Nigeria in 1min: Economic, Business & Financial Headlines – 180516



May 18, 2016 7:00 AM / Proshare News 


Another poor inflation report; sharp increases recorded for both core and food measures - The latest shocking inflation report from the NBS shows a pick-up in the headline rate to 13.7% y/y in April from 12.8% the previous month.Source Proshare Read More 

Investments in Agriculture in Africa Rises to $2.3bn -Africa’s agriculture sector is at an inflection point and could grow significantly in the coming years with the right investments and policy actions. Source Thisday Read More 

Airlines lose N45bn to aviation fuel scarcity - Operators in the Nigerian aviation industry may have lost at least N45 billion in revenue to aviation fuel scarcity in the last three months fuel situations have worsened Source BUSINESSDAY Read More 

Ethiopia displaces Nigeria, as investor perception on growth potential worsens - The unattractiveness of Nigeria as an investment destination was reaffirmed by UK’s professional services and advisory firm, Ernst & Young (EY), with its survey findings ranking the $492 billion economy at number fifteen, the lowest in years, and Ethiopia at the top spot, among twenty African countries with alluring markets and growth potentials Source BUSINESSDAY Read More

NLC Strike: FG Warns ‘No Work No Pay’ - The federal government has advised all workers to respect the rule of law and desist from participating in an illegal strike. Source Channels TV Read More



NSE Proposes Amendment to its Rules on Pricing Methodology - Notification of Amendments to The Rulebook Of The Exchange, 2015 (Dealing Members’ Rules) (Part Xi) & Invitation For Comments Rule 15.29: Pricing Methodology.Source Proshare Read More 

CBN Grants Provisional Approval For Clearance Of Overdue Containers At Seaports - The Central Bank of Nigeria (CBN) has granted provisional approval for the clearance of overdue containers at various seaports in the country. Source Leadership Read More 


Fresh supply weakens breadth as stocks end 3-day gaining streak - The equities market closed today on a negative note, as NSE ASI depreciated by 0.61% to close at 26,655.48basis points, compared with the 1.13% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.94%.Source Proshare Read More 

Lafarge Africa set to acquire the balance of 50% interest in UNICEM - Last week, the board of Lafarge Africa (Lafarge) approved the acquisition of the balance of 50% equity interest in United Cement Company (UNICEM) from Egyptian Cement Holdings BV, a company indirectly held by Lafarge SA. Source Proshare Read More

TOTAL Upgraded from Neutral to Outperform; Q1'16 Earnings Up Significantly - Although sales were flattish y/y, Total Nigeria’s (Total) Q1 2016 earnings were up significantly (+530% y/y) to N2.8bn. A gross margin expansion of +398bps y/y, driven by a 17% y/y rise in lubes sales, was the primary driver behind the improved profitability.Source Proshare Read More 

MOBIL: Outlook improves in Q1'16 despite product scarcity - Mobil Oil Nigeria’s (Mobil) Q1 2016 earnings came in well ahead of our forecast on the back of a significant topline growth which offset a negative surprise on the opex line. We understand that volume growth was the primary driver behind the improved sales during the period as independent marketers were unable to meet import allocations due to fx shortages.Source Proshare Read More 

FBN Insurance Records 62% Increase in Profit, Declares 19k Dividend - FBN Insurance Limited has announced 62 percent rise in its profit before tax (PBT) for the year ended December 31, 2015, just as it has declared 19 kobo dividend for its shareholders. Source Thisday Read More 

Nasdaq Inc. Announces Proposed Senior Notes Offering - Nasdaq, Inc. (Nasdaq:NDAQ) today announced that it plans to commence a public offering of Euro-denominated senior notes pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (the “SEC”, and such offering, the “Offering”).Source Proshare Read More 

FG excludes AMCON, FIRS debtors from N48bn subsidy payment - The federal government has left out petroleum marketers that are indebted to the Federal Inland Revenue Service (FIRS) and the Asset Management Corporation of Nigeria (AMCON) in the settlement of the subsidy arrears of N48.2 billion. Source Daily Trust Read More 

Queue of Product Tankers Stuck Off Nigeria - The growing fleet of tankers stuck off Nigeria unable to unload their cargoes of diesel and petrol is an even-present reminder for President Muhammadu Buhari that another fuel crisis is looming on the horizon. Source The Maritime Executive Read More 

Oil Hits 6-Month High On Supply Outages, Brent Crude Now $49.25/b - Oil extends gains, U.S. crude at six-month top on supply concerns – Oil futures rose for a second straight session yesterday, with U.S. crude hitting a six-month high, as the market focused on supply disruptions that prompted long-time bear Goldman Sachs to issue a bullish assessment on near-term prices. Source Leadership Read More 

Nigerian oil output down 40 pct on Delta pipeline attacks -
Nigeria's oil production has fallen by almost 40 percent to 1.4 million barrels a day due to militant attacks on facilities in the Delta region, its oil minister said on Monday. Source Reuters
Read More 

Forex scarcity, N300bn revenue shortfall hit power firms - As many parts of the nation continue to experience blackout, electricity distribution companies have said their inability to obtain foreign exchange to import equipment and a revenue shortfall of N300bn are some of the factors hampering their operations. Source Punch Read More 

'3.2m Nigerians metered since power privatization' - The Association of Nigerian Electricity Distributors yesterday said estimated 3,283,402 million customers were metered since November 1, 2013 when the Power Holding Company of Nigeria (PHCN) was privatized. Source Daily Trust Read More 

Electricity grid drops to 1400mw - Electricity generation into the national grid dropped to 1400mw as at yesterday, the management of the System Operation/Market Operation of the Transmission Company of Nigeria (TCN) has said. Source Daily Trust Read More 



Asian Stocks Slide Resumes as Dollar Strengthens; Oil Above $48 -Asian stocks fell for the first time in three days and the dollar strengthened against all of its major peers on prospects for a U.S. interest-rate hike. Japanese shares and the yen fluctuated as investors weighed whether better-than-expected economic growth reduces the need for stimulus. Source Bloomberg Read More

Congo to seek up to $500 million in budget support from World Bank - Democratic Republic of Congo will seek between $250 million and $500 million in budgetary support from the World Bank this year, pending a review of its economy by the International Monetary Fund next month, the government said on Tuesday. Source Reuters Read More

Zambia's government in talks with IMF after weak copper prices hurt economy - Zambia is in talks with the International Monetary Fund (IMF) over a possible financing deal, as it grapples with a balance of payments shortfall linked to a weaker copper price, central bank governor said on Tuesday. Source Reuters Read More



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