Nigeria in 1min: Economic, Business & Financial Headlines – 190416


April 19, 2016 7:10 AM / Proshare News 


Worsening of the IMF's global outlook - The IMF’s latest World Economic Outlook (WEO) is entitled “Too Slow for Too Long”. The Fund has again trimmed its forecast for world output growth this year, from 3.4% to 3.2%. Source Proshare Read More 

FG Turns to Taxman as Oil Revenue Shrinks - After gorging itself for decades on petrodollars, the Nigerian state has been forced by tumbling oil prices to turn to a new source of cash: the taxman. Source Thisday Read More 

Ecobank Projects Flat Loan Growth on Slowing African Economies - The commercial bank has adopted a cautious strategy to lending and expects to gradually reduce the foreign currency portion of its loan book, Chief Executive Ade Ayeyemi told an analyst call. Loans declined by nine per cent last year. Source Thisday Read More 

Nigeria’s Fast Food Sector Employs over 500,000 People - The growth in the fast food industry in Nigeria has been a key contributor to the Nigerian economy through the creation of employment opportunities for Nigerians. According to a report by the Oxford Business Group, as of 2014, there where over 500,000 workers employed in the fast food industry. Source Thisday Read More 

Businesses shut as hard times hit Bayelsa’s economy - Bayelsa State may be plunging deeper into an economic crisis as its federal allocation thins out and workers are burdened with unpaid salaries. Source Guardian Read More 

Passenger traffic  ‘rises by 23% in 12 years‘ - Passenger traffic at Nigerian airports in the last 12 years increased by 23 per cent, Federal Airports Authority of Nigeria (FAAN) Managing Director Saleh Dunoma has said. Source THE NATION Read More 

Tax breaks to Oil & Gas multinationals cost Nigeria over N600 billion - Nigeria, Africa’s largest economy is said to have lost about $3.3billion (N653billion) as a result of a ten-year tax break granted by successive administrations to some of the world’s biggest Oil & Gas Companies –Shell, Total and ENI. Source BUSINESSDAY Read More 

Nigerian exporters hurting under fixed FX regime - The Federal Government’s insistence on a fixed naira dollar peg is hurting local exporters who are groaning under the pressure of an unfavourable business climate. Source BUSINESSDAY Read More 

Customs seizes over N3b goods - In a major operations, the Nigeria Customs Service (NCS), has seized goods worth over N3 billion, serving smuggles’ notice that it is no longer business-as-usual. Source THE NATION Read More 



Emefiele Predicts Economic Boom for Nigeria in 2018 - The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said the economy would experience a boom by the end of 2018 just as he hinted of a hike in interest rate by May this year at the monetary policy committee (MPC) of the apex bank following the inflation rate that has galloped to 12.4 per cent from 11.8 per cent. Source Thisday Read More

2016 budget controversy threatens stock investments — SEC - The Securities and Exchange Commission, SEC has said that the controversies trailing the 2016 budget was  affecting investment decision in the Nigerian market. Source Vanguard Read More

The World Federation Of Exchanges Releases 2015 Derivatives IOMA Market Survey - The World Federation of Exchanges, which represents more than 200 market infrastructure providers including exchanges and CCPs, today released the IOMA 2015 Derivatives Market Survey. Source Proshare Read More 

SEC offers online tool to help companies estimate registration fees - The US Securities and Exchange Commission today announced the release of an online tool to help companies calculate registration fees for certain form submissions to EDGAR, the SEC’s electronic database of financial reports and other filings. Source Proshare Read More


Stocks start new week lower, extend bearish trend on weak buy - The equities market closed today on a negative note, as NSE ASI depreciated by 0.27% to close at 24,652.51basis points, compared with the 0.11% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.90%. Source Proshare Read More

The Nigeria Bond Watch - Review and Outlook @041816 - During the week under review, major themes that influenced the domestic fixed income market were: 1) The April 2016 FGN bonds auction by the DMO; 2) OMO bills auction and redemption by the CBN; and 3) The release of March inflation figure (12.80%) by the National Bureau of Statistics (NBS).Source Proshare Read More

ZENITHBANK Declares N26.57bn PAT in Q1 2016 Result,(SP:N11.20k) -Source Proshare Read More 

MPC may tighten to avoid prolonged negative real return - With the record high March inflation still in the burner, and April reading unlikely to offer any respite, investors would have to remain in uncertainty till May when the Monetary Policy Committee (MPC) meets again to decide the next line of policy response.Source Proshare Read More 

ZENITHBANK Net Loans Down by 3% QoQ in Q1 2016 Results; Share Rated Outperform - Zenith Bank’s Q1 2016 results which have just been released by the NSE shows that both PBT and PAT were down -3% y/y and -7% y/y respectively. However, both results were ahead of our expectations, by around 7-8%, and imply that the bank has made a good start with respect to its full year PBT target of N126bn. That target implies a flattish y/y result. Source Proshare Read More 

Shareholders Approve Transcorp Hotels’ Expansion Drive
- Shareholders of Transcorp Hotels Plc have approved its expansion programme to build new properties in Lagos and Port Harcourt and effect upgrade to the Trancorp Hilton Abuja. Source Thisday
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Total’s FPSO for $16bn Egina Field to Arrive Nigeria April 2017 - The 200,000 barrels per day capacity Floating Production Storage Offloading (FPSO) vessel for Total’s $16 billion Egina deepwater field will arrive Nigeria in March or April 2017, the company has said. Source Thisday Read More 

Banks cut lending to companies, others - Deposit Money Banks have reduced their loan growth projections for the 2016 financial year, following the increase in non-performing loans occasioned by economic challenges facing the country. Source Punch Read More 

‘Nigeria needs 17,440 staff to handle 40,000mw’ - The Director General, National Power Training Institute of Nigeria (NAPTIN), Engr. Reuben Okeke, has said the country needs 17,440 technical staff including 6,000 engineers to sustain the planned 40,000megawatts in the nearest future. Source Daily Trust Read More 

Government, military our biggest debtors – Discos
- We are all customers of one Disco or the other. The power supply has not been good of recent, but it is not the DisCos’ fault. Source Daily Trust
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Oil exporter’s foreign reserves fall by $315 bn since 2014 - The world’s top oil exporters are burning through their petrodollar assets at an accelerating pace, increasing the pressure to reach a deal to freeze production to bolster prices. Source BUSINESSDAY Read More 

FG calls for investors to manage refineries - The Nigerian National Petroleum Corporation (NNPC) has unveiled plans to engage investors to enter into a Joint Venture (JV) arrangement with it to fund, rehabilitate and jointly operate any of the three Nigerian refineries. Source Daily Trust Read More 

FG to cut contracting cycle for oil, gas projects to 6 months - The federal government is set to reduce from two years to six months the period for completion of the bidding process and actual award of contracts for the execution of oil and gas projects.Source Daily Trust Read More 

Total lifts Nigeria’s gas output with $5.7b investment - Nigeria’s gas-to-power aspirations may be inching closer to realisation as the Total Exploration and Production Nigeria Limited (TEPNG) declared that its $5.7 billion Oil Mining Licence (OML58) upgrade projects would churn out massive gas supply by July 2016. Source Guardian Read More 

PPMC sold N66bn worth of petrol in February - The Pipelines and Product Marketing Company, PPMC, sold Premium Motor Spirit, PMS, also known as petrol, valued at N66.134 billion in the month of February 2016, the Nigerian National Petroleum Corporation, NNPC, has said. Source Vanguard Read More 

Oil freeze deal not over – Kachikwu - Minister of State for Petroleum Resources Dr. Ibe Kachikwu has assured that despite the stalemate on crude oil production freeze, the Organisation of the Petroleum Exporting Countries (OPEC) will continue to work to achieve consensus on the issue.Source Daily Trust Read More 

Nigeria earns N632.37bn from LNG in 2015 - DESPITE the dwindling prices of oil and gas in the international market, Nigeria earned about $3.21 billion or N632.37 billion in 2015, through the liquefied natural gas, LNG, project, going by the exchange rate of N197 to a dollar. Source Vanguard Read More 

We paid FG $42bn in five years – Shell - The Netherlands-based Royal Dutch Shell Plc on Monday said the economic contribution from Shell Petroleum Development Company of Nigeria Limited joint venture partners to the Federal Government was $42bn from 2011 to 2015. Source Punch Read More 

Shell says theft from its Nigerian oil pipeline network fell in 2015 - Theft of crude oil from the pipeline network of Shell's Nigerian subsidiary fell to 25,000 barrels per day (bpd) in 2015, the company said on Monday, roughly 32 percent less than the previous year. Source Reuters Read More



UMFB Disburses N712.4m to Small Businesses - The Umuchinemere Pro-credit Micro Finance Bank (UPMFB) said it made a total funds disbursement of N1.142 billion in 2015, out of which was a total of N712.4million micro credit funds that were given to 3,814 active poor people. Source Thisday Read More

Access Bank Launches N1bn ‘AccessNolly’ Fund - Access Bank Plc has launched a N1 billion ‘AccessNolly’ fund. The bank explained that the move was part of efforts to improve and provide solutions for markets and the communities where it operates. Source Thisday Read More


Mossack Fonseca - the firm at the center of the Panama Investigation - Legal papers filed in U.S. District Court in Las Vegas claimed that the Panama-based law firm had created 123 companies in Nevada that had been used by a crony of Argentina’s former president to steal millions of dollars from government contracts. Source Proshare Read More


Nigeria Loses over N127bn Annually through Cybercrime - The federal government has said the estimated annual cost of cybercrime to Nigeria is 0.08 per cent of the country’s Gross Domestic Products (GDP), which represents about N127 billion. Source Thisday Read More

FG inaugurates council on cybercrime
- The Federal Government yesterday inaugurated a 31-man Cybercrime Advisory Council to tackle the rising criminal activities and protect the nation’s cyberspace that has cost the country N127 bn annually.Source Daily Trust
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NCC eyes N44.6b from 2.6GHz sale - The Nigerian Communications Commission (NCC) said it will not only boost Federal Government revenue by auctioning the 2.6gigahertz (GHz) spectrum, it will also encourage indigenous players to play important roles in the industry and boost the Federal Government’s National Broadband Plan (NBP). Source THE NATION Read More 


Gainful Employment of Youth is My Priority, Says Dangote - President of Dangote Group, Aliko Dangote, has assured Nigerians that topmost on his priority is how to contribute his own quota towards reducing the high rate of un-employment in the country. Source Thisday Read More 

Asian Stocks Advance as Oil Holds Near $40; Aussie, Kiwi Climb - Asian equities jumped by the most in a month as crude oil stayed within sight of $40 a barrel, supporting the currencies of resource-exporting nations. The Australian and New Zealand dollars advanced to their strongest levels since June, while the yen weakened. Source Bloomberg Read More

Islamic State's Finances Cut by 30% From Last Year, Report Finds - U.S.-led air strikes and territorial gains by forces allied with Russia and Iran have cut Islamic State’s monthly revenue by almost 30 percent over the past year, according to a report by IHS Inc. Source Bloomberg Read More 


Focus on Infrastructure Financing in Nigeria


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