Nigeria in 1min: Economic, Business & Financial Headlines – 011216



December 1, 2016 6:30 AM / Proshare News 


FEC approves 2017 Budget; document to be laid before NASS soon - THE Federal Executive Council, FEC, yesterday, approved the 2017 budget estimates, though details of the document were not made available. Source Vanguard Read More

The Slow Boat to FX Reform - Nigeria’s proposed floating exchange-rate regime will not emerge until large and steady supplies of fx from autonomous sources complement the CBN’s modest sales to the market. Source Proshare Read More 

Ericsson sacks 160 Nigerian workers, takes jobs to India - Ericsson Nigeria, the local subsidiary of the global telecommunications solutions provider, has disengaged about 160 permanent and outsourced workers in its Network Operating Centre, investigations have shown. Source Punch Read More 

14 % Interest Rate Affecting Local Manufacturers – MAN - The Manufacturers Association of Nigeria (MAN) has complained that local production in Nigeria has been made weaker by the country’s decision to stick to its 14 per cent interest rate amid economic stagflation. Source Leadership Read More 


NDIC raises insurance cover for PMBs by 150% - The Nigeria Deposit Insurance Corporation (NDIC) has increased the deposit insurance coverage for Primary Mortgage Banks (PMBs) by 150 per cent to N500,000. Source THE NATION Read More

NCC Suspends Directive on Data Segment Price Floor  - Following the concerns that visited the directive to introduce price floor for data segment of the telecommunications sector beginning from December 1, 2016, the Nigerian Communications Commission (NCC) has suspended any further action in that direction. Source Proshare Read More


Stocks end November bearish, post N660.36bn loss  - The equities market closed today on a positive note, as NSE ASI appreciated by 0.03% to close at 25,241.63 basis points, compared with the 0.34% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.87%. Source Proshare Read More 

OPEC cuts daily oil output by 1.2m barrels - The Organization of Petroleum Exporting Countries (OPEC) has agreed to cut daily oil production by 1.2 million barrels starting from January, 2017. Source Daily Trust Read More 

Oil price rises by 8% - The Organisation of the Petroleum Exporting Countries, OPEC, agreed to cut production to 32.5 million barrels per day, Kuwait’s oil minister said. The cuts include Iraq reducing output by 200,000 bpd to 4.351 million bpd beginning in January. Source Vanguard Read More 

Power sector loses 4,368Mw to vandalism - The Nigeria Electricity Supply Industry (NESI) yesterday suffered a colossal setback losing 4,368 mega watts (Mw) as a result of vandalism of gas pipelines. Source THE NATION Read More 

Ghanaian power firm coming to Lagos - A Ghanian company plans to establish a wiring and transmission equipment factory in Lagos this month to improve power supply in the country. Source THE NATION Read More 

Ikeja Electric Blames Slow Pace of Metering on Forex Scarcity - There is no end in sight for the estimated billings being slammed on electricity consumers under the Ikeja Electricity Distribution Company as the company has insisted that it cannot continue its metering scheme under the present high cost of foreign exchange. Source Thisday Read More 


2016 Results - Stress Testing the UK Banking System - The 2016 stress test incorporated a synchronised UK and global recession with associated shocks to financial market prices, and an independent stress of misconduct costs. Source Proshare Read More 

Anglo American to exit stake in South African miner Exxaro - British miner Anglo American Plc said on Wednesday it would sell its stake in South African diversified miner Exxaro Resources Ltd and use the proceeds to reduce debt. Source Reuters Read More 

Algeria's Sonatrach boosts gas production, sales to Italy - Sonatrach boosted natural gas sales to Italy by 140 percent in the first 10 months of the year as Algeria looks to bolster energy exports after years of stagnation, two senior officials from the state company said. Source Reuters Read More 

AFDB to lend Tunisia up to 2 bln euros over next five years - The African Development Bank (AFDB) will lend Tunisia between 1.5 billion euros and 2 billion euros ($1.6 bln-$2.1 bln) over the next five years, the bank's North Africa director Jacob Kolster said on Wednesday. Source Reuters Read More 

Angola central bank leaves benchmark lending rate unchanged at 16.0 pct - Angola's central bank kept its benchmark lending rate unchanged at 16 percent, it said on Wednesday, saying a slowdown in headline inflation was one reason for the decision. Source Reuters Read More 

Kenya inflation up at 6.68 percent year-on-year in Nov - stats office - Kenya's inflation rate edged up to 6.68 pct year-on-year in November from 6.47 per cent in October, the statistics office said on Monday. Source Reuters Read More 

Emirates Group half-year net profit down 64% to $364 million - The Emirates Group has announced its half-year results for 2016-17. The Group held steady on revenue, but profit was hit by the double impact of a strong US dollar and challenging operating environment for the airline and travel business. Source BUSINESSDAY Read More 

Kenya Plans First Nuclear Power Plant at $5 Billion Cost - Kenya plans to begin constructing its first nuclear power plant at a cost of $5 billion by 2021 as the country seeks to bring down the cost of electricity. Source Bloomberg Read More 

Global Bonds Suffer Worst Monthly Meltdown as $1.7 Trillion Lost - The Bloomberg Barclays Global Aggregate Total Return Index lost 4 percent in November, the deepest slump since the gauge’s inception in 1990. Gathering U.S. economic momentum and Donald Trump’s election win -- with promises of tax cuts and $1 trillion in infrastructure spending -- spurred investors to dump debt that was offering near-record-low yields and pile into stocks. Source Bloomberg Read More 

Asian Stocks Rise Most in Three Weeks on Oil Deal as Bonds Drop - Asian equities rallied the most in three weeks as a deal to cut global oil output lifted energy shares, while evidence of strength in the U.S. economy sank bonds and supported the dollar. Source Bloomberg Read More 



BoI disburses N5bn to SMES in agro-processing sector - THE Bank of Industry on Wednesday put the funding support to about 242 entrepreneurs in the North-Central region at N5bn. Source Punch Read More 


MTN Chairman Sells $8.8 Million of Shares Ahead of CEO’s Arrival - MTN Group Ltd. Executive Chairman Phuthuma Nhleko sold shares worth about 123 million rand ($8.8 million) as he prepares to hand over the day-to-day running of Africa’s biggest wireless company to incoming Chief Executive Officer Rob Shuter. Source Bloomberg Read More

Telecoms: Call tariff down 67% in 10 years - Despite the rising cost of doing business over the years, the Nigeria telecommunication industry has recorded a deliberate heavy reduction in cost of making calls in the country in the last 10 years. Source Daily Trust Read More 

Nigeria records $200m FinTech investment in two years - NIGERIA has recorded over $200m in Financial Services Technology in the last two years, industry experts have said. Source Punch Read More 

World Bank to invest $6.4trn in clean tech - The World Bank Group said it would invest about $6.4 trillion over the next 10 years in clean technology businesses. Source Guardian Read More 





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