Nigeria in 1min: Economic, Business & Financial Headlines – 010317



March 1, 2017 7:10 AM / Proshare News 


GDP Contracts by -1.30% in Q4 and -1.51% for Full Year 2016; Is Nigeria on Its Way Out of Recession? - In the fourth quarter of 2016, the nation’s Gross Domestic Product (GDP) contracted by -1.30% (year-on-year) in real terms, from N18,533.75 billion in Q4 2015 to N18,292.95 billion in Q4 2016. Source Proshare Read More 

Fed Govt records late passage of budget in six years, says FRC - The consistent delay in the passage of budget by the National Assembly is slowing down growth, the Fiscal Responsibility Commission (FRC) has said. Source THE NATION Read More 

Akwa Ibom to commission first pencil factory in Nigeria - In line with its industrialisation drive, Akwa Ibom State government has concluded plans to commission the pioneer pencil factory in the country. Source Guardian Read More 

Development Bank positioned to catalyse SMEs’ growth, says Adeosun - The Minister of Finance, Mrs. Kemi Adeosun has stated that the Development Bank of Nigeria (DBN) is being positioned to galvanise the Small and Medium Scale Enterprises sector for the overall development of the nation’s economy. Source Guardian Read More 

Government, Turkish investors partner to revive moribund Sokoto factory - Conducting the visiting investors round the factory, Managing Director of Sokoto Investment Company, Aliyu Bala Sokoto, said government is determined to bring the company back to its former glory. Source Guardian Read More 

Shippers’ Council Remits N408m To FG in 9 Months - The Nigerian Shippers’ Council (NSC) has remitted N408 million to the federal government between January to September 2016. This was even as the Council recorded 35 per cent performance in the implementation of the 2016 budget between the same periods. Source Leadership Read More 

Nigeria Economy Contracts in 2016 for First Time in 25 Years - Nigeria’s economy shrank for a fourth consecutive quarter in the three months through December and contracted for the whole year, the first such move since 1991. Source Bloomberg Read More 

NAFDAC, SON reduce approval time for MSMEs - The National Agency for Food and Drug Administration and Control and the Standards Organisation of Nigeria have resolved to considerably reduce the period of granting approval to Medium Small and Micro Enterprises. Source Punch Read More 

FG to enforce buying of ‘Made in Nigeria’ products - The Federal Government says it has put plans in motion to enforce the buying of Nigerian products by government agencies. Source Punch Read More 

SEC Seals Up Business Premises of Yuan Dong An Illegal Capital Market Operator - The attention of the Securities and Exchange Commission, Nigeria (SEC) has been drawn to the activities of an Illegal Operator carrying on business under the name of Yuan Dong (YDEC). Source Proshare Read More 

SEC seeks international collaboration on mergers, acquisitions - The Securities and Exchange Commission has expressed its readiness to collaborate with relevant international agencies to ensure that the growth of merger and acquisition options in the country is sustained. Source Punch Read More 


Nigerian Stock Market Closes Negative; Records -0.17% Loss. - Equities market closed today on a negative note, as NSE ASI depreciated by 0.17% to close at 25,329.08 basis points, as against 0.49% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.75%. Source Proshare Read More

DANGCEM Declares N186.6bn PAT in 2016 Audited Results; Proposes N8.50k Final Dividend,(SP:N168.99k) - This morning Dangote Cement (DangCem) published its Q4 2016 results which showed that PBT and PAT grew markedly, by 51% y/y and 259% y/y to N32.2bn and N49.6bn respectively. Source Proshare Read More 

Nigerian Cement: At The End Of The Tunnel? - After a strong first half of 2016, when lower prices stimulated robust volume growth, sustained energy pressures forced sector players to abandon their low-price strategy in mid-August 2016. Source Proshare Read More 

Nigeria's Zenith Bank to seek approval to raise 100 bln naira - Nigeria's Zenith Bank said on Tuesday it would seek shareholder approval next month to raise 100 billion naira ($318 million) via a combination of share or bond sale and global depository receipts. Source Reuters Read More 

Stakeholders Bullish on Green Bond as Global Demand Hits $60trn - Stakeholders in the Nigerian capital market have said the bid by the federal government to raise funds through Green Bonds issuance would be successful given the high demand for the instrument by investors globally. Source Thisday Read More 

Dangote Exports 0.4m Metric Tons Of Cement To Neighbouring Countries - Dangote Cement Plc yesterday disclosed that following continuous increase in its production capacity, it  has finally ended the era of Nigeria’s dependence on importation as the company exported 0.4 million tons of the product to other countries in 2016. Source Leadership Read More 

60% Housing Stock In Nigeria Is Imported – Aliyu - Mallam Ibrahim Aliyu is the chairman of Urban Shelter Limited and former managing director of Nigeria Industrial Development Bank now Bank of Industry. In this interview with CHIKA OKEKE Add New, he regretted that 60 per cent of Nigeria’s housing stock was imported saying that over 70 per cent of workers rent houses. Source Leadership Read More 

Black-Market Attack Is Just a Stopgap Until Nigeria Floats - The rally, sparked by increased sales of foreign-exchange forwards and looser capital controls, is contingent on the central bank continuing to sell down its reserves. And until it devalues or makes a clear switch to a free-floating currency, Africa’s most-populous country will struggle to lure back foreign investors, according to JPMorgan Chase & Co. and Renaissance Capital. Source Bloomberg Read More 

Nigeria Insurers Ready for Takeover Deals as Recession Bites - Nigeria’s insurance industry is poised to enter a period of consolidation as companies struggle to raise cash to meet new regulatory requirements amid the worst economic contraction in more than two decades. Source Bloomberg Read More 

Recession: Acquisitions, mergers loom in insurance sector - The Nigerian insurance sector is set to enter a period of consolidation as insurers struggle to raise cash to meet new regulatory requirements amid the worst economic recession in over two decades. Source Punch Read More

Petroleum products’ importation a fraud, must end –Kachikwu - The importation of petroleum products into the country is a fraud and must be put to an end if the nation is to make progress in the oil and gas sector, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said. Source Punch Read More 

IOCs Spend $5bn On Indigenous Firms’ Capacity Building - Over $5 billion has been spent by International Oil Companies (IOC’s) in a renewed partnership with Local Oil Companies (LOC’s) to strengthen indigenous capacities in the oil and gas industry. Source Leadership Read More 

Oil marketers hoarding, manipulating fuel price — DPR - THE Department of Petroleum Resources, yesterday, threatened to impose severe sanctions against petroleum products marketers engaged in the hoarding and diversion of the products and in the manipulating prices to shortchange motorists. Source Vanguard Read More

FG targets 3m bpd oil production in 5 years – Kachikwu - MINISTER of State for Petroleum Resources, Mr. Ibe Kachikwu, yesterday, stated that federal government was on a crude oil output target of three million barrels of oil per day (bbl/d) within the next five years. Nigeria’s oil output had witnessed a steady growth to over 2.1 bbl/d from the low level of 1.4 bbl/d since suspension of Niger Delta hostilities mid last year. Source Vanguard Read More 

‘$10b yearly investment in oil, gas coming’ - The Federal Government plans to attract $10 billion investment  into the oil and gas industry yearly to bridge infrastructure gap. Source THE NATION Read More 


Available Tenders On Federal Government Projects - Below are the recent Federal Government Tenders for Contracts from the following institutions Source Proshare Read More

South Africa's Nedbank slashes value of Ecobank stake - South Africa's Nedbank booked a $293 million writedown on the value of its stake in sub-Saharan lender Ecobank on Tuesday and reported its slowest growth in annual profit since 2009. Source Reuters Read More 

Soaring food costs send Kenyan inflation sharply higher - Kenya's inflation rate jumped in February, data showed on Tuesday, as acute drought drove food costs sharply higher. Source Reuters Read More 

Tanzania's Vodacom seeks to raise 476 bln shillings in IPO - Vodacom's Tanzanian subsidiary received approval on Tuesday to list on the Dar es Salaam stock exchange and aims to raise 476 billion shillings ($213 million) in the IPO, the market regulator said. Source Reuters Read More 

Sudan inflation rises to 32.86 pct in January -  Sudan's annual rate of inflation rose to 32.86 percent in January from 30.47 percent the previous month, driven by the rising cost of transport and consumer goods and services, the Central Statistics Office said on Tuesday. Source Reuters Read More 

South Africa's January credit growth rises to 5.56 pct y/y - South Africa's private sector credit demand growth rose to 5.56 percent year-on-year in January from 5.1 percent in December, central bank data showed on Tuesday. Source Reuters Read More 

Sydney Home Prices Surge at Fastest Annual Pace Since 2002 - Dwelling values in Australia’s largest city rose at the fastest annual pace in 14-years in February as record-low interest rates outweighed regulatory efforts to avert a housing bubble. Source Bloomberg Read More 

Pay Rises Remain Elusive at Japan's Biggest Banks in Blow to Abe - Prime Minister Shinzo Abe’s goal of reflating the Japanese economy has been dealt a setback as pay rises remain off the table at two of the nation’s biggest banks for a second straight year. Source Bloomberg Read More 

BOJ Cuts Purchases of Shorter-Maturity Bonds as Yields Decline - The Bank of Japan trimmed purchases of shorter-maturity debt in its first bond-buying operation in March, taking advantage of a drop in yields. Source Bloomberg Read More 

China's Factory Gauge Strengthens as Producer Prices Rebound - China’s official factory gauge firmed in February as producer prices rebounded, giving top officials gathering in Beijing a solid economic backdrop as they seek to rein in financial risk. Source Bloomberg Read More 

Australia Avoids Recession as Household Spending, Mining Boost Economy - Australia’s economy expanded faster than forecast in the fourth quarter of 2016 as household savings fell to the lowest level in more than eight years as consumers opened their wallets. Source Bloomberg Read More 

Citigroup Said to Be in Talks for Saudi Arabia Bank License - Citigroup Inc. is in advanced discussions for a banking license in Saudi Arabia, returning after a more than 10-year absence from the kingdom, as the bank looks for ways to capitalize on financial reforms, according to people familiar with the matter. Source Bloomberg Read More 


Active subscribers hit 154.6m - The numbers of active telephone lines rose to over 154.6 million in January, the Monthly Subscriber/Operator Data for January 2017, obtained from the Nigerian Communications Commission (NCC’s) website yesterday, has shown. Source THE NATION Read More 

BoI, Benue Govt Increase SME Funding to N4bn - The Benue State Government and the Bank of Industry (BoI) have agreed to increase the base lending fund to small medium enterprises (SMEs) to N4billion in order to spur rapid economic development in the state. Source Thisday Read More 





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