Nigeria in 1min: Economic, Business & Financial Headlines – 220216


February 22, 2016 7:30 AM / Proshare News


Nigeria needs to intensify revenue diversification-Oshikoya - Nigeria's economy has been described as one that is in urgent need of  revenue diversification.This was the assertion of notable Nigerian economist Dr. Temitope Oshikoya,who was the keynote speaker at the RCCG, Victory Chapel, Magodo 2016 economic summit. Source WebTV Read More

We won’t alter N6.07tn budget size, say Reps - The House of Representatives maintained on Sunday that the N6.07tn proposed as the total size of the 2016 budget was not likely to be altered after the ongoing “clean-up” of the financial document would have been completed. Source Punch Read More

Railways will generate 250,000 jobs – Amaechi - The Minister of Transportation, Mr. Rotimi Amaechi has said the upcoming Lagos to Kano and Lagos to Calabar standard gauge lines will generate at least 250,000 direct and indirect jobs. Source Daily Trust Read More

2016 budget: FG adopted zero budgeting, Udoma insists -  Despite the controversy on whether or not the federal government adopted zero- based budgeting (ZBB) in crafting the 2016 budget, the Minister of Budget and National Planning, Udoma Udo Udoma, has insisted that ZBB was adopted. Source Daily Trust Read More

FG Seeks to Double Foreign Investment amid Dollar Shortage - Nigeria wants to double long-term foreign investment to at least $10 billion annually as the economy of Africa’s biggest oil producer suffers under a plunge in crude prices and a shortage of foreign exchange. Source Thisday Read More

Buhari Seeks Ban of Imported Tomato Paste - The wife of President Muhammadu Buhari, Hajiya Aishat Buhari has called for a total ban of tomato paste importation into Nigeria to encourage local manufacturers and protect the health of Nigerian citizens. Source Thisday Read More

Yobe signs N89.9 billion appropriation bill into law - Governor Ibrahim Gaidam of Yobe state has yesterday ascents the N89.93 billion budget into law with an increase of capital expenditures to over N42.7 billion to complete ongoing capital projects across the state this financial year. Source Guardian Read More

#AskProshare: Nigeria needs an Investor-friendly Gas Masterplan-Rolake Akinkugbe - Nigeria, one of the leading gas producers in the globe has been urged to adopt an “Investor friendly Gas Masterplan”. This was the assertion of Rolake Akinkugbe, the Head Energy & Natural Resources for FBN Quest who was the guest at the #AskProshare tweet meet forum on the economy. Source WebTV Read More

Aggressive target for non-oil revenue - Our chart shows gross monthly collections of non-oil revenue (before distribution to the three tiers of government) through to November 2015. These total N3.15trn over 12 months, while the FGN projected N4.06trn for the calendar year and its 2016 budget proposals forecast N5.72trn. Source Proshare Read More

Nigeria gets anti-dumping relief from WTO — Minister - DEAD local industries may come to life again, as the Federal Government has secured some measures from the World Trade Organization to combat dumping. Source Vanguard Read More

AfDB okays $8.2m equity participation to boost housing - The  African Development Bank (AfDB) at the weekend, approved  $8.2million equity investment in Africa’s housing and habitat company, Shelter Afrique, to strengthen its balance sheet and help it achieve its objective of providing quality affordable housing in Africa. Source THE NATION Read More

Nigeria spends $1.8b yearly on rice import, says Dangote - Africa’s richest man and President, Dangote Group, Alhaji Aliko Dangote has lamented that Nigeria spends nearly $1.8billion per year importing (approximately 3.2 million) metric tons of rice to feed its population. Source THE NATION Read More

2016 budget fails to cover N41bn hole in FG retirees pensions - A gaping N41bn hole may be created in the 2016 budget, following appropriation of N50 billion in the budget for payment of Federal Government Employees’ accrued retirement benefits, against N91 billion required to fund the scheme called Retirement Benefits Bonds Redemption Fund  (RBBRF) Account, BusinessDay calculations have revealed. Source BUSINESSDAY Read More

High networth individuals seek cover in fixed income to beat uncertainty – United Capital - United Capital Plc, a Nigerian-based financial and investment services company says its high networth clients are shunning equities and moving assets into fixed income to beat market uncertainty. Source BUSINESSDAY Read More

Inconclusive identity mgt system stunts economic planning - Notwithstanding the billions of naira spent on the National Identity Management System (NIMS), the process remains inconclusive, hindering the ability of government to carry out adequate planning which was one of the reasons for the commencement of the compulsory registration for National Identity Numbers (NIN). Source BUSINESSDAY Read More


Tariff: Court rules on NERC’s stay of execution today - THE Federal High Court in Lagos will, today, decide whether to grant a stay of execution or wait for the outcome of an appeal on the upward review of tariff by the Nigeria Electricity Regulatory Commission (NERC). Source THE NATION Read More


NSE Proposes Amendments to Rules 15.31, 15.32 & 17.13 of the NSE Rulebook - The Exchange is proposing the following amendments to the Rulebook of The Exchange, 2015, under its Dealing Members’ Rules. Source Proshare Read More

CBN Refunds N17.5bn Cautionary Deposit To 500 BDCs - The Central Bank of Nigeria has refunded no less than N17.5 billion to Bureau De Change operators in the country who have so far come forward for their N35 million mandatory cautionary deposit. Source Leadership Read More

PenCom: N5.32tr Pension Asset Invested - The National Pension Commission (PenCom) at the weekend said no part of the accrued N5.32 trillion pension asset is lying idle in any bank. The Commission has therefore challenged investors with good investment ideas, who  are interested in the pension fund to study the guidelines on pension fund investment  contained in its website and ensure their investment  ideas  meet the criteria  stipulated by law before approaching the commission . Source Thisday Read More

Registrars Return Shareholders’ Unclaimed Dividends to Companies - Registrars of public companies in Nigeria have returned all unclaimed dividends, which have been in their custody for 15 months and above to the paying companies in compliance with directive by the Securities and Exchange Commission (SEC). Source Thisday Read More

PenCom creates special unit to drive micro pension - THE National Pension Commission (PenCom) has established a special unit to drive micro pension scheme in the country. Director General, Source Guardian Read More


Sentiment Analysis Report - W/E January 29, 2016 - Analysis of the market activity in the week ended January 29, 2016 technically revealed a sustained moderate opportunistic buying towards battered blue chip stocks aross board. Source Proshare Read More

Stocks end week lower by 1.04% wow despite renewed optimism - The equities market closed today on a positive note, as NSE ASI appreciated by 0.70% to close at 24,432.51basis points, compared with the 0.85% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.70% Source Proshare Read More


Payment system records N49 trillion transactions, as BVN, TSA reduce fraud - There were indications that despite the challenging economic situation and high-level sophistication of fraudsters, huge increase in the volume and value of transactions across all payment channels in the banking system has been recorded. Source Guardian Read More

Credit to Private Sector Rises to N18.719tr - Banking sector credit to the private sector increased year-on-year by 2.5 per cent or N12 billion to N18.719 trillion at the end of December 2015, compared with the N18.707 trillion it stood at the end of November 2015. Source Thisday Read More


N38bn dividend: NB’s shareholders to reap highest returns in 70 yrs - Shareholders of Nigeria Breweries, NB Plc will smile home as the Board of Directors of the company has concluded arrangement to declare the highest dividend since its existence in Nigeria. Source Vanguard Read More

Fitch Revises GTbank, FBN, Outlook To Negative - A global rating and research company, Fitch ratings, yesterday, released the revised outlook on the long term foreign currency issuer default ratings (IDRs) on top banks in Nigeria with First Bank of Nigeria Ltd (FBN), and Guaranty Trust Bank Plc (GTB) rated to negative from stable. Source Leadership Read More

Forte Oil Shareholders to Receive N3.45 Dividend in April - Shareholders of Forte Oil Plc will receive the N3.45 dividend per share recommended for 2015 as from April  29, 2016, the company said at the weekend. Source Thisday Read More


Dollar scarcity: 40,000 jobs threatened, food prices soar - The difficulties in getting foreign exchange and the steep fall in the value of the naira are seriously affecting the manufacturing sector, with prices of locally made and imported food items heading northward, IFE ADEDAPO writes Source Punch Read More

Forex scarcity: Banks cut foreign spending limit again Forex scarcity: Banks cut foreign spending limit again - Banks have intensified a downward review of the spending limits on debit cards abroad as the scarcity of the foreign exchange (forex) in the country bites harder. Source Daily Trust Read More

Mad rush to sell gold as naira crashes - Women in Kaduna have besieged the gold sellers section of the Kaduna Central Market as the price of gold per gram rises to N10, 500 as against the N8,000 old price due to the continuous tumble of the naira against international currencies. Source Daily Trust Read More

Forex speculators from Benin Republic, Ghana, others invade Nigeria - FOREIGN exchange (forex) speculators from  Benin Republic, Niger, Chad, Sudan, Ghana and other African countries are cashing in on the wide margin between the official and parallel market rates to make huge profits, The Nation has learnt. Source THE NATION Read More

How crazy can the Nigerian FX market go - Ecobank provides an indication – Source Proshare Read More


UBA Earns ISO-IEC 20000-1:2011 Certification -The pan African financial services group, United Bank for Africa (UBA) Plc, has earned the prestigious ISO/IEC 20000-1: 2011 Certification from the British Standards Institution (BSI). Source Leadership Read More


David Mark wins Benue South senatorial rerun election - The Independent National Electoral Commission have declared Senator David Mark of the Peoples Democratic Party winner of the rerun election conducted in Benue South senatorial district on Saturday. Source BUSINESSDAY Read More


Govt diverts N813.6b to fund joint ventures - AS a further indication of the oil and gas sector’s loss of its status as the nation’s cash cow, the Federal Government’s revenue of $3.191 billion or N628.6 billion (at the rate of N197 per dollar) from exports in the industry, which was supposed to be retained from April to December 2015, has been used to meet Joint Venture (JV) Cash Calls obligation. Source Guardian Read More

FG collects N8 per litre on imported PMS – PPPRA - The Petroleum Products Pricing Regulatory Agency (PPPRA) said Federal Government would be collecting N8 per litre as subsidy on petrol imported by NNPC and other marketers. Source Vanguard Read More

We’ll increase oil production for domestic use —Kachikwu - Nigeria will keep striving to increase crude oil production to meet local demand and not to essentially sell it in the international market, the Minister of State for Petroleum Resources and Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Ibe Kachikwu, has said. Source Punch Read More

Nigeria backs Saudi oil freeze - Nigeria backed Saudi Arabia and Russia in freezing oil production while giving Iran and Iraq a way out to regain some of their lost market share due to sanctions and war. Source BUSINESSDAY Read More

OPEC's Path From Oil Freeze to Output Cuts Is Far From Clear - Saudi Arabia said its accord with Russia to cap oil production was “the beginning of a process,” but the path from a freeze to the output cuts needed to eliminate a global surplus is far from clear. Source Bloomberg Read More

US oil rigs down to lowest since 2009 - US drillers have cut oil rigs in operation to the lowest level in more than six years amid a protracted slump in crude prices. Drillers idled 26 oil rigs in the week to February 19, bringing the total of idle rigs in the US alone to 413 Source BUSINESSDAY Read More


Egypt signs $500 mln facility agreement with Afreximbank to ease FX shortage - The African Export-Import Bank (Afreximbank) has agreed a $500 million facility with the Central Bank of Egypt (CBE) to help Egyptian importers through a foreign currency crisis. Source Reuters Read More

Angola removed from money-laundering blacklist - An international money-laundering watchdog has removed Angola from its blacklist of nations that fail to meet international standards, the Angolan central bank said on Saturday. Source Reuters Read More

South Africa's MTN expects "reasonable" Nigerian fine - sources - South African telecoms firm MTN Group could end up paying a "reasonable" amount following talks with the Nigerian authorities over a disputed $3.9 billion fine for failing to disconnect unregistered SIM card users, two sources familiar with the matter said on Friday. Source Reuters Read More

HSBC Has Quarterly Loss on Lending Income, Bad-Loan Charges - HSBC Holdings Plc, Europe’s largest bank, posted a fourth-quarter loss as income from lending fell, loan-impairment charges increased and it booked fair-value losses on its debt. Source Bloomberg Read More



 Highlights of the @TradeInvestNG Inaugural Ministerial press briefing
















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