Nigeria in 1min: Economic, Business & Financial Headlines – 061016



October 6, 2016 7:20 AM / Proshare News 


FG: Budget constraints hindering road projects - The Federal Government has disclosed that inadequate budgetary allocation is hindering execution of road projects across the nation. Source Daily Trust Read More

Nigeria’s economic crisis may spill to W’Africa – IMF - The International Monetary Fund has warned that the current economic crisis in Nigeria may spill over to the rest of West Africa with negative consequences. Source Punch Read More

IMF cautions on rising debt, says Nigeria’s macroeconomic instability detrimental to region  - Nigeria which intends to significantly expand spending to stimulate economy has been advised by the International Monetary Fund (IMF) to watch its rising debt profile so as not to throw the country into high debt levels that could be more detrimental than the present recession. Source BUSINESSDAY Read More

FG releases N250b loan for mass transit buses - The Federal Government has provided a revolving loan of N250 billion for the purchase of mass transit buses in the country. Source Daily Trust Read More 

FG shortlists 8 advisers as $1bn Eurobond gains traction - Sequel to Nigeria’s hunt for economic advisers for the proposed sale of $1 billion worth of Eurobonds, eight banks have now been shortlisted of an undisclosed number that submitted bids in September, BusinessDay gathered. Source BUSINESSDAY Read More

Recession: Erisco threatens to relocate from Nigeria - About 1,500 workers of the Erisco Foods Limited may be out of jobs in the next 30 days if the President and Chief Executive Officer of the tomato paste manufacturing company, Chief Eric Umeofia, makes good his threat to relocate from Nigeria. Source Daily Trust Read More

Nigeria lowers 2016 forecast, expects economy to shrink 1.3 pct - Nigeria's economy is likely to shrink 1.3 percent in 2016, the National Bureau of Statistics executive said on Wednesday, a sharp downward revision of its estimates he said was prompted by sharp falls in the naira after dollar peg was dropped. Source Reuters Read More 

Nigeria Drops to 127th Place on WEF’s Global Competitiveness Index - Nigeria has dropped three places to the 127th position on the latest World Economic Forum’s (WEF) Global Competitiveness Index (GCI) for 2016-2017, out of 138 countries surveyed. The country was previously ranked 124th on the index. Source Thisday Read More

S’Africa’s FirstRand Group Eyes Undervalued Assets in Nigeria - FirstRand Limited, a South African bank and the leading lender by market value on the continent, plans to buy assets in Nigerian, as it seeks to capitalise on the global fall in commodity prices that has pushed down asset valuation in Africa’s biggest economy. Source Thisday Read More

IFC to raise $5b for infrastructure investments - The International Finance Corporation (IFC), a member of the World Bank Group, has launched a programme that aims to raise $5 billion from global institutional investors to modernise infrastructure in emerging markets over the next five years. Source THE NATION Read More 

The IMF Is Worried About the World's $152 Trillion Debt Pile - Eight years after the financial crisis, the world is suffering from a debt hangover of unprecedented proportions. Source Bloomberg Read More 

Farmers get N247mn for commercial agriculture in Cross River - Governor Ben Ayade of Cross River has approved the release of N247 million to 100 farmers trained under the World Bank supported Commercial Agriculture Development Project (CADP). Source BUSINESSDAY Read More 


N1.7trn bad loans threaten banks – CBN - As the nation’s economy battles recession, there are indications that the banking industry’s stability has come under severe threat. Source Vanguard Read More 

Equities market posts 1.15% loss in 2days as Investors increase supply - The equities market closed today on a negative note, as NSE ASI depreciated by 0.95% to close at 28,009.40 basis points, compared with the 0.18% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.21%. Source Proshare Read More 

Summary of Trends in Private Equity in Africa, 2010 - 2015 - 2015 was a bumper year for fundraising, with a handful of large funds achieving final closes during the year. As such, 2016 is likely to see lower fundraising totals. Source Proshare Read More 

Private Equity Emerging Market Round-Up - Over the last several years, the emerging markets have evolved into a critical pillar of global investors’ strategies. As growth rates declined across most of the developed world in the aftermath of the credit crunch, private equity (PE) firms turned to emerging markets as an engine of growth. In 2008, Africa accounted for less than 4% of emerging markets fundraising. Source Proshare Read More 

Diageo Will Not Proceed with Potential Offer to Increase Its Equity Stake in Guinness Nigeria - Guinness Nigeria Plc hereby notifies the general public that further to its announcement on 9 September 2015 of Diageo Plc intention to make an offer through its wholly owned subsidiary Guinness Oversea Limited for up to 15.7% of share capital of Guinness Nigeria (the “Potential Offer”), it has received a letter from Guinness Overseas Limited confirming that it has taken the decision not to proceed with the Potential Offer. Source Proshare Read More 

PZ Cussons NIgeria Records Pre & Post-tax Losses in Q1'17 Results; Driven by FX Loss - PZ Cussons Nigeria (PZ) reported Q1 2017 (end-Aug) results yesterday. While sales of N16.8bn grew 12.0% y/y, the bottom line showed losses of -N2.4bn and -N1.4bn on the PBT and PAT lines respectively. The topline growth was impressive given that this is the first time that PZ will record sales growth on a y/y basis in five preceding quarters. Source Proshare Read More 

Invest in FGN Monthly Bond Auction – October 2016 - The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications for Source Proshare Read More 

Nigeria’s Five Largest Banks Record Drop in Market Share - The Central Bank of Nigeria’s (CBN) Financial Stability Report (FSR) has revealed that in terms of size of assets and deposit of banks, the market share of the five largest banks in the country, declined to 43.30 per cent and 51.96 per cent in the first half of 2016, from 60.61 per cent and 52.94 per cent in the second half of 2015 respectively. Source Thisday Read More 

Diageo Shelves Plan to Raise Guinness Nigeria’s Stake in Tough Market - Diageo has scrapped plans to lift its stake in Guinness Nigeria due to tough conditions in one of its biggest markets for the world-famous stout, the drinks company said on wednesday. Source Thisday Read More


AMCON Needs Judges’ Support to Recover Nigeria’s Assets’ - As a way of helping to navigate the country out of the current recession, a two-time former Attorney General of the Federation and Minister of Justice, Chief Kanu Godwin Agabi has called on judges in the country, especially those handling cases concerning the Asset Management Corporation of Nigeria (AMCON) and its debtors, to pile pressure on the obligors to repay the huge debts, which he said was capable of revitalising the economy if recovered. Source Thisday Read More 

Naira firms against dollar - The Naira on Wednesday appreciated against the dollar in all the segments of the foreign exchange market. Source Punch Read More

NNPC to produce diesel from crops - The Nigerian National Petroleum Corporation on Wednesday announced that it had commenced the integration of biofuels production from selected energy crops through its agriculture development programme. Source Punch Read More

$80bn oil investments: Chinese coys to visit Nigeria month end – Kachikwu - A Chinese delegation will visit Nigeria by the end of this month to discuss investment in the country’s oil and gas industry, Minister of State for Petroleum Resources Ibe Kachikwu said yesterday. Source Daily Trust Read More 

Investments in oil, gas free zones hit $75b - Investments in  Nigeria’s oil and gas free zones has hit $75 billion. It has also created more than 200,000 direct and indirect jobs from 150 companies, it was learnt yesterday. Source THE NATION Read More 

OPEC output rises as Nigeria, Libya boost supply - OPEC crude production rose to a record in September, according to a Bloomberg survey, driven by returning output from Libya and Nigeria, members who will likely be exempt from last week’s deal to cut supply. Source THE NATION Read More 

Western powers blocking Nigeria’s power solution – Adeosun - The Minister of Finance, Mrs Kemi Adeosun, has accused western powers of being a stumbling block to Nigeria’s plan to improve power output through the use of coal. Source Vanguard Read More 



A Lack of Relevant Skills and Talent Slows Down the Implementation of Resilience Programmes - Over one third of respondents of Control Risks’ Business Resilience Survey 2016/2017 ( felt that their organisations lacked the relevant skills or talent to drive corporate resilience; this is an increase of 17% on 2015. Source Proshare Read More

Rwanda Development Board Announces Investment Opportunities in Luxury and Leisure Tourism - The Rwanda Development Board (RDB) yesterday held a press conference to announce the Africa Hotel Investment Forum that is happening in Kigali, Rwanda from 4th to 6th October. Source Proshare Read More 

Asian Stocks Climb With Oil Near $50 as Fed Bets Weigh on Bonds - Asian stocks rose as the yen’s slide to a one-month low boosted Japanese exporters and energy companies rallied following gains in oil prices. Bonds extended losses after a pickup in U.S. services activity bolstered the case for an interest-rate hike this year. Source Bloomberg Read More 

South Africa's business confidence lowest in 30 years: survey - Business confidence in South Africa fell to its lowest in three decades in September, reflecting uncertainty about the outlook for Africa's most industrialised economy, a survey showed on Wednesday. Source Reuters Read More

Kenya T-bill yields slide after lending rate cap, floor seen at 7 pct - A decision by Kenya's government to cap commercial lending rates has stoked appetite for short-term government debt, pushing down yields on 91-day bills to their lowest since July. Source Reuters Read More



What does the Option of RenMoney School Fees Loan offer Struggling Parents? - As schools resume the new academic session, only few have managed to avoid the ‘new normal’ of an increase in the number of families unable to meet their obligations. Source Proshare Read More

FIRS Grants Waivers on Penalty and Interest on 2013-2015 Tax Liabilities - As part of the efforts of the Federal Inland Revenue Service, (FIRS) to provide voluntary compliance and shield taxpayers from the burden of carrying forward old tax liabilities arising from penalty and interest, the service wishes to announce as follows: Source Proshare Read More 


NCC Moves to Retrieve MTN’s N50bn Fine from Recovery Account - The Nigerian Communications Commission (NCC), said it had begun the process of retrieving the N50 billion fine, which MTN Nigeria erroneously paid into the federal government recovery account that is with the Central Bank of Nigeria (CBN). Source Thisday Read More

Airtel Seeks Access to Forex, Wants Telcos to Lead Mobile Money - Airtel Nigeria has called on the federal government to assist telecoms operators to access foreign exchange, just as some manufacturing companies in the country have been given the privilege. Source Thisday Read More

MTN returns to Eurobond market to raise funds - MTN Group returned to the Eurobond market for the first time since 2014 as Africa’s biggest wireless carrier by sales seeks funds for investment. Source Daily Trust Read More





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