Nigeria in 1min: Economic, Business & Financial Headlines – 260116

Proshare

 

January 26, 2016 7:30 AM / Proshare News

 

NIGERIAN ECONOMY
Nigeria's GDP growth stuck in the slow lane - Having concluded the evaluation of the domestic environment in ARM’s core strategy document – Nigeria Strategy Report, we now proceed with a review of key economic indices. Source Proshare Read More

 
Nigeria 2016 Outlook: A Slippery Path to Recovery - With the EM "commodity super cycle" officially over, and China still trying its best to find a fulcrum,  we believe global growth will remain fragile at best over 2016. We are slightly more upbeat on the advanced economies as we expect that the US economy will continue to hobble along the recovery path albeit at a much slower pace than the US Fed anticipates. Source Proshare Read More

 

 
New Administration, Old Challenges - FBN Capital's 2016 Outlook - The Buhari presidency and the APC secured a strong popular mandate in elections in March 2015, and enjoy widespread international goodwill. Source Proshare Read More

 
Nigeria's aviation sector is collapsing – Minister - The Minister of State, Aviation, Sen. Hadi Sirika, has said that the aviation sector is collapsing but the federal government is determined to revamp the sector to meet international standard. Source Daily Trust Read More

 
Nigeria's Lagos State to meet bondholders on debt repayment - Nigeria's Lagos state will ask bondholders next month to agree a change to the payment schedules for 167.5 billion naira ($842 mln) of bonds, the state government said on Monday. Source Reuters Read More

 

 
FG won’t rely on foreign donors – Minister - The federal government will not rely on international agencies’ financial commitments to get the economy back on track, the minister of science and technology, Dr Ogbonnaya Onu, has said. Source Daily Trust Read More

 
Nigeria gets Korea’s N2.4b for e-govt capacity building - The Republic of Korea has spent N2.4 billion ($4.5million) on capacity building for e-government in the country. Source THE NATION Read More

 

 
NPA Stops Payment Of Over N900m To Staff Of Stevedoring Contractors - After a decade of paying billions of naira as wages and allowances of un-ascertained number of tally clerks and on-board security engaged by Stevedoring companies on vessels berthing in the nation’s ports, the Nigerian Ports Authority (NPA) has finally got ministerial relief from making further payments to the dockworkers. Source Leadership  Read More

 
487 farmers benefit from CBN's N98.9m loan in 2015 - About 487 farmers from Plateau State benefited from the N98.9 million loan the Central Bank of Nigeria (CBN) released to entrepreneurs in the state in 2015. Source Daily Trust Read More

 
Agriculture: FG Seeks Assistance From State Govts - The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, made this known during his meeting with members of  the Cotton Ginners Association of Nigeria led by the President, Alhaji Salmanu Abdullahi in his office on Thursday, January 22, 2016. Source Daily Independent Read More

 
China indicates interest in Nigeria’s honey, other products - The deputy director-general of Fujian Province of China’s Foreign Affairs, Wang Ming, on Monday announced the growing interest of the province’s manufacturing companies in Nigeria’s natural products. Source BUSINESSDAY Read More
 

Nigeria cocoa midcrop harvest seen down 60% on harsh weather - Nigeria’s cocoa midcrop output may decline by as much as 60 percent as prolonged dry weather takes a toll on the trees, the country’s cocoa association said. Source BUSINESSDAY Read More

 
45 percent of Nigerian graduates unemployed: survey - Nigeria needs to ramp up training and job creation schemes for university graduates, a leading recruitment agency said on Monday, after a survey indicated nearly half of those with a higher education qualification were unemployed. Source Guardian Read More

 

 
KPMG predicts slow economic growth in 2016 -Chief Financial Officers (CFOs) of companies across the various sectors in Nigeria, have envisaged low growth in the nation’s economic activities this year, a survey conducted by KPMG Professional Services, has shown. Source THE NATION Read More


 

POWER
We’ll step up monitoring of electricity networks – Ewesor - Engr. Peter Ewesor is the Managing Director of the Nigerian Electricity Management Services Agency (NEMSA) and the Chief Electrical Inspector of the Federation Source Daily Trust Read More
 

China, others mull meter plant for Akwa Ibom - Technical partners from China, Pakistan and India have arrived Akwa Ibom State to conclude arrangement for the take-off of a meter manufacturing company, Metering Solutions Manufacturing Services Limited (MSMSL), which ground breaking was performed December last year at Awa  in Iman, Onna Local Government Area of the state. Source THE NATION Read More
 

 

RULES & REGULATION
Nigeria International Debt Fund Recommends 36th Coupon Payment – Source Proshare Read More
 

 

FOREX
Banks face default risks on dollar-denominated bonds - Most Nigerian lenders that hitherto hurried offshore to issue bonds are faced with significant risk of default as it becomes increasingly difficult sourcing FX to service international obligations. Declining oil prices and the unwillingness of the Central Bank of Nigeria (CBN) to devalue the Source BUSINESSDAY Read More


CAPITAL MARKET

Investors sustain optimism as Stocks extend gaining streak - The equities market closed today on a positive note, as NSE ASI appreciated by 0.58% to close at 23,963.64basis points, compared with the 0.59% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.33% Source Proshare Read More
 

Investment Diversification Crucial for Investors in Current Economic Climate - Michael Oyebola, Managing Director of the Asset Management business of FBNQuest, a part of the FBN Holdings group, has underscored the importance of investment diversification as a critical tool of personal and institutional financial planning in light of the prevailing economic realities in the country. Source Proshare Read More
 


 

MONEY MARKET

Greenwich expects the MPC to retain MPR and CRR at Jan 2016 meeting - The Monetary Policy Committee (MPC) of the Central Bank of Nigeria will be holding its first bi-monthly meeting for the 2016 fiscal year on the 25th and 26th of January. Source Proshare Read More
 

Naira depreciates to N303/$ as dollar scarcity intensifies - The Naira depreciated against the dollar by N4 in the parallel market, yesterday, in response to intense scarcity of dollar in the market. Source Vanguard Read More
 

‘Direct banks, oil firms to sell forex to BDCs’ - The Association of Bureau De Change Operators of Nigeria on Monday called on the Central Bank of Nigeria to as a matter of urgency come up with modalities that would regulate how funds would be sourced from the autonomous window of the foreign exchange market. Source Punch Read More

 
Naira is out of balance —Rewane - The Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, has described the naira as being misaligned, saying Ghana and South Africa had already moved closer to equilibrium. Source Punch Read More

 
AMCON debtors fly around in private jets – Kuru - The Managing Director, Asset Management Corporation of Nigeria, Mr. Ahmed Kuru, has lamented that rich Nigerians who are indebted to the agency are still living big and flying around the globe in their private jets. Source Punch Read More

 

 
Maritime Microfinance Bank Earmarks N201m For MSMEs - Poverty, unemployment, injustice responsible for conflicts in Nigeria – Buhari NAN-H-88 Conflicts Abuja, Jan. 25, 2016(NAN) President Muhammadu Buhari said on Monday in Abuja, that poverty, injustice and lack of job opportunities were mainly responsible for inter-communal and intra-communal conflicts in Nigeria. Source Punch Read More
 

 

BOND MARKET
FGN bond yields trending up; widens by 112bps in January - The DMO held its latest monthly auction of FGN bonds last week, the first for this year, and raised 75bn (US$377m) from the sale of two debt instruments. These were a re-opened issue of 15.54% Feb ‘20s and a new ten-year issue of 12.50% Jan ‘26s. Source Proshare Read More

 
Summary of Auction Results for January 2016 - Auction Result for the 12.50% FGN JAN 2026 (New Issue 10-Year Bond), & 15.54% FGN FEB 2020 (Re-opening) Source Proshare Read More

 

 
The Nigeria Bond Watch - Review and Outlook @012516 - During the week under review, activities in the domestic fixed income market were influenced by: 1) The January 2016 FGN bond auction by the DMO; 2) Treasury bills auction and redemption by the CBN; and 3) The release of December inflation figure (9.60%) by the National Bureau of Statistics (NBS). Source Proshare Read More
 

INVESTORS NEWSBEAT
SEPLAT's 2015 Revenue to be between US$550 mln and US$600 mln - Seplat Petroleum Development Company Plc a leading Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange and London Stock Exchange, today issues a trading statement and operations update in respect of the Company’s performance in the year to 31 December 2015. Source Proshare Read More

 
Slight positive reaction from the market likely to Seplat Q4 2015 Statement - This morning Seplat Petroleum Development Company (Seplat) published an unaudited trading statement for full year 2015. Source Proshare Read More

 

 
COURTVILLE Issues Profit Warning for 2015 Financial Year - Following the review of its 2015 draft management accounts, the board of Directors of Courtville Business Solutions Plc wishes to inform its esteemed shareholders and potential investors that that its 2015 full year results are expected to record significant shortfalls compared to 2014 financial year. Source Proshare Read More



CORPORATE EARNINGS 
DAARCOMM releases Q2'14 and Q1'13 results; declares N372.59 mln loss in Q2'14 Result,(SP:N0.50k) – Source Reuters Read More
 

 

PRODUCT & SERVICES
FirstBank enhances mobile banking app - First Bank of Nigeria Limited has unveiled a set of enhanced features in its integrated lifestyle mobile banking app, FirstMobile. Source Daily Trust Read More
 

 

PERSONAL FINANCE
Five New Fees Chargeable in the Nigerian Financial Market - Fees associated with financial transactions are what every customer will always want to get acquainted with within the Nigerian financial market space. Source Proshare Read More
 

 

TELCOs
FG Moves To Reduce Broadband Infrastructure Deficit - Plans are afoot by the federal government to reduce both public and private infrastructure deficit in the nation’s information and communications technology (ICT) industry by the activation of the deliverables of the National Broadband Plan 2013-2018. Source Leadership Read More
 

N1.04trn Fine: MTN Shares Rise 2nd Day Ahead NCC Deal - The shares of MTN rallied for the second consecutive time yesterday at the Johannesburg Stock Exchange (JSE) following news that its Nigerian operation has been given 60 days to seek an out of court settlement with the telecommunications regulator, Nigerian Communications Commission (NCC). Source Leadership Read More
 

 

COMMODITIES
FG moves to retrieve controversial OPL245 from Shell, Eni - There are plans by the Nigerian government to retrieve controversial and one of Africa’s richest oil blocs from oil giants, Shell and Eni, Premium Times reported citing a recommendation by the office of the Attorney General of the Federation and Minister of Justice. Source Daily Trust Read More

 
Oil prices drop by 3.5 per cent, demand slides to one-year low - Oil prices fell by 3.5 per cent yesterday, as exceptionally mild temperatures in the early part of the winter in Japan, Europe and the United States – alongside weak economic sentiment in China, Brazil, Russia and other commodity-dependent economies, continue to affect demand. Source Guardian Read More

 
Oil crash: Nigeria producing at $5 per barrel loss - As oil prices continue on the downward slide, Nigerian oil firms may be producing at up to $5/barrel loss, as average production costs for independent and marginal field producers is between $30 and $35/barrel. Source Vanguard Read More

 
Global coal demand down 10yr highs — Report - FOLLOWING more than a decade of aggressive growth, global coal demand has stalled, the International Energy Agency, IEA, said in its Annual Coal Market Report, released last week. Source Vanguard Read More

 
Kerosene subsidy removal won’t guarantee supply – Marketers - Unlike the situation with petrol, the removal of subsidy on kerosene by the Federal Government will not guarantee the adequate supply of the product across the country, oil marketers have said. Source Punch Read More

 
NNPC discovers fuel theft base in Lagos - The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Monday said the business of illegal oil bunkering in the country was being driven by Nigerians. Source Punch Read More

 
Oil Drops as Saudis to Maintain Spending, China Diesel Use Falls - Oil dropped after Saudi Arabia, the world’s biggest crude exporter, said low prices won’t reduce its spending on energy projects and China’s diesel demand fell for a fourth consecutive month. Source Bloomberg Read More
 


 

GLOBAL MARKET
Asian shares, oil skid as global growth concerns dominate -Asian shares retreated and oil prices resumed their descent on Tuesday as investors took profits on rebounds over the last two days as fears of a global economic slowdown showed no sign of abating. Source Reuters Read More

 
European shares fall as banks drop, oil prices resume slide - European shares fell on Monday as Spanish and Italian banks led a decline by banking shares and oil and gas companies lost ground when an oil price rally fizzled out. Source Reuters Read More

 
Bank of Ghana keeps benchmark interest rate at 26 pct - Ghana's central bank kept its benchmark policy rate at 26 percent on Monday citing moderation in the pace of consumer inflation, its governor Henry Kofi Wampah said. Source Reuters Read More

 

 
U.S. Stocks Slump as Oil Resuming Rout Fuels Debt, Gold Demand - U.S. stocks halted a two-day rebound, with losses piling up in the last hour of trading as crude oil resumed a selloff that has rocked financial markets this year. Commodity-linked currencies slid as investors sought refuge in haven assets from gold to Treasuries. Source Bloomberg Read More

 

 
Key to Surviving the Oil Bust: Beware Bankers Bearing Cheap Debt - During the go-go days of $100 oil, bankers swarmed into Travis Stice’s office in downtown Midland, Texas, trying to sell him on the wonders of easy credit. Source Bloomberg Read More


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