Nigeria in 1min: Economic, Business & Financial Headlines – 101016



October 10, 2016 8:10 AM / Proshare News 


FG abandons local loans over high interest rates - The Federal Government says it is now prepared to source for loans to fund its budget deficit from multilateral institutions and international lending partners instead of borrowing locally. Source Daily Trust Read More 

W’Bank, others to release $1.3bn for Nigeria’s development bank - The Federal Government has reached an agreement with the World Bank Group and other development partners for the release of $1.3bn for the take-off of the Development Bank of Nigeria. Source Punch Read More 

Multilateral agencies to back Nigeria’s infrastructure investment —Adeosun - The Minister of Finance, Mrs. Kemi Adeosun, has said that multilateral funding agencies have made a commitment to support Nigeria’s investment in infrastructure by using creative financial instruments that will attract more money to close the infrastructure gap in the country. Source Punch Read More 

Kaduna presents N189bn budget for 2017 - Addressing a town hall meeting of residents and other stakeholders, the Governor, Nasir el-Rufai, said the meeting was aimed at having the people’s  inputs in the document before its presentation to  the state House of Assembly. Source Punch Read More 

Insurance Sector Loses N60bn To Motor Policy Annually – Investigation - Nigeria’s insurance industry is losing a whopping N60 billion on a yearly basis as only 25 per cent of vehicles on Nigerian roads have genuine 3rd party motor insurance policy, LEADERSHIP exclusively learnt. Source Leadership Read More 

Aviation Crises: Aero Contractors Airline Risks N16bn Loss In 2016 - Except there is speedy government intervention and efforts from other stakeholders in the Nigeria’s aviation sector, Aero Contractors Airlines, one of the oldest domestic carriers in the country may be losing about N16 billion between September when the airline suspended its flight operations and December this year. Source Leadership Read More 

Fayemi Negotiates $500m Mining Investment Fund with NSIA - The Minister of Solid Minerals Development, Dr. Kayode Fayemi, has disclosed that he is currently negotiating a $500 million investment fund with the Nigerian Sovereign Investment Authority (NSIA), managers of Nigeria’s Sovereign Wealth Fund, to support a long term development plan for the country’s mining sector. Source Thisday Read More 

FG Asks Lagos to Refund Billions of Naira Collected in Wharf Landing Fees - The federal government has asked the Supreme Court to declare the Lagos State Wharf Landing Fees Law No 5 of 2009 unconstitutional and to order the state to refund all the monies collected through the law. Source Thisday Read More 

Airlines Accuse Aviation Agencies of Illegal Charges - Domestic airlines have said some of the charges they pay to aviation agencies, estimated at N10 billion per annum, are arbitrary and illegal, saying they should be stopped immediately. Source Thisday Read More 

Tincan Island Port Generates N25.6bn in September - The Nigerian Customs Service (NCS), Tincan Island Port has announced that the various strategic plans aimed at enhancing revenue collecting capacity of the command have continued to show positive signals with the collection of N25.6 billion as revenue in the month of September 2016. Source Thisday Read More 

Rice importation through land borders remains banned – Customs - Nigeria Customs Service (NCS) yesterday said importation of rice through land borders into Nigeria remain banned. Source BUSINESSDAY Read More 


CBN sets 10% limit on banks’ investment in Islamic bonds - The Central Bank of Nigeria (CBN) has set commercial banks’ investment in Islamic bonds issued by state governments to 10 per cent of the total amount on offer. Source THE NATION Read More 

CBN renews strategy for Naira-Yuan swap deal - The Central Bank of Nigeria (CBN) yesterday, raised the hope that the lingering Naira-Yuan swap deal will be achieved as part of strategies to reducing the huge dollar demand pressure on the local currency. Source Guardian Read More 

NSE gives 142 companies Oct. 31 deadline on earnings report – A total of 142 companies are expected to submit their third quarter (Q3)  earnings report in the next 16 working days,  according to the Nigerian Stock Exchange’s (NSE’s) filing regulation. Source THE NATION Read More 


Sentiment Analysis Report – W/E October 07, 2016 - Analysis of the market activity in the week ended October 07, 2016 technically revealed active pessimistic trading pattern as market sentiments turned negative while investors dislayed low risk appetite in key active sectors. Source Proshare Read More 

Nigerian Stocks turn lower, post 1.77% loss WoW on active supply - The equities market closed today on a negative note, as NSE ASI depreciated by 0.70% to close at 27,835.22basis points, compared with the 0.08% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.82%. Source Proshare Read More 

Corporate Earnings for the Week Ending October 07, 2016 - Source Proshare Read More 

Nigerian pension funds shift to bonds as currency woes deter equity investors - Nigerian pension funds have been selling equities and shifting to local bonds despite cheap valuations as illiquid currency markets limit foreign participation in the stock market. Source Reuters Read More 

50 customers owe banks N5.23tn - Fifty customers owe commercial banks the sum of N5.23tn, representing 33.4 per cent of the total private sector credit exposure of N15.68tn, the Central Bank of Nigeria’s Financial System Stability report has stated. Source Punch Read More 

Nigerian banks FX liquidity adequate for 18 months – Moody’s - The foreign currency (FX) liquidity position of Nigeria’s top tier banks should be adequate for the next 18 months, despite weakening access to foreign currency due to declining oil revenues, volatile monetary conditions and negative investor sentiment, according to Moody’s Investor Service. Source BUSINESSDAY Read More 

Interbank Rates Rise as CBN Sells Treasury Bills  - The Central Bank of Nigeria (CBN) sold about N283 billion ($877.11 million) worth of treasury bills to mop up liquidity, driving up interbank lending rates, traders said on Friday. Source Thisday Read More 

Nigeria, others lose $1tn to oil price slide - Nigeria and other member countries of the Organisation of Oil Exporting Countries have in the last two years lost over $1tn to the prolonged slide in crude oil prices. Source Punch Read More 

Two power plants shut, generation drops to 3,403MW - Two of the nation’s power plants were shut down on Sunday, bringing the total number of idle plants to nine. Source Punch Read More 

NERC okays mini-grids for power firms - Power distribution firms will soon begin the development of mini-grids to augment electricity supply to households, businesses and institutions in the country, the Nigerian Electricity Regulatory Commission has said. Source Punch Read More 

Malaysia Firm Boosts Nigeria’s Energy Supply With $2.5bn - Nigeria-based Malaysian Company, Bionas has kicked off a $2.5billion  investment in Nigeria through the production of bio-fuel and waste-to-energy by selecting Nigeria as clean energy hub to other African countries. Source Leadership Read More 



Tanzania secures $259 mln funding for power grid link with Kenya - Tanzania has secured $258.82 million from the African Development Bank and the Japan International Cooperation Agency for a high voltage electricity line to connect its national power grid to Kenya's, its power utility said on Sunday. Source Reuters Read More 

Tanzania's energy regulator cuts retail fuel prices - Tanzania's energy regulator lowered maximum retail prices of fuel on Saturday, citing declining international crude oil and refined product prices, a move expected to exert downward pressure on inflation. Source Reuters Read More

NCC: Broadband Penetration Now More than 20% - With 30 per cent broadband penetration target by 2018, the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, has revealed that Nigeria has achieved more than 20 per cent penetration as recently disclosed by the International Telecommunications Union (ITU). Source Thisday Read More 





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