Nigeria in 1min: Economic, Business & Financial Headlines – 160517



May 16, 2017 6:10 AM / Proshare News 

An end to the budget process in sight - On Thursday the National Assembly approved the 2017 budget, which sets total FGN revenue at N4.94trn and total spending at N7.44trn (US$24.3bn) including capital outlays of N2.24trn and debt service of N1.66trn.  Source Proshare Read More 

The ERGP needs a Roll-Out Plan - Olufemi Awoyemi - The Economic Recovery and Growth Plan recently launched by the Federal Government, needs a robust roll-out plan. This was the assertion of Mr Olufemi Awoyemi a notable Nigerian financial analyst and CEO of Proshare .Source Proshare Read More 

Nigerian Economy Gathers More Momentum; PMI Increased Marginally to 51.1% in April 2017 - FSDH - In the countries we monitored, the prices of government bonds appreciated in more countries in April 2017 than they depreciated. Source Proshare Read More  

FG Brainstorms on Modalities for Funding 2017 Budget - Five days after the National Assembly passed the 2017 budget, the Economic Management Team (EMT) chaired by acting President Yemi Osinbajo met in the Presidential Villa, Abuja, on Monday to discuss the modalities for funding the budget. Source Thisday Read More 

Firms 2016 Capital Expenditure down 25 % on recession - Capital expenditure by Nigeria’s largest firm’s fell 25 percent in 2016 as a raging recession and slumping company profits led businesses to hold tight on spending amid rising inflation and falling demand. Source BUSINESSDAY Read More 

Senate sets June 8 date for PIGB passage - Nigeria’s upper legislative body, the Senate, has moved consideration of the Petroleum Industry Governance Bill (PIGB) to before June 8, to coincide with the second anniversary of the Eight Senate, contrary to May 16 and 17 earlier proposed. Source BUSINESSDAY Read More 

Concessionaires invest over $2b in ports infrastructure - Private terminal operators have invested over $2 billion in systems upgrade and manpower development since the concessioning of the ports. Source THE NATION Read More 

Foreign investments into Nigeria’s hotel sector crash by 98% - The hotel industry in Nigeria is currently experiencing a supply glut as 3-4 star hotels dominate the skylines of major cities such as Lagos, Abuja and Porthacourt. A flurry of new hotels and recent developments have helped crash hotel room rates as well as drive down occupancy ratio  of several of the hotels in Lagos. Source Nairametrics Read More 

New vehicle imports fall by 90 per cent - Only 350 new vehicles were imported by Nigerian auto firms in the first quarter of this year, which shows a drop of about 90 per cent over 3,500 recorded in the same period last year. Source Punch Read More 


CBN to lift forex ban on raw materials - The Federal Government is set to lift the ban on raw materials that are part of the 41 listed items banned by the Central Bank of Nigeria from accessing foreign exchange at the official window. Source BUSINESSDAY Proshare Read More 


Market Opens The Week Negative as NSEASI Dips Further by -2.41% - Equities market closed today on a negative note, as NSE ASI depreciated by -2.41% to close at 27,513.69 basis points, as against -0.81% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +2.38%.  Source Proshare Read More

GTI Top-5 Weekly Stock Picks -150517 - The Nigerian equity market on Friday reversed prior ten days uptrend to close the week in the red despite massive trading activity. Similarly, market breadth closed negative recording 16 gainers against 37 losers. Source Proshare Read More

Tony O. Elumelu to deliver closing address during its SWIFT Regional Conference - SWIFT announces today that Tony O. Elumelu, C.O.N, African businessman, investor and, will deliver the closing address at the SWIFT African Regional Conference on 18 May 2017 in Abidjan, Ivory Coast. The conference will bring together around 500 high level financial professionals from across Africa. Source Proshare Read More  

Lafarge Africa Requests Approval of Rights Issue at AGM - The Board of Directors of Lafarge Africa has submitted to the Nigerian Stock Exchange a Notice of its 58th Annual General Meeting (AGM) at which it will propose a Rights Issue for an amount up to N140 billion for approval by the shareholders of the Company. Source Proshare Read More  

Stanbic IBTC Launches ₦20.00bn Commercial Paper Programme on FMDQ - Given the increasingly competitive market environment, corporates and commercial entities have continued to seek innovative approaches towards executing their financing strategies. Source Proshare Read More 

Naira closes at 386/dollar despite CBN’s $457m injection - The naira closed flat at 386 against the United States dollar on the parallel market on Monday, the same rate it closed on Friday. Source Punch Read More 

NSE Set to Host Inaugural Real Estate Investment Trust (REIT) Conference - The Nigerian Stock Exchange (The NSE or The Exchange) is pleased to announce that it will host the maiden edition  of its Real Estate Investment (REIT) Conference on Tuesday May 23, 2017 at the NSE Event Centre, Stock Exchange House 2/4, Customs Street, Marina, Lagos. Source Proshare Read More  

Creating Wealth Through Mutual Fund Investments - Mutual Funds are pools of funds that a professional Fund Manager brings together from various individual investors to invest in selected underlying securities for the benefit of the investors. Source Proshare Read More  

Stanbic IBTC appoints Omiyi as new Chairman - The Board of Directors of Stanbic IBTC Holdings Plc, Monday appointed Mr. Basil Omiyi as the Chairman of the Board with effect from 15 May 2017  following the approval of all required regulatory bodies in the financial sector. Source Vanguard Read More 

NNPC to resume oil exploration in Chad Basin in six weeks - The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru says oil exploration activities in the Chad Basin will resume in six weeks time. Source Guardian Read More 

Oil Rises Above $52 as Saudis, Russians Back Longer Supply Cut - The price of crude oil hit its highest point in more than three weeks on Monday, topping $52 per barrel after Saudi Arabia and Russia said the supply cuts by the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC members should last till 2018. Source Thisday Read More 

NNPC, JV Partners to Grow Domestic Gas Supply to 5bcf/d in Three Years - The Nigerian National Petroleum Corporation (NNPC) has said that it would collaborate with its joint venture partners to increase the amount of gas available to Nigeria’s domestic economy in 2020 to about five billion standard cubic feet per day (5bscf/d). Source Thisday Read More 

Vodafone's South African arm Vodacom takes over $2.6 bln stake in Kenya's Safaricom - UK-based telecoms group Vodafone moved to consolidate two of its African interests on Monday with the transfer of a 35 percent stake in Kenya's Safaricom to majority-owned South African subsidiary Vodacom. Source Reuters Read More

Zimbabwe's high state spending may deepen cash crunch: IMF - Zimbabwe's cash shortages could worsen and inflation may be triggered if President Robert Mugabe's government doesn't temper excessive state spending, the International Monetary Fund said on Monday. Source Reuters Read More 

U.K. Labour Plans Tax on Companies That Pay Over $425,000 - The U.K.’s opposition Labour Party will introduce a tax on companies that pay staff more than 330,000 pounds ($425,000) a year if it wins the June 8 general election, according to a person familiar with the plans. Source Bloomberg Read More 

Ford Plans to Cut About 10% of Global Staff: WSJ - Ford Motor Co. plans to cut about 10 percent of staff worldwide as Chief Executive Officer Mark Fields faces escalating pressure to boost profit and a lagging stock price, the Wall Street Journal reported. Source Bloomberg Read More 

Nikkei Flirts With 20,000 Once Again as Yen Drop Boosts Stocks - Electronics manufacturers and automakers led Japanese equities higher after the yen declined against the dollar and as investors remained positive on the corporate earnings outlook. Source Bloomberg Read More 

Sub-Saharan Africa Needs Better Laws to Fix $100 Billion Gap - Sub-Saharan Africa needs solid legal frameworks, increased private-sector involvement and better fiscal incentives to plug its annual infrastructure-funding gap of about $100 billion, Boston Consulting Group and Africa Finance Corp. said. Source Bloomberg Read More 

Norway's $2 Billion Development Fund Bets Big on African Finance - Norway’s state-run development fund, Norfund, is finding the fattest returns in Africa are in the financial industry. Source Bloomberg Read More 

OPEC Prolonging Cut Would Accomplish Mission to Clear Oil Glut- The world’s two biggest oil exporters seem to have finally figured out how to eliminate a global surplus that’s kept crude prices in check for almost three years. Source Bloomberg Read More 

APT Pension Fund continues its impressive track record of performance - APT Pension Fund Managers hit another home run in April by recording the highest monthly return in both the RSA and Retiree fund category of pension funds. It will be recalled that the APT RSA and Retiree funds toped the performance chart for the first quarter of 2017 with 3.77% and 4.56% returns respectively. Source Proshare Read More 


Opera to Invest $100m on African Digital Economy - Opera plans to invest $100 million (N30 billion) over the next two years to facilitate the growth of African digital economy. Source Thisday Read More 

Lagos begins installation of free Wi-Fi at parks - The Lagos State Government has commenced the installation of free Wi-Fi at parks and gardens across the state. Source Punch Read More





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