Nigeria in 1min: Economic, Business & Financial Headlines – 020215

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February 02, 2015 7:00 AM / Proshare News

 


NIGERIAN ECONOMY

N350bn spent on South-West roads –Minister - The Federal Government has spent N350bn on road projects in the South-West in the last four years, an amount it says is the highest among the six geopolitical zones. Source Punch Read More
 

Foreign reserves fall to $34.34bn by Jan. 29 - The country’s foreign exchange reserves fell to $34.34 billion by January 29, down by about 20.3 percent from $43.16 billion a year earlier, owing to drawdowns by the central bank to defend the naira. Source Daily Trust Read More
 

FG earmarks N1.3trn intervention grant to universities – Shekarau - The Federal Government has earmarked N1.3 trillion as intervention grant to public universities on the platform of National Economic Empowerment and Development Strategy (NEEDS) Assessment Programme. Source Daily Independent Read More
 

Nigerian economy and financial markets may be challenged in 2015 - Global economic activity and trade picked up substantially within the advanced economies towards the second half of 2013 raising hopes of a much stronger 2014. Source Proshare Read More
 

Staying Afloat in Stormy Waters - A number of events in 2014 had global impact that were defining for developed, emerging as well as frontier economies. The winding up of U.S. bond purchase programme (Quantitative Easing) Source Proshare Read More
 

Oil slump, opportunity to diversify economy —Aganga - The Minister of Industry Trade and Investment, Mr. Olusegun Aganga, says falling oil prices have underscored the crucial need for economic diversification in the nation’s bid to enhance growth and development. Source Punch Read More
 

Nigeria now has 21 functional steel mills – See Distribution - The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, on Thursday said the number of functional steel mills in the country had increased to 21 from less than five a few years ago due to the implementation of the Nigerian Industrial Revolution Plan. Source Proshare Read More
 

Food predominant in manufacturing - A report from the NBS in October 2014 on Nigeria’s manufacturing sector identifies food, beverages and tobacco as the largest sub-sector, with a 52.7% share of output in 2013. Source Proshare Read More
 

Bayelsa Announces N4.3b Savings In 2014 - The Bayelsa State Government has announced the sum of N4.3bn as the balance of funds in the state account at the end of December 2014. Source Leadership Read More
 

Transport Minister Inaugurates Gombe Intercity Train Services - The Minister of Transport, Senator Idris Umar, on Sunday inaugurated the Gombe-Kafanchan-Port Harcourt and Gombe-Kafanchan-Kaduna intercity train services with a call on Nigerians to utilise the services for their economic benefits. Source Thisday Read More
 

NAC Expended N11bn On Industrial Projects Since Inception – DG NAC - The director general of the National Automotive Council (NAC), Engineer Aminu Jalal has disclosed that the automotive development fund has expended N11 billion to fund industrial projects of 30 companies since inception in 2005. Source Leadership Read More
 

We spent N2b to upgrade facilities at MMA2 — Bi-Courtney - Bi-courtney Aviation Services Limited , operator  of Murtala Muhammed Airport Domestic Terminal 2, MMA2, has disclosed that the company has spent about N2billion to  upgrade facilities in the terminal building. Source Vanguard Read More
 



 

POLICY / REGULATIONS
E-payment transactions rise to N35tn —CBN - The value of electronic payment transactions has risen by over 100 per cent to N35tn, new statistics from the Central Bank of Nigeria has shown. Source Punch Read More

 

 
CBN Notifies Banks on Onward Reporting of Fraud in Non-EMV Environments - The occurrence of Card Present Fraud in Non-EMV environments is on the increase, especially when International hybrid cards issued by Nigerian banks are used in non-EMV environments like the USA. It has therefore become necessary for the Bank to issue the following directives; Source Proshare Read More

 

 
CBN Directs Banks to Compute Net Open Position on Daily Basis - Please recall that the Central Bank of Nigeria issued a circular dated October 24, 2014 and referenced BSD/DIR/GEN/LAB/037, titled "Prudential Regulation for the Management of Foreign Exchange Risks of Banks." Source Proshare Read More
 

NDIC begins liquidation of 21 mortgage banks - Nigeria Deposit Insurance Corporation (NDIC) has liquidated 21 Primary Mortgage Banks (PMBs), following the revocation of their operating licences by the Central Bank of Nigeria (CBN). Source Vanguard Read More
 

Nigeria has no business importing tooth picks — Emefiele - Last week Tuesday, the CBN Governor, Mr Godwin Emefiele met with the organised private sector to discuss developments in the foreign exchange market. He gave insights into the continued pressure on the Naira, blaming it on speculative activities of operators. Source Vanguard Read More
 

CBN Moves to Deepen e-Payment System - The Central Bank of Nigeria (CBN) has inaugurated the payment system strategy board, the payment scheme boards, the initiatives working groups and the special interest working groups Source Thisday Read More
 

CBN Mulls Stress-testing Banks - Owing to banks’ exposure to the oil and gas sector in the face of tumbling oil prices as well as the risk management deficiencies revealed by a recent risk-based supervision exercise conducted by the Central Bank of Nigeria (CBN), the apex regulator is broaching the idea of stress-testing banks. Source Thisday Read More

 

 
PUBLIC OFFERS PRIVATE PLACEMENTS

Pharma Deko Extends Rights Issue Closure To February 13th 2015
- The Securities and Exchange Commission (SEC) approved an extension of the Acceptance period of the above Rights issue exercise by two (2) weeks . Accordingly,  the Offer which was earlier scheduled to close on Friday, January 30, 2015 would now close on Friday, February 13, 2015. Source Nairametrics
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CAPITAL MARKET
Sentiment Analysis Report - W/E January 31, 2015 - Analysis of the market activity in the week ended January 30, 2015 technically revealed mixed sentiments along with huge level of distribution as speculative tendency (short term traders) dictated the market pace. Source Proshare Read More
 

Equity Market ends week lower by 0.84% on growing speculative tendency - The equities market closed today on a negative note, as NSE ASI depreciated by -0.27% to close at 29,562.07 basis points, compared with the -0.89% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.70%. Source Proshare Read More
 

Capital market liquidity and transparency gets some more shine - As follow-up of its West African Capital Markets Integration Council (WACMIC) propositions, NSE is poised to push through the initial phase of the sub-programme–support of Direct Market Access (DMA) ahead of the eventual Sponsored Access--in pursuit of greater foreign investment. Source Proshare Read More

 

 
PAC Asset Management Floats N1bn Mutual Fund - Investors in the nation's capital market will, as from next week, have the opportunity to own quality assets in a diversified portfolio with steady returns on investment, as Pac Asset Management Limited, floats N1billion mutual fund called PACAM Balanced Fund. Source Thisday Read More
 

Rewane, Teriba, Salami engage at 1st CSCS 2015 Nigerian economic outlook -  One of the major talking points for Nigeria across the globe is its economy, with the issues of a fall in the global crude oil price, increasing inflation rate, hike in monetary policy rate, devalued currency and the political risks ahead of the general elections. Source WebTVNG Read More

 

 





MONEY MARKET

Naira Exchanges for N210.50/USD1 despite CBN’s Forex Prop-up Effort - The Nigerian Naira continues to trade on the high side despite efforts by the Central Bank of Nigeria to stabilize the rate by increasing forex sales. The currency traded for N210.50 to a dollar. The high naira/dollar exchange rate is compounded by deliberate hoarding of the dollar by some BDCs, making it available to only customers willing to take the tag of the “highest bidder.” Source Proshare Read More
 

Top 10 Nigerian Banks With Exposure to Oil and Gas Sector - The Punch Newspaper carried a story on Friday that Nigerian banks were currently negotiating with Local Oil and Gas majors in a bid to restructure their loans. This is due to the steep fall in the price of crude which has plunged from $115 per barrel in June 2014 to about $48 currently. Source Nairametrics Read More
 

Currency substitution threatens banks’ intermediation role - Nigerian banks may abandon their intermediation role by seeking to gain arbitrage from the current devaluation that has made the currency go beyond the N200/$ psychological level, leading to dollarisation of the economy. Source BUSINESSDAY Read More

 

 
PEOPLE

Jack Ma Reclaims Asia's Wealthiest Crown
- Alibaba Group Holding Ltd. Chairman Jack Ma regained his spot as Asia’s richest person with a higher valuation for the company’s finance affiliate ahead of a stock sale that also created a dozen new billionaires. Source Bloomberg
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PRODUCTS & SERVICES
Proshare 7.0 - Now Analysts and Investors are at Par - It is with great delight that we wish to announce to you our readers and subscribers that the Proshare Website would be getting a makeover coupled with increased flexibility and avenues for engagement on February 2, 2015. Source Proshare Read More
 

Innoson makes Forbes Made-in-Africa cars list - A Sports Utility Vehicle called IVM 6490A, manufactured by Innoson Vehicle Manufacturing Company Nigeria, has made the Forbes Magazine list of three promising cars designed and manufactured in Africa. Source Daily Trust Read More

 





POLITICS

Ngozi Okonjo-Iweala and the Missing Trillions
- I read some of the responses to my article, “Buhari vs Jonathan: Beyond the Election”, and I want to thank everyone who has contributed to the debate. I am glad that the debate has finally taken off. Source Proshare
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On Soludo, Buhari, Jonathan and the 2015 Elections - The firestorm generated by Chukwuma Soludo’s well reasoned commentary on the place of issues in the 2015 electioneering campaign has somehow become the core of the campaign. What a way to come from outside and define agenda. Source Proshare Read More
 

INEC extends PVC collection to Feb 8 - The Independent National Electoral Commission has extended the deadline for collection of Permanent Voter Cards to Sunday,   February 8, 2015. Source Punch Read More
 

 

 

COMMODITIES
Subsidy on petrol now N1.23 per litre - The Federal Government is still subsidising petrol by N1.23 per litre, latest statistics from the Petroleum Products Pricing Regulatory Agency have revealed. Source Punch Read More
 

FG tackles pipeline vandalism with electronic monitors - The Federal Government has started installing electronic monitors to check the vandalism of gas pipelines as part of measures aimed at ensuring regular power supply, the Minister of State for Power, Mr. Mohammed Wakil, has said. Source Punch Read More
 

 

 

 

 

 

 

GLOBAL MARKETS
Asian shares skid as China data disappoints - Asian shares languished on Monday, after the latest gauge of China's factory sector activity raised concerns about the world's second-largest economy. Source Reuters Read More
 

European shares enjoy best month in over 3 years - European stocks dipped on Friday but posted their best monthly performance in over three years, lifted by hopes the European Central Bank's quantitative easing programme will revive the region's economic growth and corporate earnings will bounce. Source Reuters Read More
 

Deflation the danger as China's factories struggle - The risk of global deflation looms large for 2015 as surveys of China's mammoth manufacturing sector showed excess supply and deficient demand in January drove down prices and production. Source Reuters Read More
 

That $1 Billion TransferWise Deal Is Exactly Why Mark Carney Worries About 'An Uber-Type Situation In Financial Services'- Bank of England Governor Mark Carney worries that technology will disrupt the banking and financial services industry in just the same way that it has torn apart newspapers, radio and the postal service. His chief concern is that governments will fail to regulate it until it's too late — "an Uber-type situation," as he put it at the World Economic Forum in Davos last week. Source BUSINESS INSIDER Read More
 

Qatar buys 10% stake in British Airways owner - Qatar Airways has emerged as the owner of a 10% stake in International Airlines Group (IAG), the owner of British Airways (BA) and Iberia. Source BBC Read More
 

The Return of Currency Wars  - The recent decision by the Bank of Japan to increase the scope of its quantitative easing is a signal that another round of currency wars may be under way. The BOJ’s effort to weaken the yen is a beggar-thy-neighbor approach that is inducing policy reactions throughout Asia and around the world. Source Proshare Read More




 

 

 

 

 

 

 

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