Nigeria in 1min: Economic, Business & Financial Headlines – 170316


March 17, 2016 6:30 AM / Proshare News 

Damned if you do, damned if you don’t; Inflation will still reflect the new rate - The opposition of the CBN and the MPC to devaluation is partly based on the impact upon inflation. They have resisted the adjustment to the exchange rate, and headline inflation has still accelerated to 11.4% y/y in February from 9.6% the previous month. Source Proshare
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Volatile naira pushes Inflation to 3 year high of 11.38%  -  According to the Consumer Price Index report published by the Nigeria Bureau of Statistics (NBS), headline inflation accelerated sharply to 11.38% y/y (Vetiva estimate: 9.8%) in February, the highest increase recorded in 38 months.  Source Proshare Read More 

FG Unveils New National Aviation Policy In Weeks - The Minister of State for Aviation, Sen. Hadi Sirika, has said that the Federal Government would unveil the new national aviation policy within the next two weeks. Source Daily independent Read More 

Fed Govt to create 3 million jobs, says VP - The Vice President, Prof Yemi Osinbajo yesterday said  the Federal Government is planning to create about three million jobs in the next three years. Source THE NATION Read More 

World Bank: Nigeria’s growth not creating jobs - Nigeria is recording economic growth but not creating enough jobs for its teaming population, the World Bank noted yesterday in three reports it released in Abuja. Source Daily Trust Read More 


Revenue from non-oil exports down by 58% to $4.3bn — CBN - The Central Bank of Nigeria (CBN) has said that the revenue from non-oil exports fell sharply by 58 percent to $4.39 billion in 2015. Source Vanguard Read More

Accumulated interests raise AMCON’s indebtedness to N6.6trn —CBN - THE Asset Management Corporation of Nigeria, AMCON, yesterday, admitted before an investigative panel of the House of Representatives that its debt profile had risen to N6.6 trillion courtesy of accumulated interest payment of N2.1 trillion. Source Vanguard Read More


Profit-Warnings: Why Investors in Banking Stocks Should be Worried - Recently, Nigerian Stock Exchange has seen a higher than usual number of profit warnings from both premium-board and main-board listed entities on the bourse. Source Proshare Read More

Profiteering persists as speculators continue to dictate pace  - The equities market closed today on a negative note, as NSE ASI depreciated by 0.34% to close at 25,657.48basis points, compared with the 0.42% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.42% Source Proshare Read More 

Asian Stocks, Currencies Rally on Dovish Fed as Oil Extends Jump - Asian shares rose the most in two weeks and the region’s emerging-market currencies strengthened after the Federal Reserve scaled back its projection for interest-rate hikes. Oil and copper advanced. Source Bloomberg Read More

GLAXOSMITH declares N965.04 million PAT; Proposes 30k per share dividend in 2015 Audited Result - Source Proshare Read More

NESTLE Proposes N19.00 per share Final Dividend in 2015 Audited Result,(SP:690.00k) – Source Proshare Read More

Zimbabwe expects first IMF loan in nearly two decades this year -  Zimbabwe expects a loan from the International Monetary Fund(IMF) in the third quarter of this year, the first since 1999, after paying off foreign lenders by the end of June, the central bank governor said on Wednesday. Source Reuters Read More

We owe Federation Account N326bn, not N3.23tn —NNPC - The Nigerian National Petroleum Corporation on Wednesday said it did not fail to remit N3.325tn to the Federation Account but admitted that it owed the government N326.14bn, which was still being reconciled. Source Punch Read More 

$300m financing gap dims FG’s proposed growth in refining capacity - The inability of  modular refinery licensees to raise the required $300 million financing to take-off, may dim the prospects of  increasing the nation’s refining capacity, BusinessDay findings show. Source BUSINESSDAY Read More 

80% of AMCON’s assets not in our custody – MD -
The Managing Director of the Assets Management Corporation of Nigeria (AMCON), Ahmed Lawan Kuru, yesterday said 80 per cent of the corporation’s total assets are yet to be in the full custody of AMCON, due to the over 3, 000 court cases instituted against the full takeover of the  assets. Source Daily Trust
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Power generation drops by 759MW in 24 hours - Power generation fell by 759.1 megawatts in the 24 hours to Wednesday on the back of losses recorded by Egbin, Afam VI and other generation plants. Source Punch Read More

FG targets 4,000MW from nuclear energy - The Federal Government is working towards generating 4,000 megawatts of electricity from nuclear energy. Source Punch Read More 

Angola’s oil export tied to paying fat loans - Angola has found itself with a dwindling amount of crude to sell as more of its oil flows to China for debt repayment, leaving little revenue for anything from oil-sector development to healthcare in one of Africa’s largest oil-exporting nations. Source BUSINESSDAY Read More 

OPEC, Non-OPEC Producers to Meet in Doha on April 17, Says Qatari Minister - As part of the collaborative efforts between the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC producing countries to freeze crude oil output in an attempt to prop up prices, the two groups will hold a meeting in Doha, Qatar on April 17. Source Thisday Read More


Telecoms Operators Record 431,978 Porting Subscribers in One Year - Telecoms operators, last year, recorded the highest number of porting subscribers on their networks, totaling 431, 978 for both outgoing and incoming porting. The figure became the highest since Mobile Number Portability was introduced by the Nigerian Communications Commission (NCC) in April 2013. Source Thisday Read More


30, 000 set to draw down N2bn as Rivers microfinance agency begins disbursement of CBN SME fund - All is now set for the disbursement of the N2 billion micro, small and medium scale enterprises (MSME) fund to 30,000 listed beneficiaries in Rivers State. Source BUSINESSDAY Read More


Uncertainty over 2016 Budget as Senate Defers Passage - Assurances by the Senate and House of Representatives Joint Committees on Appropriations that the 2016 Budget would be passed into law on March 17, 2016 may no longer be feasible as the committees continue to work to resolve the issues and errors in the estimates. Source Thisday Read More 

#Zenithtradeseminar2016:Stakeholders explore opportunities in Non-Oil Export - Nigeria like other key oil producing economies, is facing socio-economic challenges due to the decline in international crude oil price which is adversely affecting revenue margins. Source Proshare WebTV Read More 



#zenithtradeseminar2016:The Quest for a Dynamic Non-Oil Export Market

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