Nigeria in 1min: Economic, Business & Financial Headlines – 181114


 November 18, 2014 7:00 AM / Proshare News

Govt launches $50m Venture Capital Fund - The Federal Government yesterday launched a $50 million Venture Capital Fund also known as the YouWin Small and Medium Enterprise fund.It was launched alongside the fourth round of the Youth Enterprise With Innovation in Nigeria (YouWin) programme. Source THE NATION Read More


American Firm Plans 1200MW Solar Plant in Nigeria - A consortium of American investors in renewable energy has pledged to deliver in two years, 1,200 megawatts (MW) of solar-powered electricity in Nigeria. Source Thisday Read More

FG, Stakeholders Commend Dangote Cement's Price Reduction - The federal government and stakeholders in the cement sector as well as shareholders have hailed the Dangote Cement over huge investment in cement as well as the recent slash in the prices of the commodity. Source Thisday Read More

Nigeria’s Real GDP Records 6.23% Growth in Q3’14; Higher Than Q3’13 Growth Rate - On an aggregate basis, the economy when measured by the Real Gross Domestic Product (GDP), grew by 6.23 percent (year-on-year) in the third quarter of 2014, higher by 1.06 percentage points from rates recorded in the Third quarter of 2013, and lower by 0.31 percentage points from the Second Quarter of 2014.Relative to the Second Quarter of 2014, the economy grew by 8.67 percent in the Third Quarter. Source Proshare Read More

GDP by Expenditure: Total Expenditure on GDP increases by 6.02% in Q1 2014 - The growth rate of total expenditure on GDP measured in real terms increased by 6.02 percent (year-on-year) in Q1 of 2014 while year on year nominal changes indicated an increase of 10.04 percent in the quarter. Source Proshare Read More

Foreign Trade Report: Strong Merchandise Trade Growth in Q2 2014 - Nigeria’s external merchandise trade stood at N6,659.4 billion in the Second Quarter of 2014. Relative to the N5,514.9 billion recorded in the preceding quarter the value of the nation’s total merchandise trade increased by N1,144.5 billion or 20.8%. Source Proshare Read More

Customs Records N973.5m As October Collections At Seme Border - The Seme Command of the Nigeria Customs Service said it collected a total of N973.54 million in the month of October 2014.The figure is the command’s highest monthly revenue collected in the year 2014. Source Leadership Read More

Dickson Submits N320.6bn 2015 Budget to Assembly - Governor Seriake Dickson of Bayelsa State on Monday presented the state 2015 budget estimate of N320,621,216.641 to the state House of Assembly for consideration. Source Thisday Read More

Global Prospects and Policy Challenges – Arising from G20 Meeting - The Following executive summary is from a note by the Staff of the IMF prepared for the November 15–16, 2014 G-20 Leaders' Summit in Brisbane, Australia. Source Proshare Read More

3Q14 GDP: Increase in Agricultural Activities Drives Growth - Nigeria’s gross domestic product grew by 6.23% y/y in the third quarter of 2014, up by 106bps from 5.17% recorded in the 2Q13 but 31bps lower than the 6.54% posted in the previous quarter. The nominal GDP posted in 3Q14 was estimated at ~N22.93 trillion ($147.96bn) against N21.73 trillion ($140.22bn) and N20.46 trillion ($132.03bn) recorded in 2Q14 and 3Q13 respectively. Source Proshare Read More

Power firms to pay N225m for connection to TCN network - The Transmission Company of Nigeria, TCN has fixed a charge of about N225 million for power firms seeking to modify their connection to its transmission network across the country and also for firms seeking to connect to the network for the first time. Source Vanguard Read More

NERC Decries Absence of Renewable Energy Policy in Nigeria - The Nigerian Electricity Regulatory Commission (NERC) has decried the absence of a policy on renewable energy in the country, saying the development is retarding the contribution of solar energy to the power supply. Source Thisday Read More

CBN grants N2bn for SMEs in Delta - Central Bank of Nigeria, CBN, yesterday, rolled out a N2 billion Micro, Small and Medium Enterprises, MSMEs, Development Fund in Delta State as part of its effort to alleviate poverty in the state. Source Vanguard Read More


CBN approves maritime microfinance bank - Dockworkers, freight forwarders, truckers, port workers, staff of private companies and government organizations that mostly have challenges accessing small loans can now be upbeat. This follows the Central Bank of Nigeria (CBN’s), approval for operation of a new financial institution, the Maritime Microfinance Bank (MFB). Source Daily Independent Read More

CBN meets bank MDs as naira crashes - The naira, which has been under pressure in the last few weeks, on Monday crashed against the dollar to N173.20 at the interbank market, causing panic in the financial sector. Source Punch Read More

Telecoms sector ends Q3 with 49.6m inactive lines - The telecoms sector ended third quarter (Q3) with a total of 49,641,091 inactive phone lines while it recorded 134.5 million active telephone lines. It also grew teledensity to 96.08 per cent, latest data released by the Nigerian Communications Commission (NCC) has shown. Source THE NATION Read More

Guinness Downgraded to a SELL…What the heck is wrong with GUINNESS? - Guinness Nig. Plc posted yet another disappointing quarterly result (2015:Q1), as revenue shrank once again by 6.07% (NGN21.05bn vs.NGN22.41bn in the corresponding period last year). Source Proshare Read More

Top-5 Nigerian Equities League for the week commencing 17 November, 2014 - The NSE All-Share Index and Market Capitalization depreciated by 3.93% and 3.64% to close on Friday at 37,550.24 and N12.437 trillion respectively. Source Proshare Read More

Continsure: Indicating further buying is still due.. - Continental Insurance is falling down and marking successively lower lows and lower highs; as a downtrend was also lying on the daily technical chart. From N1.25 to N0.85 level, the bulls are dominating the bears and maintained short term trend as downtrend. Source Proshare Read More

Ikeja Hotel: Setting up the benchmark of the “Bull Run” - The stock is trading in a perfect uptrend market and the bulls are marking successively higher highs and higher lows on the daily technical chart. From a technical perspective, we can say that the bulls have cleared the “acid test” as it sustained above all moving averages at a time most Nigerian stocks were falling down - this is known as perfect Bull Run. Source Proshare Read More

Stocks start week positive, extend 5days gaining streak - The equities market closed today on a positive note, as NSE ASI appreciated by +0.30% to close at 35,488.80 basis points, compared with the +2.51% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.13%. Source Proshare Read More

Ecobank secures $150 million loan from foreign banks - The Nigerian unit of pan-African lender Ecobank said on Monday it has secured $150 million in a debt facility from a group of international banks to grow its loan book. Source BUSINESSDAY Read More


Amaechi Transfers N5.9bn GTB Loan To Fidelity Bank - The Rivers State House of Assembly, yesterday at its resumed sitting, gave an approval for the state government to transfer its N5.9 billion Guaranty Trust Bank Plc outstanding loan to Fidelity Bank Plc. Source Leadership Read More

BOI to Increase Lending for SME Development - The Bank of Industry (BOI) has concluded plans under its new management to increase focus on Small Medium Enterprises (SMEs) in the country, noting that most of its developmental funds will be directed at growing the SME sector. Source Thisday Read More

Naira Drops To N173/$1 Despite CBN Intervention - The value of the naira dropped by 1.21 per cent to N173.20 to the dollar on the interbank market yesterday despite the intervention of the Central Bank of Nigeria (CBN). Source Leadership Read More

Forex reserves falls to $37.59bn in two weeks on CBN naira support - Foreign exchange reserves fell 3 percent in two weeks to $37.59 billion by November 13, as the Central Bank of Nigeria (CBN) stepped up support for the ailing naira currency. Source BUSINESSDAY Read More

OKOMUOIL: Investors’ loyalty melts further, price hits 32months low - OKOMUOIL slipped further into an extreme oversold zone with a moderate loss of -5.00%, extending the active sell-down pattern. Meanwhile, it was observed that investors had maintained a prolonged sell-down tendency towards the stock to close battered in an extreme red zone. Source Proshare Read More


Dangote Sugar Refinery Plc - Expected Increase in the Prices of Raw Sugar: A Fresh Challenge - In the nine months period to September 2014, Dangote Sugar recorded revenue of N73.80billion, down by 5.0% compared with N77.70billion in 2013.The decline in the revenue is a result of 8.7% reduction in the average prices of 50kg industrial sugar to N5,812 in the review period compared with average prices of N6,369 in the previous year. Source Proshare Read More

Diamond Bank Plc - Net interest margin remains under pressure - Diamond Bank Plc (Diamond) recently held a Q&A session with analysts on its 9M-14 results and outlook for the group. We revise our 12-month target price (TP) for the group down to N6.72 from N6.96, and maintain our HOLD recommendation on the stock. Source Proshare Read More

Guinness Nigeria approves N4.8b dividend payout - THE shareholders of Guinness Nigeria Plc have approved the payment of N4.8 billion, representing 320 kobo per ordinary share of 50 kobo as dividends. The resolution was passed during the company’s 64th yearly general meeting held in Calabar, Cross River State on Thursday. Source Guardian Read More

Dangote’s Lagos refinery to start operations by mid-2018 - AN oil refinery, being promoted by Dangote Group, is expected to come on-stream latest by the first half of 2018, in Lagos. Source Guardian Read More

OANDO declares N10.7bn PAT in Q3 '14 Result,(SP:N21.93k) - Source Proshare Read More

MRS declares N577.24million PAT in Q3 '14 result,(SP:N56.00k) - Source Proshare Read More

NEWGOLD declares N1.32 billion PAT in Q2 '14 result,(SP:N1,957.00K) – Source Proshare Read More

How I bottled Hennessy, Red Label, McDowell’s others —Suspect - A suspect, Ifeanyi Umeh, has told journalists in Benin City, Edo State, how he manufactured fake and adulterated popular drinks such as Hennessy, Red Label, Black Label, Magic Moment, McDowell’s, gins and vodka. Source NIGERIAN TRIBUNE Read More

Soyinka: Nigeria is under Cloud of Shame, Dereliction - Nobel Laureate, Professor Wole Soyinka, on Monday reflected on the plight of the Chibok girls held captive by Boko Haram, saying Nigeria was living under a cloud of shame, embarrassment and feeling of dereliction. Source Thisday Read More

FG to Seek Extension of Emergency Rule in North-east - Following Monday’s expiration of the emergency rule imposed on Adamawa, Yobe and Borno States, the federal government has said it will seek a third extension of emergency rule in the war-torn states from the National Assembly. Source Thisday Read More


Adamawa Govt Set to Train 10,000 Local Hunters to Counter Boko Haram - The Adamawa State Government has opted to train and enlist the services of 10,000 local hunters, vigilantes and Civilian JTF in order to liberate the towns captured by the Boko Haram insurgents. Source Thisday Read More

Court strikes out Tambuwal’s suit over withdrawal of security details - THE Federal High Court, Abuja Division yesterday struck out a suit instituted by the Speaker of the House of Representatives, Aminu Tambuwal, whereof he challenged the constitutionality of the withdrawal of his security details by the Inspector-General of Police. Source Guardian Read More

Fuel subsidy to reduce by N600bn - On the flip side of the decline in crude oil prices, which has affected the country’s revenue from oil exports, analysts expect the Federal Government’s spending on fuel subsidy to reduce by up to N600bn this year. Source Punch Read More

IEA says Oil Supplies may not keep up with demand - Despite what appears to be a saturated oil market in 2014, oil producers around the world will struggle to meet rising demand over the next few decades. Source Proshare Read More

Nigeria loses gas investments to other African countries — Report - Nigeria remains Africa’s largest gas consumer and producer, but the focus for new gas projects is shifting to the east coast and to the huge offshore discoveries in Mozambique and Tanzania, the World Energy Outlook Special report 2014 just released has stated. Source Vanguard Read More

Oil Drops as Investors Weigh OPEC Decisions Amid Weakened Demand - West Texas Intermediate and Brent fell for a second day as investors weighed the likelihood of an output cut by OPEC when the group meets next week amid signs of weakening global demand. Source Bloomberg Read More

Gold Holds Decline From Two-Week High as Dollar Gains, Oil Drops - Gold held a retreat from the highest level in two weeks after the dollar strengthened and energy prices dropped, curbing demand for the metal as an investment. Silver, platinum and palladium declined. Source Bloomberg Read More

Asian Stocks Rise as Abe Poised to Add Stimulus, Call Election - Asian stocks rose as investors await a decision by Japanese Prime Minister Shinzo Abe to put off a sales-tax increase, add stimulus and call an election, after data yesterday showed the economy entered recession Source Bloomberg Read More

ECB's Draghi helps European shares reverse early losses - European shares turned solidly positive on Monday after ECB President Mario Draghi reasserted that he was ready to do more to fight deflation. Source Bloomberg Read More



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