Nigeria in 1min: Economic, Business & Financial Headlines – 050517



May 5, 2017 7:00 AM / Proshare News 

Sixth Successive Monthly Rise in Official Reserves to US$31bn - April brought the sixth successive monthly rise in official reserves, to US$31.0bn. The increase since end-October now amounts to US$7.0bn and restores the total to a level last seen in August 2015.  Source Proshare Read More 

Nigeria Strategy Report Q2 2017 Outlook - Review of Global Economy and Markets - In this edition of our quarterly strategy report, we take an in-depth look at economic indicators on the global and domestic scenes over Q1 17 as well as isolate influences of more recent developments on our outlook for the rest of Q2 17. Source Proshare Read More 

Nigeria Strategy Report Q2 2017 Outlook - Domestic Economic and Policy Environment - After overcoming wrangling over the contentious 2016 budget, which was undermined by delayed presidential assent that left it ham-fisted to lift the country out of recession, Nigeria appears to be facing fresh challenges with the successor appropriation bill. Source Proshare Read More  

Nigeria Strategy Report Q2 2017 Outlook - Capital Market Review and Outlook - In our H1 17 Nigeria Strategy Report, we projected a nuanced outlook for naira equities against the backdrop of subsisting reticence of foreign and local investors towards naira equities as well as weak fundamentals. Source Proshare Read More 

Adeosun: FG Will Spend on Infrastructure to Exit Recession - The Minister of Finance, Mrs. Kemi Adeosun has said the federal government plans to boost agricultural production and spend billions of dollars upgrading dilapidated infrastructure that will help drag Africa’s top oil producer out of recession this year. Source Thisday Read More 

2017 Budget delay: FG to run on 25% of recurrent provisions - THE Senate yesterday said the 2017 Appropriation Bill would be laid for deliberation and passage next  Tuesday. Source Vanguard Read More 

Farmers count losses as cocoa price drops 50%, naira strengthens - Nigeria’s cocoa farmers who had been enjoying a 13 month roller coaster good fortune, on the back of the ailing naira and fair produce prices, are now in a quandary as the market endures a glut and the local currency strengthens against its US benchmark. Source BUSINESSDAY Read More 

Japanese firms plan $30bn investments in Nigeria, others - The Japanese Deputy Minister for Foreign Affairs, Mr. Shunsuke Takei, on Thursday said businessmen from his country would be investing about $30bn in Nigeria and other African nations. Source Punch Read More 

BUA to invest N92bn in sugar production, refining - The Managing Director, BUA Sugar Refinery Limited, Ibrahim Yaro, has said that the firm, which operates the second largest sugar refinery in Sub-Saharan Africa, will invest $300m (about N92bn at N305.7/$ official exchange rate as of Thursday) in sugar production and refining. Source Punch Read More 

Nigeria to export $100bn pigeon pea to India - The National Agricultural Quarantine Service says Nigeria has secured an offer from the Indian government to export pigeon pea worth $100bn to the country. Source Punch Read More 

World food prices fell by 1.8 % in April – FAO - World food prices fell 1.8 per cent in April from the month before as values declined for all agricultural commodities except meat, the United Nations food agency said yesterday.  Source Daily Trust Read More 

N200bn unpaid salaries: Federal civil servants threaten indefinite strike - The Association of Senior Civil Servants of Nigeria has threatened to embark on an indefinite strike to protest the non-payment of their N200bn promotion and salaries and death benefits. Source Punch Read More 


Nigerian central bank governor says oil revenues hikes gives "ammunition" to defend naira - A recent rise in oil revenues has enabled the central bank to defend the naira, central bank governor Godwin Emefiele said on Thursday. Source Reuters Read More 

Nigeria central bank lifts currency ban for small imports - Nigeria's central bank has lifted a ban on currency allocation for importers bringing in goods worth up to $20,000 per quarter, it said in a circular seen by Reuters on Thursday. Source Reuters Read More 

Ban on 41 items stays, says CBN - The Central Bank of Nigeria (CBN) yesterday refuted claim that it has reversed part of its policy on the none-ligibility of some import items for forex sale on the interbank forex market. The apex bank said it has not reversed its policy on the ineligibility of the 41 items for forex sale through the interbank forex market. Source THE NATION Read More 

CBN re-admits Keystone Bank to forex market - Keystone Bank on Thursday said the Central bank of Nigeria had readmitted it into the spot and wholesale forwards segment of the foreign exchange market. Source Punch Read More 


Dangote Sugar Refinery Plc - Strong Topline Sweet on Q1'17 Earnings - Dangote Sugar PLC released its Q1’17 results showing an 83% y/y rise in revenue to ₦59.5 billion, above Vetiva estimate of ₦42.9 billion.  Source Proshare Read More

Julius Berger Nigeria Plc Cost pressures, FX losses sting Q1’17 earnings - JBERGER kicked off the 2017 financial year on a weak note, reporting a loss-after-tax of ₦427 million for Q1’17 compared to the ₦951 million profit reported in the corresponding period of 2016.  Source Proshare Read More  

Shareholders approve Nigerian Breweries N28.386bn dividend - The shareholders of Nigerian Breweries Plc have approved the company’s dividend pay-out of N28.386bn for the 2016 financial year. Source Punch Read More 

Okomu Oil Q1 2017 Result Review - Outlook still favourable - Upward revisions to our estimates and price target Okomu Oil’s (Okomu) Q1 2017 results came in stronger than we expected mainly because of a positive surprise on the topline. Source Proshare Read More  

NSEASI Records +0.19% Gain as Market Sustains Positive Stance - Equities market closed today on a positive note, as NSE ASI appreciated by +0.19% to close at 26,166.80 basis points, as against +0.58% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.63%. Source Proshare Read More  

Cadbury Nigeria Q1 2017 Results Review - No change to Neutral rating - Similar to the prior quarter, Cadbury Nigeria (Cadbury) reported an impressive sales growth of 13.3% y/y in Q1 2017, boosted by last year’s price increases and relatively lower competition from imports. Source Proshare Read More 

MULTIVERSE Declares N174.69 mln Loss in Q1 2017 Results,(SP:N0.50k) - Source Proshare Read More  

Japanese investors fret over forex restrictions - Japanese investors have expressed concerns over Nigeria current foreign exchange (forex) restrictions. Source THE NATION Read More 

Nigeria loses N780 billion daily to oil thieves - Nigeria is losing about N780 billion daily to the activities of oil thieves in the country, a don has said. Source BUSINESSDAY Read More 

NNPC woos 20 investors to invest $20bn in modular refineries - THE Nigerian National Petroleum Corporation, NNPC, has commenced moves to attract 20 companies to make substantial investment worth $20 billion in order to meet the Federal Government’s target of increasing refining capacity in the country. Source Vanguard Read More 

Shell profit up by $2.2bn, to invest $25bn in Nigeria, others - The net profit of Royal Dutch Shell more than doubled in the first three months of 2017, surpasing predictions by analysts as rebounding oil prices and refining gains helped to boost the company’s revenue. Source Daily Trust Read More 


Contracts - Time Is Of The Essence - A very important provision in many contracts is the obligation regarding the time within which each component of each contract must be performed. Unfortunately, this important contractual requirement is held more in disobedience, contempt or abeyance, than in strict compliance. Source Proshare Read More 

UBA Introduces Mobile Banking Solution - In line with its determination to dominate Africa’s mobile banking space with the introduction of cutting edge technology-driven products and services, United Bank for Africa (UBA) Group has introduced a full-fledged banking platform, tagged ‘UBA Magic Banking’ which is enabled by dialling *919# within Nigeria. Source Thisday Read More 

Ethiopian inflation edges up to 8.6 pct year-on-year in April: stats office - Ethiopia's year-on-year inflation rose to 8.6 percent in April from 8.5 percent in March, the statistics office said on Thursday. Source Reuters Read More 

Oil Extends Slump Below $45 as U.S. Shale Confounds OPEC's Cuts - Oil slid below $45 a barrel for the first time since OPEC agreed to cut output in November as U.S. shale confounds the producer group’s attempts to prop up prices. Source Bloomberg Read More 

Apple Buys More Company Debt Than World's Biggest Bond Funds - The iPhone-maker has $148 billion of its record $257 billion cash pile invested in corporate debt alone, according to a company filing from Wednesday. Source Bloomberg Read More 

Electric Car Sales Are Suddenly Taking Off in Europe - It’s no secret that Americans are embracing electric cars. But new data show that increasingly Europeans are too. Source Bloomberg Read More 

Amazon CEO Bezos Sells About $1 Billion in Company Stock - Inc. Chief Executive Officer Jeff Bezos sold about $1 billion in company stock as part of a planned divestiture, a month after the world’s third-richest man said he spends about that amount annually on his space exploration company Blue Origin LLC. Source Bloomberg Read More 


Uber is under criminal investigation for building software to avoid regulators - Uber is facing a criminal probe from the US Justice Department over a piece of software it used to evade law enforcement and transportation regulators, according to Reuters. Source THE VERGE Read More

BoI offers zero interest rate on loans to corps members - The Bank of Industry (BoI) yesterday said it has revised its interest rates for corps members under its Graduate Entrepreneurship Fund (GEF) programme, to zero per cent interest charge from 9% as part of  the moves  to encourage entrepreneurship and aid business growth. Source Daily Trust Read More 

Lagos approves N1.7b for SMEs - The Lagos State Employment Trust Fund (LSETF)  has approved loans totaling N1.76 billion  for 1,401 beneficiaries, the Commissioner, Wealth Creation  and Employment,Babatunde Durosimi-Etti has said. Source THE NATION Read More 





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