Nigeria in 1min: Economic, Business & Financial Headlines – 050117



January 5, 2017 7:10 AM / Proshare News 


2017: A Year of Fear Laced with Hope - 2016 was a year like no other. Five most unlikely events occurred including the coincidental death of George Michael on Christmas day and the naira testing N500 in the parallel market. Source Proshare Read More 

FG Slashes import duties on 115 items - The Federal Government, in a bid to promote development in critical sector of the economy, has approved a reduction in the import duties of 115 items in various sectors of the economy Source Punch Read More 

FIRS, Customs get N1.2 trillion revenue collection cost in 5yrs - The Federal Inland Revenue Service (FIRS) and Nigeria Customs Service (NCS) had received about N1.217 trillion as cost of revenue collections in the last five years, Daily Trust investigations have shown. Source Daily Trust Read More 

Sokoto: Customs rakes in over N2b from rice, mosquito repellent, oil, others seizure - Sokoto/Kebbi/Zamfara Customs  Command says it collected 2,094,428,602.00 billion naira representing 122.13 per cent of the 2016 Annual Revenue Target and a surplus of 379,484,162 million naira above the annual target given by the Service Headquarters. Source Daily Trust Read More 

2017 budget will not pull Nigeria out of recession – LCCI boss - The economy slipped into recession, having suffered contraction for three consecutive quarters. There were negative GDP growths of -0.36%, -2.06% and -2.24% in the first, second and third quarters of the year respectively. Source Daily Trust Read More 

States to spend N6.22trn in 2017 - Revenue challenged Nigerian states plan to spend as much as N6.22 trillion in 2017, data gathered by BusinessDay Research Intelligence Unit (BRIU) based on the presented budgets of 33 of Nigeria’s 36 states show. Source BUSINESSDAY Read More 

Lagos to spend N139bn on road infrastructure in 2017 - Lagos State government will be spending N138.249 billion on road infrastructure this fiscal year. Source BUSINESSDAY Read More 

Total global debt tops 325 pct of GDP as government debt jumps - Global debt levels rose to more than 325 per cent of the world’s gross domestic product last year as government debt rose sharply, a report from the Institute for International Finance showed on Wednesday. Source Guardian Read More 

Online Job Vacancies Stable in Recession - Today we introduce another runner in the ever expanding stable of publications from the National Bureau of Statistics (NBS). The bureau has partnered with the largest player in the market to produce the Nigeria Online Recruitment Report. Source Proshare Read More 

Operators Warn Against Looming Collapse Of Tomato Paste Industry -  Value-chain operators in the tomato paste industry have warned of the potential collapse of Nigeria’s N19 billion tomato paste manufacturing industry in the second quarter of 2017, if the federal government continues to back the forex policy in the country. Source Leadership Read More 

Airlines lose huge revenues to avoidable flight cancellations -Domestic airlines operating in the country in the past one week have lost huge revenues as a result of avoidable incessant flight delays and cancellations caused by the deplorable sate of navigational aids at the airports around the country. Source BUSINESSDAY Read More 

Recession: 7,000 dockworkers lose jobs in one year - The Lull in the maritime industry mainly due to economic crisis has claimed the jobs of 7,000 dockworkers in the last one year. Source Punch Read More 


CBN Publishes Anchor Borrowers' Programme Guidelines - The Central Bank of Nigeria (CBN) in line with its developmental function established the Anchor Borrowers’ Programme (ABP). Source Proshare Read More 

Manufacturing PMI Stands at 52.0% in December from 46.0% in November 2016 - CBN - The Manufacturing and Non-Manufacturing PMI Report on businesses is based on data compiled from purchasing and supply executives. Source Proshare Read More 


Speculation dictates pace all-day as stocks extend losing streak - The equities market closed today on a negative note, as NSE ASI depreciated by 0.46% to close at 26,495.04 basis points, compared with the 0.96% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.41%. Source Proshare Read More

ICT Sector – ETRANZACT Records +238.16% Gain in 2016 - A quick review of the EPS ratio of the ICT sector reveals that NCR tops and closely followed by CWG and OMATEK while MTI and MTECH lead otherwise with negative EPS. Source Proshare Read More 

Privatisation in MENA: The Pitfalls and the Politics - A privatisation push across the Middle East and North Africa in 2017 will act as a siren call to investors from around the world. Source Proshare Read More 

Kenya will Host the 2nd Edition of the East Africa Islamic Economy Summit (EAIES 2017) - The Islamic Economy has seen tremendous increase in recent years transcending its traditional geographic boundaries, its entrance into East Africa could revolutionize the region’s finance & banking sector, Tourism, and Hotel sector and Fast moving consumer goods. Source Proshare Read More 

Primary Auction of CBN Treasury Bills Today - Source Proshare Read More 

SF Markets: December 2016 Index Highlights - Monthly overview of the Nigerian financial markets as reflected through SF Markets equity and fixed income indices. SF Markets is a provider of innovative benchmark and tradable indices focused on the Sub-Saharan African region. Source Proshare Read More 

Real sector gets CBN’s $2.5b forex intervention in four months - Amid foreign exchange scarcity, the nation’s real sector operators were able to access about $2.53 billion at the interbank market in a period of four months. Source Guardian Read More 

Marketers expect increase in petrol price, halt imports - Against the backdrop of the rice in the landing costs of petroleum products, fuel marketers are anticipating an increase in the pump price of Premium Motor Spirit, popularly known as petrol. Source Punch Read More 

Oil prices to average $55 in 2017 - Deloitte - Oil prices should average around $55 per barrel in 2017 for the West Texas Intermediate, which should be enough for many slimmed-down Alberta producers to operate profitably, according to the latest forecast from financial advisory firm Deloitte. Source Punch Read More 

Nigeria's crude oil sale faces delays - The sale of Nigerian crude oil is being hampered by loading delays as demand for the commodity has yet to gain momentum Source Punch Read More 

NNPC Names Oando, Sahara, 37 Others Winners of 2017 Crude Term Contracts - The Nigerian National Petroleum Corporation (NNPC) has announced the list of successful bidders for the 2017/2018 crude oil term contracts. Source Thisday Read More 

Oil, gas free zone implementation committee inaugurated in A/Ibom - Akwa Ibom State government has set up a six-member joint committee on the implementation of Oil and Gas Free Trade Zone. Source BUSINESSDAY Read More 

Libya Oil-Export Terminal Said to Re-Open as Crude Output Rises - Libya is re-opening its last major oil-export terminal that was shut amid fighting that hobbled output in the country with Africa’s largest crude reserves. Source Bloomberg Read More 

Oil Trader Gunvor Suing Cerberus Over Failed Chevron Bid - Oil trader Gunvor Group is suing Cerberus Capital Management, alleging that the private-equity firm is refusing to pay its share of costs incurred when the two companies made a failed $650 million bid for Chevron Corp. assets in South Africa. Source Bloomberg Read More 

Kerosene sells for N400 in Kano - A cute scarcity of kerosene has hit the ancient city of Kano, making life unbearable for low-income earners, who depend on the product for cooking. Source THE NATION Read More 

Power sector loses N534b to gas shortage, others - The power sector lost more than N534billion of revenue in 2016, the Nigerian Electricity Supply Industry (NESI) has revealed. Source THE NATION Read More 

Electricity grid hits 4,000mw as 2017 begins - Electricity generation at the national grid has sustained the peak of 4,000megawatts (mw) into 2017 since it reached the level last Tuesday, records have shown. Source Daily Trust Read More


Tanzania's current account gap narrows 61.6 pct in year to Oct - Tanzania's current account deficit shrank by 61.6 percent in the year to October, helped by a decline in imports and improved performances by the tourism and mining sectors, the central bank said on Wednesday. Source Reuters Read More 

Burundi's tax collection up 8 pct in 2016: revenue board - Burundi's tax revenues rose 8 percent last year from 2015, exceeding the government's target, the revenue board said on Wednesday. Source Reuters Read More 

Kenya's central bank sells dollars after shilling weakens - Kenya's central bank sold dollars in the foreign exchange market on Wednesday after the shilling weakened due to heavy importer demand from sectors like energy, traders said. Source Reuters Read More 

Kenya Shilling Seen Weakening Further as Forex Reserves Drop - The Kenyan currency could weaken at a much faster pace this year, compared with 2016, as falling foreign-exchange reserves impede the central bank’s ability to intervene in support of the shilling. Source Bloomberg Read More 

Zimbabwean Millers Want Government to Scrap 15% Rice Tax Plan - Grain millers in Zimbabwe want the government to halt a plan to impose a 15 percent tax on rice imports, which vie with corn as the southern African nation’s staple food. Source Bloomberg Read More 

Cameroon Says 2017 Growth to Be 6% Even as New Taxes Imposed - Cameroon’s economy is set to expand 6 percent this year even as it imposes new taxes to compensate for a decline in government revenue from oil, Finance Minister Alamine Ousmane Mey said. Source Bloomberg Read More 

Bears Scramble for Yuan as China Chokes Flows, Supports Currency - China’s efforts to choke capital outflows are beginning to pay off, with the offshore yuan surging the most in a year as traders scrambled for a currency that’s becoming increasingly scarce outside the nation’s borders. Source Bloomberg Read More 

Singapore to Deliver New Growth Map With Economy Under Strain - Singapore is due to deliver a blueprint outlining strategies to boost the economy as the export-dependent nation seeks new growth engines. Source Bloomberg Read More 

Central London Property Slump Deepens - Home prices in the heart of London sank further in October, while growth overall slowed and suburban areas boomed. Source Bloomberg Read More 

European Stocks Halt 3-Day Advance After Entering Bull Market - European stocks were little changed, halting a new-year rally that was boosted by industries seen as benefiting the most from stronger economic growth. Source Bloomberg Read More 

Trump Pulls Out of $250 Million Tower Plan in Black Sea Resort - Donald Trump’s company pulled out of a proposed $250-million tower project in the Georgian Black Sea resort town of Batumi, the latest effort by the U.S. president-elect to defuse charges that his global businesses will cause conflicts of interest once he enters the White House. Source Bloomberg Read More 

Qatar’s Investment Holding Group Plans Acquisitions After IPO - Investment Holding Group, which plans to sell shares on the Qatar Stock Exchange through an offering that opens next week, is seeking acquisitions that will lift earnings even if sales continue to decline. Source Bloomberg Read More 

Dubai’s DFM Plans to Start Short Selling in ‘Coming Months’ - Dubai Financial Market PJSC said it plans to introduce regulated short-selling in the “coming months,” the latest sign of efforts by stock exchanges in the Gulf to boost trading. Source Bloomberg Read More 

As Shock Therapy Hits Home, Saudis Get to Have a Little Fun - Justin Bieber’s “Let me love you!” blared from giant speakers to greet the arriving audience. Once settled, there were gasps and laughter at the antics of two American magicians before people sat back to savor some opera, mime and dance. Source Bloomberg Read More 


Active telecom subscribers rose by 435,343 in Nov – NCC - The Nigerian Communications Commission, NCC, has said that active users of telecommunications services in the country increased to 153,949,450 in November 2016. Source Vanguard Read More 

Despite challenges, ATM transactions hit N3.5tr in nine months - Despite several challenges confronting financial transactions done in the country via the Automated Teller Machines (ATMs), N3.5 trillion deals took place through the 17, 253 ATMs spread across the country from January to September 2016. Source Guardian Read More 






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