Nigeria in 1min: Economic, Business & Financial Headlines – 141016


October 14, 2016 7:10 AM / Proshare News 

Headline Inflation projected to reach 18% - FDC - Our forecast for year-on-year (YoY) headline inflation rate for the month of September is 18.0%, a 0.4% increase from August’s 17.6%. If the estimates of our model are accurate, it will be the highest level in 11 years. Source Proshare Read More 

Will Oil Production Cut Rebalance the Nigerian Economy? - In the countries we monitored, the prices of government bonds appreciated in more countries in Septemeber 2016 than they depreciated. The 12.705% June 2022 Kenya Government Bond and the 7.75% February 2023 South Africa Bond both recorded the highest month-on-month price increase of 5.08% and 2.05% to 98.92 and 97.22, respectively. Source Proshare Read More 

8th Nigerian Senate is pro-business- Dr Bukola Saraki - Private sector players in Nigeria have been assured that the Senate is pro-business in its legislative approach and agenda. Source Proshare Read More

FG saves N15bn in travel cost, allowances in one year – Official - The federal government has saved about N15 billion in about a year from over bloated travel costs and allowances of government workers. Source Daily Trust Read More 

FG to approve new spending template for agencies - The Minister of Finance, Mrs. Kemi Adeosun, on Thursday said that the Federal Government would soon issue a new template on approved expenses for state-owned enterprises as part of efforts to control recurrent expenditure. Source Punch Read More 

Recession: NPA Introduces Tenancy Rates For Agencies At Seaports - As part of measures to generate additional revenue for the federal government, the Nigerian Ports Authority (NPA) is considering renting out all spaces hitherto occupied by government and private agencies at the nation’s seaports. Source Leadership Read More 

Economic shocks forcing small businesses into bankruptcy —LCCI - The Lagos Chamber of Commerce and Industry has said economic shocks have had serious effect on cash flow and liquidity of the Small and Medium Enterprises, forcing most of them into bankruptcy. Source Punch Read More 

Senate okays three per cent of 10-year VAT for North East - The Senate has approved the allocation of three per cent of the Value Added Tax (VAT) accruable to the Federal Government in the next 10 years for rebuilding the North-East. Source Guardian Read More 

Nigeria mining ministry in talks over $500 mln fund and corporate bonds -  Nigeria's government is in advanced talks with its sovereign wealth fund and stock exchange to create a $500 million exploration fund and corporate mining bonds to attract investment, its mining minister said. Source Reuters Read More 


Amendments to the Rulebook of the Exchange, 2015 on Proposed Order Handling & Best Execution Rules - The Exchange is proposing amendments to the Rulebook of The Exchange, 2015 (“Rulebook”) (Dealing Members’ Rules) by introducing the Order Handling and Best Execution Rules. Source Proshare Read More 

Equities market extends losses as breadth shrinks further - The equities market closed today on a negative note, as NSE ASI depreciated by 0.62% to close at 27,854.78basis points, compared with the 0.03% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.75%. Source Proshare Read More 

FO Declares N2.79 billion PAT in Q3 2016 Result, (SP:N159.69k) - Source Proshare Read More

Summary of Auction Results for October 2016 - Source Proshare Read More 

Minutes Of The Federal Open Market Committee, Sept 20-21, 2016 - The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on September 20-21, 2016. Source Proshare Read More 

First Bank gets approval to sell forex to BDCs - First Bank of Nigeria Limited says it has received the approval of the Central Bank of Nigeria to commence the sale of foreign exchange to licenced Bureau De Change operators Source Punch Read More 

Oando, Forte Oil, 25 others get crude lifting contracts - The Nigerian National Petroleum Corporation has increased the number of companies referred to as off-takers of the country’s crude oil from 21 to 27. Source Punch Read More 

60% forex allocation to manufacturers, a hoax – MAN - MANUFACTURERS Association of Nigeria, MAN, described yesterday, Central Bank of Nigeria’s approval of 60 percent foreign exchange allocation to manufacturers to bring in their raw materials, plants and machinery, as a hoax Source Vanguard Read More 

At N463/$, Improved FX Liquidity Strengthens Naira on Parallel Market  - The naira continued on the path of appreciation on the parallel foreign exchange (FX) market yesterday as it closed at N463 to the dollar, higher than the N467 to the dollar it closed the previous day. Source Thisday Read More 

Travellers scramble for cheap FX at Travelex - Rowdiness was the order of the day at the international wing of the Murtala Mohammed International Airport (MMIA) as passengers stormed Travelex counter to buy cheap foreign exchange. Source Daily Trust Read More 

NNPC to resume oil exploration in Bauchi, Gombe - The Nigerian National Petroleum Corporation (NNPC) has concluded plans to move heavy equipment to Bauchi and Gombe States preparatory to oil exploration, said Group Managing Director Maikanti Baru. Source Guardian Read More 

Nigeria’s crude oil production rises by 280,700 bpd - Nigeria’s crude oil production has increased by 280, 700 barrels per day (bpd) from the 1.104 million bpd recorded in August to 1.385 million bpd in September. Source Guardian Read More 

Forex, oil price slump cripple downstream sector - The inability to access foreign exchange (forex) and the lingering crude oil price slump have been the major challenges facing the downstream subsector of the petroleum industry, the Chief Executive Officer, OVH Energy Marketing Limited (formerly Oando Marketing Limited), Yomi Awobokun has said. Source THE NATION Read More 

Boost for textile, fashion industries as government agencies formalise native wear - Nigerian government agencies and parastatals are beginning to allow staff to put on native attires Mondays through Fridays, against the former pactice where staffers could only turn out in such clothing on Fridays, signalling the possibility of a rebound of the country’s textile and fashion industries. Source BUSINESSDAY Read More 



South Africa "is not business as usual": S&P Africa head - The Africa head of ratings agency Standard & Poor's said on Thursday the current situation in South Africa was "not business as usual," citing "political turmoil and tension" as worrying signs ahead of a ratings decision on Dec. 2. Source Reuters Read More 

BBC Cuts 300 Jobs at Production Arm BBC Studios to Reduce Costs - The British Broadcasting Corp. is cutting about 300 positions from its in-house production arm as the public broadcaster eliminates costs amid rising competition with the private sector. Source Bloomberg Read More

Miners Drag Europe Stocks to 2-Month Low as China Woes Resurface - Renewed worries about the health of the global economy, spurred by an unexpected decline in Chinese exports, sent European stocks lower for a third day. Source Bloomberg Read More 


Alleged repatriation of $13.92bn: Senate summons minister, MTN, others - FOLLOWING the alleged repatriation of $13.92 billion from Nigeria without authorisation, the Senate has summoned the Minister of Trade, Industry and Investment, Dr. Okechukwu Enelamah and Mobile Telecommunication Network, MTN, to appear next Thursday and explain their various roles in the act. Source Vanguard Read More 

FG approves release of N10bn recovered from sales of spectrum to NBC - Federal Government has given marching order to the Economic and Financial Crimes Commission (EFCC) to release the N10 billion recovered loot from the sales of spectrum to the National Broadcasting Commission (NBC). Source BUSINESSDAY Read More 

Samsung Forecasts $5.3 Billion Profit Impact From Note 7 Crisis - Samsung Electronics Co. said it expects a total impact of $5.3 billion through March 2017 after ending production of its fire-prone Galaxy Note 7 smartphones, as South Korea’s largest company tallies the cost of the corporate crisis. Source Bloomberg Read More 

HP Plans Up to 4,000 Job Cuts Over Three Years - HP Inc. plans to cut 3,000 to 4,000 jobs over the next three years to help bring costs in line with slumping demand in the market for personal computers and printers. Source Bloomberg Read More



BOI disburses N13.37bn from CBN’s textile intervention fund - The Bank of Industry (BOI) has disbursed N13.37 billion to beneficiaries across the value chain of cotton, textile and garment (CTG) sector from the N50 billion intervention fund established by the Central Bank of Nigeria (CBN). Source Daily Trust Read More 

BoI, Kaduna train 375 entrepreneurs under KADSTEP initiative - The Bank of Industry (BoI) and the Kaduna State government have trained 375 entrepreneurs under its second phase of the Kaduna Start-Up Entrepreneurship Program (KADSTEP) initiative. Source Guardian Read More 





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