Nigeria in 1min: Economic, Business & Financial Headlines –260117



January 26, 2017 7:00 AM / Proshare News 


NESG 2017 Macro Economic Outlook: Focus On The How We Get Out of Recession - The Nigeria economic summit group, a leading economic and business policy advocacy group in the country has projected a 0.6% GDP growth for the nation; signalling a likely recovery from the current economic downturn. Source Proshare Read More

Nigeria 2017 Research Outlook: So Much to Do; So Little Time - The Buhari presidency may have disappointed many Nigerians with the slow pace of change since the formal handover in May 2015. However, it has not changed tack and has persisted with its core policies (diversification of the economy away from oil, fiscal expansion and social interventions). Source Proshare Read More 

Better Macro-economic management,key to Nigeria's recovery-Prof Akpan Ekpo - Economist and Director-General West African Institute for Economic Management(WAIFEM) Professor Akpan Hogan Ekpo has asserted that Better Macro-economic management, will facilitate Nigeria’s recovery from recession and stimulate economic growth in the country. Source Proshare Read More 

FMBN seeks additional N500bn recapitalisation fund - The Federal Mortgage Bank of Nigeria (FMBN) says it has sought for legislative intervention for the upward review of its capital base to N500 billion as endorsed by the National Council on Housing to enable it meet its mandate and adequately provide the needed housing funds for Nigerians. Source Daily Trust Read More 

A small Increase in the FAAC Payout from December Revenues - The total monthly payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government picked up a little in January (from December revenues) from N387bn to N400bn (US$1.31bn). Source Proshare Read More  

Nigeria’s Outlook Downgraded by Fitch Due to Dollar Shortages - Fitch Ratings Ltd. revised the outlook on Nigeria to negative from stable over concerns that a lack of foreign exchange will hamper the economy, and affirmed the west African nation’s rating at B+, four steps below investment grade. Source Bloomberg Read More 

PTML Customs revenue rises by N613.6m - PTML Customs Command, Tin Can Island recorded an increase of N613.6m in its revenue in 2016, data obtained by our correspondent from the command showed. Source Punch Read More 


SEC to develop more commodity exchanges - The Director-General of the Securities and Exchange Commission (SEC), Mounir Gwarzo has restated the commission’s resolve to promote the development of Commodity Exchanges in the country. Source Daily Trust Read More 

CBN to Sell Dollars in Special Auction to Clear Backlogs of Airlines, Others - The Central Bank of Nigeria (CBN) has asked banks to bid in a special currency auction to clear a backlog of dollar obligations that businesses owe, traders said on Wednesday. Source Thisday Read More 


Market Sentiment Turns Positive as NSE ASI Moves Up by +0.09% - Equities market closed today on a positive note, as NSE ASI appreciated by 0.09% to close at 26,240.45 basis points, compared with the 0.05% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.36%. Source Proshare Read More

Nigerian Breweries Plc Issues Update on TMDK Oil Traders and Police Investigation - We hereby confirm that we have become aware of an on-going investigation emanating from a petition written by one of our suppliers, Messrs TMDK Oil Traders. In this respect, we would like to state as follows: Source Proshare Read More 

CBN sold $1.1bn to importers in Nov 2016 - THE Central Bank of Nigeria (CBN), yesterday, said that it sold $1.1billion to 4,328 firms in November with Crown Flour Mills and five fuel importers receiving the largest share. Source Vanguard Read More 

Nigerian banks activated 11.2m accounts in 2016 as dormant accounts hit 31m - Commercial banks in Nigeria have posted a positive record in 2016 in the area of new customers coming on board as total accounts domiciling in the banks grew 13.17 per cent in the year. Source Daily Trust Read More 

FG orders immediate payment of N150bn to fuel marketers - The Federal Government has ordered immediate payment of the N150 billion bridging cost for fuel products’ delivery across the nation owed marketers. Source Daily Trust Read More 

Port Harcourt refinery to generate N1.5tr yearly - The Port Harcourt Refinery Company (PHRC) is projected to generate over N1.5 trillion annually from refined petroleum products when Italian oil company, ENI, concludes its refurbishment. Source Guardian Read More 

NNPC lacks oil trading skills, says GMD - The Group Managing of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru, on Wednesday said the firm lacked international oil trading skills. Source Punch Read More 

No steady power supply unless tariff rises – NERC - The Nigerian Electricity Regulatory Commission on Wednesday declared that without an increase in electricity tariff payable by consumers or an intervention in form of subsidy from the Federal Government to the power firms, the country would not be able to get the steady power supply. Source Punch Read More 

FEC approves completion of Odogunyan power project - The Federal Executive Council on Wednesday approved the completion of the abandoned Odogunyan power project in Lagos state at the revised cost of N3.5bn. Source Punch Read More 


S&P says South Africa needs to deliver growth, fiscal improvements - South Africa's sovereign credit rating could come under pressure if the country's economic growth and fiscal performance do not improve, the head of the sub-Saharan region of S&P Global Ratings said on Wednesday. Source Reuters Read More 

Nigeria's woes won't deter investors from buying dollar bonds - Investors are lining up to buy dollar bonds Nigeria is expected to issue soon despite the country's first recession in a quarter of a century, a currency crisis and budget shortfalls driven by low oil prices. Source Reuters Read More 

Angola's debt lower, but continued fiscal adjustment needed: IMF - Angola's public debt is projected to narrow to 62.8 percent of gross domestic product in 2017, from 71.6 percent last year, the International Monetary Fund said late on Tuesday. Source Reuters Read More 

Ghana producer inflation falls sharply to 4.9 pct in December -Ghana's producer price inflation fell sharply to 4.9 percent year-on-year in December, from 11.9 percent the month before, the statistics office said on Wednesday. Source Reuters Read More 

Egypt Plans Stamp Duty on Stocks Low Enough to Retain Demand - Egypt’s planned stamp duty will be small enough to ensure demand for the country’s equities remains strong, Finance Minister Amr El-Garhy said, adding that the government is committed to a three-year delay on a capital gains tax. Source Bloomberg Read More 

Europe Chomps Most Iran Oil in Years With Supertankers Due in Days - Europe is poised to receive the most Iranian crude in about five years this month in a sign that the Persian Gulf nation may be regaining its share of a market it had lost to sanctions. Source Bloomberg Read More 

Top Forecaster Says Fed to Hike Rates Every Quarter in 2018 - The Federal Reserve is about to go rapid-fire on interest rates, boosting them in the second half of this year and following that with a rise in every single quarter of 2018, according to BNP Paribas SA, which expects the tightening to strengthen the dollar and push gold down toward $1,000 an ounce. Source Bloomberg Read More 

Asian Stocks Extend Rally After Dow Tops 20,000- Asia kept a global equities rally going, with the regional benchmark climbing to the highest level since July 2015 after the Dow Jones Industrial Average topped 20,000 for the first time. Gold continued a selloff while the yen fluctuated. Source Bloomberg Read More 

South Africa Approves 1.3 Million Tons of U.S. GMO Corn Imports - South Africa issued permits to allow total imports of 1.3 million metric tons of genetically modified corn from the U.S. since allowing entry of the grain for the first time in December after the worst drought since records began in 1904. Source Bloomberg Read More 

Sukuk Market Share to Grow Following Resilient 2016 - Fitch - Sukuk issuance in core markets rose by 26% in 2016 and broadly maintained its share of capital markets funding despite large conventional bond issues by Saudi Arabia, Abu Dhabi and Qatar, Fitch Ratings says. We expect sukuk issuance to grow at a similar rate in 2017 and believe market share will rise as more sovereigns issue sukuk alongside conventional bonds. Source Proshare Read More 


Airtel mulls operations cut in Nigeria, 14 other African countries - India’s largest mobile-phone operator, Bharti Airtel Ltd. is considering mergers or stake sales at some of its Africa operations. Source THE NATION Read More 

Vodacom Said to Mull Sale of Shareholding to Black Investors - Vodafone Group Plc’s publicly traded South African unit is considering the sale of a 15 billion rand ($1.1 billion) stake in what would be one of the country’s biggest ever deals aimed at boosting black participation in the economy, according to two people familiar with the matter. Source Bloomberg Read More 






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