Nigeria in 1min: Economic, Business & Financial Headlines – 100816



August 10, 2016 6:10 AM / Proshare News 


The Reverse Supply Curve of Property in Lagos; Real Estate Vacancy Index up by 4.2%  - Vacant properties in Lagos are not only enigmatic but also confusing to analysts.  Instead of rents crashing as housing supply increases, we are seeing landlord resistance and tenants walking away. Source Proshare Read More 

Increase in Monthly FAAC Payout is Alright for Some States - The FGN has made available three programmes of debt and fiscal relief for state governments since July 2015. It was driven by the sharp fall in distributions by the Federation Account Allocation Committee (FAAC) as a direct result of the slide in the oil price since mid-2014. Source Proshare Read More 

Productive Activity Contracts More Slowly in July - Following a second quarter of likely output contraction, the Nigerian economy began the third quarter on a negative note as productive activity declined further in July, albeit at a slower pace, with CBN Manufacturing PMI at 44.1 (June: 41.9) and Non-manufacturing PMI at 43.2 (June: 42.3) – both still below the 50 threshold that signals no change in the level of business activity from the previous month. Source Proshare Read More 

FG Spends N159bn On Salaries Monthly – Adeosun - The Minister of Finance, Mrs Kemi Adeosun, yesterday disclosed that the Federal Government now spends N159 billion monthly on salaries. Source Leadership Read More 

Revenue shortfall: FG borrows N600bn in six months - The Federal Government borrowed a total of N600bn between January and June this year to augment the shortfall in revenue caused by various challenges affecting oil and non-oil receipts. Source Punch Read More 

FG to build six knowledge factories across Nigeria - It appears that both the federal and state governments are beginning to realise that the knowledge economy stands a better chance of lifting the Nigerian economy again rather than the oil windfall. Source Vanguard Read More 

‘Over 51% of Nigerian homes cannot meet daily basic needs’ - Many Nigerians may have begun to feel the impact of the economic downturn on their socio-economic lifestyle as new indicators have reflected a high level of household economic instability, amid low social welfare intervention from government. Source Guardian Read More 



CBN Issues Additional Requirements on Sales of Foreign Currency Proceeds of IMT to BDCs - Further TO the Circular Reference No. TED/FEM/FPC/GEN/01/004 Dated July 22, 2016, which granted approval to Authorised Dealers who are agents to approved International Money Transfer Operators (IMTSO) to sell foreign currency accruing from inward money remittances to licensed Bureaux De Change Operators (BDCs), the following additional requirements shall apply. Source Proshare Read More 

Further Extension of BVN for Nigerian Banks’ Customers in Diaspora - You will recall that as part of its efforts towards ensuring full implementation of the BVN project, the central Bank of Nigeria released the guidelines for the enrolment of Nigeria banks’ customers in diaspora in August 2015. Source Proshare Read More

Access to the CBN Discount Window on Auction Days - In view of the observed abuse of access to the Central Bank of Nigeria (CBN) Standing Lending Facility by authorized dealers, it has become imperative that some measures be taken to redress the trend and re-define the mode of operation by authorized dealers at the window. Source Proshare Read More  

Capital Market Financing for SMEs - There are an estimated 37,067,416 million Micro, Small and Medium Enterprises (MSMEs) in Nigeria, out of which over 36,994,578 million are micro-enterprises, 68,168 are Small and 4,670 are medium (SMEDAN 2013). Source Proshare Read More  

No concessionary FX rate for pilgrims — Emefiele - The Central Bank of Nigeria (CBN) has debunked claims in certain quarters alleging that intending pilgrims, for this year’s Hajj have been granted concessionary foreign exchange rate Source Daily Trust Read More 

Nigerian central bank sells dollars to lift naira off all-time low - traders - Nigeria's central bank intervened on the interbank foreign exchange market on Tuesday to help support the naira after it hit an all-time low of 350 to the dollar in thin volume, traders said. Source Reuters Read More 

Nigeria to allow banks to write-off some bad loans this year - Nigeria's central bank is to allow banks to write-off bad loans this year that they have already made provisions for to help them to clean up their balance sheets. Source Reuters Read More



Stock Market Closes July Downtick; Retracts by -5.36% - July '16 SSS Report - Nigerian Stock market closed the month of July 2016 in the red zone as NSEASI recorded -5.36% loss, as against +6.99% gain recorded in the month of June 2016, while market YTD performance stands at -2.21%. Source Proshare Read More

Sell-down gains tempo as risk appetite shrinks further - The equities market closed today on a negative note, as NSE ASI depreciated by 0.45% to close at 27,272.14basis points, compared with the 0.11% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.78%. Source Proshare Read More 

Skye Bank Plc Seeks Extension to file its Interim Financial Statements for Q1 and Q2 2016  - This is to inform the Nigerian Stock Exchange, our regulatory authorities, esteemed shareholders and other stakeholders of the reasons necessitating the application for an extension of time within which to file the interim Financial Statements for the periods ended March 31, and June 30, 2016. Source Proshare Read More 

Invest in FGN Monthly Bond Auction - August 2016 - The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications for Source Proshare Read More 

Total Nigeria Plc: Downstream At Its Best - Total Nigeria (or the “Company” or “Total”) Plc, a petroleum marketing and distribution Company released its half-year earnings for the period ended June 30, 2016 on the 29th of July 2016. Source Proshare Read More 

Naira closes at 312/dollar at interbank market - The naira closed at 312 against the dollar on Tuesday in a single interbank market trade of $100,000, Thomson Reuters data showed. Source Punch Read More 

10 Broking Firms Facilitate N414bn Investment in Equities - Ten top stockbrokers facilitated the trading of 78.189 billion equities worth N414.11billion on the Nigerian bourse between January and July 2016, THISDAY investigation has revealed. Source Thisday Read More 

Pension Sub-sector Records N770bn Profit in 10 years - The pension industry has recorded N770billion profit in the past ten years, the Director General, National Pension Commission (PenCom), Mrs. Chinelo Anohu-Amazu has said. Source Thisday Read More 

NNPC Considers Crude Importation from Chad, Niger Republic for Kaduna Refinery - As part of the efforts to address frequent disruptions to the supply of crude oil to the Kaduna Refinery and Petrochemical Company (KRPC) as a result of the Niger Delta militancy, the Nigerian National Petroleum Corporation (NNPC) is considering importing crude oil from Chad and Niger Republic, investigations by THISDAY have revealed. Source Thisday Read More 

No plan to increase petrol price —FG - THE Nigerian National Petroleum Corporation, NNPC, said, yesterday, that there was no plan to increase the price of Premium Motor Spirit, PMS, otherwise called petrol. Source Vanguard Read More 

Petrol should sell for N151.87/litre, marketers insist - Though attempts have been made to assure Nigerians that there are no plans to increase the pump price of Premium Motor Spirit, popularly referred to as petrol, The PUNCH has gathered that the actual price at which the product should sell at filling stations is N151.87 per litre. Source Punch Read More 

Ghana beats Nigeria, passes petroleum bill - As Nigeria continues to dither over the Petroleum Industry Bill, which has suffered setbacks in two consecutive legislative tenures, Ghana has passed its own petroleum bill into law in a bid to lure investments. Source Punch Read More 

Oil price falls, economy groans - Just when many Nigerians were beginning to cheer the rising prices of crude oil, where the country derives over 85 per cent of her revenues, the prices slumped to a new low last week. Source THE NATION Read More 

‘10,000Mw of electricity not achievable’ - Ten thousand megawatts  (Mw) of electricity target in the country may not be achievable, the Vice Chairman Senate Committee on Power, Senator Bukar Mustapha, said yesterday. Source THE NATION Read More 



South Sudan says seeking massive $1.9 bln loan from China - South Sudan plans to ask China for a $1.9 billion loan - a sum equal to more than a fifth of its national output - to be used for infrastructure projects such as roads and bridges, its foreign affairs minister said on Tuesday. Source Reuters Read More 

Tanzania's inflation slows in July due to food prices - Tanzanian inflation fell in July, helped by a slower rise in food prices, the statistics office said on Tuesday. Source Reuters Read More 

Ivory Coast consumer inflation falls to 0.4 pct yr/yr in July - Consumer price inflation in Ivory Coast, the world's top cocoa grower, dropped to 0.4 percent year-on-year in July compared with 0.9 percent in June, data from the National Statistics Institute showed on Tuesday. Source Reuters Read More 

The World’s Energy Engine Is Slowing - China’s imports of crude oil, coal and natural gas slowed in July, offering no solace for producers hoping demand from the world’s largest energy consumer may help mop up global gluts of the fuels. Source Bloomberg Read More

Iron Ore Giants Reject Proposed A$7.2 Billion Mining Tax Hike - The world’s two largest mining companies rejected a proposed A$7.2 billion ($5.5 billion) tax increase on their Western Australian iron ore operations, saying it’s likely to put jobs and competitiveness at risk. Source Bloomberg Read More

U.K. Industry Barely Grew in June as Trade Drags on Growth - U.K. industrial production barely grew in June as the economy lost momentum before the Brexit referendum. Source Bloomberg Read More


Disney will invest $1B into MLB’s streaming video business - The Walt Disney Company just announced that it’s paying $1 billion for a 33 percent stake in BAMTech, the video streaming company created by Major League Baseball. Source Techcrunch Read More 



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