Nigeria in 1min: Economic, Business & Financial Headlines – 200516




May 20, 2016 6:30 AM / Proshare News 


FG To Withdraw Subsidy On Fertiliser – Agriculture Minister - The Minister of Agriculture and Rural Development, Mr Audu Ogbeh, has announced plans by the Federal Government to withdraw subsidy for fertiliser procurement in Nigeria. Source Channels News Read More

Govt earns N3.4tr as states seek access to World Bank’s $3.2b - Five months after the 2015 fiscal calendar, a report from the Central Bank of Nigeria (CBN) has put the Federal Government’s retained revenue in the period at N3.43 trillion. Source Guardian Read More

Lagos earns N8b from land transactions - The Lagos State government yesterday said it generated N8, 114,191, 292.35 as Internally Generated Revenue (IGR)  from land transactions between  May last year and March this year. Source THE NATION Read More

FG Plans National Shipping Line As Private Company - After several stakeholders’ and experts’ consultations, the Ministry of Transportation has adopted a private sector investment approach to establish the planned national shipping line. Source Leadership Read More

FG, States Okay Plan To Ease Cash Crunch - The National Economic Council (NEC) has approved a Fiscal Sustainability Plan which is aimed at helping the states of the federation navigate the current harsh economic conditions, including a massive drop in the federal allocations. Source Leadership Read More

Personal Statements of MPC Members Reflect Inflation Pressure as Structural - The meeting of the monetary policy committee (MPC) in mid-March hiked the policy rate by 100bps to 12.00% to combat inflation, and resisted any temptation to ease in response to a rapid slowdown in growth (to 2.1% y/y in Q4).Source Proshare Read More 

Lagos Remits N64bn into Workers’ RSA in Nine Years - The Lagos State Government on Thursday disclosed that it had remitted a sum of N64 billion into the retirement saving accounts (RSAs) of civil servants as contributory pension scheme since the inception of the scheme. Source Thisday Read More 


Hunters drive stocks to new high, NSE-ASI hits above 27, 000bpts - The equities market closed today on a positive note, as NSE ASI appreciated by 0.99% to close at 27,028.24basis points, compared with the 0.41% depreciation recorded previously. Source Proshare Read More 

NASCON Pays N1.46bn Dividend, to Invest in Product Lines - Shareholders of NASCON Allied Industries Plc on Thursday approved a dividend of N1.46 billion for the year ended December 31, 2015, which translates to 55 kobo per share. Source Thisday Read More 

CSCS records total assets of N25.4bn - The total assets of the Central Securities Clearing System Plc as of December 2015 stood at N25.4bn. This represents a 9.17 per cent increase over N23.07bn recorded in 2014. Source Punch Read More 

Firm spends N3.6b on power - ASHAKA Cement Plc spent N3.606 billion on power generation in one year,  according to its 2015 financial year report.The amount represented 20.71 per cent of its total revenue in the year under review and accounting for 30 per cent of its total cost of sales. Source THE NATION Read More 

Oil rally eludes Nigeria as pipeline breaks surge 24% - Nigeria is currently unable to participate in the move to a 6 month high by crude prices, as what was once Africa’s largest producer sees its daily crude output slide by 36 percent to 1.4 million barrels per day (bd), due to sabotage by militants in the Niger Delta region. Source BUSINESSDAY Read More 

Nigeria naira devaluation, two interest rate hikes expected this year - Nigeria's central bank will devalue the naira in the next few months, analysts in a Reuters poll said on Thursday, but will also hike interest rates next week and again in November to control inflation Source Reuters Read More 



Asian Stocks Rally With Oil as Dollar Retreats; Won Strengthens - Asian shares rebounded from a six-week low as oil rallied and the dollar retreated against higher-yielding currencies. Source Bloomberg Read More

South Africa cbank keeps key rate unchanged, sees tepid growth - South Africa's Reserve Bank left its benchmark repo rate unchanged at 7 percent on Thursday, with the governor saying that moderating pressures to long term inflation left it room to pause in its tightening cycle. Source Reuters Read More

Angola SWF raised private equity investment, trims debt exposure in 2015 - Angola's sovereign wealth fund increased the amount of funds earmarked for private equity investments focused on sub-Saharan Africa last year and sharply cut exposure to developed market bonds, the fund's chairman said on Thursday. Source Reuters Read More 


BOI To Train NASSI On Accessing Bank Loans - Plans are underway by officials of the Bank of Industry (BOI) to commence training for members of the National Association of Small Scale Industrialists (NASSI) on how to access loans. Source Channels News Read More



South Africa's mobile firm MTN raises 2016 investment capital by 50 pct - South Africa's MTN Group said on Thursday it had revised its capital spending in its home market up by 50 percent to 12 billion rand ($756 million) in 2016 as the mobile operator aims to improve infrastructure and fund acquisitions. Source Reuters Read More



Highlights of 22nd CSCS AGM


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