Nigeria in 1min: Economic, Business & Financial Headlines – 230315

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March 23, 2015 7:00 AM / Proshare News
 

NIGERIAN ECONOMY
Government revenue to decline by 25% in 2015 Q1  - As oil accounts for 94 per cent of Nigeria’s export revenue and with slump in the international price of crude oil, Federal Government’s revenue has been predicted to decline further by 21-25% in the first quarter of 2015. Source Daily Trust Read More
 

Non-oil export drops by 9%, says NEPC - The Nigerian Export Promotion Council (NEPC) has said that a 9 percent decline from $2.970 billion to 2.714 billion was recorded in the country’s non-oil export between 2013 and 2014. Source Vanguard Read More
 

Economy recorded strong merchandise trade growth in 2014 — NBS - The total value of Nigeria’s external merchandise trade at the end fourth quarter 2014 was N5.7 trillion, indicating that exports outperformed imports leading to visible trade surplus. This was, however, 11.9 per cent lower than the value (N6.5 trillion) recorded in the preceding quarter, according to the report released at the weekend by the National Bureau of Statistics (NBS). Source Vanguard Read More
 

Shipping Cost: Terminal Operators Will Maintain Current Charges, Says STOAN Counsel - The counsel to the Seaport Terminals Operators Association of Nigeria (STOAN), Mr Femi Atoyebi, has said that Justice Ibrahim Buba of the Federal High Court, Ikoyi, Lagos “clearly acted without jurisdiction” in ruling on a stay of execution application filed by the terminal operators in a matter between the association and the Nigerian Shippers’ Council (NSC), urging the terminal operators to maintain current charges at the seaport. Source Leadership Read More
 

2015 Budget: Filling the Revenue Gap with Efficient Tax System - As the reality of revenue gap dawns on the nation’s economic managers, economists have stressed the need for the Federal Government to spread the tax net and ensure the development of an efficient tax system, reports Festus Akanbi Source Thisday Read More
 

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POWER

50% Electricity Tariff Slash, Fiscal Gap Widens - Politically Wise but Business Fuzzy - Surprisingly this week, the Multi year Tariff Order (MYTO) was slashed by 50%. This occurs at a time when the GENCOs and DISCOs are cash strapped and complaining that the tariffs are too low. Source Proshare Read More
 

POLICY / REGULATIONS
Woodland Capital clears the air on SEC's claim on unauthorized sales of shares - Further to the action of the Securities and Exchange Commission (SEC) to suspend Woodland Capital Markets Plc indefinitely from all capital market activities for “the unauthorized sales of 3750 units of PZ shares belonging to an investor”, the share support unit sought out the capital market operator to learn more about the enforcement action. Source PRoshare Read More
 

Manufacturers Write CBN, Demand Special Forex Window For Survival - FEELING the pains of currency devaluation and rising foreign exchange rate, manufacturers have written the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance for a special window that would offer them cheap forex to remain in business. Source PRoshare Read More
 

African central bank governors’ caucus holds in Addis Ababa - The Economic Commission for Africa (ECA) and the African Union (AU) Commission will host the second Caucus of African Central Bank Governors, in Addis Ababa, on March 29, 2015. Source Guardian Read More
 

CAPITAL MARKET
Sentiment Analysis Report - W/E March 20, 2015 - Analysis of the market activity in the week ended March 20, 2015 technically revealed a significant surge in profit-taking activities as both investors and short term traders engaged in active speculative trading. Source PRoshare Read More
 

TheAnalyst: Qualitative Factors Investors Must Also Consider beyond data  - Periodic and consistent analysis of listed firms remain significant to keep investors abreast of what the financials are currently pointing at about a particular company. These analysis can sometimes be cumbersome if the process is not automated. Source PRoshare Read More



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MONEY MARKET

N50b net outflow to tighten liquidity ahead of elections - The liquidity level in the system may have been projected to tighten further this week with an estimated net outflow of about N50 billion arising from the Open Market Operations (OMO) of the Central Bank of Nigeria (CBN) due Thursday. Source Guardian Read More
 

 

Banks to conclude Lekki seaport financing in September -  The financial arrangements for the Lekki Deep Seaport will be concluded in September, the promoter of the project, the Tolaram Group, has said. Source Punch Read More
 

MPC: Falling Oil Prices, Inflation, Election Spending to Top Agenda - As the Central Bank of Nigeria (CBN) begins its 243rd Monetary Policy Committee (MPC) meeting tomorrow, some of the issues that will top the agenda include the sinking oil prices, marginal increase in the nation’s inflation figure for the month of February, election-induced liquidity in the system and the relative stability which the new regime in foreign exchange market has brought to the naira. Source Thisday Read More
 

INVESTORS NEWSBEAT
Dangote’s oil refinery to process 650,000bpd - Africa’s richest man and President, Dangote Group, Alhaji Aliko Dangote, has said his oil refinery will process 650,000 barrels of crude oil per day. Source Punch Read More
 

FRAUDS & SCANDALS
Banks’ losses to fraud hit N203 billion in 14 years - Total losses by the nation’s Deposit Money Banks due to fraud related cases have been put at about N203 billion in the last 14 years. Source Guardian Read More

 
ALISON-MADUEKE: On Corruption, Figures Bandied By Opposition Do Not Exist - THERE was a Presidential directive to withdraw subsidy on kerosene. It is possible that the then Minister of Petroleum must have gone to discuss it with the President and was perhaps able to convince him on the need to stay action on the directive. Source Guardian Read More
 

 

ExxonMobil Staff Cooperative Society at war with Primewaterview over N3.7bn - Members of the ExxonMobil Staff Cooperative Society Limited have dragged Primewaterview Limited and four others before a Lagos High Court over an alleged attempt to deny them a housing estate they applied for. Source Thisday Read More
 



POLITICS
Over 11 million voters yet to collect PVCs – INEC  - Less than five days to the commencement of the general elections in the country, the Independent National Electoral Commission (INEC) on Sunday, said out of the 68,833,476 million registered voters it has as at March 21 distributed about 56,431,255 million Permanent Voters Cards, leaving a balance of about 11 million uncollected cards. Source Daily Independent Read More
 

Immigration restricts Nigerians from travelling to Dubai  - There were indications at the weekend that the Nigeria Immigration Service (NIS) may have started restricting unmarried Nigerians, especially ladies below the age of 40 ,who do not have genuine reasons from travelling to the United Arab Emirates (UAE) for fear of engaging in prostitution and other activities that may dent the image of the country. Source Daily Independent Read More
 

Fresh nationwide strike looms in varsities - Workers in Nigerian universities under the auspices of the Senior Staff Association of Nigerian Universities has threatened to embark on a nationwide strike over what they described an ‘obnoxious circular’ by the National Universities Commission. Source Punch Read More
 

APC Deputy Governor Defects to PDP - Barely one week to the March 28 presidential election, Rivers State Deputy Governor, Mr. Tele Ikuru, on Sunday announced his resignation as member of the All Progressives Congress (APC). Source Thisday Read More


COMMODITIES
Oil Price Fall: S&P Lowers Nigeria’s Rating - Following slow recovery of oil price in the international market, coupled with insurgency in the north, Standard & Poor’s (S&P) Ratings Services, a global financial rating agency, has reviewd its rating on Nigeria. Source Leadership Read More

Market Capture Strategy: NNPC Mulls Longer Term Crude Sale Contracts - As part of its new business strategies to overcome extant disruptions in international crude oil market especially with regards to hydro-fracking technology and loss of patronage from the United States, Nigeria could resort to longer term sales contract for lifting of its crude oil. Source Thisday Read More

 
NNPC boosts products loading to 260 trucks at PHRC  - The Nigerian National Petroleum Corporation (NNPC) on Sunday disclosed that it has completed the rehabilitation and reconstruction of several kilometers of internal access roads at Port Harcourt Refining Company (PHRC) as well as  Pipelines and Products Marketing Company (PPMC)Depot in Onne. Source Daily Independent Read More

 



GLOBAL MARKETS
Asia Stocks Extend Global Gains; Crude Drops With Dollar - Asian stocks extended a six-month high after global equities capped their biggest weekly advance since July 2013. The dollar declined with crude. Source Bloomberg Read More
 

 

 

 

 

No Risk Too Big as Bond Traders Plot Escape From Negative Yields -  In the negative-yield vortex that is the European bond market, investors are discovering just what lengths they’re willing to go to generate returns. Source Bloomberg Read More
 

China Internet Company Yielding 18% Shows Default Risks Brewing - Bonds of 11 Chinese companies now yield more than 15 percent as investors brace for the nation’s second onshore default amid record maturities in the coming quarter. Source Bloomberg Read More
 

Ghana seeks bridge financing of up to $1 bln in H1 2015 - Ghana will seek bridge finance of between $300 million and $1 billion in the first half of this year to redeem maturing domestic debt, according to a memo to parliament signed by Finance Minister Seth Terkper Source Reuters Read More
 

How The Fed Fostered The Oil Glut And Price Drop - Wall Street Losing Patience - Energy-sector deals have been a bright spot at a time when once-lucrative businesses, such as fixed-income trading and consumer lending, are flagging thanks to tighter rules, low interest rates and uneven economic growth, analysts said. Source FORBES Read More
 

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