Nigeria in 1min: Economic, Business & Financial Headlines – 220616


June 22, 2016 6:30 AM / Proshare News 

Governments begin disclosure of financial transactions - Federal, states and local governments have begun implementation of a process designed to lead to full disclosure of their financial transactions and enhance transparency and accountability in public finance. Source Daily Trust Read More 

Nigerian Economy is More Than 40% Informal - The NBS has released data showing the split of GDP between the formal and informal sectors. We learn that the informal economy amounted to N39.0trn in 2015, equivalent to 41.4% of GDP. Source Proshare Read More 

N35.6bn inadequate for national housing – Fashola - Minister of Works, Power and Housing, Babatunde Fashola, yesterday faulted the N35.6bn provided for the National Housing Programme in the 2016 budget. Source Daily Trust Read More 

Nigeria spent N5.60bn on import of jute bags – Minister - Nigeria spent N5.60 billion ($20million) on the importation of jute bags by end of 2015, despite the fact that the country had the potential of becoming a net exporter of bags. Source Daily Trust Read More

The Floating Exchange Rate and You - FDC - The Nigerian forex market kicked off yesterday, bringing with it lower volatility and exceptional transparency. Analysts were skeptical about promises of a floating exchange rate market, after years of all Rhetoric And No Action by policy makers. Source Proshare Read More 

Domestic Commodity Prices Declining in the Last 24hours - FDC - Domestic commodity prices have been declining in the last 24 hours in reaction to an appreciating naira in the new forex market. With replacement costs much lower than inventory value, there is room for a price war amongst retailers. Source Proshare Read More 

Rivers assembly okays Wike’s N14.16bn bailout request - The Rivers State House of Assembly has authorised the state Governor, Nyesom Wike, to access a N14.16bn Federal Government Budget Support Facility. Source Punch Read More 

AfDB Plans $175m For Agricultural Transformation In North-West Region - The Country Director, African Development Bank (AfDB), Dr Ousmane Dore, has earmarked 175 million dollars for Agricultural Transformation Agenda Support Programme (ATASP-I) as instrument for consolidating the bank’s investments in Nigerian agricultural sector. Source Leadership Read More 

Flour Millers Sign Deal To Buy All Wheat Produced In Nigeria - The Flour Millers Association of Nigeria (FMAN) has signed a Memorandum of Understanding (MOU) with Wheat Farmers Association of Nigeria (WFAN) to purchase all wheat produced by WFAN in a major collaborative effort to boost wheat production in Nigeria. Source Leadership Read More 

Bankrupt states get lifeline as FX flexibility boosts revenue - Sub-national entities in Africa’s largest economy, currently grappling with insolvency, may be in for a round of revenue gains from the Federal Account Allocation Committee (FAAC) allocation, following a currency float by Nigeria’s Central Bank. Source BUSINESSDAY Read More 

Irish Govt Donates Palm Oil Mill, Vocational Equipment to Enugu Community - As part of efforts to boost palm oil production and get the youths meaningful engaged, the Embassy of the Republic of Ireland in Nigeria has donated a well-equipped Vocational Training Centre and a Palm Oil Mill to the youths of Ugbaike community in Igboeze North local government area of Enugu state. Source Thisday Read More 

Kitaoka: Nigeria’s Rice Importation is Ridiculous - The President of Japan International Cooperation Agency (JICA), Emeritus Prof. Shinichi Kitaoka, has described the importation of rice by Nigeria as ”ridiculous”. Source Thisday Read More 


Federal Reserve’s SemiAnnual Monetary Policy Report to the Congress - Chairman Shelby, Ranking Member Brown, and other members of the Committee, I am pleased to present the Federal Reserve's semiannual Monetary Policy Report to the Congress. In my remarks today, I will briefly discuss the current economic situation and outlook before turning to monetary policy. Source Proshare Read More 

CBN provides additional $100m liquidity second day of trading - The Central Bank of Nigeria (CBN) sold some $100 million in the interbank spot market on Tuesday, providing liquidity after it had intervened the pervious and first day of auction in the new FX regime. Source BUSINESSDAY Read More 

Wapic Insurance Plc Establishes a Non-Capital Raising Global Depository Receipt - We are pleased to inform you that Wapic Insurance Plc has formally established a Global Depository Receipt (GDR) Program. Source Proshare Read More 

NSE-ASI remains bullish, strongly above 200-day moving average - The equities market closed today on a positive note, as NSE ASI appreciated by 2.27% to close at 29,422.71basis points, compared with the 1.63% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +2.72%. Source Proshare Read More 

NESTLE Digs Deeps to Impress the Market -FDC - Nestlé’s recent Q1 2016 result shows its resilience in a period of declining consumer demand and negative GDP growth. Its share price has spiked by approximately 26% in the last eight weeks from N600 to N757.03, as investors are impressed by the improved results. In Q1’16, Nestlé’s sales, profit before tax and profit after tax increased year-on-year (YoY) by 31%, 150% and 126%, respectively. Source Proshare Read More 

FG okays Union Dicon’s takeover of Kogi SCPZ - The Federal Government has agreed with Union Dicon to take over Kogi Staple Crops Processing Zone (SCPZ). Source BUSINESSDAY Read More 

Supply gap in new forex market forces Naira down to N284/$ - The new foreign exchange framework, which started on an impressive note, Monday, may have begun to face its first liquidity test — adequate and independent supply of foreign currency to the market. Source Vanguard Read More 

Fuel marketers claim unpaid N16bn subsidy - The federal government owes some major oil marketers N16billion outstanding subsidy and bridging claims in the first quarter of 2016. Source Daily Trust Read More 

‘Military owes N600 million electricity debt in Lagos’ - Eko Electricity Distribution Company (DISCO), yesterday disclosed that the estimated debt accumulation from military formations within its network is about N600 million. Source Guardian Read More 

Yola power firm investors’ $146.8m trapped - More than one year after the core investor in the Yola Electricity Distribution Company declared force majeure and returned the firm to the Ministry of Power, the investor has not been reimbursed by the Federal Government, investigation has shown. Source Punch Read More 

Nigerian firm cuts gas supply to Ghana - The West African Gas Pipeline Company said on Tuesday it had suspended the flow of gas from Nigeria to Ghana over unpaid bills by the Ghanaian government. Source Punch Read More 

Poor metering: NERC to sanction Discos from October -  Power distribution companies that fail to provide meters for all maximum demand customers on their networks not later than the last quarter of this year will be sanctioned, the Nigerian Electricity Regulatory Commission has said. Source Punch Read More 

Nigerians Groan As Gas, Kerosene Price Rise By 50% - Nigerians have called on the federal government to work speedily at addressing the crisis in the Niger Delta region which has led to the sharp rise in the prices of cooking gas and other petroleum products. Source Leadership Read More 

Lekoil Raises $20m To Boost Oil Production In Nigeria - Oil & gas company Lekoil Ltd has raised US$20 million through the refinancing of an existing debt facility as well as the completion of a new debt facility. Source Leadership Read More 

Nigeria maintains oil exports despite wave of militant attacks - Nigeria kept exporting crude oil at a largely steady pace in May, though below historical levels, despite repeated militant attacks on its infrastructure that drove output down to 30-year lows this spring and helped global prices rise, data showed. Source Reuters Read More 


African Union set for a 'continent without borders' type single passport for Africans - When heads of state from across Africa arrive in Kigali, Rwanda next month for the African Union (AU) Summit, they will be among the first Africans issued the new electronic African Union passport. The passport is meant to make travel on the continent much easier for Africans. Source Proshare Read More 

Asian Stocks Outside Japan Climb With Pound, Oil; Dollar Weakens - Asian equities outside of Japan eked out a fourth day of gains as the British pound strengthened ahead of the U.K.’s vote on membership of the European Union. Japanese stocks fell as the yen rose. Source Bloomberg Read More 

SEC Readies Case Against Merrill Lynch Over Notes That Lost 95% - The investment was marketed in a way that one of Merrill Lynch’s financial advisers called “borderline crooked,” people close to the probe said. Source WSJ Read More 

Iran Air Agrees to Buy Boeing 737, 777 Jets in Landmark Deal - Iran Air, the Islamic Republic’s state carrier, has signed a memorandum of understanding with Boeing Co. to buy narrow- and wide-body aircraft, in the first transaction by the U.S. planemaker since sanctions were lifted in January. Source Bloomberg Read More 

Morocco's C. Bank keeps benchmark interest rate unchanged at 2.25 percent - Morocco's central bank kept its benchmark interest rate unchanged at 2.25 percent on Tuesday saying the inflation forecast is consistent with the price stability objective. Source Reuters Read More 

IMF extends Malawi loan programme, adds $80 mln for drought measures - The International Monetary Fund (IMF) will increase loans to Malawi by $76.8 million, the global lender said on Monday following an economic review of the drought-hit country. Source Reuters Read More 


Telecoms FDI Rises To $38bn - Nigeria’s telecommunications industry has continued to witness buoyancy with foreign direct investments (FDIs) moving from $32 billion in 2012 to $38 billion this year. Source Leadership Read More 

Nigeria Can Leverage on ICT to Diversify Economy, Says Minister - The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelemah has stressed the need for the private sector to key into government initiatives by leveraging on Information and Communications Technology (ICT) to boost economic diversification in the era of crumbling oil boom. Source Thisday Read More 

N60bn Bond Boost for Lafarge Africa - Doing business in Nigeria has been very challenging. Apart from grappling with poor infrastructure, high cost of funds is another big challenge manufacturers contend with. With banks loans attracting interests as high as 20 per cent, companies that finance their operations with bank debts end up with lower bottom-lines. Source Thisday Read More 

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