Nigeria in 1min: Economic, Business & Financial Headlines – 301216



December 30, 2016 7:00 AM / Proshare News 


Ambitious Spending Plans in 2017 Will Not Be Realised  - We see little prospect of the NGN6.7tn budget shown to parliament by President Muhammadu Buhari in October being realised in 2017, despite the deficit likely to remain quite wide, at 2.7% of GDP according to our forecasts. Source Proshare Read More 

Budget 2017: S-South, S-East get N52.8bn for road projects - The Federal Government has allocated N6.55billion for the completion of the East-West Road project in the Niger Delta Ministry budget for 2017 fiscal proposal. Source Vanguard Read More

Ajimobi presents N207bn ‘budget of self reliance’ for 2017 - GOVERNOR Abiola Ajimobi of Oyo State has presented a budget of N207,671,495,300 for 2017 fiscal year to the State House of Assembly. Source Vanguard Read More 

Ahmed presents N135b budget estimate - Kwara State Governor Abdulfatah Ahmed yesterday presented an Appropriation Bill of N135.3 billion for 2017 fiscal year to the House of Assembly. Source THE NATION Read More

Consumer Effective Demand Negatively Affected By Festive Spending - The events of 2016 have rattled the average consumer to say the least and now the question on everyone’s mind is ‘are the economic realities of 2016 to persist in 2017? Source Proshare Read More

Oil-Driven Recovery Will Be Muted in 2017, Investment Lustre Will Be Slow To Return - Nigeria will return to growth in 2017 as oil prices rise and production picks up once more, but the recovery will be weaker than we previously anticipated. Source Proshare Read More

A fourth Relief Programme for the States - The financial health of the state governments, Lagos and one or two others excepted, can be measured by the monthly distributions by the Federation Account Allocation Committee (FAAC) to the three tiers of government. Source Proshare Read More 

Forex, import ban threaten N1trn customs revenue target - The Comptroller General of Customs (CGC), Col. Hameed Ali (Rtd) at the International Customs Day on January 26 said the Service had targeted a one trillion naira revenue generation in 2016. Source Daily Trust Read More 

N550bn export fund dormant — NEXIM co-ordinator - The Regional Coordinator, Nigerian Export Promotion Council, North West, Abdullahi K. Mamman, has said the N550 billion export fund provided by the federal government to boost businesses in the country is lying dormant. Source Daily Trust Read More 

Bleak 2016 as manufacturers battle for survival in 2017 - Like sentiments expressed by many Nigerians, operators in the nation’s real sector have described activities in the industry in 2016 as bleak, going by the financial losses suffered during the year, while uncertainty clouds expectations in 2017. Source Guardian Read More 

Terminal operators blame smuggling on high tariffs - THE Seaport Terminal Operators Association of Nigeria (STOAN) has blamed the huge volume of vehicles smuggled into the country on high import tariff on imported vehicles. STOAN’s spokesperson, Mr. Bolaji Akinola who disclosed this in a statement, said the rate of smuggling in Nigeria especially of vehicles was alarming. Source Vanguard Read More 

FG Urged to Review Airport Charges to Save Airlines from Extinction - President of Lagos Chamber of Commerce and Industry(LCCI) Chief (Mrs). Nike Akande has appealed to the federal government to review the exorbitant charges on airlines so that they would not go under in this period of economic recession. Source Thisday Read More


Proposed Amendments to Laws Affecting Investment in Nigeria - Further to the resolution passed at the 1st Quarter CMC to review extant laws which affect the investment climate in Nigeria, three Committees were constituted by the Commission in June 2016 to review the following legislation. Source Proshare Read More 

Hong Kong's Securities and Futures Commission Bans Lam Yuk Wai for Life - The Securities and Futures Commission (SFC) has banned Mr Lam Yuk Wai, a former staff of HSBC Broking Securities (Asia) Limited, HSBC Broking Futures (Asia) Limited, HSBC Broking Futures (Hong Kong) Limited and HSBC Broking Forex (Asia) Limited (collectively, HSBC Broking), from re-entering the industry for life (Note 1). Source Proshare Read More

Nigeria imports rice, wheat with N1tr annually, says CBN - Central Bank of Nigeria (CBN) Governor Godwin Emefiele said yesterday that Nigeria spends the equivalent of N1trillion in foreign exchange annually to import rice and wheat. Source THE NATION Read More 

CBN, SEC issue guidelines on securities settlement - The Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) yesterday issued guidelines for the settlement of all types of securities in Nigeria. Source BUISNESSDAY Read More 


38 out of 47 Stocks Listed Between 2008 and Now Trade Below Their Listing Prices - The Nigerian IPO market is yet to get out of its doldrums considering the volumes of IPOs witnessed in the market between 2006 and 2008. Source Proshare Read More

7 Stocks With PE Ratio Within Average Market Acceptable Ratio - As microeconomic fundamentals continue to display bleak outlook with strong indication of further slides, taking investment decisions become tough in such an economy, particularly in the equities market. Source Proshare Read More 

Investors remain bullish as MTD returns hits 6.11% - The equities market closed today on a positive note, as NSE ASI appreciated by 0.35% to close at 26,782.93 basis points, compared with the 0.76% appreciation recorded previously. Source Proshare Read More 

Strong Year for New Listings at Nasdaq’s Nordic Markets - Maintains Position as Leading Hub for SME - Nasdaq (Nasdaq: NDAQ) welcomed 94 new listings to its Nordic markets* in 2016, including both large cap IPOs and a particularly strong inflow of small and medium sized companies (SMEs). Source Proshare Read More 

NAICOM granting unnecessary waivers to insurance firms – Workers - The crisis rocking the National Insurance Commission has assumed a new dimension with the workers’ union accusing the management of granting unnecessary waivers to defaulting insurance companies. Source Punch Read More 

Nigeria sells $1 bln to help clear backlog in biggest dollar sale since June - Nigeria's central bank sold about $1 billion on the forward market last week to clear a backlog of dollar obligations in selected sectors, traders said on Thursday, its largest special auction since a currency peg was removed in June. Source Reuters Read More 

MINT fails to print small naira denominations - The the Nigeria Security Printing and Minting plc (NSPM) has not printed the small naira denominations for about a year, causing the scarcity of the notes in the economy, the News Agency of Nigeria, said. Source THE NATION Read More 

Naira among four worst global currencies in 2016 - The naira was said to have lost 36.68 per cent of its spot returns for the year, while the Egyptian pound, Suriname dollar and Venezuela bolivar’s currency spot returns dropped by 58.84 per cent, 46.68 per cent and 37 per cent, respectively, for the period. Source Punch Read More 

NNPC says airlines can’t pay for aviation fuel - The Nigerian National Petroleum Corporation on Thursday said the hardship in the aviation sector was not due to the scarcity of Jet-A1, but was partly because of the inability of the airlines to pay for the product. Source Punch Read More 

NNPC approves partial closure of $546m OKLNG - THE Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Maikanti Baru, has approved the partial closure of the Olokola Liquefied Natural Gas, OKLNG, project with effect from December 31, 2016 Source Vanguard Read More 

Power Sector Liquidity Crisis Worsens As Debt Owed GENCOs Hits N460bn - The liquidity crisis that has engulfed the power sector may be heading for the worst as debts owed the GENCOs has now hit N460 billion. Source Leadership Read More 

Power generation hits 4,000MW - After hovering around 3,000 megawatts for about 10 weeks, the country’s total generated power crossed the 4,100MW mark on Monday, December 26, 2016. Source Punch Read More 


Kenya's inflation at 6.35 pct year-on-year in December- Kenya's inflation rate fell to 6.35 percent year-on-year in December from 6.68 pct year-on-year in November, the statistics office said on Thursday. Source Reuters Read More 

Algeria ends 2016 with $114 bln of foreign reserves - PM - Algeria will end 2016 with $114 billion of foreign reserves, but its oil and gas earnings will drop to $27.5 billion from $35.7 in 2015 and $60 billion in 2014, Prime Minister Abdelmalek Sellal told state TV late on Wednesday. Source Reuters Read More 

Rates on Uganda's 3-year and 15-year Treasury bonds up at auction- Yields on Uganda's three-year and 15-year Treasury bonds rose at this week's auction where a total of 160 billion shillings ($44.38 million) worth of debt was on offer. Source Reuters Read More 

SEC investigates banks that sold Mozambique's "tuna bond" - WSJ - The U.S. Securities and Exchange Commission (SEC) is investigating the sale of $850 million in bonds issued by Mozambique by Credit Suisse, Russia's VTB Group and BNP Paribas, the Wall Street Journal reported on Wednesday. Source Reuters Read More 

U.S. refiners face severe labour shortage for deferred maintenance - U.S. Gulf Coast refiners are lining up repairs to plants in 2017 but facing a severe labour shortage that could delay work, drive up costs and raise accident risks, report said on Thursday. Source BUSINESSDAY Read More

A Year in China Markets: Yuan Down, Stocks Down, Bonds Faltering - The yuan: down the most since 1994. Stocks: down the most since 2011. Bonds: clinging on to the smallest return in three years. But for some assets at least, strategists see prospects of a turnaround. Source Bloomberg Read More 

RBI Warns of Stress as Indian Banks’ Bad Loans Hit 14-Year High - Bad debts at Indian lenders, especially those in the dominant state-run sector, have climbed to a 14-year high and could swell further, putting a strain on their capital buffers and profitability, a central bank study showed. Source Bloomberg Read More 

Euro Climbs Along With Oil as Japan Stocks Decline - The euro spiked higher as the dollar weakened for a second day and oil advanced in thin end-of-year trading. Japanese stocks headed toward their first annual loss since 2011 while Hong Kong shares rallied. Source Bloomberg Read More 

U.S. Steel to Restart Idled Plant, Call Back 202 Employees - U.S. Steel Corp. said it will restart production at an idled plant and call back employees following an agreement to supply iron-ore pellets to third-party customers. Source Bloomberg Read More 

Hong Kong Car Park May Fetch $2.2 Billion in Commercial Sale - Hong Kong’s government has announced the first sale of commercial land in the city’s central business district in more than 20 years. Source Bloomberg Read More 

Saudi Non-Oil Economy Suffered as Kingdom Cuts Spending - Saudi Arabia’s austerity drive to counter the impact of low oil prices came at a cost. Domestic demand has been hurt by lower spending on infrastructure projects and cuts in public servants’ bonuses, leaving economic growth dependent on the oil sector. Source Bloomberg Read More 

Shale Drillers Promise No 2017 Binges as Oil Hangover Eases - Shale oil companies are ready to play chicken with supply and demand again. Source Bloomberg Read More 


Glo dominates new Internet subscription in October  - Telecoms firm, Globacom, has emerged the only network that recorded an increase in its Internet subscription in October, 2016. This was revealed in the latest review published by telecom industry regulator, the Nigerian Communications Commission (NCC) for the month. Source Guardian Read More 





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