Nigeria in 1min: Economic, Business & Financial Headlines – 021116



November 2, 2016 6:20 AM / Proshare News 


Power ministry gets N209bn as capital release details emerge - The Ministry of Power got the highest amount of N209.24bn out of the total N753.6bn capital votes so far released by the Ministry of Finance to Federal Government’s Ministries, Departments and Agencies for the implementation of the 2016 budget. Source Punch Read More 

2016 budget: FG releases 42% of capital vote - The federal government has released the sum of N753.6 billion, or 42 percent, of the total capital budget from May to October, 2016. Source Daily Trust Read More

Adeosun, Udoma, DMO meet as Senate rejects $30bn loan request - The ministries of Finance and Budget and National Planning as well as the Debt Management Office have begun working on the details of President Muhammadu Buhari’s $29.96bn external borrowing plan following its rejection by the Senate on Tuesday. Source Punch Read More 

Govt’s N52b debt stalls farm inputs distribution - The N52 billion owed  agro dealers by the Federal Government under its Growth Enhancement Support (GES) scheme has stalled the distribution of farm inputs to farmers across the country, Chairman, Fertiliser Producer and Suppliers Association of Nigeria (FEPSAN), Thomas Etuh, has said. Source THE NATION Read More

FAAC payout drops by N90b in October - Total payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government decreased by N90 billion in October, from N420 billion in September, FBNQuest has said. Source THE NATION Read More

$150mn Erisco Foods finally announces exit on back of FX crunch - The 450,000 metric-tons capacity Erisco Foods Limited, Nigeria’s largest tomato processor with an investment of $150 million, has announced its planned exit from Nigeria owing to its inability to get foreign exchange with which to import tin plates and concentrates. Source BUSINESSDAY Read More

40% imported electronics, cables substandard – SON - Bose Kehinde, the South-West Regional Coordinator of Standard Organisation of Nigeria (SON), says 40 per cent of the total electrical and electronic appliances imported into Nigeria are substandard. Source BUSINESSDAY Read More

Viable vehicle financing scheme critical to leapfrogging the Nigeria auto industry – pwc - Though the current recession has impacted negatively on Nigeria’s automotive sector leading to a very slow growth scenario, the introduction of a viable vehicle financing scheme could instantly boost sales and ultimately local production. Source Proshare Read More 

Senate Rejects FG’s $30bn Borrowing Plan, Presidency, DMO Defend Loans - The Senate yesterday threw out President Muhammadu Buhari’s request to raise $29.9 billion in foreign loans over a three-year period. Source Thisday Read More 

FG Confirms Sale of GM Foods, Backtracks from Sanctioning Erring Superstores - The federal government seems to have backtracked from sanctioning erring superstores in the country for selling genetically modified foods without authorisation following public outcry, and the subsequent threat by the government to shut down any superstore that contravenes such directive. Source Thisday Read More 

PMI Reading No 43 - A Marked Rebound  - Our manufacturing Purchasing Managers’ Index (PMI), the first of its kind in Nigeria, shows a recovery from 47.9 in September to 52.9. Our partner, NOI Polls, has gathered and compiled the data. Source Proshare Read More 


Stocks Market Retracts to Start November Positive  - The equities market closed today on a positive note, as NSE ASI appreciated by 0.12% to close at 27,252.48 basis points, compared with the 0.27% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.85%. Source Proshare Read More 

Oando Plc Posts N330 Billion Top Line Revenue in YTD September 2016 Results - Oando PLC (referred to as “Oando” or the “Group”), Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, today announced unaudited results for the six months period ended 30 September, 2016, with the following highlights Source Proshare Read More 

Mobil Oil Nigeria Plc - Subdued Q3 but still up for record FY  - MOBIL reported subdued earnings in the traditionally weak Q3. Despite a sizeable jump in retail prices following the liberalization of the PMS market, Q3 revenue came in below previous quarters (including a price-regulated Q1) suggesting to us that volumes must have been very weak during the quarter. Q3 revenue of ₦21.6 billion missed our ₦23.4 billion estimate. Source Proshare Read More 

Dangote Cement Plc - Cost pressures bite harder on earnings - For the first time since Q4’2014, DANGCEM’s overall cement volume declined on quarterly basis, down to 5.4 million MT in Q3 from the historic high of 6.5 million reported in Q2. Source Proshare Read More 

Why the Recession will Grow Nigeria’s Travel & Hospitality Industry - The International Monetary Funds (IMF) predicted in 2015 that Nigeria’s economy will slide into a recession in 2016 by 1.8 per cent. The forecast indicated that our economy will grow at a much slower pace than South Africa’s. Months after the prediction, truly Nigeria slipped into a recession Source Proshare Read More 

UAC of Nigeria Plc - Earnings outperform, 9M'16 PAT up 23% y/y- UACN recorded an impressive 18% y/y revenue growth in the third quarter of 2016, with the topline outperforming Vetiva and Consensus estimates by 14% and 15% respectively. Source Proshare Read More 

Access Bank to Repay 2017 Eurobond from $300m Debt Raised - Access Bank Plc plans to use part of a $300 million eurobond it issued last month to help repay an existing eurobond due to mature next year, the bank said on Tuesday. Source Thisday Read More 

Naira extends gain against dollar - The Naira on Tuesday extended its gains against the dollar across the Forex market. Source Punch Read More 

12,000bpd Azikel refinery to start operations in 2018 - The Azikel Group and Ventech Engineering LLC Houston-Texas, United States, have signed a contract for the construction of the Azikel Refinery, with capacity to process 12,000 barrels per stream per day. The refinery is expected to start operations by 2018. Source Punch Read More 

Oil: Nigeria produced 2.1m barrels today, says Kachikwu - Nigeria’s oil production is nearly back to normal following a sharp drop earlier this year due to rebels attacking pipelines, the oil minister said Tuesday. Source Punch Read More 

NERC fines Port Harcourt Disco N37.5m - The Nigerian Electricity Regulatory Commission has imposed a fine of N37.52m on the Port Harcourt Electricity Distribution Company over its failure to submit audited financial reports since 2013 when a new management came on board. Source Punch Read More 

‘Power sector collapsing over N110bn gas debt’ - Nigeria’s power sector faces an imminent collapse if nothing is done to offset the huge debts owed gas producers and suppliers by power generation companies, Chief Executive Officer, Frontier Oil Limited, Thomas Dada has said. Source Daily Trust Read More 

Seven Energy completes $445m gas deal - Seven Energy International Limited has announced that it has completed the final documentation with its Accugas IV Facility lenders to revise the amortisation profile of its $445 million of the Accugas IV Facility, reducing its near term debt service obligations in 2016 and 2017. Source Daily Trust Read More 

NNPC resolves to deal with marketers individually - The Nigerian National Petroleum Corporation (NNPC) has resolved to deal with oil and gas marketers on individual basis, to avoid litigations over the leadership of the Independent Petroleum Marketers Association of Nigeria (IPMAN). Source Daily Trust Read More 

Shell’s Record BG Deal Starts to Pay Off as Production Surges - Royal Dutch Shell Plc’s biggest takeover, the subject of intense investor scrutiny during crude’s collapse, is starting to pay off as Europe’s largest oil company chalks up its highest profit in five quarters. Source Bloomberg Read More 



Asia Stocks Drop With Mexican Peso as Election Angst Boosts Gold - A global equities selloff deepened in Asian trading and Mexico’s peso weakened as polls indicated a tightening race ahead of next week’s American presidential election. The yen gained with the Swiss franc and gold as investors favored haven assets. Source Bloomberg Read More 

Yuan Gains for Third Day as U.S. Election Jitters Weaken Dollar - China’s yuan headed for its first three-day advance in more than a month as the dollar weakened amid growing market volatility ahead of next week’s U.S. presidential election. Source Bloomberg Read More

IMF sees Zambia's 2016 economic growth steady at 3 percent - Zambia's economy should grow by 3 percent this year, largely unchanged from last year as electricity shortages and subdued private sector investment weigh, the International Monetary Fund (IMF) said on Tuesday. Source Reuters Read More 

South Africa doing well if you strip out growth: Moody's - South Africa measures favourably in most indices bar economic growth, which the Treasury has forecast will be 0.5 percent this year, a Moody's representative said on Tuesday. Source Reuters Read More 



Make a difference, with your ideas.-Dr (Mrs) Awele Elumelu - At the opening session of the Tony Elumelu foundation entrepreneurship forum, a trustee and wife of the founder, Dr (Mrs.) Awele Elumelu charged the 1,000 #TEFforum2016 batch to make a difference with their ideas. Source Proshare Read More 





#TEFforum 2016:Empowering African Entrepreneurs

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