Nigeria in 1min: Economic, Business & Financial Headlines – 110416



April 11, 2016 6:50 AM / Proshare News


LBS Executive Breakfast Session -April 2016(Re:The Squandering of a Golden Economic Opportunity) - On the first anniversary of the historic election that swept General Buhari into power, analysts are asking pertinent questions on the economic performance of his administration. Source Proshare Read More

Buhari’s Brains Trust and the Change New Deal - During the Presidential campaign, he had been labeledthe “Feather Duster Roosevelt”, an image that he later decisively repudiated with his determination, strong leadership, Brains Trust and New Deal on the U.S. economy. Source Proshare Read More

The IMF on Nigeria's Net Capital Flows Mirage - On April 8, the IMF publicly released the 2016 Article IV Country Consultation Report on Nigeria and the accompanying Selected Technical Issues Papers. Source Proshare Read More 

Markets Await Clearer Economic Policies; Global Economy Faces Significant Downside Risks - The prices of government bonds appreciated in more countries in March 2016 than they depreciated. The Turkey Government Bond recorded the highest month-on-month price increase of 4.41% to 95.30 in March 2016. Source Proshare Read More 

FG eyes N1tn JV funds to finance budget deficit - The Federal Government may use money set aside for funding joint venture projects with foreign and local oil firms to make up any shortfall in the 2016 budget if its revenue projections are not met, the Minister of Finance, Mrs. Kemi Adeosun, has said. Source Punch Read More 

FG projects $25bn annual revenue in mining by 2025 - The Federal Government on Sunday said that over $25bn could be generated from the mining sub-sector of Nigeria’s economy when properly harnessed with continuous investments. Source Punch Read More 

Fed Govt bans illegal mining of white sand, clay, caolin, others - The Federal Government has banned the mining of white sand used for building construction, clay, caolin, limestone and granite. Source THE NATION Read More 

DMO: Fed Govt to borrow N1.84tr to fund 2016 budget - The Federal Government is set to borrow N1.84 trillion from external and domestic markets to finance the 2016 budget, the Director-General, Debt Management Office, DMO, Dr. Abraham Nwankwo has said. Source THE NATION Read More 

FG gets N73m revenue from South-West housing estates - The Federal Government got N73.2m as revenue in March from its estates in the South-West zone of the country, the Federal Housing Authority has said. Source Punch Read More 

FG considers selling Chinese Panda bonds - The Federal Government is considering selling Chinese Panda bonds to help finance the 2016 budget, the Minister of Finance, Mrs. Kemi Adeosun, has said. Source Punch Read More 

Adeosun sets out plan to restructure economy - THE Minister of Finance, Kemi Adeosun, has set out the government’s plan to reset Nigeria’s economy with structured borrowing, targeted investment and diversified growth. Source Vanguard Read More

Aviation industry contributed $685m to Nigeria’s GDP in 2015 — Demuren - The Nigerian aviation industry contributed $685 million to the country’s Gross Domestic Product, GDP, in 2015,  just as $50 billion would be needed over the next 28 years to grow the sector . Source Vanguard Read More

‘FG can’t diversify economy with high interest rate’ - Manufacturers Association of Nigeria (MAN) has said the federal government needs to address high interest rate for the diversification of economy to materialise. Source Daily Trust Read More 

Olam invests N30bn in integrated animal farms - Olam International, a leading agribusiness operating across the value chain in 70 countries, says it is setting up Nigeria’s largest integrated animal feed mills, breeding farms and hatchery with an investment of $150m (N30bn). Source Punch Read More

Oyo govt’s agric initiative gets $30m boost - One irony of life is that good things, in some cases, also have bad sides depending on the individual or people involved, their motives and of course, the circumstances. Source Punch Read More

Surveyors suffering due to debts owed contractors —NIQS - Quantity surveyors who serve as consultants to construction firms in the country are suffering as a result of the huge debt owed the contractors by the federal, state and local governments, the Nigerian Institute of Quantity Surveyors has said. Source Punch Read More

Job losses loom at airports over high tariffs - There are fresh concerns among airlines, ground and cargo handling companies and other business operators across the nation’s airports with respect to cost of operation and ease of doing business within and around the facilities. Source Punch Read More



CBN averts closure of 200 manufacturing firms through forex access - The Central Bank of Nigeria, CBN, has averted the closure of over 200 companies in the manufacturing sector of the economy through its recent allocation of foreign exchange to the affected industries to bring in their raw materials. Source Vanguard Read More

CBN commits N26bn to sugar production - The Central Bank of Nigeria has committed about N26bn to support the production of sugar in the country as part of measures to promote economic diversification. Source Punch Read More 

Delayed Results: NSE Sanctions 39 Firms N110m - The Nigerian Stock Exchange (NSE) has imposed monetary sanctions on 39 quoted companies over their failure to meet the extended deadline for the submission of their audited reports and accounts. Source Leadership Read More


Sentiment Analysis Report - W/E April 08, 2016 - Analysis of the market activity in the week ended April 08, 2016 technically revealed a sustained mixed sentiments outlook amid growing price volatility while investors maintained dull and cautious trading postures. Source Proshare Read More

Dangote Group starts $1bln cement plant in Edo State - The Dangote Group on Sunday started constructing a one billion dollars cement factory in Okpella, Edo State, to expand its cement production in Nigeria. Source Guardian Read More 

IMF: Insurance Sector Contributes More Risk to Financial System - Life insurers in major advanced economies have contributed more risk to the financial system as a whole since the global financial crisis, according to new research by the International Monetary Fund (IMF). Source Thisday Read More

Interbank rates fall amid N519b NDIC premium, CRR debits, forex provisions - For the second week in a row, the interbank lending rates failed to rise even as the liquidity level in the financial system was depleted significantly towards the end of the week’s activities, from about N518.8 billion to N405 billion. Source Guardian Read More 

Banks Losing 25% Business Share To Technology Firms - Banks and other financial institutions are at the risk of losing about 25 per cent of their business incomes to standalone financial technology (FinTech) companies according to the results from a PwC survey Source Leadership Read More

Telecoms firms spend N730bn to generate electricity -
The amount of money that telecommunications companies spend to power their Base Transceiver Stations nationwide will rise from N540bn in 2014 to at least N730bn when their operating results for 2015 are released in the coming weeks, it has been learnt. Source Punch
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Geometric Power deal set to re-position Aba as ‘Japan of Africa’ - Business watchers say Aba, the capital and manufacturing hub of Abia state, will likely see a scramble for land on the back of an expected influx of small, medium and large industries looking for cheaper and constant power supply, following the resolution of the long-drawn dispute between Geometric/Aba Power Limited and Interstate Electrics. Source BUSINESSDAY Read More 

FG Releases 7,000 Outstanding Petrol Loading Tickets of Independent Marketers - The federal government on Sunday move to release to members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) trucks of petrol to offset about 7,000 of their loading tickets which they said had been outstanding at products depots in the country. Source Thisday Read More 

Nigeria’s Oil Production Rises Marginally - Nigeria produced a total of 66.49 million barrels (mb) of crude oil and condensate for the month of January 2016, representing an average daily production of 2.14 million barrels per day. Source Thisday Read More

Nigeria targets sale of 40 percent of new state oil firm - Nigeria plans to split  the Nigerian National Petroleum Corporation (NNPC) into two to help ease a planned stake sale of at least 40 per cent of a newly created National Petroleum Co (NPC) in coming years, according to a draft of a long-awaited oil bill seen by Reuters. Source BUSINESSDAY Read More

NNPC withheld $4.2b proceeds in second half of 2015, says report - A new analysis from the Natural Resource Governance Institute (NRGI) has shown that the Nigerian National Petroleum Corporation (NNPC) remitted only $2.1 billion out of the $6.3 billion it made from the sale of oil and gas during the second half of 2015. Source Guardian Read More

Refineries lose N14bn in one month - The amount of crude oil processed by Nigeria’s three refineries slumped by 224,342 metric tonnes between January and February 2016, the latest financial and operations report of the Nigerian National Petroleum Corporation indicated. Source Punch Read More



Egypt's urban inflation falls in March for third consecutive month - Egypt's annual urban consumer inflation eased for the third consecutive month in March to 9 percent from 9.1 percent in February, the official statistics showed on Sunday, as the government has struggled to keep rampant inflation in check. Source Reuters Read More

Kenya says to get $600 mln from China to help fund 2015/16 deficit - Kenya will agree a $600 million loan from China to help fund a budget deficit in the fiscal year starting last July, a senior Treasury official said on Friday. Source Reuters Read More

Congo cuts 2016 growth forecast to 6.6 percent - Democratic Republic of Congo cut its 2016 economic growth forecast to 6.6 percent, the country's Central Bank said on Friday, down from a previous estimate of 9 percent because of continuing weakness in commodity markets. Source Reuters Read More


BoI, Kaduna partner on N1.5tr investment plan - The Bank of Industry (BoI) has expressed its readiness to key-in into the Kaduna State Government’s five-year economic and investment development plan. Source Guardian Read More

BOI, NASSI initiate scheme to boost fashion industry - Recognising the potential huge revenue to the nation’s economy, the Bank of Industry (BOI) has earmarked N1b loan for the growth of the fashion Industry in the country. Ondo State manager of the bank, Mr. James Barde, disclosed this at the sensitisation seminar themed Source Guardian Read More 

BoI wants industrial parks for SMEs - The Bank of Industry has called for the creation of industrial parks for Small and Medium-scale Enterprises in order to boost entrepreneurship in Nigeria. Source Punch Read More 

BOI urges Katsina to pay counterpart fund - The Bank of Industry (BOI) has urged the Katsina State government to pay its counterpart fund for the development of Micro, Small and Medium Enterprises (MSMEs). Source Daily Trust Read More



ntel commences operations in Lagos, Abuja - ntel has commenced its phased and paced commercial operations with bumper offers for early bird pioneers and data users. Source Punch Read More

New technologies changing face of banking–Elumelu - The Chairman, United Bank for Africa Plc, Mr. Tony Elumelu, says development in financial technology is fast changing the game in the financial services industry in terms of lowering operating costs and enhancing broader customer reach. Source Punch Read More 


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