Nigeria in 1min: Economic, Business & Financial Headlines – 230316



March 23, 2016 7:00 PM / Proshare News 


FG to Raise VAT, Release N350 Billion Budgeted Expenditure - The federal government has said that it will inject N350 billion budgeted expenditure to revamp the Nigerian economy in the next few months. It will equally work in collaboration with the state governments to adopt a plan for the gradual increase of value added tax (VAT) on goods and services. Source Thisday Read More

Govt records N20.47bn drop in revenue - The Federation Account Allocation Committee on Tuesday said the country recorded a shortfall of N20.47bn in gross statutory revenue from N290.96bn in January to N270.49bn in February. Source Punch Read More

National Assembly to pass 2016 budget today - After weeks of delay, both chambers of the National Assembly received  a report on the 2016 budget on Tuesday from the Senate and the House of Representatives Joint Committee on Appropriation. Source Punch Read More

FG to focus on rail, inland waterways for trade facilitation - Minister of Transportation, Rotimi Amaechi, has said that the Federal Government is to focus railways and inland waterways as a means of enhancing the nation’s inter-connectivity to reduce the cost of its global trade. Source Vanguard Read More

Nigeria MPC - Policy rate changes again; Increases MPR to 12% - The Monetary Policy Committee (MPC) meeting has just been concluded with key policy decisions. Source Proshare Read More

New bolts likely to be placed in auto policy - The current situation with fx liquidity in Nigeria has visibly affected importation of goods into the country, automobiles inclusive. The National Automotive Design and Development Council (NADDC) estimates annual imports at about 400,000 vehicles (with 50,000 units as new cars) valued at US$3.45bn. Source Proshare Read More 

Customs re-imposes ban on rice importation - The Nigeria Customs Service has re-introduced the restriction order on importation of rice through land borders across the country. Source Vanguard Read More 

Indorama To Commission US$1.4bn Fertiliser Plant In Nigeria - All is now set for the commissioning of Indorama Eleme Fertilizer and Chemical Limited US$1.4 billion dollars fertilizer plant in Port Harcourt. Source Leadership Read More 

Visa: e-payment cards add $300b to global GDP - AN increased use of electronic payment products, including credit, debit and prepaid cards has added over $296 billion to Gross Domestic Product (GDP) of countries,Visa Incorporated, a global payment company, has said. It said raising consumption of household goods and services also rose by an average of 0.18 per cent per year. Source THE NATION Read More 



CBN Communiqué No. 106 of the MPC Meeting - Mar 21-22, 2016 - The Monetary Policy Committee met on 21st and 22nd March 2016 amidst dithering global economic prospects and continuing challenges in the domestic economy. In attendance were 8 out of the 12 members. Source Proshare Read More 

CBN warns banks against diverting N300b real sector fund - The Central Bank of Nigeria (CBN)  has warned banks against diverting the N300 billion Real Sector Support Facility (RSSF) loan. Source THE NATION Read More


NSE-ASI reclaims 26,000bpts as stocks extend 3-day gaining streak - The equities market closed today on a positive note, as NSE ASI appreciated by 0.45% to close at 26,020.40basis points, compared with the 0.81% appreciation recorded previously. Source Proshare Read More 

Asia Stocks Decline, Led by Industrials, After Brussels Attacks - Asian stocks retreated, after the regional benchmark index closed Tuesday at the highest level since January, as deadly terrorist attacks in Brussels weighed on sentiment. Industrial and materials shares led declines. Source Bloomberg Read More

STERLNBANK Grows Non-Interest Income by 13.7%as OPEX Decreases by 1.9% in Q4;15 Results - Sterling Bank Plc, a full service national commercial bank releases its audited results for the year ended December 31, 2015. In his remarks, Yemi Adeola, the Managing Director/ Chief Executive stated. Source Proshare Read More 

LEARNAFRCA Issues Earnings Guidance for the Year Ended 31st December 2015 - Following the preliminary review of Learn Africa Plc’s Management Accounts for the year ended 31 December 2015, it is expected the earnings will be materially lower when compared to the prior year. Source Proshare Read More 

DANGSUGAR Records Strong Sales Performance as PBT Drops by 47.4% QoQ in Q4’15
- Dangote Sugar Nigeria Plc (DANGSUGAR) yesterday released its Q4 2015 results which showed improved top line performance supported by strong pick up in volume in the last quarter of the year. Revenue at N28.02bn came in stronger by c.27.8% q/q and 33.0% y/y while PAT came in lower, falling by -11.6% y/y. Source Proshare
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PFAs invest 66.4% pension fund in FGN bonds, treasury bills - But of the N5.219 trillion pension funds accumulated in November 2015, a total of N3.49 trillion was invested in Federal Government (FGN) Securities by Pension Fund Administrators (PFAs). Source THE NATION Read More 

Vitafoam Nigeria to build factory in Ogun State - Vitafoam Nigeria Plc, Nigeria’s largest foam-manufacturing company, will soon commence work on a new multi-billion naira factory in Ogun State as the state government woos investors with incentives and administrative support. Source THE NATION Read More 

6 Banks Boost Economy With N6.2tr Loans In 2015 - Despite regulatory headwinds in the Nigerian financial system, and predictions of lower profit by banks, lending to the economy has continued to increase as the six banks that have released their 2015 full year results show increased lending. Source Leadership Read More 

2016: ‘Real Estate Investment Rises To $13.65bn’ - The Head of Department, Securities and Investment Services (SEC), Mr Abdulkadir Abbas has disclosed that investment in real estate in Nigeria would rise from $9.16 billion in 2015 to $13.65 billion in 2016 according to Price Waterhouse Coopers (PwC) report of 2015. Source Leadership Read More 

Nigeria's naira firms vs dollar in 1-mth forward market - Nigeria's naira strengthened 1 percent against the dollar on Monday in the forward market after the country's central bank raised interest rates by 100 basis points to 12 percent Source Reuters Read More 

Libya joins Iran in snubbing oil freeze - source - Libya does not plan to attend an April 17 meeting of oil producers about freezing supply to support prices, a Libyan OPEC delegate said on Tuesday, joining fellow OPEC member Iran in snubbing the initiative. Source Reuters Read More 

FX scarcity: Ticket proceeds of foreign carriers trapped
- Foreign airlines operating in Nigeria are grumbling over their inability to repatriate proceeds from the sales of tickets in the last few months due to Foreign Exchange (FX) scarcity. Source Daily Trust
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Sunmonu now Julius Berger chairman - Mr Mutiu Sunmonu has been appointed Chairman, Board of Directors, Julius Berger Nigeria (JBN) Plc following the resignation of AVM Nurudeen Imam. Source Daily Trust Read More 


Tony Elumelu Foundation announces 2nd Round of #TEEP2016 - The Tony Elumelu Foundation (TEF) announces the selection of 1,000 entrepreneurs for the 2nd round of the Tony Elumelu Entrepreneurship Programme (TEEP). Source Proshare Read More


Firstmonie and MMIT to Collaborate on BlackBerry Social Commerce in Nigeria - Firstmonie, the mobile money service of First Bank of Nigeria Limited and MMIT (Mobile Media Info Tech) are partnering with BlackBerry in Nigeria to enable social commerce in BBM™, the popular private social network. Source Proshare Read More 

W’ Bank: Internet Users Now 3.2 Billion - The World Bank has said that the number of internet users globally had more than tripled within this decade, from 1billion in 2015 to about 3.2billion by the end of 2015. Source Thisday Read More


10,000 Megawatts Of Electricity Achievable – S’East APC -The South-East Zone of the All Progressives Congress (APC) has reassured Nigerians that the target set by President Muhamadu Buhari to generate 10,000 megawatts of electricity in three years is achievable. Source Reuters Read More 


Stakeholders explore the viability of Identity Management in Nigeria - With the changing faces of technology across the globe, one of the major projected drivers of human relations in the future is the Identity management process. Source WebTV Read More 



ennovators Forum: Stakeholders discuss Identity Management in Nigeria

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