Nigeria in 1min: Economic, Business & Financial Headlines – 170517


May 17, 2017 7:00 AM / Proshare News 

CPI Drops to 17.24% in April 2017, 0.02% Lower Than 17.26% March Rate - The Consumer Price Index (CPI) which measures inflation increased by 17.24 percent (year-on-year) though at a slower pace in April 2017, 0.02 percent points lower from the rate recorded in March (17.26) percent.  Source Proshare Read More 

Average Prices of 1kg of Yam Tubber Increased by 42.45% YoY in April 2017 - Selected food price watch data for April 2017 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 41.04% and decreased month-on-month by 1.71% to N518.66 in April 2017 from N527.69 in March 2017 while the average price of piece of Agric eggs medium size(price of one) increased year-on-year by 28.74% and month-on-month by 5.21% to N46.22 in April 2017 from N43.93 in March 2017. Source Proshare Read More 

Budgetary spending alone can’t address infrastructure deficit – Adeosun - The Minister of Finance, Mrs. Kemi Adeosun, on Tuesday said that the Federal Government could not address the country’s huge infrastructure deficit with budgetary allocations alone in the next 10 years. Source Punch Read More 

FG’s Revenue Rises by 20.4% in February - Nigeria’s gross federally-collected revenue rose by 20.4 per cent in February 2017 to N545.05 billion, as against the N433.86 billion recorded in January 2017, the Central Bank of Nigeria’s (CBN) economic report for February 2017 has shown. Source Thisday Read More 

FG spent $163.7m on pre-shipment agents without appropriation – Reps - Over $163.7m was spent to hire pre-shipment agents to monitor Nigeria’s oil and gas exports between 2009 and 2016, an investigation by the House of Representatives uncovered on Tuesday. Source Punch Read More 

Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch – April 2017 - Average price paid by consumers for premium motor spirit (petrol) decreased by 7.9% year-on-year and increased by 0.3% month-on-month to N149.9 in April 2017 from N149.4 in March 2017.Source Proshare Read More 

Capital Outlay Falls Short of Official Figure for 2016 Budget - Our chart today shows the breakdown of the FGN’s monthly expenditure through to January. We have included transfers in recurrent spending although they have a capital component. Source Proshare Read More  

One-Day Conference on Nigeria’s Economic Outlook by Ayo Teriba holds June 15 - Economic Associates (EA) will host a one-day quarterly conference on Nigeria’s Economic Outlook on Thursday, 15 June 2017 at Radisson Blu Hotel & Anchorage, Ozumba Mbadiwe Street, Victoria Island, Lagos. Source Proshare Read More  

60% of local flights in Q1 delayed – Records - Attacks on airline passengers have risen in recent times due to frequent flight delays as over 60 per cent of domestic flights operated in the first quarter of 2017 were delayed, findings by Daily Trust have shown. Source Daily Trust Read More 

NMRC releases N13bn mortgages to housing board - The Nigeria Mortgage Refinance Company (NMRC) has released the long awaited N13bn mortgage refinance to the Federal Government Staff Housing Loans Board (FGSHLB), the Executive Secretary of the board Dr Hannatu Adamu Fika confirmed yesterday in Abuja. Source Daily Trust Read More 

‘Ports concession spurs $2 billion investment by terminal operators’ - A whooping $2 billion investment by the terminal operators has massively turned around operations at Nigerian seaports since the commencement of the concessioning programme about 11 years ago. Source Guardian Read More 

NFF to spend N1.6b in 2017 - The Nigeria Football Federation (NFF) has been allocated the sum of N1.6 billion naira in the 2017 budget recently passed by the National Assembly. Source Vanguard Read More 

FG Loses N10.8b To Strike Actions At Lagos Ports - The federal government, importers and exporters have lost a whooping N10.8billion to strike actions embarked upon by clearing agents, truck owners and drivers over failed roads leading to the Lagos seaports – Tin-Can and Apapa. Source Leadership Read More 

Nigeria Telecoms Sector Contributes N15trn To Economy - Executive vice chairman, Nigerian Communications Commission (NCC), Professor Umaru Danbatta yesterday confirmed that the Nigerian telecommunication sector has so far contributed about N15 trillion to the Nigerian economy since the liberation of the sector and inception of digital mobile communications nearly 17 years. Source Leadership Read More 

Foreign Reserves Down By $96m In 9 Days As CBN Deepens Intervention - The nation’s foreign reserves fell by $96 million in nine days following the rapid intervention by Central Bank of Nigeria (CBN) in the foreign exchange market. Source Leadership Read More 

China votes $6.7b to develop Nigeria’s agriculture - Chinese Economic and Commercial Counselor, Mr Zhao Linxiang, has said his country promised $6.7 billion to develop Nigeria’s agriculture through training of hundreds of Nigerians to achieve food sufficiency.Source THE NATION Read More 

El-Rufai outlines Kaduna State privatisation plans  - Nasir-El Rufai, governor of Kaduna state, plans to privatise about four state owned enterprises to create jobs, the 57 year-old said in an interview with BusinessDay. Source BUSINESSDAY Read More 

Osinbajo announces new strategy to derisk Nigeria’s cash-crunched power sector - Acting President Yemi Osinbajo said on Tuesday that the federal government is investing some hundreds of billions of naira in an assurance scheme that would provide the much needed liquidity in the power sector and attract additional investments. Source BUSINESSDAY Read More 

Presidency to receive 2017 budget Wednesday - The National Assembly will finally transmit the 2017 appropriation to the Presidency on Wednesday. This is even as the Presidency says Acting President Yemi Osinbajo, will take time to peruse the document before signing, just like President Muhammadu Buhari did last year. Source BUSINESSDAY Read More 


Banks Disburse N606.2m To 3,793 Farmers In January – CBN - The Central Bank of Nigeria (CBN) has disclosed that a total of N606.2 million was guaranteed to 3,793 farmers under the Agricultural Credit Guarantee Scheme (ACGS) in January 2017. Source Leadership Read More 

Emefiele calls for local currency denominated funding for infrastructure  - Governor of the Central Bank of Nigeria, Godwin Emefiele on Tuesday urged financing institutions to work out financing structures that allow using local currency denominated funding for infrastructure as foreign funding continuously becomes more expensive. Source BUSINESSDAY Read More 


Market Resumes Uptrend as NSEASI Inches Up by +0.35% - Equities market closed today on a positive note, as NSE ASI appreciated by +o.35% to close at 27,609.67 basis points, as against -2.41% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +2.74%. Source Proshare Read More

Dangote Sugar Refinery Q4 2016 & Q1 2017 Results Review - Neutral Rating Maintained - Following Dangote Sugar Refinery’s (DSR) Q4 2016 and Q1 2017 results we have raised our EPS estimate over the 2017-18E period by 37% and our price target by 32% to N7.1Source Proshare Read More 

Mixta Nigeria to list N4.5b bond on NSE - Mixta Real Estate Plc has obtained regulatory approval to list its N4.5 billion 17 per cent Guaranteed Fixed Rate Bond on the Nigerian Stock Exchange (NSE). The bond listing will pave for investors to trade on the bond.Source THE NATION Read More  

Naira strengthens as CBN injects $457.3m into FX market - The Central Bank of Nigeria on Monday injected the sum of $457.3 million into various segments of the market. Source Daily Trust Read More 

Nigeria lost N3.3 trillion oil revenue last year - The Federal Government recorded a deficit of $11 billion (N3.3 trillion using the official exchange rate of $305 per dollar) revenue from crude oil export in 2016. Source Guardian Read More 

Net Asset Value of Mutual Funds Grows 159% in Five Years - The net asset value (NAV) of mutual funds in the Nigerian capital market grew by 159 per cent from N102 billion in December 2012 to N264billion in April 2017, according to data from the Securities and Exchange Commission (SEC). Source Thisday Read More 

‘NNPC, CBN, 36 others fail to submit budget proposals’  - Thirty-eight statutory agencies of the Federal Government are yet to submit their budget proposals for the 2017 fiscal year. These agencies, which include the Nigerian National Petroleum Corporation (NNPC), Central Bank of Nigeria (CBN) and Bureau of Public Enterprises (BPE), have continued to make huge extra-budgetary expenditure in breach of the Fiscal Responsibility (FRA) Act 2007. This was disclosed by the Senate yesterday during a legislative session. Source Guardian Read More 

NNPC Spends N1.6bn On Repair Of Kaduna-Kano Pipeline - The Nigerian National Petroleum Corporation, NNPC, said it had spent over N1.6 billion on the repairs of the vandalised pipeline between Kaduna and Kano in 2016. Source Leadership Read More 

Shell pays $29b to Fed Govt - The Shell Petroleum Development Company of Nigeria Limited (SPDC) operated Joint Venture (JV) contributed $29 billion to Federal Government’s coffer between 2012 and 2016, the Country Chair, Shell Companies in Nigeria (SCiN) and Managing Director of SPDC, Osagie Okunbor, has said .Source THE NATION Read More 

Dredging of River Niger to cost N100m – FG - The Federal Government has said that dredging of the River Niger to Baro Port, which had commenced, would gulp the sum of N100million, as against N42billion which it was initially awarded for by the previous administration. Source BUSINESSDAY Read More 

Nigeria saves $30m on utilization of CNG — Powergas CEO - THE Federal Government has saved over $30 million as a result of the switch to Compressed Natural Gas (CNG) from diesel, as well as a reduction of 76 million kilogramme of CO2 emissions. Source Vanguard Read More

Fitch "very concerned" situation in South Africa not improving: union - Fitch is very concerned that South Africa's economic and political situation is not improving, the country's second largest federation of trade unions said on Tuesday after it held talks with the ratings agency. Source Reuters Read More

African Export Import Bank to invest up to $500 mln in Gambia - The African Export Import Bank (Afreximbank) will invest up to $500 million in Gambia, its president said, an economic boost to the impoverished West African country ostracized by investors under former president Yahya Jammeh. Source Reuters Read More

Ghana's Cocobod says raises $200 mln through bond for purchases - Ghana's Cocobod raised $200 million in a bond issued via the central bank to cover its operations for the remainder of the cocoa season after its annual syndicated loan ran out early, the industry regulator's chief executive Joseph Aidoo said on Tuesday. Source Reuters Read More

London Office Vacancies Surge as Company Moves Leave Big Holes - Modern office buildings are all the rage in central London, with a swath of companies including UBS Group AG moving into new premises in the last 12 months. The problem for landlords is finding someone to replace them. Source Bloomberg Read More 

Average Intercity Transport Fare Increases to N1,587.04 in Apr’17 from N1,466.46 in Mar’17 - The transport fare watch report for April 2017 covers the following categories namely bus journey within the city per drop constant route ; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (okada) per drop; and  water way passenger  transport.  Source Proshare Read More 



How to get more traffic to your online store - If you have just launched an online store, you may be clueless when it comes to what you can do to increase traffic to your new website. If you had a physical store, it would be easy to use traditional marketing tactics but some of them may not be effective for eCommerce. Source Proshare Read More  

$1.2b debt: NCC, Mubadala Group, CBN in talks - The Nigerian Communications Commission (NCC) yesterday assured that rift between Etisalat Nigeria and the consortium of lenders that provided facility of $1.2billion to the telco will soon be over soon.Source THE NATION Read More 

‘Nigeria’s financial loss to cyber-crimes above N127bn annually’ - The annual financial loss recorded by Nigeria as a result of cyber-crimes may have increased above N127 billion, the Minister of Communications Adebayo Shittu has said. Source Daily Trust Read More 






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