read More 

Senate to Grill Communications Minister, Others over MTN Fine - The Minister of Communications, Adebayo Shittu will this Thursday appear before the Senate Committee on Communications to clarify the controversies surrounding the N1.04 trillion fine imposed on MTN by the Nigerian Communications Commission (NCC). Source Thisday Read More 

Inlaks Seeks Partnership with NCC to Deepen Broadband Penetration - Inlaks, an ICT and infrastructure solutions provider, has expressed its readiness to partner the Nigerian Communications Commission (NCC) in the provision of broadband services to Nigerians in all the 36 states of the federation. Source Thisday Read More


BoI seals pact with 11 facilitators on youth business initiative - To further improve small businesses’ access to its facilities, the Bank of Industry (BoI) has sealed a pact with 11 Enterprise Development Centres and capacity building consultants to drive its Youth Entrepreneurship Support (YES) programme. Source Proshare Read More

BoI delivers GVE-installed solar grid to Anambra community - The Bank of Industry (BoI), in keeping with its socio-economic development mandate, on Friday commissioned an off-grid solar project to power over 200 homes, small businesses and social facilities, including schools, street lights and a community market in Onono-Anam, Anambra West local government area. Source Daily Trust Read More


Reps take over Kogi Assembly - The House of Representatives today took over the functions of the Kogi State House of Assembly over the crisis that engulfed the assembly in the last one month. Source Daily Trust Read More 


Lagos taxation of informal sector: The Discourse

Related News