Nigeria in 1min: Economic, Business & Financial Headlines – 190216



February 19, 2016 6:30 AM / Proshare News

Industries Minister Enelamah assures on N.I.R.P Implementation. - The possibility of a full implementation of the National Industrial Revolution Plan, received a boost with the assurance by  the Industries, Trade and Investment Minister Dr Okechukwu Enelamah that the policy will be a top priority of the ministry. Source WebTV Read More

FG allocates N120bn for rail projects - The Federal Government has set aside N120bn for different railway projects across the country in the 2016 budget proposals, the Minister of Transportation, Rotimi Amaechi, has said. Source Punch Read More

FG begins work on 2017-2020 medium term plan - The Federal Government has begun the process of developing the medium term strategic plan covering the 2017 to 2020 fiscal periods. Source Punch Read More

Budget 2016 not zero-based, says Auditor- General - The Auditor- General of the Federation (AGF), Samuel Ukura yesterday shocked the Senate when he faulted the assertion that the 2016 budget is zero-based budgeting. Source THE NATION Read More

Slowdown in non-oil exports - The latest monthly Economic Report from the CBN puts non-oil exports provisionally at US$244m in November, indicating a decline of 25% from the preceding month and a 75% decrease on a y/y basis. Source Proshare Read More

Nigeria's BUA in talks with China's Sinoma over $1.9 bln deal - Nigerian conglomerate BUA Group is in talks with China's Sinoma to build a steel plant in Nigeria and two cement plants in East Africa for $1.9 billion, its chairman said. Source Reuters Read More

Lagos light rail ready in December — Ambode - Governor Akinwunmi Ambode of Lagos State says Lagosians will start using the blue line of the light rail project by December 2016. Source Punch Read More

UK to train Calabar garment factory workers - Ahead of its upcoming inauguration in March, the British Government has expressed its readiness to train the needed manpower for the take-off of the Calabar garment factory. Source Punch Read More

Bua, Chinese firm plan N374bn steel, cement plants - An indigenous conglomerate, the Bua Group, has resumed discussions with a Chinese firm, Sinoma International Engineering Company, on plans to construct a steel plant in Nigeria and two cement factories in East Africa. Source Punch Read More

South Africa's Truworths exits Nigeria due to import curbs - South Africa's Truworths has pulled out of its Nigerian business due to high rentals and import restrictions, its chief executive said on Thursday. Source Reuters Read More

Egypt, South Africa get Samsung manufacturing plants ahead of Nigeria - CITING economies of scale, improved infrastructure and tax reliefs, among others, Samsung Electronics has sited its first two African manufacturing plants in South Africa and Egypt ahead of Nigeria. Source Guardian Read More

Fed parastatals, private agencies owing us over N2bn —Edo Revenue Board - THE Edo State government disclosed yesterday that Federal Government agencies and parastatals as well as private institutions have failed to remit their respective taxes which amounts to over N2 billion to the coffers of the state government. Source Vanguard Read More

Gaidam signs N89.9bn 2016 budget into law - Governor Ibrahim Gaidam of Yobe State yesterday signed the 2016 budget of N89,932,740,000.00, into law, even as he swore in newly appointed Caretaker Committee Chairmen of all the 17 councils of the state. Source Vanguard Read More

Lagos govt to establish micro-finance bank — Ambode - Governor Akinwunmi Ambode of Lagos State, yesterday, said arrangements had been concluded to set up a Microfinance Bank to aid artisans and small business operators. Source Vanguard Read More

Chinese firm to build rice mill, research institute in Akwa Ibom - Chinese investors are to establish an integrated rice mill in Akwa Ibom State to boost production. Source THE NATION Read More

NACCIMA laments low credit to real sector - The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture has decried the low volume of credit to the real sector. Source Punch Read More

NBS: Universal Basic Public Education and Key statistics in Nigeria - Source Proshare Read More


NBS: Important and key statistics on Companies registered by NAFDAC - Source Proshare Read More

MAN, LCCI back Soyinka’s call for emergency economic meeting - Nobel Laureate, Prof. Wole Soyinka, has called on President Muhammadu Buhari to summon an emergency economic meeting to chart a course to save the country from further drift. Source Punch Read More

NCS to Designate Ikorodu Terminal for Export - In order to ease the export of non-oil products,  the Nigeria Customs Service (NCS) has expressed its readiness to designate the Ikorodu Cargo Terminal as a dedicated export gateway. Source Thisday Read More


Electricity: Law demands all customers to be metered from 2020 - The new electricity Multi-Year Tariff Order (MYTO) 2015 mandates the 11 Distribution companies (Discos) to complete metering of all unmetered electricity customers one year after they exhaust their 2019 five-year metering plan, Daily Trust reports. Source Daily Trust Read More


IAPM, SEC to revamp capital market - The Association of Investment Advisers and Portfolio Managers has said it will collaborate with the Securities and Exchange Commission to deepen investor education as part of efforts to attract more investors to the nation’s capital market. Source Punch Read More


NSE-ASI strengthens position above 24,000bpts amid volatility - The equities market closed today on a positive note, as NSE ASI appreciated by 0.85% to close at 24,261.69basis points, compared with the 1.87% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.29% Source Proshare Read More

Guinness Nigeria quotes N10bn commercial papers on FMDQ - FMDQ OTC Securities Exchange on Thursday announced the admission of the Guinness Nigeria Plc N7,225,956,000 and N2,774,044,000 commercial paper notes for quotation on the Exchange. Source Punch Read More


Down! Down! Down! goes naira at N400 to $1 - Nigeria’s naira extended its fall to a record low of N400/$ on the black market on Thursday as demand for the U.S. currency increased amid a plunge in crude oil prices and foreign exchange restrictions by the Central Bank of Nigeria (CBN). Source BUSINESSDAY Read More

John Holt loses N528m to naira devaluation - John Holt Nigeria Plc has said it suffered an exchange loss of N528m last year due to the devaluation of the naira. Source Punch Read More

Value of PoS Transactions down to N46Bn in January -  MERCHANTS across the country recorded transactions through point of sale (PoS) terminals worth N46 billion in some 3.6 million number of transactions in January this year.The figure achieved compared to N53 billion in December 2015. Source Guardian Read More

UBS ends coverage of five-bank Eurobonds on liquidity - UBS ceased its fixed-income research coverage of Nigeria’s banks, according to a person with knowledge of the matter, as international investors increasingly shun Africa’s biggest oil producer and economy. Source THE NATION Read More
Economic crisis looms as naira policy hits manufacturers, jobs
- Nigeria’s Federal Government, the country’s economic management team and policy makers must wake up to their responsibilities and begin to formulate policy responses to the looming economic crisis exacerbated by the Federal Government’s foreign exchange policy, with the sense of urgency that is required, stakeholders say. Source BUSINESSDAY
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Fitch upgrades Access Bank’s credit rating - Access Bank Plc yesterday announced an upgrade of its national scale credit rating by Fitch Ratings. Source THE NATION Read More

Portland Paints to raise N2b from shareholders - Portland Paints and Products Nigeria (PPPN) Plc has launched a new capital issue process aimed at raising N1.98 billion new equity funds from existing shareholders. Source THE NATION Read More

Dangote’s Rice Outgrowers Scheme to Employ 10,000 Rural populace - As the federal government turns attention to agriculture to ease the pressure on the economy and create jobs, President of Dangote Group, Alhaji Aliko Dangote at the weekend flagged off his multibillion Naira 8,000 hectares of Rice Outgrowers Scheme in Hadejia, Jigawa state as part of his partnership with governments at all levels to reduce food imports. Source Thisday Read More


UAC boss seeks improved forex allocation to real sector - The Group Managing Director of UAC Plc, Larry Ettah, has advised the Bankers Committee to increase the allocation of foreign exchange to the country’s real economic sector, in order to accelerate the nation’s economic development. Source Guardian Read More

Standard Chartered backs CBN forex rules - The Standard Chartered Bank says it is committed to the Central Bank of Nigeria’s rules guiding foreign exchange market in the country. Source Punch Read More


NCC vs MTN: Court fixes March 3 for ruling - A Federal High Court Abuja has fixed March 3 to decide whether or not it will try MTN Nigeria and its Chief Executive Officer (CEO), Ferdi Moolman, for alleged copyright infringement. Source Daily Trust Read More

MTN Says Earnings Fell 20% on Loss of Nigerian Subscribers - MTN Group Ltd., Africa’s biggest wireless operator, said 2015 earnings fell at least 20 percent due to a a loss of business in Nigeria, where regulators withheld services and forced the company to cut off 5.1 million customers. Source Bloomberg Read More


Speech by Min. of Industry, Trade and Investment, Dr Enelamah, at His Inaugural Press Briefing - It has been three months since I was sworn in as Nigeria’s Minister of Industry, Trade and Investment. In that time I have engaged various stakeholders, seeking first to learn and understand as much as possible, while leveraging my experience, gained over the last three decades, mostly from the private sector. Source Proshare Read More

UNITYKAP Appoints Mrs. Aisha A. Abraham as Board Chairman - We write to inform that the Board of Directors of UnityKapital Assurance Plc at its 151st meeting held on 16th February, 2016 appointed Mrs. Aisha A. Abraham as the Chairman, Board of Directors. Source Proshare Read More

Defaria emerges Airtel Africa chair - Airtel yesterday announced top level changes for its Africa operations. To further enhance the level of empowerment and enable faster decision making as well as speed to market, the company also unveiled a new cluster based organization design. Source Daily Trust Read More


Nigeria oil imports world’s costliest – Minister - Minister of State for Petroleum Resources Dr. Emmanuel Ibe Kachikwu has said one of the problems affecting  the industry is the huge cost of production, saying  that the cost of importing oil to the country ranked the highest in the world. Source Daily Trust Read More

Subsidy: FG saves N2.6bn in 6 weeks, cuts oil marketers to 18 - Outgoing Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Mr. Ahmed Farouk, on Thursday handed over affairs of the agency to Mr. Moses M. Mbaba, the General Manager, Administration and Human Resources. Source Daily Trust Read More

Fed Govt makes N2.6b from petrol price modulation - The suspension of the petrol subsidy and the adoption of price modulation regime  from January have fetched N2.6 billion into a Federal Government special account in the Central Bank of Nigeria (CBN). Source THE NATION Read More

Fuel scarcity looms as marketers ration product - AS long queues returned to filling stations in Lagos, there is the growing anxiety that the shortage of Premium Motor Spirit (PMS) otherwise known as petrol may soon hit the nation . Source Guardian Read More

FG to further reduce fuel price — Ahmed - The outgoing  Executive Secretary of the Petroleum Products Pricing Regulatory Agency, PPPRA, Mr. Farouk Ahmed, yesterday, stated that the Federal Government was considering a review of the pricing template for Premium Motor Spirit, PMS, and might effect a further reduction in the price of the commodity from April 2016. Source Vanguard Read More

Nigeria’s oil giant Shoreline to cut staff by 30% - Sacking sign post oil crisis Morgan Stanley says Nigeria may fall into recession in 2016 When Nigerian President Muhammadu Buhari came to power in May vowing to mend the economy, fight terrorism and end corruption, Kola Karim was upbeat. Source BUSINESSDAY Read More


Asian shares slip from three-week high as oil rally reverses - Asian shares slipped from near three-week highs on Friday as a rally in oil prices reversed and investors remained cautious about the outlook for the global economy. Source Reuters Read More

European shares pull back from two-week high - European equities fell back after climbing to a two-week high on Thursday, as support from gains in tech shares was counteracted by a decline in commodity related stocks in the energy and mining sectors. Source Reuters Read More

Norway Central Bank Chief Warns on Oil Wealth as Coffers Raided - Norway’s central bank governor stepped up his warning on excessive use of the nation’s oil income as he predicted the government may need to withdraw almost $10 billion from its massive wealth fund this year. Source Bloomberg Read More

Tunisia, IMF hold talks on credit, economic reforms - The IMF began talks with Tunisia on Thursday over a new credit programme, tied to measures to strengthen its economy and finances and likely to be worth at least $1.7 billion over four years, a central bank official told Reuters. Source Reuters Read More

South Africa's Zuma says avoiding downgrade a priority - South Africa's President Jacob Zuma said on Thursday one of his government's main goals was to avoid a sovereign credit downgrade to 'junk' status, a move he said would affect everyone in the country. Source Reuters Read More

Malawi keeps key lending rate at 27 percent - Malawi's central bank left its benchmark lending rate unchanged at 27 percent on Thursday as a drought that has hit its key agriculture sector threatens growth. Source Reuters Read More



 Highlights of the @TradeInvestNG Inaugural Ministerial press briefing

















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