Nigeria in 1min: Economic, Business & Financial Headlines – 291216



December 29, 2016 6:20 AM / Proshare News 


Budget 2017: Power gets N69.96bn - The Federal Government has allocated over N69.96 billion to the power sector in the 2017 budget proposal. Source Vanguard Read More

Wike budgets N470bn for 2017 fiscal year - Governor Nyesom Wike, yesterday, presented a budget of N470 billion for the 2017 fiscal year to the Rivers State House of Assembly for approval. Source Vanguard Read More 

Agric agency budgets N73.54m for local travels - The National Agricultural Seeds Council (NASC) has budget a sum of N65million to be spent on local travels and transport for training purposes in 2017. Source Daily Trust Read More 

FG to spend N1.9bn on sewage, fumigation in 2017 - The Federal Government and some its agencies that are not under the first line charge will spend N1.91bn on clearing of sewage and fumigation in the 2017 fiscal year, investigation has shown. Source Punch Read More

Budget: Raise N2.35tn deficit externally, ACCI tells FG - The Abuja Chamber of Commerce and Industry has called on the Federal Government to avoid raising money from the domestic financial market to fund the fiscal deficit of N2.35tn contained in the 2017 budget. Source Punch Read More

Sokoto proposes N204.23bn budget for 2017 - The Sokoto State Executive Council on Wednesday approved the state’s proposed budget of over N204.23 billion for 2017. Source Daily Trust Read More

Nigeria’s steel sector gets $100m Chinese investment - NIGERIA’s steel production has received a $100 million Chinese investment through HongXing Steel Company Limited. According to the Iron and Steel Senior Staff Association of Nigeria (ISSSAN) Source Vanguard Read More 

Airline Operators Threaten to Suspend Flights over Obsolete Landing Aids - Airline operators have threatened to suspend flights pending when the government would provide modern landing aids that would enable them fly with minimum visibility as obtained in other countries, including West African nations. Source Thisday Read More 

Consumer Price Index Rises By 92% in 2016 - The Consumer Price Index (CPI), which is used to gauge inflation in Nigeria, increased significantly by 92 per cent in 2016, from 9.62 per cent in January, to 18.48 per cent in November. Source Thisday Read More

Untapped Potential of Remittances - On a visit to the Federal Inland Revenue Service last week, a special advisor to the president said, according to local media reports, that inward remittances had reached US$35bn year-to-date. Source Proshare Read More 

Vehicle Importers Rush To Beat Jan 1 Ban Deadline - Activities at the Seme and Idi Iroko land borders are now at fever pitch as vehicle importers and auto dealers are rushing to clear their vehicles (new and used) from the borders in order to beat federal government’s December 31, 2016 deadline for the restriction of importation vehicles to the nation’s seaports. Source Leadership Read More 


SEC Suspends Heritage Capital Markets Ltd - The Securities and Exchange Commission (“SEC”) on Wednesday December 21, 2016 suspended Heritage Capital Markets Ltd together with its Directors and Sponsored Individuals in connection with the unauthorized sale of shares belonging to an investor and its refusal to comply with the Commission’s directives in that regard. Source Proshare Read More 


Stocks start week bullish, extend 2days gaining streak - The equities market closed today on a positive note, as NSE ASI appreciated by 0.76% to close at 26,688.25 basis points, compared with the 0.08% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.82%. Source Proshare Read More 

Integrated Oil seeks govt support for 20,000bpd refinery - The Chairman, Integrated Oil and Gas Limited, Mr. Emmanuel Iheanacho, has stressed the need for the Federal Government to provide enabling environment for operators to ramp up the nation’s refining capacity. Source Punch Read More

Nigeria’s oil sector worse off despite price rise - While global oil benchmark price has risen by over 100 per cent since it hit 13-year lows of below $28 per barrel in January, Nigeria’s oil sector has taken a turn for the worse. Source Punch Read More 

OPEC peers have better deal than Nigeria on deep-water oil exploration - A comparative analysis of the oil fiscal terms of Organisation of Petroleum Exporting Countries (OPEC) has shown that Nigeria’s Production Sharing Contract (PSCs) gives the best concession to oil firms in the country. Source BUSINESSDAY Read More 

Investors Meet in January on Brass LNG, Uncertainty Looms over OKLNG - The chief executives of the Nigerian National Petroleum Corporation (NNPC), Total and ENI are scheduled to meet early next month to decide the fate of the $15 billion Brass Liquefied Natural Gas (LNG) project located on Brass Island, Bayelsa State, THISDAY has learnt. Source Thisday Read More 

Oil Retreats From 17-Month High After Report of U.S. Supply Gain - Oil futures fell from the highest close in 17 months as an industry report was said to show U.S. crude stockpiles climbed last week. Source Bloomberg Read More 

Petronas Eyes New Island for $27 Billion Canada LNG Plan - Malaysia’s Petroliam Nasional Bhd. is seeking to move ahead with a proposed $27 billion liquefied natural gas project in western Canada after identifying a new site for shipping the fuel, a shift that may help reduce costs and quell local opposition. Source Bloomberg Read More 


The Aftermath of Nigeria's Fight Against Corruption: Officials Have Luxury Cars, But Can't Afford Gas - It’s a tough time in Nigeria’s civil service. The government money that sloshed through bureaucrats’ personal accounts until last year has dried up, leaving many facing a novel fate: They have to survive on their salaries. Source Proshare Read More 

Egypt needs 100 cargos of LNG in 2017 worth around $2.2 bln -EGAS source - Egypt's state gas board EGAS has determined that the country needs around 100 shipments of liquefied natural gas (LNG) in 2017 and has already secured 60 shipments through a tender, a high-ranking EGAS official told Reuters on Wednesday. Source Reuters Read More 

Ghana Q3 GDP growth rises to 4 pct yr-on-yr - Ghana's gross domestic product growth in the third quarter of 2016 GDP rose to 4.0 percent year-on-year, up from 3.6 percent a year ago due to increased oil production, the statistics office said on Wednesday.Source Reuters Read More 

Angola's reserves slip to $20.298 billion in November - Angola's net foreign exchange reserves fell slightly in November to $20.298 billion from a revised $20.97 billion in October, data posted on the central bank's website showed on Wednesday. Source Reuters Read More 

Zambia withholding $243 million in tax refunds owed to mining firms - Zambia is withholding 2.4 billion kwacha ($243 million) of the 5 billion kwacha owed to mining companies in tax refunds because the correct documentation has not been provided, the tax authority said on Wednesday. Source Reuters Read More 

Ghana producer inflation rises to 11.9 pct in November - Ghana's producer price inflation (PPI) rose to 11.9 percent year-on-year in November, from a revised 9.7 percent the month before, the statistics office said on Wednesday. Source Reuters Read More 

Consumer Confidence Reaches Three-Month High on Canada's Prairies -Canadian consumer confidence edged higher as sentiment in the energy-producing prairies reached a three-month high, telephone polling shows. Source Bloomberg Read More 

The World’s Richest Made $237 Billion This Year - In a year when populist voters reshaped power and politics across Europe and the U.S., the world’s wealthiest people are ending 2016 with $237 billion more than they had at the start. Source Bloomberg Read More 

Egypt Offers Exchange Rate Relief to Firms Hit by Pound Float - Egyptian companies unable to repay U.S.-dollar denominated debts after the devaluation of the pound will be allowed to negotiate fixed exchange rates with banks. Source Bloomberg Read More 

Abu Dhabi to Permit Short Selling in Attempt to Boost Liquidity - Abu Dhabi is poised to introduce services facilitating short-selling next year as it seeks to boost trading volume and attract foreign investors to the illiquid market. Source Bloomberg Read More 

Ivorian Cocoa Piles Up at Ports as Some Shippers Halt Purchases - Cocoa is piling up at ports and warehouses in Ivory Coast, the world’s biggest producer, after a plunge in futures prices prompted some exporters to suspend purchases. Source Bloomberg Read More 

Rwanda Lowers Key Repo Rate to 6.25%, First Reduction Since 2014 - Rwanda’s central bank cut its benchmark interest rate for the first time in two-and-a-half years to support flagging economic growth as inflation eased in the East African nation. Source Bloomberg Read More 

U.S. Stocks Drop Most Since October, Dollar Gains: Markets Wrap - U.S. stocks fell the most since mid-October in light holiday trading, with the Dow Jones Industrial Average failing anew in its quest for 20,000. The dollar traded at its strongest level in more than a decade and oil closed at a 17-month high. Source Bloomberg Read More 

Dollar Retests 14-Year High as Euro Drops to Near 2016 Low - The dollar rose to its highest of the week before paring gains slightly, trading within striking distance of the Dec. 20 high that was the highest since 2002 as measured by the DXY index, amid sometimes choppy price action, thin liquidity and sporadic order flow. Source Bloomberg Read More 


Report: Over 90% of Africa Has No Internet Access - The internet is one of the most important enablers of social development and education. While internet services have been quite phenomenal in the rest of the world, access to the Internet remains very low in Africa, especially in the rural communities. Source Thisday Read More 






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