Nigeria in 1min: Economic, Business & Financial Headlines – 270417


April 27, 2017 7:30 AM / Proshare News 

22nd #WCBI2017: Future of Banking & Finance in the Global Economy - At the 22nd World Conference of Banking Institutes (WCBI) hosted for the first  time in Lagos, Nigeria by the Chartered Institute of Bankers in Nigeria (CIBN), seasoned financial experts, scholars, business leaders, prominent bankers and policy makers converged to discuss in the plenary panel session “Envisioning the Future of Banking & Finance in the Global Economy”. Source Proshare Read More 

Fed Govt to take $12.921b loans - THE Senate has been asked to approve   $12.921 billion loans as part of the Federal Government’s 2016-2018 external borrowing (rolling) plan Source THE NATION Read More 

FEC approves contracts worth N9bn for transport, EFCC - Federal Executive Council (FEC) on Wednesday approved contracts in the sum of N9.1 billion for projects under the ministry of transportation. Source BUSINESSDAY Read More 

NIRSAL to invest N63bn in agric lending in 2017 - The Nigeria Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL) is investing $200 million (about N63bn) in agricultural lending this year. Source Daily Trust Read More 

Illicit financial flow gulps $50 billion from Africa, says minister - Minister of Finance, Kemi Adeosun has revealed that illicit financial flow gulps $50 billion from Africa every year.The minister gave this revelation at an international tax conference holding in Abuja. Source Guardian Read More 

DMO: Lagos, Delta Top List As States’ Debt Profile Hits N2.9trn - The Debt Management Office (DMO) has pegged the total domestic debt profile of the 36 states of the federation as at December 31, 2016 at N2.958 trillion Source Leadership Read More 

Purchasing index shows slowed manufacturing sector -  The Purchasing Manager’s Index (PMI) has shown that Nigeria’s manufacturing sector is still in crisis despite improvements being recorded in the economy. Source Daily Trust Read More


CBN Auctions $185.86m in Retail SMIS  - Following Tuesday’s assurances by the Governor of the Central Bank of Nigeria, Godwin Emefiele, that the CBN will continue to intervene in the foreign exchange market, the apex Bank on Wednesday, April 26, 2017, auctioned the sum of $185.86million at the retail Secondary Market Intervention Sales (SMIS). Source Proshare Read More 

CBN Sells $25m in New FX Window as Dealers Fail to Subscribe Fully to CBN’s $150m Offer - The Central Bank of Nigeria (CBN) on Tuesday, April 25, 2017, commenced interventions in the new Investors’ & Exporters’ FX Window with the sale of $25million to customers through authorized dealers. Source Proshare Read More

Nigeria naira's new investors rate eases for second day - The value of Nigeria's latest naira exchange rate -- this one for portfolio investors -- eased for a second day on Wednesday despite the central bank supplying $25 million to boost liquidity. Source Reuters Read More

Commodity Retailers Leave Retail Prices Unchanged - Oil prices climbed back up to $51.8pb after 6 days of consecutive losses. This psychologically helped the Naira recover to N387 from a low of N390.Source Proshare Read More  

More, Not Fewer Exchange Rates - The IMF called for an end to multiple currency practices (MCP) in Nigeria in its recent 2017 Article IV consultation with the FGN. Source Proshare Read More  

Total Nigeria Reports Q1 2017 Results - Gross Margin Contracts to 11.2% YoY - This afternoon, Total Nigeria (Total) reported Q1 2017 results which showed that while sales and PBT grew by 35% y/y and 11% y/y respectively, PAT declined by -5% y/y to N2.7bn. Source Proshare Read More  

GTBank Records Net Interest Income Growth of Over 60% in Q1 2017 - GT Bank’s Q1 2017 results which have just been published show that the bank’s full year PBT target of N168bn can be achieved. Q1 2017 PBT of N50bn grew by 64% y/y while PAT more than doubled to N41bn, thanks to a positive result on the other comprehensive income line of N568m (compared with a sizeable loss of –N5.3bn a year earlier). Source Proshare Read More

Power Generation: FG Partners ADB To Fund Coal Initiatives - As the Central Bank of Nigeria (CBN) continues its in its supply of dollars at the foreign exchange market at both the interbank and bureau de change end of the markets, the external reserves of the country has continued to rise, recording a 17.9 per cent increase compared to what it was at the beginning of the year. Source Leadership Read More 

PIB: Nigeria loses $235bn investments amid $9bn debt - Nigeria has lost about $235bn worth of investments on the back of the failure to reform the oil and gas industry, even as the Federal Government struggles to pay up over $9bn cash call arrears to oil firms. Source Punch Read More 

‘With FG intervention, renewable energy can contribute 10,000MW’ - Producers of electricity from renewable sources on Wednesday said they could generate 10,000 megawatts of power from solar, wind and biomass if the Federal Government extended its intervention to operators in the sub-sector. Source Punch Read More 

Power sector needs investments for digital grid – Siemens - The Managing Director /Chief Executive Officer, Siemens Limited Nigeria, Mrs. Onyeche Tifase, has stressed the need for investments in the power sector to achieve digitalisation of the nation’s electricity grid. Source Punch Read More 

Nigeria Needs Infrastructural Backbone to Fix Power Challenges - For Nigerians to benefit from uninterrupted power supply, the government must invest in the right infrastructural backbone that will enable the county generate and distribute sufficient power for all Nigerians. Source Thisday Read More 

American firm opens discussion on Nigeria-Sao Tome oil blocks - ERHC Energy Inc., a publicly traded American company with oil and gas assets in Sub-Saharan Africa, is in discussions with the Nigeria-Sao Tome & Principe Joint Development Authority (JDA), regarding the terms of a new Production Sharing Contract for block two of the Joint Development Zone (JDZ). Source Guardian Read More 

‘Nigeria saves $7b from local content law application’ - The Local Content Act signed into law in  2010 have begun to yeild fruits  as over $7 billion has accrued to the nation’s treasury since the implementation of the Act and the oil industry has become more viable, the Oil and Gas Trainers’ Association of Nigeria (OGTAN) President, Dr. Mayowa Afe, has said. Source THE NATION Read More 

Recall: Insolvency & Restructuring In Nigeria - World Bank reports on the observance of standards and codes principles and guidelines for effective insolvency and creditor rights systems, published in October 2007, identified the following weaknesses in Nigerian insolvency law Source Proshare Read More

NBS Is The NiRA Public Sector Star Website For 2016 and 2017 - The National Bureau of Statistics was awarded the, “Public Sector Star Website Award” by Nigeria Internet Registration Association (NiRA) on 21st of April, 2017 at Lagos Oriental Hotel, Victoria Island Lagos, Nigeria. Source Proshare Read More 

South Africa's rand extends losses ahead of holiday - South Africa's rand stretched early losses to its weakest level in nearly one week on Wednesday as traders closed positions ahead of a national holiday, slipping as much as 1.6 percent 13.2600 per dollar at 1145 GMT. Source Reuters Read More 

Deutsche Bank’s Matherat Says 4,000 U.K. Jobs at Risk in Brexit - Deutsche Bank AG’s top compliance executive said as many as 4,000 U.K. jobs at the lender could be at risk of being moved to other locations as the country leaves the European Union. Source Bloomberg Read More 

World's Biggest Fund Sees Nothing to Like in Canada Stocks - The chief strategist for Canada at BlackRock Inc., the world’s largest money manager, doesn’t see a single attractive sector in the local stock market because oil prices will stay low. Source Bloomberg Read More 

Foreign Banks Reduce Lending to U.K. Commercial Real Estate - North American banks cut new lending for U.K. commercial property by more than half last year as a market slowdown reduced the number of big deals being done. Source Bloomberg Read More 

OPEC Ministers to Meet Russia Amid Push to Extend Cuts - The energy ministers of OPEC members Saudi Arabia and Venezuela plan to meet their Russian counterpart to discuss extending oil-output cuts amid a developing consensus that they should prolong their joint effort to curb supply. Source Bloomberg Read More 

Oil Seen at or Below $40 If OPEC Doesn't Extend Output Cuts - Crude will probably drop to $40 a barrel or below unless OPEC and allied producers extend their collective cuts in output beyond June, according to analysts including the Abu Dhabi Investment Authority’s head of research. Source Bloomberg Read More 

Saudi Arabia Seen Losing Market Share to Iran, Iraq on Oil Cuts - Saudi Arabia, the world’s biggest crude exporter, is losing market share to Iraq and Iran as a result of OPEC’s agreement to curb supplies to bolster prices, according to the head of research at Abu Dhabi Investment Authority. Source Bloomberg Read More 

Ivory Coast Plans $1 Billion Eurobond Sale by End of July - Ivory Coast plans to sell at least $1 billion in Eurobonds by the end of July to raise funds for infrastructure projects, the country’s first issuance of international debt since 2015, according to two people with knowledge of the plans. Source Bloomberg Read More 

Ghana's Economy Expands at Slowest Pace in 26 Years in 2016 - Ghana’s economy expanded at the slowest pace in 26 years in 2016 as a shutdown at oil and gas fields weighed on output. Source Bloomberg Read More 

Austin Okere’s “Five Forces Model” for Analysing the Future of Banking - The foundation of the Fintechs’ disruptive model lies in a peer-to-peer model for transactions, without any middleman or Central Authority in mind. A model that will possibly render the current establishment totally redundant and irrelevant. Source Proshare Read More

Should Central Banks Open up Payment and Settlement Systems to Non-Banks? - The rise of nonbank giants such as PayPal and WeChat is leading central banks to reassess to whom they should allow access to their payment and settlement systems, says a top Bank of Japan official. Source Proshare Read More 

Nigeria requires 80,000 base stations for effective coverage - For Nigeria to join the league of countries that will tap from the enormous potential of Internet of Things (IoT) that rides on 4G and 5G networks, the country will need between 70,000 and 80,000base transmission stations (BTS), the Nigerian Communications Commission (NCC) said yesterday in Abuja. Source THE NATION Read More

FirstBank Sustainability Centre Hosts SME Conference to Drive Made in Nigeria Goods - First Bank of Nigeria Limited, through one of its Sustainability initiatives, the FirstBank Sustainability Centre in partnership with the Lagos Business School is hosting the 2017 SME Conference to drive creativity, innovation and productivity among local manufacturers in Nigeria. Source Proshare Read More 



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