Nigeria in 1min: Economic, Business & Financial Headlines – 010616


June 1, 2016 6:10 PM / Proshare News 

Nigeria Records Negative Trade Balance in Q1'16 Due to Falling Exports - The total value of Nigeria’s merchandise trade at the end of Q1, 2016 stood at ₦2,723.9 billion. From the preceding quarter value of ₦3,517.4 billion, this was ₦793.5billion or 22.6% less. This development arose due to a sharp decline in both imports and exports. Source Proshare Read More 

External reserves drop to $26.42bn - Nigeria’s external reserves fell by 2.65 per cent to $26.42bn on May 27, the Central Bank of Nigeria statistics showed on Tuesday. Source Punch Read More

Africa's potential economic dividend - Africa has the youngest population globally, with about 200 million people between the ages of 15 and 34. In Africa only three million jobs are created annually. This can only cater for 25% of the annual job demand as 12 million young Africans enter the workforce each year. Source Proshare Read More 

3 Years Of Painful Cuts Sets Markets Up For Serious Supply Crunch - Total global oil production could decline for the next several years in a row as scarce new sources of supply come online. Source Proshare Read More 

Nigeria, World Bank move to review privatised mining firms - The Federal Government and the World Bank are working closely to review the nation’s privatised mining enterprises, the Minister of Solid Minerals Development, Kayode Fayemi, has disclosed. Source Guardian Read More 

Buhari 365 Days in Office: A Year of Hope, Change and Fear - FDC  -  High scores on transparency and average grades on the economy seem to be the consensus opinion on the performance of the Buhari team in its first year in office. Source Proshare Read More 

Kwara reduces bond proposal to N10bn - The Kwara State Government has said that it has reduced the N20bn bond it initially wanted to access from the capital market to N10bn. Source Punch Read More

Local Car Assemblies Supply 75,000 New Vehicles - Director-General, National Automotive Design and Development Council (NADDC), Mr Aminu Jalal, said local assemblers of vehicles contributed 75,000 units to Nigeria’s automobile market in 2015. Source Leadership Read More 

Budget Investment in Infrastructure, Agric will stabilize economy-Osinbajo - Vice-President Prof Yemi Osinbajo has assured that the budget 2016 investment in Infrastructure and Agriculture will stabilize the nation’s economy. Source WEBTV Read More



IOSCO Issues Survey Report on Audit Committee Oversight of Auditors  - The Board of the International Organization of Securities Commissions (IOSCO) today published the Survey Report on Audit Committee Oversight of Auditors, which seeks to help identify audit committee practices that could improve audit quality at publicly listed entities. Source Proshare Read More  

What happens when you issue a Dud Cheque - The Central Bank of Nigeria (CBN) policy on dud cheques mandates all banks to advise their Individual and Corporate account holders to refrain from issuing Dishonoured (Dud) cheques i.e. issuing a cheque against an unfunded account. Source Proshare Read More  


Year-to-date returns slip-back to negative zone as profit-taking hits - The equities market closed today on a negative note, as NSE ASI depreciated by 4.26% to close at 27,671.08basis points, compared with the 0.09% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.39%. Source Proshare Read More

The Nigeria Bond Watch - Review and Outlook @053116 - In our assessment of activities of the review week, the dominant themes were: 1) The CBN’s MPC meeting; 2) Statutory allocation from FAAC; and 3) OMO bills auction and redemption by the CBN. Source Proshare Read More 

Consolidated Hallmark Insurance Declares Three Kobo Dividend - Consolidated Hallmark Insurance Plc, at its 21st annual general meeting, held in Lagos recently, announced 3 kobo dividend per share for its shareholders. Source Thisday Read More 

Jaiz posts N794m profit, appoints Usman as MD - The first Islamic bank in Nigeria, Jaiz Bank plc, has declared N794.2 million as profit before tax for the financial year 2015. Source Daily Trust Read More 

Oil price crash: NNPC owes international oil companies $7bn - The Nigerian National Petroleum Corporation (NNPC) owes its Joint Venture Partners (JVPs) $7 billion due to the crash in global crude oil price. Source Daily Trust Read More 

OPEC output falls in May on Nigeria outages - OPEC’s oil output fell in May from near a record high, a Reuters survey found on Tuesday, as attacks on Nigeria’s oil industry and other outages outweighed increases in Iran and Gulf members. Source Daily Trust Read More 

IPMAN, Star Petroleum Sign 5-Year Petrol Supply Deal - The recent partial deregulation of the downstream sector by the federal government is beginning to take a positive effect as the Independent Petroleum Marketers Association of Nigeria (IPMAN) has expanded its mode of service delivery of petroleum products across the nation. Source Thisday Read More 

Power sector records zero ‘spinning’ reserve - The Nigerian Electricity Supply Industry (NESI) yesterday recorded zero megawatts spinning reserve, which made the grid unstable. Source THE NATION Read More 

Power: NERC bans mass disconnection of consumers - The Nigerian Electricity Regulatory Commission on Tuesday announced an outright ban on the mass disconnection of electricity consumers by power distribution companies across the country. Source Punch Read More 



Asia Stocks Fall With Oil, Copper as Yuan Weakens; Aussie Jumps - Asian stocks retreated with commodities and the yuan weakened as Chinese manufacturing data painted a picture of lackluster growth in the world’s second-largest economy. Australia’s dollar surged to a two-week high after economic expansion beat estimates. Source Bloomberg Read More

Oil Set for Longest Losing Streak in 6 Weeks Before OPEC Meeting - Oil slipped a fourth day, heading for the longest run of declines since April, as OPEC ministers gather in Vienna ahead of a meeting on Thursday to discuss production policy. Source Bloomberg Read More

Technip signs $500 mln deal to refurbish Libya's Bahr Essalam oil platform - French oil services company Technip has signed a deal worth $500 million with a consortium that includes Libya's National Oil Company (NOC) and Italy's oil and gas major ENI to refurbish an offshore oil platform. Source Reuters Read More

South Africa's April trade surplus narrows to 430.5 million rand - South Africa recorded a lower 430.5 million rand ($27 million)trade surplus in April, after a revised 2.03 billion rand excess in March, data from the national revenue agency showed on Tuesday. Source Reuters Read More

Kenya's inflation at 5 pct yr/yr in May - Kenya's inflation fell to 5 percent year-on-year in May from 5.27 percent a month earlier, the Kenya National Bureau of Statistics said on Tuesday. Source Reuters Read More

Nigeria's Barkindo frontrunner to become OPEC secretary-general -  OPEC is likely to choose Nigeria's Mohammed Barkindo, a former head of state oil firm NNPC, as the next secretary-general of the producer group, three sources with knowledge of the matter said on Tuesday. Source Reuters Read More



Telecoms operators spend $40m to site base transceiver stations - Although most of the telecommunications operators in Nigeria have outsourced their Base Transceiver Stations (BTS) to Independent Tower companies in Nigeria, information has revealed that siting a tower usually cost about $40 million. Source Guardian Read More 

Nigeria plays catch-up as Internet value chain approaches $5.8trn - The complete Internet value chain has been estimated to grow by 11 percent annually over the next five years, reaching $5.8 trillion by 2020 as connectivity increases and savvy minds leverage the Internet’s endless opportunities to maximise returns. Source BUSINESSDAY Read More 



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