Nigeria in 1min: Economic, Business & Financial Headlines – 100517



May 10, 2017 7:00 AM / Proshare News 

Inflation-Unemployment: The Relationship And Its Implications - The Nigerian economy is in turbulent times. A dark cloud hovers with the series of drastic and unwanted changes of the past two years.  Source Proshare Read More 

Recent Spike in Commodity Prices Confounded Analysts - The recent spike in commodity prices especially beans and yellow garri confounded most analysts. Also noteworthy is the price of cement which has spiked 17.3% to N2,700. Source Proshare Read More 

IMF raises Nigeria’s growth forecast to 1.9% in 2018 -The International Monetary Fund (IMF) has reviewed upward the economic growth projections for Nigeria from 0.7 percent to 1.9 percent in 2018. If that occurs, Nigeria would have been well out of recession and unto the path of economic recovery and growth. Source Daily Trust Read More 

N/Assembly raises 2017 budget by N143bn - The National Assembly has jerked up the 2017 budget by N143 billion, from the N7.298 trillion proposed by President Muhammadu Buhari to N7.441trillion. Source Daily Trust Read More 

FG directs NEPZA to make Calabar FTZ a pilot industrial city - President Muhammadu Buhari has asked the Nigeria Export Processing Zone Authority (NEPZA) to make Calabar Free Trade Zone a pilot industrial city in the country, the new managing director Emmanuel Jime announced this in Calabar, capital of Cross River State. Source Daily Trust Read More 

FG inaugurates national broadband council - The Federal Government has said the Nigerian National Broadband Council (NNBC) is to provide periodic evaluation of progress and facilitate coordination in the delivery of the National Broadband Plan. Source Daily Trust Read More 

Boost in domestic fish production - The agriculture sector continues to play an important role in Nigeria’s economy, and is a key part of the government’s plans to attain sustainable economic growth. Source Proshare Read More 

5 Clean Energy Innovations That Could Transform Our World - Innovations in energy storage, smart grid, and electricity generation technologies will affect every part of the source-to-consumer supply chain for powering the planet. Energy storage tech improves the viabilities of wind and solar power – two energy sources that remain cost prohibitive due to expenses related to batteries that would store generated energy. Source Proshare Read More  

FG unveils 10-year food, nutrition strategy - The Federal Government on Tuesday unveiled a 10-year food security and nutrition strategy for the country’s agricultural sector. Source Punch Read More

PenCom releases N54bn to FG retirees - The National Pension Commission on Tuesday released the accrued benefits of retired workers of Ministries, Departments and Agencies of the Federal Government who retired from service between January and August 2016. Source Punch Read More 


NSEASI Records +1.28% Gain to Sustain Uptrend; Thanks to Big CAPs - Equities market closed today on a positive note, as NSE ASI appreciated by +1.28% to close at 26,756.21 basis points, as against +0.70% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.44%.Source Proshare Read More  

DMO offers Higher Interest Rates for the 2-Year & 3-Year FGN Savings Bond at 13.189% and 14.189% - The Debt Management Office (DMO) on behalf of the Federal Government of Nigeria offers for subscription the 2-Year and 3-Year FGN Savings Bond due April 12, 2019 and 2020 at 13.189% and 14.189% respectively. Source Proshare Read More  

Market Structural Change Will Sustain Naira Strength - In 2016, the adoption of the flexible exchange rate policy initially led to a major depreciation of the Naira. This was because, in reality the CBN adopted a managed fixed rate. Source Proshare Read More 

CBN Approves $100m for Sale at SMIS - The Central Bank of Nigeria (CBN) has approved the sale of $100 million at the Wholesale Secondary Market Intervention Sales (SMIS) auction it announced on Monday. Source Thisday Read More 

Stress Sign: Black Market's Cheaper Than Official Naira Rate - Nigeria’s new currency market is showing just how severe the country’s dollar shortage is. Source Bloomberg Read More 

IMF urges CBN to implement flexible forex regime - The International Monetary Fund (IMF) has enjoined the Central Bank of Nigeria (CBN) to implement a flexible foreign exchange regime by focusing on macro-economic stability to set the stage for a robust growth. Source Guardian Read More 

External reserve drops by $50m as .as Naira rises to N383/$ - The nation’s external reserve on Monday dropped by $50 million, the first time in six weeks. Source Vanguard Read More 

Banks Take Over Vessels, Companies As Cash Crunch Hits Shipping Sector - The nation’s shipping sector is currently experiencing cash crunch as a result of the harsh economic situation in the country, LEADERSHIP has learnt. Source Leadership Read More 

Opening Remarks At 2017 SEC and NASAA Annual Section 19(d) Conference - It is a pleasure to welcome you to the annual Section 19(d) Conference.[1] Although representatives of the SEC and state securities regulators frequently meet throughout the year, this annual conference provides us with a more formal opportunity to share our experiences and views. Source Proshare Read More


Mobil Oil Nigeria Q1 2017 Results Review - Acquisition-related Charges Weigh on Results - In Q1 2017, Mobil Oil Nigeria (Mobil) delivered a PBT decline of -15% y/y and the PBT missed our PBT estimate by around 10%. Similar to Total Nigeria (Total), gross margin compression completely offset benefits coming through from strong topline growth. Source Proshare Read More 

Agip to build refinery in Nigeria - The Federal Government has reached an agreement with Agip to build a refinery in Nigeria, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said. Source THE NATION Read More 

International Consumer Pays NBET $159m For Power - Republic of Niger (NIGELEC)  and Republic of Benin (CEB) have paid $159,773, 116.61 for power supplied them by Nigeria to the Generating Companies (GenCos) and Service Providers. Source Leadership Read More 

Benin, Niger pay N48.84bn to Nigeria for power - The Republics of Benin and Niger have paid a total of $159,773,116.61 (N48.84bn at the official exchange rate of N305.7 to a dollar) as electricity charges to the Nigeria Bulk Electricity Trading Plc, the Federal Government has said. Source Punch Read More 

FG seeks $5.2bn from World Bank for electricity - The Federal Government is seeking $5.2bn from the World Bank to expand electricity generation and help the economy recover from its first contraction in 25 years. Source Punch Read More 

Nigeria’s coal deposits can sustain additional 4,300MW for 20 years - As Nigerians continue to grope in darkness, experts say that diversifying the country’s energy mix to include coal-to-power projects can add a further 4,300MW to its electricity power generation for 20 years, with its proven coal deposits estimated at about 2.8 billion metric tons. Source BUSINESSDAY Read More


Ease of Doing Business: Saraki Charges Technical Committee on CAMA, ISA - Senate President,  Dr. Abubakar Saraki has inaugurated an 18-man Technical Committee on the amendment of the  Company and Allied Matters Act (CAMA)  and the Investment and Security Act (ISA) with a charge to improve the ease of doing business in the country. Source Proshare Read More 

Eni to build crude oil refinery in Nigeria -oil minister - Italian oil company Eni plans to build a crude refinery in Nigeria with capacity of 150,000 barrels a day through its Agip subsidiary, the country's oil minister said on Tuesday. Source Reuters Read More 

Shale Drillers Are Outspending the World With $84 Billion Spree - U.S. shale explorers are boosting drilling budgets 10 times faster than the rest of the world to harvest fields that register fat profits even with the recent drop in oil prices. Source Bloomberg Read More 

Apple Becomes First U.S. Company to Top $800 Billion Value - Apple Inc. became the first U.S. company with a market value of more $800 billion as investors bet the next iPhone will spur a resurgence in sales. Source Bloomberg Read More 

Billionaire Carl Icahn Loses $179 Million on Hertz Double Down - When billionaire Carl Icahn bought into Hertz Global Holdings Inc. in summer 2014, he said he thought the shares were undervalued. With prices down almost 90 percent in the years since, he might be wishing he could take that one back. Source Bloomberg Read More 

Sub-Saharan Africa economic growth to recover slightly in 2017 -IMF -  Economic growth in sub-Saharan Africa should recover slightly to 2.6 percent this year after a more than two-decade low in 2016 as commodity exporters faced lower prices, the International Monetary Fund said on Tuesday. Source Reuters Read More 

SoftBank Said Near Closing Technology Fund With $95 Billion - SoftBank Group Corp. is close to announcing commitments of as much as $95 billion for its technology fund, people familiar with the matter said. Source Bloomberg Read More 


Telecoms Subscribers Dropped by 1.33% in Q1 2017 - NBS - In real terms, the telecommunications sector contributed N 1,663 billion to GDP in the fourth quarter of 2016, or 9.1%, which represents an increase of 1.1% points relative to the previous quarter.  Source Proshare Read More 

Etisalat Nigeria loan talks stall as banks try to avoid provisions - Talks between the Nigerian arm of Abu Dhabi's Etisalat and its lenders to renegotiate the terms of a $1.2 billion loan have reached deadlock after the telecoms firm missed a payment, two sources with knowledge of the matter told Reuters. Source Reuters Read More

Securities Commission Malaysia Introduces Regulatory Framework To Facilitate Digital Investment Mana - The Securities Commission Malaysia (SC) today introduced the Digital Investment Management framework, setting out licensing and conduct requirements for the offering of automated discretionary portfolio management services to investors. Source Proshare Read More  





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