Nigeria in 1min: Economic, Business & Financial Headlines – 121616



December 16, 2016 6:50 AM / Proshare News 


Unemployment Rises to 13.9% in Q3’16 from 13.3% in Q2’16 - In computing the unemployment rate, the total population is divided into labour force (currently active) and nonlabour force (not currently active). The labour force population covers all persons aged 15 to 64 years who are willing and able to work regardless of whether they have a job or not. Source Proshare Read More 

CPI Rises to 18.48% in November, 0.15% Higher Than 18.33% October Rate - The Consumer Price Index (CPI) which measures inflation increased by 18.48 percent (year-on-year) in November 2016, 0.15 percentage points higher than the rate recorded in October (18.33 percent).Source Proshare Read More 

Average Petrol Price Increases to N146.7 in Nov'16 from N145.9 in Oct'16 - NBS publishes November 2016 PMS/Petrol Price Watch. Actual price paid by consumers for petrol in November 2016 stood at N146.7 higher than N145.9 paid in October 2016 and lower than N115.4 paid in November 2015.Source Proshare Read More 

Average Diesel Price Increases to N195.67 in Nov'16 from N187.25 in Oct'16 - NBS publishes AGO/Diesel price watch for November 2016. Average price actually paid for AGO/Diesel by consumers in November 2016 stood at N195.67 from N187.25 paid in October 2016. Source Proshare Read More 

Average Kerosene Price Increases to N282.86 in Nov’16 from N292.73 in Oct'16 - NBS publishes NHK/kerosene price watch for November 2016. Average price actually paid for NHK/kerosene by consumers in November 2016 stood at N282.86 from N292.73 in October 2016. Source Proshare Read More 

Govt revenue dips by N33bn, FAAC shares N387bn - The Federation Accounts Allocation Committee on Thursday allocated a total of N386.9bn to the three tiers of government for the month of November.Source Punch Read More 

FG Grants 50 Years Concession Period for Ibom Deep Seaport Investors - In a bid to attract investors to the Ibom Deep Sea Port (IDSP), the federal government has approved a 50-year concession period for would be investors. Source Thisday Read More 

Customs Records N1.24bn Revenue in November - The Seme Command of the Nigeria Customs Service (NCS) has said that it generated N1.24 billion as revenue for the month of November, 2016. Source Thisday Read More 

111 audit firms probe banks for non-remittance of taxes - A total of 111 audit firms have started probing the 22 banks operating in the country for non-remittance of taxes and duties collected on behalf of the Federal Government. Source Punch Read More 

Flight tickets jump by 40% as JET-A1 now sells for N240/l - Flight tickets for the major airlines in the country have jumped by almost 40 percent due to the increase in the price of aviation fuel known as Jet-AI. Source Daily Trust Read More 

A Second, Larger Dose of Fiscal Expansion - The president yesterday submitted the 2017 budget to a sitting of both houses of the National Assembly. Nigeria’s exit from recession depends upon its expansionary fiscal stance, and the monetary policy committee will not play a supporting role unless it performs an about-turn from its communiqué in November. Source Proshare Read More 

As Predicted, Headline Inflation Creeps Up to 18.48% - The Headline inflation rate (YoY) increased to 18.48% in the month of November. This is line with direction of our forecast and within the margin of error. Source Proshare Read More 

Niger Rice Mill to create over 10,000 jobs - Niger State Governor Abubakar Sani Bello has said the unemployment rate in the state will reduce next year as no fewer than 10,000 workers will be engaged at the Niger State Rice Mill. Source THE NATION Read More 

Hotels adopt flexible pricing to boost occupancy rate - … seasonal sales down 30% Nigerian hospitality industry, which has been under pressure since the second quarter of 2015 to increase rates in order to meet soaring operational cost, may resort to flexible pricing mechanism to reduce the pressure of dwindling occupancy rate. Source BUSINESSDAY Read More 


Reps approve N420b CBN’s 2016 budget - The Central Bank of Nigeria  (CBN’s) budget of N420,787,701,850.00  for 2016 has been passed by the House of Representatives. Source THE NATION Read More 


Sentiments remain positive as stocks post 5.22% gain MTD - The equities market closed today on a positive note, as NSE ASI appreciated by 0.57% to close at 26,559.01 basis points, compared with the 1.29% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.27%. Source Proshare Read More

FT - Lenders Plan Not To Renew Deals with CBN - Several banks will not renew agreements worth billions of dollars with Nigeria’s central bank, highlighting the erosion of confidence in the monetary authority, bankers say. Source Proshare Read More 

UPDC REIT Distributes N613.70m Interim Dividend to Unit Holders - Despite the weak macro-economic environment, the UPDC REIT has distributed the sum of N613.70million to unit holders as interim dividend for the period ended June 30, 2016. Source Thisday Read More 

Nipco Shareholders Approve Acquisition of Mobil Oil, Hail Board - Shareholders of Nipco Plc have applauded the move to acquire 60 per cent of Mobil Oil Nigeria Plc from Exxon Mobil Oil Corporation, United States. Source Thisday Read More 

MAN, LCCI, others oppose Senate on BoI scrapping - The plan by the Senate to repeal the Act establishing the Bank of Industry and replace it with a National Development Bank of Nigeria has been criticised by several professional groups and workers’ unions. Source Punch Read More 

Nigeria cuts size of domestic bond auction as yields rise - Nigeria sold far fewer bonds than it offered on Wednesday, as investors worried about rising inflation demanded higher yields from a government looking to spend its way out of recession. Source Reuters Read More 

Nigeria flags oil output rise ahead of debt deal with majors - Nigeria's oil production has risen to close to 1.8 million barrels per day (bpd), oil minister Emmanuel Ibe Kachikwu said ahead of the expected signing of a deal over repayments of $5.1 billion in debt from joint venture projects. Source Reuters Read More 

Exxon Mobil Shut Over Attempts To Sack Over 100 Nigerian Staff - ExxonMobil, reputed to be one of the most prized companies in the world has its Lagos office shut down by its workers who are protesting attempts by the company to release over 100 Nigerian workers. Source Punch Read More 

FG Confirms Discovery Of Crude Oil In Borno - The federal government yesterday confirmed the discovery of crude oil in Borno State, North East Nigeria, thus raising the hope of the region joining the league of oil producing areas in the not-too-distant time. Source Punch Read More 

Subsidy removal: FG saves N15.4bn monthly, says Osinbajo - The Federal Government said the deregulation of the downstream sector and eventual elimination of the petroleum products subsidy has removed its monthly burden of N15.4billion in 2016. Source Daily Trust Read More 

FG, oil majors sign $5.1bn JV settlement deal - The Federal Government on Thursday signed a deal with Shell, Chevron, Total, Eni and Exxon Mobil to clear unpaid bills worth $5.1bn for oil production joint ventures piled up over many years. Source Punch Read More 


AB InBev to sell stake in S.Africa's Distell to state fund - Anheuser-Busch InBev will sell its stake in South Africa's Distell Group to state-owned pension fund Public Investment Corp, it said on Thursday, as agreed during its takeover of SABMiller. Source Reuters Read More 

South Africa's November producer inflation rises to 6.9 pct year/year - South Africa's producer inflation quickened to 6.9 percent year-on-year as expected in November from 6.6 percent in October, the statistics agency said on Thursday. Source Reuters Read More 

Mozambique bails out major bank to save banking system - Mozambique's central bank has bailed out the country's fourth largest commercial lender in a move it said was needed to prevent the failure of its banking system. Source Reuters Read More 

Namibia's economy contracts 1 percent in Q3 qtr/qtr - Namibia's economy shrunk by 1.0 percent in the third quarter of 2016 compared with a contraction of 1.2 in the second quarter, data on the statistics agency's website showed on Thursday. Source Reuters Read More 

Dollar Climbs to Strongest Since 2003 on Fed Path; Bonds Drop - The dollar rallied to its strongest level since 2003 against the euro, while gold plunged as the prospect of a steeper path for U.S. interest rates going forward filtered through markets. U.S. stocks rebounded from their worst day in two months as havens retreated. Source Bloomberg Read More 

China Bonds Set for Worst Week Since 2009 as Fed Adds to Stress - China’s sovereign bonds headed for the biggest weekly decline in more than seven years, reeling from the fallout of hawkish Federal Reserve comments, yuan depreciation pressures and waning liquidity. Source Bloomberg Read More 

Gold Gets ‘Smoked’ With Six Weeks of Losses to Near Bear Market - Gold’s getting battered. The precious metal is heading for a sixth weekly loss and is near a 10-month low as a more aggressive Federal Reserve combines with investor enthusiasm about President-elect Donald Trump’s policies to push prices closer toward bear-market territory. Source Bloomberg Read More 

World Bank Commits $75 Billion for Globe’s Poorest Countries  - The World Bank pledged $75 billion over three years to the world’s poorest countries as part of a refinancing plan that will see it issue about $25 billion of debt in capital markets. Source Bloomberg Read More 


NCC to intervene over Telcos’ debt to VAS licensees - Licensees in the Value Added Service (VAS) market segment of the nation’s ICT industry have sent ‘Save our Soul’ letter to the Nigerian Communications Commission (NCC) over the increasing debts owed them by telecom operators. Source Guardian Read More 

Nigeria Spends N793bn Annually on Importation of ICT Equipment - Despite her economic situation, Nigeria spends over N793 billion ($2.6 billion) annually on importation of information and communications technology (ICT) equipment, the Director General, National Information Technology Development Agency (NITDA), Dr. Isa Ali Pantami has said. Source Thisday Read More 





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