Nigeria in 1min: Economic, Business & Financial Headlines –010617



June 1, 2017 7:00 AM / Proshare News 

Article IV vs. ERGP - The Third Way - Our Proshare confidential report for the month of May 2017 takes an insightful study into two different medium term economic projections on the Nigerian economy. These projections include the Economic Recovery and Growth Plan (ERGP) and the International Monetary Fund (IMF) Article IV on the Nigerian economy. Source Proshare Read More

Transforming Agric’s Optics via Nollywood - Our final coverage of the AfDB annual meetings in Ahmedabad last week focuses on the “Changing perceptions on Agriculture: The role of the Entertainment Industry” session. Undoubtedly, the perception of agriculture across Africa has been that of survival for the rural poor (i.e. subsistence farming). Source Proshare Read More 

Nigerian Economy Exiting Recession - The Q1 2017 Gross Domestic Product (GDP) figures that the National Bureau of Statistics (NBS) released on Tuesday May 23, 2017 show that the Nigerian economy is on its way out of recession. Source Proshare Read More  

Sustainable Banking as a Driver for Growth: A Survey of Nigerian Banks - Financial services regulators in Nigeria increasingly see sustainable banking as an avenue to promote the sustainable development of the nation. As such, key regulators have established and continue to improve frameworks, guidelines and regulations mandating banking institutions to implement sustainability in their business operations and activities. Source Proshare Read More 

Senate Passes the Nigerian Customs Service Management Act (Repeal and Re-enactment) Bill, 2017 - Today, Senator Hope Uzodinma moved that the Senate do consider the report of the Committee on Customs and Excise on the Nigerian Customs Service Management Act (Repeal and Re-enactment) Bill, 2017 (SB. 247). Source Proshare Read More

Economic shortfall pushes AMfB profit to N700m - Current economic downturn in Nigeria, particularly the disparity between the naira and other major currencies has pushed Accion Microfinance Bank Limited (AMfB’s) Profit before tax to N700 million from N838 million in 2015, a decline, which indicates 17 per cent down from 2015. Source Guardian Read More 

With N49tn Import Bill, FG Looks Inwards for Goods and Services - The federal government wednesday said Nigeria had spent a whopping N49 trillion on imports in 17 years, adding that it has resolved to chart a new course for the country by saving N3.6 trillion in five years through the take off of a new innovation plan targeted at Nigeria’s industrialisation. Source Thisday Read More 

Mining: FG Inaugurates Board of Solid Minerals Devt Fund - The Federal Government has inaugurated the newly-reconstituted Board of Solid Minerals Development Fund (SMDF), even as it approved the appointment of Hajia Fatima Shinkafi as the Executive Secretary, Head of Secretariat. Source Thisday Read More 

China asks FG to tap into $43.5bn fund for economic devt - THE government of the Peoples’ Republic of China has urged the Federal Government of Nigeria to tap into its $43.5 billion fund to enhance the nation’s economic growth. Source Vanguard Read More 

Nigeria Spent N49trn Importing Raw Materials In 15 Years – FG - The federal government has disclosed that between 2000 and 2015, Nigeria spent as much as N49 trillion importing raw materials and products. Source Leadership Read More 

African cities to add 170 million people by 2025 – W’Bank - Lagos, Abuja and other cities in Africa will attract more than 170 million people by 2025, the World Bank has predicted. Source Punch Read More 

Nigeria implements trade agreement with Miami port - Nigeria has commenced the implementation of the trade agreement it entered into with the Port of Miami, Florida, United States of America in 2001. Source Punch Read More 

Kwara plans 5-year tax relief for small businesses - KWARA State government is set to commence a five-year tax relief regime for small business owners in the state. This follows a directive given by Governor Abdulfatah Ahmed to the State’s revenue service to put in motion the tax relief regime as part of the government’s effort to boost entrepreneurship and eradicate poverty in the State. Source Vanguard Read More 

FG spends N423bn on Niger Delta projects- Report - A report presented to the Federal Executive Council (FEC) on Wednesday disclosed that over N423 billion has been spent on projects in the Niger Delta region through the supervising Ministry between 2009 and 2015. Source BUSINESSDAY Read More 

Lagos has 7,000 private schools operating illegally - More than 7,000 private schools are operating in Lagos State, Nigeria’s centre of commerce, without formal approval by the state government. Source BUSINESSDAY Read More 


Nigerian forex reserves fall to $30.49 bln as of May 25: central bank - Nigeria's foreign exchange reserves fell to $30.49 billion as of May 25, the lowest level since April 18 and down 0.87 percent from a month ago, central bank data showed on Wednesday. Source Reuters Read More 

Recession puts CBN’s financial inclusion target at risk - The current economic challenges, which have led to massive job losses in some sectors of the economy, as well as closure of some businesses, are having a negative impact on the financial inclusion target of the Central Bank of Nigeria. Source Punch Read More 


Market Extends 5-Day Gaining Streak by +0.76%; Thanks to Big CAPs - Equities market closed today on a positive note, as NSE ASI appreciated by +0.76% to close at 29,498.31 basis points, as against +0.73% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +9.76%. Source Proshare Read More  

GSK Nigeria Shareholders Approve 30k Dividend, Commend Performance - Shareholders of GlaxoSmithKline Consumer Nigeria (GSK) Plc yesterday approved a dividend of 30 kobo per share recommended by the board of directors for the year ended December 31, 2016. Source Thisday Read More 

Heirs Holdings Board Appoints Nnorom Group CEO - The Board of Heirs Holdings wednesday announced the appointment of Mr. Emmanuel Nnorom as Group Chief Executive Officer. Source Thisday Read More 

Indonesia to buy more crude oil from Nigeria - The Nigerian National Petroleum Corporation (NNPC) said Indonesia has indicated its interest in increasing its purchase of crude oil from Nigeria. Source Vanguard Read More

Senate decries $2.5bn annual loss to gas flaring - The Senate has decried the loss of over $2.5bn to the flaring of estimated two billion standard cubic feet of flared gas annually. Source Punch Read More 

Nigeria’s oil export revenue fell by 30% in 2016 –Report - Nigeria recorded the second biggest decline in oil export revenue among its peers in the Organisation of Petroleum Exporting Countries last year, amid persistent low oil prices and production disruptions. Source Punch Read More 

Power: Oyo signs MoU to generate 1,000 megawatts from wastes - The Oyo State Government is to  generate  1,000 mega watts from wastes  following the signing of a  Memorandum of Understanding(MoU) with some power-generating firms. Source Daily Trust Read More 

Cross River completes 21mw IPP - Cross River State government has now completed its own 21 megawatts Independent Power Plant project started at the onset of Gov Ben Ayade’s administration. Source Daily Trust Read More 

Power: N1.8bn Stalls Clearance Of Transmission Equipment At Port - The remaining  transmission equipment containers at some of the ports in the country are still lying fallow there due to insufficient fund for the Transmission Company of Nigeria (TCN) to facilitate their release Source Leadership Read More 

NBET can now access N701bn power fund – Minister - The N701bn approved by the Federal Government to support power generation companies financially can now be accessed by the Nigerian Bulk Electricity Trading Company, the Minister of Power, Works and Housing, Babatunde Fashola, has said. Source Punch Read More 

Power producers owe gas suppliers N200bn, demand N600bn payment - Power generation companies in the country on Wednesday said gas producers were cutting down supplies to thermal electricity generating plants as a result of the N200bn indebtedness to them by the Gencos. Source Punch Read More 

Nigeria’s Private Jet Owners Spend N30bn On Maintenance Annually - As the number of private jet owners in Nigeria continues to decrease due to economic recession, the remaining 50 per cent who still own the luxury items now spend about N30 billion on maintenance annually. Source Leadership Read More

Barclays set to sell $2 bln stake in Africa business - Barclays will sell shares worth 1.5 billion pounds ($1.94 billion) in Barclays Africa Group, the bank said on Wednesday, marking another stage in its exit from the continent to focus more on the United States and Britain. Source Reuters Read More 

Namibia to spend $12.4 bln on projects in next five years - Namibia will invest 164 billion Namibian dollars ($12.44 billion) over the next five years on plans which include upgrading and revamping hospitals, and building water and energy infrastructure, President Hage Geingob said on Wednesday. Source Reuters Read More 

Kenyan inflation at 11.70 percent year-on-year in May - Kenya's inflation rose to 11.70 percent year-on-year in May from 11.48 percent last month, the statistics office said on Wednesday. Source Reuters Read More 

#Saudi_Aramco signs landmark JV agreement with Lamprell, Bahri & Hyundai Heavy Industries to establish a world-class maritime yard in KSA - Read More 

Asia Stocks Rise as Yuan Strengthens, Oil Rebounds: Markets Wrap - Asian equities rose, as gains in Japan helped offset declines in China, as investors weighed economic data and the possible path for interest rates. The yuan extended gains and oil rebounded. Source Bloomberg Read More 

Japan Launches Rocket With Satellite to Build Its Own GPS - Japan is building its own GPS in hopes of reducing location errors for drivers, drone operators and other users. Source Bloomberg Read More 

Deutsche Bank Plans Asia Wealth Expansion With 50 New Hires - Deutsche Bank AG is stepping up hiring for its Asian wealth-management business as part of a “multi-year” expansion to bolster a unit that has lost key executives and assets in recent years. Source Bloomberg Read More 

Russia's OPEC Deal Extension Hastens Decline of Oil Heartlands- Russia’s deal with OPEC has bolstered state coffers by putting a floor under crude prices, but it’s also had one unintended consequence: depressing output in the nation’s West Siberian oil heartlands. Source Bloomberg Read More 

Libya's Biggest Oil Field Boosts Production, Raising the Country's Output - Libya’s biggest oil field boosted production, allowing the OPEC nation to pump crude at the highest level since October 2014. Source Bloomberg Read More 

Carlyle's $700 Million Africa Fund Is Eyeing Two Deals in Egypt - Carlyle Group LP, one of the world’s largest private equity firms, sees two buying opportunities in Egypt this year after a commodity rout depressed prices in the region. Source Bloomberg Read More 

Canada Bids Farewell to Oil Shock With Its Economy on a Tear - If it wasn’t clear after the six-month run of strong economic data, the latest GDP numbers out of Canada confirm the country has bid adieu to its oil crisis. Source Bloomberg Read More 


Retail & Distribution Space to Converge Due to E-Commerce - The growth of e-commerce and the increasing emphasis on delivery speed as well as pick-up services for retail goods will likely precipitate a convergence of industrial distribution and retail real estate, according to Fitch Ratings. Source Proshare Read More

Disruptive Trends May Roil the Global Auto Industry - The global auto industry is ripe for disruption as a result of changing global demographics, increased urbanization, heightened environmental awareness, growing safety concerns and rapidly evolving technologies, according to Fitch Ratings. Source Proshare Read More  

ACI: Passenger traffic grows by 5.6 % in Q1 - The Airport Council International (ACI) has recorded buoyant demand for air transport across the world’s airports in the first quarter of 2017 with passenger traffic growing by five per cent. Source Daily Trust Read More 

BVN: Cybercriminals target N3tn trapped in banks - Financial technology experts have blamed corruption for the N3tn that trapped in accounts that have not been linked to the Bank Verification Numbers of their owners, and asked the Central Bank of Nigeria to urgently confiscate the funds or risk losing them to cyberattacks. Source Punch Read More 




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