Nigeria in 1min: Economic, Business & Financial Headlines – 211116



November 21, 2016 7:50 AM / Proshare News 


Federation Account allocation dips by N31.8b in October - It is less than the N143.6 billion shared in September from the Federation Account by N31.8 billion. Source THE NATION Read More

FG makes N1bn from mining leases, licences - The Federal Government made more than N1bn in the first 10 months of this year from mining leases, renewal and licences. Source Punch Read More 

Local cement production saves Nigeria $2bn annually – Dangote - Nigeria is saving about $2bn annually as a result of the local production of cement by different manufacturers, the Dangote Group has stated. Source Punch Read More 

Enelamah Claims Nigeria Recorded over $20bn Investment Inflows in One Year - The Minister of Trade, Industry and Investment, Dr. Okechukwu Enelamah, who made the disclosure in an interview weekend, listed investment inflows in the past 12 months as those from the China Eximbank, General Electric (GE), Kellogs, Coca Cola, and Chi Company, among others. Source Thisday Read More 

Insurance Sector Loses N240bn To 8m Uninsured Automobiles - The insurance industry has lost a whopping N240 billion premium income from the non-insurance of an estimated eight million tricycles and motorcycles which ply Nigerian roads, over a period of 16 years, from year 2000 to 2016, LEADERSHIP investigation has revealed. Source Leadership Read More 

FG To Extend International Passport Validity To 10 Years - The federal government is making plans to extend the validity period for international passport from five years to 10 years. Source Leadership Read More 

Domestic airlines hit by aviation fuel scarcity -  Domestic airlines have been hit by a scarcity of aviation fuel which is causing significant flight disruptions. Source BUSINESSDAY Read More 

Tolaram Group near funding decision on $1.6 billion Lekki Deepsea Port - Tolaram Group, the developer of the $1.6 billion Lekki Deep Seaport, says it is finalising discussions with the lenders backing the port project to have access to 100  percent of the fund needed to execute it. Source BUSINESSDAY Read More 

CBN’s disbursements for development finance hits N732b - The actual disbursements for various development financing programme of the Central Bank of Nigeria (CBN), the lender of last resort, has been estimated at N732.2 billion, The Guardian has learnt. Source Guardian Read More 

Emefiele: With Inflation at 18.3%, It’s Not Rational to Cut Interest Rate - As the Central Bank of Nigeria’s Monetary Policy Committee (MPC) prepare to commence its last meeting for 2016 tomorrow, the CBN Governor, Mr. Godwin Emefiele, has signalled the likelihood of the retention of the monetary policy rate (MPR), the benchmark interest rate. Source Thisday Read More 

NAICOM forecloses bailout for ailing firms - Following the financial crisis weighing down the fortunes of some insurance companies in Nigeria, the National Insurance Commission (NAICOM), the industry regulator has foreclosed the possibility of assisting them financially through a bailout to save it from collapse. Source Guardian Read More 


Sentiment Analysis Report - W/E November 18, 2016 - Analysis of the market activity in the week ended November 18, 2016 technically revealed strong bearish tendency while investors remained wary towards investment in equities. Source Proshare Read More

FO, Access Bank and Others Turn to the Bond Market - As the extended negative sentiment and nose-diving continue to make the equities market look unattractive to issuers, they seem to have found solace in the bond market as quoted firms have now turned to the fixed income market as an alternative source of capital raising. Source Proshare Read More

Stocks sink further, post 2.42% WoW loss on falling confidence - The equities market closed today on a negative note, as NSE ASI depreciated by 0.24% to close at 25,537.54 basis points, compared with the 0.21% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.84%. Source Proshare Read More 

Nigeria's overnight lending rate as treasury bill payments inject cash - Nigeria's overnight interbank lending rate fell to 14 percent on Friday from 22 percent last week after the central bank repaid matured treasury bills, injecting cash into the banking system, traders said. Source Reuters Read More 

FG proposes jail term for dollar hoarders - The Federal Government has proposed an amendment to the Foreign-Exchange Act to enable the imprisonment of anyone who holds foreign currencies, especially the dollar, for more than 30 days. Source Punch Read More 

Fitch Revises Nigerian Banks’ Issuer Default Ratings Downwards - Fitch Ratings has revised downward the Long-Term Issuer Default Ratings (IDRs) of First Bank of Nigeria Limited, FBN Holdings Plc (FBNH), Diamond Bank Plc, Fidelity Bank Plc, First City Monument Bank Limited (FCMB) and Union Bank of Nigeria Plc to ‘B-’ from ‘B’. Source Thisday Read More 

Fuel imports gulp N958.3 billion in five months - Nigeria spent N958.3 billion importing Premium Motor Spirit (PMS), also known as petrol, in five months. The amount could build five 20,000-barrels-per-day mini refineries, industry experts, who argued that one of such refineries would cost government between $75 million and $250 million, said yesterday. Source Guardian Read More

NNPC, Shell, banks sign $2.2bn deal for contractors - Shell, supported by the Nigerian National Petroleum Corporation, has signed Memoranda of Understanding with eight local banks under the refreshed Shell Contractors’ Support Fund. Source Punch Read More

Power supply won’t improve in next 5 years— DISCO BOSS - The Managing Director of the Benin Electricity Distribution Company, Olufunke Osibodu, has urged Nigerians not to expect any improvement in the power sector in the next five years Source Vanguard Read More 

Dollar scarcity rains on Eko disco meter roll-out plan - Eko disco has attributed the delivery of only 187,000 meters out of the 600,000 it planned for its customers to scarcity of foreign exchange and a weak naira which has driven the cost of prepaid meters through the roof. Source BUSINESSDAY Read More

With coal, Nigeria can generate 17,500MW in 5 years – Audu - The manufacturing sector has continued to dwindle in fortunes, mainly because of the unfavourable business environment occasioned by epileptic power supply. Source Vanguard Read More



S. Africa Proposes 3,500 Rand Per Month National Minimum Wage - The country’s proposed national minimum wage amounts to 20 rand per hour and brings South Africa a step closer to tackling poverty, inequality and unemployment, South African Deputy President Cyril Ramaphosa said to reporters in Johannesburg on Sunday. Source Bloomberg Read More

Malawi October consumer inflation slows to 20.1 percent - Malawi's consumer inflation slowed to 20.1 percent year-on-year in October from 21.2 percent in September, the statistics office said on Friday. Source Reuters Read More 

Tax breaks to spur Ivory Coast exporters to process cashews - Ivory Coast, the world's leading producer of cashew nuts, has added bonus payments to existing tax breaks to drive a rapid expansion in local processing of the crop, company and government officials said on Friday. Source Reuters Read More 

Asian Energy Stocks Rally With Crude Oil as Dollar Holds Advance - Oil jumped on optimism OPEC will agree to a supply-cut deal, buoying Asian energy stocks. The dollar built on last week’s surge, with traders all but convinced the Federal Reserve will pull the trigger on a rate hike in December. Source Bloomberg Read More 

Tesla Seals $2 Billion SolarCity Deal -Elon Musk’s Tesla Motors Inc. officially moved beyond cars and became a clean-energy company Thursday, as shareholders overwhelmingly approved the acquisition of SolarCity Corp. The deal, valued at about $2 billion, will integrate the maker of all-electric cars and batteries with the installer of rooftop solar panels. More than 85 percent of Tesla shares voted in favor of the merger. Source Bloomberg Read More 


New pricing regime on e-payment begins Q2 2017 - The Central Bank of Nigeria (CBN) has deregulated the Merchant Service Charge (MSC) and will be implementing new pricing regime on electronic transactions by the second quarter of next year. Source THE NATION Read More 





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