Nigeria in 1min: Economic, Business & Financial Headlines – 050116



January 5, 2016 7:00 AM / Proshare News


The 2016 Budget, Nominal and Real Oil Prices - On Tuesday, 22nd December, 2015, President Buhari finally unveiled the 2016 Budget of Change. In several respects, the budget is bodacious: a blend of the bold and the audacious. The presentation of Buhari’s Bodacious Budget (The Triple B) has focused more on the attempt to walk the talk on the electoral poll change trinity of security, economy, and corruption. Source Proshare Read More

Masari presents N111.4b budget - KATSINA State Governor, Aminu Bello Masari, has presented a budget of N111.4 billion for the year 2016, stressing that the budget would go a long way in developing the state Source Guardian Read More

Niger revenue drops by over 50%, says gov - THE Governor of Niger State, Abubakar Bello, on Monday, disclosed that the revenue accruable to the state from all sources has dropped by more than 50 per cent. Source Punch Read More

PMI reading no 33: healthy and flattish - The latest report for our manufacturing Purchasing Managers’ Index (PMI) shows a very small decline from 54.4 in November to 54.2. Our partner in this exercise, NOI Polls, has compiled the data. Source Proshare Read More

December 2015 PMI is well above water for now - We release today the latest reading (no 33) of our manufacturing Purchasing Managers’ Index (PMI) for Nigeria, which takes the temperature of the sector. Our PMI, which was the first in Nigeria, joins a number of existing surveys of business and consumer confidence and expectations. It has become a core forward indicator for analysts, policymakers and financial market players.  Source Proshare Read More

IMF pledges to strengthen growth of Africa’s economy - THE Managing Director of International Monetary Fund (IMF), Ms. Christine Lagarde, has promised that her visit to African countries would strengthen and promote the growth of their economies. Source Guardian Read More

Ambode signs Lagos 2016 budget, assures full implementation - Lagos State Governor Akinwunmi Ambode yesterday signed the N662.588 billion year 2016 Appropriation Law and assured the people of the state that the budget would be faithfully implemented in line with the determination of his administration to make the work for all. Source Daily Trust Read More


Power supply stable for five days at 4,143.87Mw - The Nigeria Electricity Supply Industry (NESI) recorded stable power supply of 4,143.87Megawatts  from the Transmission Company of Nigeria (TCN) for five days. Source THE NATION Read More


SEC Publishes List of Qualified CMOs after Verification Exercise - In exercise of the powers conferred on it by the Investment and Securities Act (ISA) 2007, the Securities and Exchange Commission hereby releases the list of Capital market Operators that complied with new minimum capital requirement after capital verification exercise. Source Proshare Read More

CBN Invites Financial Institutions to Make Payment of Annual Licence Renewal Fee through e-Channels - Further to the Central Bank of Nigeria Cashless Initiative aimed at promoting electronic mode of payment with associated cost saving benefits, we wish to invite Financial Institutions to make their annual licensing renewal payments through electronic channels. Source Proshare Read More

NSE Releases Effective Date of New Rule on Direct Cash Settlement - Please be advised that The Exchange has received the Securities and Exchange Commission’s approval to the Rule set out below. Source Proshare Read More

CBN cuts BDCs’ dollar sales to $10,000 - The Central Bank of Nigeria (CBN) will on Wednesday sell $10,000 to each of the 2,839 bureaux de change (BDC) operators it approved last week. Source THE NATION Read More

Nigerian Stocks shed above 200 points, start 2016 bearish - The equities market closed today on a negative note, as NSE ASI depreciated by 0.95% to close at 28,370.32basis points, compared with the 3.11% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.95% Source Proshare Read More

FMDQ OTC to list Islamic bonds in 2016 - FMDQ OTC Securities Exchange Plc, said it planned to list Islamic bonds on the floor of the Nigerian Stock Exchange in 2016 to deepen the nation’s Debt Capital Market (DCM) Source BUSINESSDAY Read More

FMDQ OTC Exchange Records N130trn Transactions in 11 Months - The FMDQ OTC Securities Exchange recorded a turnover of N130 trillion between January and November  2015. Market turnover report obtained by THISDAY showed that transactions were  across  all products lines on  the FMDQ secondary market. They include: Foreign Exchange (FX), Treasury Bills (T.bills), Bonds (Federal Government of Nigeria (FGN) Bonds, Other Bonds (Agency, Sub-national, Corporate & Supranational)& Eurobonds), Money Market (Repurchase Agreements (Repos)/Buy-Backs and Unsecured Placements/Takings). Source Thisday Read More


Naira weakens further to 265 against dollar - The naira extended its losses against the United States’ dollar on Monday at the parallel market, falling to 265 from 263 on Sunday. Source Punch Read More

BoI pledges to support local sugar industry - Going by the Federal Government’s plan to diversify the Nigerian economy away from petroleum products, the Bank of Industry (BoI) has resolved to inject more funds into Nigeria’s sugar sub-sector as part of efforts to promote the local industry, which has attracted almost $3 billion investment in the last three years. Source BUSINESSDAY Read More

ASHAKACEM Appoints Mr Peter Hoddinot as a Non-Executive Director - ASHAKACEM informs the Nigerian Stock Exchange that a Non-Executive Director of the company Mr. Guillaume Roux, has resigned his appointment on 30th November, 2015 and has been appointed by the Board as his replacement with effect from 30th November, 2015. Source Proshare Read More

CORNERSTONE Appoints Mr. Steve Iwenjora as a Non-Executive Director; Dr. Okechukwu Enelamah Resigns - Kindly be informed that the Board of Directors of cornerstone insurance PLC at its meeting held accepted the resignation of Dr. Okechukwu Enelamah from the Board of Directors. Dr Enelamah was a non-Executive Director of the Company prior to this resignation. Source Proshare Read More

MRS Appoints Mr. Andrew Gbodume as Managing Director Effective January 1, 2016 - Following the resignation of Mr. Paul Bissohong as managing Director, from the Board of the Company and subsequent secondment, back to the Group, the Board approved the appointment of Mr. Andrew Gbodume as the Managing Director, effective January 1, 2016. Source Proshare Read More


Telcos Subscriber Figures Rise 11.9% In 12 Months – NCC - Mobile telecommunications operators have reported 11.9 per cent rise between September 2014 and September 2015 in their subscriber figures according to the latest statistics released by the Nigerian Communications Commission (NCC) on its website. Source Leadership Read More

Abia Gov Tussle: Ikpeazu Heads For Supreme Court - Abia State governor Okezie Ikpeazu and his party, the Peoples Democratic Party (PDP) have approached the Supreme Court, asking it to set aside the verdict of the Court of Appeal which   voided his election and declared Alex Otti as the winner of the governorship election Source Leadership Read More


Insolvency: NNPC owes IOCs $2.84bn in 11 months - The insolvency of the Nigerian National Petroleum Corporation, NNPC, has been brought to the  fore, with its inability to fund its obligation to International Oil Companies (IOCs),  as it owes its Joint Venture (JV) partners $2.839 billion, about N567.76 billion, between January and November 2015. Source Vanguard Read More

Local refineries process seven million barrels of crude - Gas flaring hits 775.1 million scfpd Port Harcourt refinery.[/caption]THE four refineries in the country processed about seven million barrels of crude in 11 months, against 146.8 million barrels for that period based on their combined installed output capacity of 445,000 barrels per day. Source Guardian Read More

China’s steel output drops with more cuts on the way - STEELMAKERS in China, the world’s largest supplier, are cutting production yet again as faltering demand and a collapse in prices show no signs of abating. Source Guardian Read More

Oil rises on Saudi-Iran tension - Oil prices rose on Monday after a breakdown in diplomatic ties between Saudi Arabia and Iran that some speculated could result in supply restrictions, although gains were tempered by data showing some of Asia’s largest economies are struggling. Source Daily trust Read More

Marketers justify selling petrol above N86.50 - The reason why many filling stations across the country have refused to comply with the Federal Government’s directive to sell a litre of petrol for N86.50 as against the old pump price of N87 is because most of them had stockpiled the product in anticipation of a likely price increase by the government. Source Punch Read More

India ups demand for Nigeria's crude, remains largest buyer - The value of Nigeria's crude oil export to India rose by N31 billion, from N352bn in the second quarter (Q2) to N383bn in the third quarter (Q3) of 2015, the National Bureau of Statistics (NBS) said in a report. Source Daily Trust Read More

Marketers defy Fed Govt directive on new pump price - From Harcourt in Southsouth to Damaturu in Northeast; Owerri in Southeast and Akure in Southwest, the story was the same yesterday.  Filling stations defied the Federal Government directive on the new price regime it introduced for petrol. They sold above the approved pump prices of N86 and N86.50. Source THE NATION Read More

Gold Advances for Second Day as Investors in `Risk-Off' Mode - Gold rose for a second day as a global equity rout, ignited by concerns over slowing economic growth, and tensions between Saudi Arabia and Iran prompted a return to haven assets. Source Bloomberg Read More


Asia shares steady as uneasy calm settles over China - Asian share markets struggled to stay positive on Tuesday as a semblance of calm returned to Chinese stocks, though more wild swings appeared likely given the uncertain global outlook for economic growth and interest rates. Source Reuters Read More

European shares down sharply on disappointing Chinese data - European shares fell sharply on Monday, the first trading day of 2016, as weak Chinese data weighed on world stock markets. Source Reuters Read More

Yen Holds Gains as Global Equity Selloff Stokes Haven Demand - The yen held gains that gave it the best start to the year among major currencies as a global stock selloff stoked demand for the safest assets. Source Bloomberg Read More

Chinese shares recover early losses after rout  - The Shanghai Composite was up 0.8% at 3,324.27 after opening more than 3% lower, while the Hang Seng also changed direction to head up 0.1% to 21,342.09. Source BBC Read More

China Said to Intervene in Stock Market After $590 Billion Rout - China moved to support its sinking stock market as state-controlled funds bought equities and the securities regulator signaled a selling ban on major investors will remain beyond this week’s expiration date, according to people familiar with the matter. Source Bloomberg Read More

Biggest Economies Face $7 Trillion Debt Refinancing Tab in 2016 - The amount of debt that the governments of the world’s leading economies will need to refinance in 2016 will be little changed from last year as nations make strides in cutting budget deficits to a third of the highs seen during the financial crisis. Source Bloomberg Read More

Angola's Kwanza Falls Most Since 2001 to Record in Devaluation - Angola’s currency fell the most since September 2001 after the central bank allowed it to devalue as the drop in oil prices cut the main source of government revenue and export earnings. Source Bloomberg Read More

Zambian president reverses decision to hike electricity tariffs - Zambia's president has reversed a sharp increase in electricity tariffs aimed at generating revenue for investment in additional supply, saying the hike had ended up hurting the poor, a presidential spokesman said on Monday. Source Reuters Read More



 Nigerian Political Economic Outlook in 2016

















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