Nigeria in 1min: Economic, Business & Financial Headlines – 140717



July 14, 2017 7:00 AM / Proshare News 

Nigerian Economy on a Recovery Path - The hope that the Nigerian economy will exit the current recession has improved further as the manufacturing and non-manufacturing activities increased in the month of June 2017 despite the decrease in the monetary aggregates. Source Proshare Read More 

Nigeria will borrow to implement FG recovery plan – Finance Minister - The Minister of Finance, Mrs Kemi Adeosun said the country has no choice but to continue to borrow in other to implement the Federal Government’s Economic Recovery and Growth Plan. Source Punch Read More

Debts: Reps demand N2.7tn settlement proposal details - Barely 24 hours after the Federal Government announced a proposal of N2.7tn to offset accumulated local debts and other services, the House of Representatives on Thursday demanded the details of the plan. Source Punch Read More

Kano govt. introduces 5% consumption tax - Kano state government has introduced five per cent (5%) consumption tax on goods and services to improve her internal revenue generation profile. Source Daily Trust Read More 

Senate gives agencies one week to submit 2017 budgets - The Senate has given an ultimatum of one week to all agencies and corporations of the Federal Government that had yet to submit their 2017 budgets for scrutiny and passage to do so. Source Daily Trust Read More 

Fed Govt hires asset tracers to go after 150 moneybags - There is no hiding place for tax defaulters. The Federal Government has engaged the services of asset tracing-companies to investigate the tax payment status of 150 firms/individuals. Source THE NATION Read More 

Apapa, Tin-Can seaports yet to start full implementation of 24-hour port operations - Twenty-four days after the 30 days deadline given to the Federal Government agencies and service providers at the nation’s seaports to allow port business take place round-the-clock, the ports are yet to commence full implementation of the 24-hour port operations policy Source BUSINESSDAY Read More 

MMIA to be certified July 21 – FAAN - The Federal Airports Authority of Nigeria on Thursday said the Murtala Muhammed International Airport, Lagos would be certified on July 21. Source Punch Read More 

Lagos to Raise N100bn via Bond for Infrastructure Financing - The Commissioner of Finance, Economic Planning and Budget, Hon. Akinyemi Ashade, has expressed the resolve of the Lagos State Government to raise N100billion in bond offering to finance critical infrastructure in the state. Source Thisday Read More 

FG sets 10.6% growth target for manufacturing sector - THE Federal Government has set average growth rate target of 8.5 per cent to 10.6 per cent for the manufacturing sector over the next four years under the Economic Recovery and Growth Plan, ERGP. Source Vanguard Read More


CBN: Nigerians lost N11.9b to Ponzi scheme - The Central Bank of Nigeria (CBN) yesterday  said Nigerians lost over N11.9 billion to the activities of Ponzi schemes in 2016. Source THE NATION Read More 


NSEASI Sustains Positive Stance; Records +0.80% Gain - Equities market closed today on a positive note, as NSE ASI appreciated by +0.80% to close at 33,246.91 basis points as against +0.47% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +23.71%. Source Proshare Read More  

Unilever Nigeria Plc Undertakes N58.9bn Rights Issue - Following shareholder approval received in May, Unilever Nigeria Plc has now received clearance of the issue documents from the Securities and Exchange Commission and the Nigerian Stock Exchange (“The NSE”) in respect of the Rights Issue. Source Proshare Read More

Lagos Now Well Ahead of The Pack - Our occasional look at three stock market indices in sub-Saharan Africa (SSA) places Lagos well ahead of both Nairobi (NSE 20) and Johannesburg (all-share). The NSEASI has gained 22.7% ytd, compared with 14.0% for Nairobi and 4.5% for Jo’burg. Source Proshare Read More

Summary of FGN Bond Auction Results for July 2017 - Auction Result for the 14.50% FGN JUL 2021 (Re-opening), 16.2884% FGN MAR 2027 (Re-opening 10- Year Bond) & 16.2499% FGN APR 2037 (Re-opening). Source Proshare Read More  

DMO allots N400.5m in savings bond sales - The Federal Government has allotted N400.5 million in its July 2019 and 2020 savings bond sales, the Debt Management Office (DMO) has said. Source THE NATION Read More 

Is FBNH a good buy? - A cursory review of FBN Holding Plc by our analysts showed that the stock recorded strong top line in the recent period and is efficiently managing its operating costs as well. Source Proshare Read More  

Nahco shareholders laud 22k dividend per share - Shareholders of the Nigerian Aviation Handling Company (Nahco, Aviance) yesterday approved the 22k dividend per share payout by their company. Source Daily Trust Read More 

Oil crash: Global oil industry lost $300bn in 2 years —OPEC scribe - General of the Organisation of Petroleum Exporting Countries, OPEC, Mohammed Barkindo, has disclosed that the global oil and gas industry lost over $300 billion between 2015 and 2016 due to fall in oil and gas exploration and production spending. Source Vanguard Read More 

Nigeria’s GVE to invest N85m in restoring electricity to 220 Akwa Ibom households - Green Village Electricity (GVE) Projects could in about 8 weeks complete its installation of a 50 kilowatt (kW) solar photovoltaic (PV) mini grid, and subsequently restore electricity supplies to 220 households in Akpabom, a community in Akwa Ibom state. Source OFFGRID NIGERIA Read More 

Don’t stop electricity tariff review, Fashola begs Nigerians - The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said Nigerians should stop going to court to stop electricity tariff review, describing the planned review as necessary. Source Punch Read More 

Future of Bank Regulation Weighs on Investors at Banking Conference - How bank regulation evolves and how banks respond to regulatory changes are top issues for global banking investors and market participants based on discussions at Fitch Ratings' flagship Global Banking Conference, which toured the world starting in North America and continuing to Europe and Asia in June and July. Source Proshare Read More  

South Africa considers privatisation to counter recession - South African Finance Minister Malusi Gigaba laid out an ambitious 14-point programme on Thursday to wrench the economy out of recession that included the sale of non-core assets and partial privatisation of state-owned firms. Source Reuters Read More 

Gold edges up after Yellen rate hike view - Gold edged higher on Thursday on a weaker dollar and lower U.S. yields, with investors wagering that policy tightening in the United States would be glacial at best, though gains were capped by surging global stock markets. Source Reuters Read More 

South Africa faces tough budget choices in recession: finmin - South Africa has tough decisions to make going into its next budget as the nation is in its first recession since 2009 after several years of low growth, the finance minister said on Thursday. Source Reuters Read More 

Nigeria to License Drones in New Rules for Unmanned Aircraft - Nigeria plans to license drones used for both commercial and private purposes under new regulations governing unmanned aircraft, the head of the civil aviation agency said. Source Bloomberg Read More 

Ghana Oil Boon Not Enough to Plug Budget Hole as Prices Drop - A surge in Ghana’s oil output this year may do little to ease the West African nation’s fiscal strains as crude prices are lower than what it budgeted, eroding the gains from extra production.Source Bloomberg Read More 

Kuwait to Boost Oil-Output Capacity From 2030, Plans Refineries - Kuwait plans to raise oil-production capacity to as much as 4.75 million barrels a day after 2030 as the OPEC member builds refineries in Asia to process more of its crude, the head of state-run Kuwait Petroleum International Ltd. said. Source Bloomberg Read More 

Asian Stocks Head for Strongest Week Since March: Markets Wrap - Stocks in Asia extended their best week since March, as investors await U.S. inflation data and earnings from some of America’s biggest banks. Source Bloomberg Read More 

Deeper OPEC Cuts Would Help Shale, Former Qatar Minister Warns - OPEC would hurt itself and help U.S. shale producers if it adopted deeper cuts, the former oil minister of Qatar warned. Source Bloomberg Read More 


Network operators, others invest $37b in five years - Mobile Network Operators (MNOs) in Nigeria, South Africa, Kenya, Tanzania, Rwanda, and other sub-Saharan (SSA), have invested about $37 billion in various upgrades of their networks in the last five years. Source Guardian Read More

BOI’s disbursements under social intervention schemes hit N7b - The Bank of Industry (BOI) has stated that its disbursement to Micro Small and Medium Enterprises (MSMEs) in the country has hit over N7 billion under its social intervention programmes and Government Enterprise & Empowerment Programme (GEEP) scheme. Source Guardian Read More

Etisalat Nigeria changes name to 9Mobile - Etisalat Nigeria on Thursday changed its brand name to 9Mobile.The change of name, it was gathered, was approved at a management meeting, with the public relations consultant to the telco, Chain Reactions, confirming the development. Source Punch Read More 





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