Nigeria in 1min: Economic, Business & Financial Headlines – 300816



August 30, 2016 6:50 AM / Proshare News 


External Reserves Rise by $595m as Offshore Investors Stake $327m on Bonds - Nigeria’s external reserves, which have plummeted for about two months, pared some of the losses in recent weeks when they rose by $595 million in just five days to $26.196 billion monday. Source Thisday Read More

Understandable Decline in the FAAC Payout - The total monthly payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government declined by N115bn to N444bn (US$1.46bn) in August (from July revenues).Source Proshare Read More 

China to build $1.85b Kano light rail - China Railway Construction Corporation said it has won a $1.851 billion contract to construct the Kano city light rail. Source THE NATION Read More 

Investors to Inject $14bn into Nigerian Economy - International investors, under the aegis of Greenstone Capital International Africa and Tacnero Global, have announced the approval of $14billion for Nigeria out of the $200billion that would be injected into five African countries. Source Thisday Read More 

Providus Bank Earmarks N100m as NEPC Intensifies Efforts to Boost Non-Oil Exports - The Executive Director, Providus Bank Limited, Mr. Kingsley Aigbokhaevbo said the bank has set aside the sum of N100 million to support the Zero to Export initiative of the Nigeria Export Promotion Council (NEPC). Source Thisday Read More 

Arik, Nigeria’s largest airline hit by fuel scarcity  - Experts in the aviation sector have raised concerns over the failure of the Federal Government to put an end to the recurrent aviation fuel scarcity in the country. Source BUSINESSDAY Read More 

Nigeria’s first integrated produce city berths in Edo - The diversification away from oil is further gaining traction through private sector led intervention as the ground breaking for the first integrated produce city has been executed in Ugbokun community, Edo state. Source BUSINESSDAY Read More 



Fed Govt earns N677.8b in second quarter, says CBN - Federal Government retained revenue for the second quarter of this year stood at N677.88 billion, the Central Bank of Nigeria (CBN) Economic Report for the second quarter released yesterday said. Source THE NATION Read More


Equities market starts week bearish, posts 2.29% MTD loss - The equities market closed today on a negative note, as NSE ASI depreciated by 0.30% to close at 27,368.41basis points, compared with the 0.26% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.45%. Source Proshare Read More

GTI Top-5 Weekly Stock Picks - 290816 - Market Review Marginal gain (+0.87%) by the most capitalised stock (DangCem) on the Exchange helped the equity market to closed in the green on Friday. Source Proshare Read More 

The Nigeria Bond Watch – Review and Outlook @290816 - During the review week, activities in the domestic fixed income market were influenced by: inflows from statutory FAAC allocation and OMO bills auctions by the CBN. Source Proshare Read More 

FX scarcity raises local  input sourcing  to 52%
- The scarcity of foreign exchange in Nigeria is helping companies which supply local raw materials to manufacturers raise margins and capacity, prompting domestic input preference numbers to see an upward movement. Source BUSINESSDAY
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Forex market records unprecedented inflow, as exchange rate moderates at N305/$ - Pressure on foreign exchange rate eased, yesterday, as the interbank market recorded an unprecedented inflow of USD327 million with a single transaction of USD270 million by foreign investors. Source Vanguard Read More 

Nigeria lost N105.9bn to gas flaring in six months - Nigeria lost about $336.33 million in the first half of 2016, as oil and gas companies operating in the country flared 112.11 billion Standard Cubic Feet (SCF) of gas between January and June 2016, according to data obtained from the Nigerian National Petroleum Corporation, NNPC.” Source Vanguard Read More 

PwC to Audit TCN’s Account for First Time in 10 Years - The Transmission Company of Nigeria (TCN) has said that it will open its books to external auditors to review for the first time in the last 10 years. Source Thisday Read More 

Gas Suppliers: Nigeria Not a Good Destination for Investment - Stakeholders in Nigeria’s oil and gas industry have passed a verdict that following the slash in domestic gas supply by more than half due to the Niger Delta crisis, Nigeria is no longer a good destination for investment in the sector. Source Thisday Read More 



Tunisia's state airline to cut 1,000 jobs: minister - Tunisair, Tunisia's state-owned carrier, plans to lay off 1,000 employees or more than 12 percent of its full-time workforce, as part of reform plans, the Transport Minister told Reuters on Monday Source Reuter Read More 

South Sudan seeks $300 mln in external support for budget - South Sudan's government wants $300 million in aid and loans to support its next budget, as it seeks to stabilise the country which has been scarred by civil conflict since achieving independence in 2011. Source Reuter Read More 

South Africa's national carrier asks lenders for $1 billion - South Africa's cash-strapped national carrier plans to raise 16 billion rand ($1 billion) from banks and other financial institutions, a newspaper notice showed, days after saying it could pay its debts. Source Reuter Read More 

Shares in Kenya's two biggest banks fall for third session after rate caps - Shares in KCB Group,, Kenya's biggest bank by assets, and Equity Bank, the biggest in terms of number of customers, fell sharply on Monday for a third consecutive session as investors reacted further to a government move to cap commercial lending rates. Source Reuter Read More 

A Year After $18 Billion Debt Deal, Ukraine Is Hardly Better Off - A year after Ukraine averted default by reaching an agreement with creditors to restructure $18 billion of debt, the country’s bond market is again beginning to veer off course. Source Bloomberg Read More 

U.K. Salaries Weaken as Employers Start to Hesitate Post-Brexit - U.K. job seekers are starting to see the impact of Brexit, with salaries under pressure and companies advertising more contract positions as they resist committing to permanent hiring. Source Bloomberg Read More 

Asian Stocks Buoyed by U.S. Rally as Dollar Rises Before Fischer - Asian stocks rose from a three-week low and South Korea’s won recouped some of the last session’s loss after a rally in U.S. shares bolstered demand for riskier assets. The dollar strengthened versus most peers as investors weighed the odds of a Federal Reserve interest-rate increase. Source Bloomberg Read More


Zinox secures N7.88b European tech fund - Indigenous information communication technology (ICT) giant, Zinox Technologies, has secured $25million (about N7.88billion) counterpart funding with which it intends to roll out three digital hubs across the country. Source THE NATION Read More 





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