Nigeria in 1min: Economic, Business & Financial Headlines – 240217



February 24, 2017 7:00 AM / Proshare News 


Fed Govt, governors, firm meet over $4.5b Chinese agric loan - The Federal Government has met with some governors and a Chinese company, YTO China-Africa Machinery Corporation (CAMACO), to fine-tune the implementation of the $4.5 billion agriculture infrastructure loan agreement with the Peoples Republic of China. Source THE NATION Read More

Nasarawa Assembly okays N69.9 billion 2017 budget - The Nasarawa State House of Assembly on Wednesday, passed the state’s 2017 appropriation bill of N69.9 billion into law. Source Guardian Read More

Scope for local fish production to grow - The brightest spot in terms of growth observed from the national accounts released by the National Bureau of Statistics (NBS) for Q3 2016 was agriculture, which expanded by 4.5% y/y. Source Proshare Read More 

Nigeria to begin yam exports within the next 5 months - Prof. Simon Irtwange, National Chairman, Engineering Personnel and Citizens Civil Rights Development Initiative, says Nigeria will start exporting yam to other countries within the next five months. Source Guardian Read More 

N5bn debt: Pay up or lose operating licence, NBC warns broadcast stations - The National Broadcasting Commission, NBC, has issued a three-week ultimatum to all broadcasting stations in the country to pay all their outstanding licence fees or face sanctions. Source Vanguard Read More 

FG invites foreign airlines to inspect Kaduna airport - The Federal Government has invited Foreign airline operators to the Kaduna airport to see the level of its preparedness at relocating flight operations to Kaduna state. Source THE NATION Read More

Manufacturers calls for full implementation as CTG Fund revamps 38 firms - MANUFACTURERS Association of Nigeria (MAN) has indicated that about 38 textile manufacturing companies have so far benefited from textile special revival funding window. With this progress MAN has proposed a  full implementation of the National Cotton, Textile and Garment (CTG) policy to further boost the sector. Source Vanguard Read More 

CBN reintroduces charges on cash deposits, withdrawals - The Central Bank of Nigeria on Thursday announced the reintroduction of bank charges on certain categories of cash deposits and withdrawals. Source Punch Read More 

NDIC records N53bn operating surplus in 2016 - THE Nigeria Deposit Insurance Corporation (NDIC) said it recorded N53 billion as operating surplus for the 2016 operating year. Managing Director/Chief Executive, NDIC, Alhaji Umaru Ibrahim,  disclosed this while defending the 2017 budget of the Corporation before the House Committee on Insurance and Actuarial Matters. Source Vanguard Read More 

CBN sells $230m in forex forward as naira recovers - The Central Bank of Nigeria (CBN) yesterday auctioned $230 million in forward contracts on the official market. The dollar sale came after the regulator sold $370 million this week to boost dollar liquidity and help narrow the gap between the official and black market rates, traders said. Source THE NATION Read More 

Bank directors liable for 40% of N1.85 trn bad loans – NDIC boss - The Nigeria Deposit Insurance Corporation (NDIC) yesterday revealed that bank directors were responsible for 40 per cent of the N1.85 trillion non-performing loans or bad loans in banks. Source Vanguard Read More 


Equities Market Retracts by +0.63%; YTD Return Stands at -5.45% - Equities market closed today on a positive note, as NSE ASI appreciated by 0.63% to close at 25,409.06 basis points, as against 0.01% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.45%.Source Proshare Read More 

NSE hosts FG, Private sector parley on Green Bonds investments - As part of its efforts in serving as a platform for strategic investments, wealth creation and providing liquidity through the capital market, the Nigeria stock exchange today hosted the “Sovereign Green Bonds” summit, facilitating a strategic engagement between the Federal government and private sector players. Source Proshare Read More 

Naira Recovers by 5% in 2 days to N495/$; Oil Trades at $57pb - Tweaking the forex policy and increasing supply helped the naira recover 5% of its value in 2 days to N495/$. Before we get carried away, we must remember that this recovery is only as good as the supply remaining consistent. Source Proshare Read More 

W’Bank Report Outlines Actions to Leverage Islamic Finance - The World Bank Group and the Islamic Development Bank have published a first Global Report on Islamic Finance, which detailed the prospects for the global Islamic finance industry and its potential to help reduce worldwide income inequality, enhance sharing prosperity, and achieve the Sustainable Development Goals. Source Thisday Read More 

Abolish dual forex rates, economists, manufacturers tell CBN - Economists and manufacturers have joined the call for the abolition of the dual exchange rate policy operating in Nigeria, adding that it is a breeding ground for corruption. Source Punch Read More 

IPMAN decries lack of fuel at Mosimi depot - The Independent Petroleum Marketers Association of Nigeria, Mosimi Depot, Ogun State has said Nigerians, particularly those in Ogun and Lagos states, may soon experience scarcity of petroleum products due to a number of factors militating against the smooth operations of its members. Source Punch Read More 

Fed Govt owes oil marketers N300b subsidy - The Federal Government is owing oil marketers N300billion in oil subsidy, Group Chief Executive Officer (GCEO), Forte Oil Nigeria, Akin Akinfemiwa, has said Source THE NATION Read More 

NNPC saves 71.7% in deep offshore rig rate - The Nigerian National Petroleum Corporation (NNPC) has renegotiated its deep offshore rig rate from a staggering $580,000 to $164,000 per day, saving the country a 71.7 per cent cost of executing a similar operation in the past. Source THE NATION Read More 

Growing Nigeria’s  crude oil capacity to 4mbpd hinged on collaborations - Collaborations among stakeholders, and cost cutting measures hold the key to unlocking the $28bn dollar investments needed to ramp up Nigeria’s crude output to 4m barrels per day (bpd) operators in the oil and gas sector say. Source BUSINESSDAY Read More 

Kano Disco Faults TCN on N8.2bn Debt - The Kano Electricity Distribution Plc (KEDCO) has rebuffed claims by the Transmission Company of Nigeria (TCN) that it owes N8.2 billion as arrears for energy wheeled to it in 2016. Source Thisday Read More 


List of Top Equity Returns Since 1900 Starts With South Africa - Through two world wars, the Great Depression and relentless redrawing of national boundaries since 1900, one group of countries gave investors the best stock returns. Source Bloomberg Read More 

Nigeria Eyes Sale of $500 Million Eurobond Before End of March - Nigeria will probably tap the international bond market for a second time this quarter as the nation seeks to stimulate an economy facing its worst downturn in 25 years. Source Bloomberg Read More 

U.K. Faces 60 Billion-Euro Brexit Bill, Austrian Leader Says - Britain should be charged about 60 billion euros ($63 billion) when it leaves the European Union, Austrian Chancellor Christian Kern said, becoming the first EU leader to put a value on the size of the U.K.’s Brexit bill. Source Bloomberg Read More 

Saudi Arabia's Oil Wealth Is About to Get a Reality Check - Saudi Arabia has said oil giant Saudi Aramco is worth more than $2 trillion, enough to consume Apple Inc. twice, and still have room for Google parent Alphabet Inc. Source Bloomberg Read More 

S.Africa's govt drawdowns rising, pose risks to fiscal position: Moody's - Moody's has warned that South African government drawdowns are rising and represent increasing risks to its fiscal position, a day after Treasury targeted the wealthy with tax hikes in a bid to rein in the budget deficit. Source Reuters Read More 

Barclays to pay $988 mln to split from African business - Barclays has agreed to pay Barclays Africa nearly $1 billion to fund investments needed for it to split from its African business, paving the way for the British bank to cut its stake to below 50 percent. Source Reuters Read More 

IMF agrees to $149 million extended credit facility for Benin - The International Monetary Fund has agreed to lend Benin 93 billion CFA francs ($149 million) to help the government implement a macro-economic reform programme, the country's presidency and the IMF said on Tuesday. Source Reuters Read More 

Nigeria's oil output up to 2.2 mln bpd: finance minister - Nigeria's oil production has risen to 2.2 million barrels a day (bpd), Finance Minister Kemi Adeosun said on Thursday, after a fall in attacks on oil facilities in the Niger Delta. Source Reuters Read More 

ANA Said to Spend $887 Million to Turn Peach Into Subsidiary - ANA Holdings Inc.’s board will meet Friday to consider increasing its stake to a majority holding in Peach Aviation Ltd., a move that would give Japan’s largest airline a bigger foothold in the budget travel market. Source Bloomberg Read More 

Junk Bond Manager Beating 98% of Peers Bets on Distressed Debt - One of the world’s best-performing junk bond funds is dealing with the surging costs of debt globally by digging deeper in the bargain bin. Source Bloomberg Read More 

South Koreans Cut Spending as Household Income Growth Slows - South Korean household income grew at the slowest pace on record last year and spending fell for the first time, underscoring the challenge facing policy makers as they try to ignite a sluggish economy. Source Bloomberg Read More 

China Said to Name Reformer Guo as Head of Banking Regulator - China has appointed financial-sector expert Guo Shuqing as the new head of the nation’s banking regulator, according to people familiar with the matter. Source Bloomberg Read More 

China Rapid Finance Said to Target U.S. IPO as Soon as This Year - China Rapid Finance, a Shanghai-based peer-to-peer lender, is planning to raise at least $100 million in an initial public offering in the U.S., people familiar with the matter said. Source Bloomberg Read More 


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