Nigeria in 1min: Economic, Business & Financial Headlines – 250816




August 25, 2016 7:30 AM / Proshare News 


5 years of Dr. Yemi Kale's Stewardship at the NBS - The National Bureau of Statistics is Nigeria’s official national statistical agency charged with the responsibility for providing statistics on a wide range of economic, social, population and environmental matters, covering government, business and the community. It also has a role, to coordinate the statistical operations of official bodies and liaise with international organisations. Source Proshare Read More

Sense of Urgency to Reflate the Economy - FDC - After several months of very little to show for its efforts, the gov-ernment appears to have sensed the urgency to reflate the econ-omy. The President is reportedly seeking for emergency powers to fast track the government’s stimulus plans. Source Proshare Read More 

FEC approves 2017-2019 MTEF, targets 3% economic growth in 2017 - Nigeria ‘s Federal Executive Council (FEC) on Wednesday approved the Medium Term Framework for 2017-2019 with a target to grow the economy from 3% in 2017 to 4.26% in 2018 targeting increased development of critical infrastructure. Source BUSINESSDAY Read More 

OPEC's Output Freeze: What Has Changed Since Doha? - It's possible that OPEC is crying wolf with hints of an output freeze next month in Algiers; but it's also possible that they are ramping up production to take the sting out of a freeze. This is a delicate balancing act that the Saudis need to play very carefully. Source Proshare Read More

Revenue plunges as Nigeria loses aviation hub to Ghana - Nigeria has lost its status as the aviation hub in West Africa to Ghana, a neighbouring country. Already, the revenue that accrued to Nigeria from the fuelling of aircraft and accommodation of cabin crews of foreign airlines has been taken over by Ghana, which now provides these services. Source Guardian Read More 

MAN seeks reduction of interest rates, review of export scheme - While commending the Central Bank of Nigeria (CBN) for authorising dealers to dedicate at least 60 per cent of their foreign exchange purchases from all sources to end users strictly for the purpose of importation of raw materials, manufacturers have urged the Federal Government to slash the current interest rate. The manufacturers also sought the speedy conclusion of the review of Export Expansion Grant (EEG) scheme. Source Guardian Read More 

‘Only 10m Nigerians pay taxes’ - Only 10 million Nigerians are paying taxes in the country, according to the Join Tax Board report.Speaking at the stakeholders’ meeting on the review of the National Tax Policy in Abuja, a member of the review committee and the Lead Presenter, Taiwo Oyedele, who gave the figure, the situation has denied the country huge revenue for developmental projects. Source Daily Trust Read More 

Exporters lose N100m to airport warehouses closure - Key exporters of perishable cargo/vegetable commodities have warned that the international market might shun Nigeria due to activities of some ‘overzealous government officials’. Source Daily Trust Read More 

Nigerian rice gains traction on better processing, lower naira - Nigeria’s local rice produce is gaining acceptance at home, aided by improved production and  milling capacity,as well as the fall in the value of the local currency ( the naira) against  the US dollar, which is shooting up the cost of foreign varieties. Source BUSINESSDAY Read More 

Poor business practices  cost airlines N275m on flight cancellations annually - Experts say the failure of the country’s domestic airlines to co-operate with one another by way of passenger exchange agreements is causing Nigeria’s  aviation industry a whopping N275million in lost revenues annually. Source BUSINESSDAY Read More 

Domestic Airlines at edge on BASA deals  - Domestic Airlines may be losing out in revenue and flight frequencies with the move by the federal government to increase foreign airlines’ flight frequencies. Source BUSINESSDAY Read More  

Singaporean firm to invest $100 mn in A/Ibom agric projects - A Singaporean firm has entered into an agreement with the Akwa Ibom State government  for the establishment of a rice farm  and a coconut plantation and refinery worth over $100 million in the state. Source BUSINESSDAY Read More 

Nigeria’s diversification hinges on agro credit, high capacity machinery - If Nigeria is to diversify its economy away from oil in the face of dwindling oil revenue occasioned by the continuous fall in the price of crude, the government must ensure that farmers have access to credit and high capacity farm machineries in order to boost their productivity, an expert has said. Source BUSINESSDAY Read More


Transactions in Free Funds by Authorised Dealers - The Central Bank of Nigeria has noticed that some Authorised Dealers have continued to buy and sell foreign exchange referred to as “free funds” despite the provision of the circular referenced TED/AD/29/2004 dated March 4, 2004 on the subject. Source Proshare Read More 


CBN to stop dud cheque issuers from operating current account - The Central Bank of Nigeria is in the process of stopping issuers of dud cheques (returned cheques) from opening current account, the Deputy Director, Banking Supervision, CBN, Mr. Stephen Nwadiuko, has said. Source Punch Read More 

‘Banks have 31.2m dormant accounts’ - Statistics by the Nigerian Interbank Settlement Systems (NIBSS) shows that the country has a total of 31.2 million bank accounts that are not active in the banking system. Source Daily Trust Read More


Stocks erase losses as bellwethers sustain modest patronage - The equities market closed today on a positive note, as NSE ASI appreciated by 0.25% to close at 27,880.46basis points, compared with the 0.01% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.66%. Source Proshare Read More

United Bank for Africa (UBA) re-admitted into FOREX Market - Further to the directive of the Central Bank of Nigeria (CBN) to all Deposit Money Banks (DMBs) to return all outstanding unremitted NNPC/NLNG foreign currency, this is to confirm that the United Bank for Africa (UBA) Plc has remitted all outstanding NNPC/NLNG deposits in its possession to NNPC’s Treasury Single Account (TSA) at the CBN. Source Proshare Read More

Hedging against Inflation in a yield rising environment - The current economic climate in Nigeria has made lots of investors wary about investments with most people turning a deaf ear to investment opportunities. With purchasing power depleting, a volatile equity market and inflation rising rapidly, investors and would-be investors have remained risk averse. Source Proshare Read More

FirstBank, FSDH get AfDB’s $350m facility
- African Development Bank (AfDB) has approved $350million loans to First Bank of Nigeria and FSDH Merchant Bank Nigeria to support import-export activity of local enterprises Source THE NATIONS
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Africa’s Preparations for Jackson Hole  - The CBN last week hosted the 39th ordinary meeting of the Association of African Central Bank Governors (AACB) in Abuja. Discussion centred on how they can respond to the unwinding of the unorthodox monetary policies in developed economies. Source Proshare Read More 

Naira tumbles to 402 on dollar scarcity - The naira tumbled to 402 at the parallel market on Wednesday, a day after the Central Bank of Nigeria banned nine banks from the foreign exchange market over their failure to remit $2.334bn to the Federal Government’s Treasury Single Account domiciled with the Central Bank of Nigeria. Source Punch Read More 

Over $2.40bn worth of OTC FX Futures contracts offered by CBN  - Over $2.40billion worth of the OTC FX Futures contracts offered by the Central Bank of Nigeria (CBN), across all the tenors, with the profile of the contract buyers including Authorised Dealers, Foreign Portfolio Investors and importers, among others, have been traded. Source BUSINESSDAY Read More

World’s Worst Currency Slump Gleaning Rewards for Nigeria - More than two months after Nigeria allowed its currency to devalue, the country is starting to reap some dividends. Source Bloomberg Read More 

Banks’ bad loans rise to N649.63b - BANKS are carrying a heavy load of Non-Performing Loans (NPLs), which rose 78 per cent year-on-year to N649.63 billion last May. Source THE NATIONS Read More 

DisCos lose N1b monthly to limited transmission capacity - Electricity Distribution Companies (DisCos) are losing N1billion monthly as a result of the limited   capacity of the Transmission Company of Nigeria (TCN) to wheel power to them,  especially in the North. Source THE NATIONS Read More

NNPC records 1,447 pipeline vandalism cases in five months - The activities of pipeline vandals and oil thieves are taking a toll on the operations of the Nigerian National Petroleum Corporation as the oil firm suffered 1,447 incidents of pipeline breaches between January and May 2016. Source Punch Read More

Eni begins work on Nigeria’s deepwater oil project - Nigerian Agip Oil Company, a subsidiary of Italian oil major, Eni, said it had embarked on the development of the Zabazaba deepwater project offshore Nigeria despite the low oil price environment. Source Punch Read More

Poor transmission: Power distribution firms forfeit N1bn monthly - Power distribution companies have said they are currently losing over N1bn every month as a result of limited electricity evacuation capacity of the Transmission Company of Nigeria. Source Punch Read More 

Niger owes N36.7b - AEDC - The management of Abuja Electricity Distribution Company (AEDC) has said Niger State owes it N3.7 billion in electricity debts. Source Daily Trust Read More



Kenyan president approves law capping commercial bank lending rates -  Kenya's President Uhuru Kenyatta signed into law on Wednesday a bill capping commercial bank lending rates, saying banks had in the past failed to live up to pledges to lower their rates when parliament tried to introduce caps. Source Reuters Read More 

Yields on Kenyan Treasuries rise in auction - The weighted average yield on Kenya's 364-day Treasury bill rose to 11.982 percent in auction on Wednesday from 11.865 percent last week, the central bank said. Source Reuters Read More 

U.K. Consumer Boom Set to Flag as Brexit Ignites Inflation - Quickening inflation looks set to erode almost two years of real-wage growth, undermining the key driver of the economy. Data due Friday will probably show consumption helped growth accelerate to 0.6 percent in the second quarter, before the referendum on European Union membership. Source Bloomberg Read More





Olufemi Awoyemi speaks on the CBN FX ban


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