Nigeria in 1min: Economic, Business & Financial Headlines – 061017


October 6, 2017 7:10 PM / Proshare News 


FG seeks $16bn for Eastern rail project - Paucity of funds may delay the take off of the federal government rail project recently approved for the Eastern corridor, which is expected to gulp an estimated 16 billion U.S. Dollars. Source BUSINESSDAY Read More 

NIMASA Remits N21.805bn to Federal Government Coffers - The Nigerian Maritime Administration and Safety Agency (NIMASA) has within one year and one month, remitted a total of N21.805 billion to the Consolidated Revenue Fund (CRF) of the federal government. Source Thisday Read More 

PenCom, PFAs under pressure to release pension funds for infrastructure - The National Pension Commission (PenCom) and Pension Fund Operators are under pressure from the Presidency to release accumulated pension funds for infrastructure development. Source BUSINESSDAY Read More

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N17.5bn Bad Loans: FG To Shutdown NERFUND - The federal government has begun plans to shut down the National Economic Reconstruction Fund (NERFUND) over non-performance and non-performing loans of over N17.5 billion. Source Leadership Read More 

Senate Halts FG’s N135bn Virement Request - Meanwhile, the Senate yesterday refused to offer consideration to request by the executive arm of government for virement of N135bn from the 2017 budget to execute certain priority projects. Source Leadership Read More 

Saraki proposes N10trn for 2018 budget - President of the Senate, Bukola Saraki, has proposed that the 2018 budget be increased to N10 trillion given that executive may not implement more than 50 per cent of the 2017 budget. Source THE SUN Read More 

Nigeria’s oil output, N7.44trn budget face new threat - There are strong indications that Nigeria’s oil output, and by extension the nation’s N7.44 trillion 2017 may be facing new threat as attacks on oil facilities gradually return to the Niger Delta. Source Vanguard Read More 

Fed Govt releases N100b to contractors - The Federal Government has released the proceeds of the N100 billion Sukuk bond to 25 key economic road projects of the Federal Ministry of Power, Works and Housing. Source THE NATION Read More 

Agro exporters lose $25m to Apapa traffic - Traffic congestion along Apapa Ports link roads is costing agro exporters approximately $25 million in losses in productivity, following delay in shipment. Last year, cashew export provided revenue of $253 million to the economy. Source THE NATION Read More 

Onne Customs rakes N71.8bn revenue in 9 months - The Area 2 Command of the Nigerian Customs Service, Onne, Rivers State, said that  it has generated a total sum of N71,826,387,566.98 as revenue between January to September this year. Source Daily Trust Read More 

Senate sets conditions for FG on 2018 budget - The Senate on Thursday considered and adopted the report of its Joint Committee on Appropriation and Finance over its meeting on Tuesday with the Minister of Finance, Mrs. Kemi Adeosun; and Minister of Budget and National Planning, Senator Udo Udoma, on the implementation of the 2017 Appropriation Act. Source Punch Read More 

Nigeria spends $400m annually on pesticides – NSPRI - The Executive Director, Nigerian Stored Products Research Institute, Prof. Olufemi Peters, has said Nigerian farmers and agro-based companies spend $400m annually on pesticides. Source Punch Read More

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SEC Nigeria joins IOSCO, to Celebrate World Investor Week 2017 - The Securities and Exchange Commission has announced plans to join the International Organisation of Securities Commissions (IOSCO) and other capital market regulators across the globe to celebrate the 2017 edition of the IOSCO World Investor Week, which is a first of its kind from 2nd through 8th October 2017.  Source Proshare Read More 

N500bn ESF: CBN to sanction exporters over failure to repatriate proceeds - Sanctions now await exporters under the N500billion Export Stimulation Facility (ESF) of the Central Bank of Nigeria (CBN) who failed to repatriate proceeds of their export back to the country. The committee also hinted that the N26 billion Agriculture/Small and Medium Enterprises(AGSME) fund is now set to be disbursed by the end of this last quarter of the year. Source THE SUN Read More 


Nigerian Stock Market Extends Gaining Streak as NSEASI Firms Up by +1.17% - Equities market closed today on a positive note, as NSE ASI appreciated by +1.17% to close at 35,773.98 basis points as against +0.15% appreciation recorded previously.  Source Proshare Read More 

Back to the Eurobond Market; DMO to Raise US$2.5bn by mid-November - The Debt Management Office (DMO) last week announced plans to raise US$2.5bn by mid-November from the sale of Eurobonds, with perhaps an element of diaspora paper to bulk out the exercise.  Source Proshare Read More 

Is It Still Time to Buy? - The equities market has returned a year to date (YTD) performance of 31.57% on the back of improved interest in the equities market and renewed confidence in the Nigerian economy. Source Proshare Read More 

Forte Oil Plc: Powering an Integrated Energy Model - We initiate coverage on Forte Oil PLC (FO) with a BUY rating and Target Price of ₦92.01.  Source Proshare Read More 

3rd Capital Market Committee Meeting to Hold November 9, 2017 - The CMC interactive session with the media will take place the following day, Friday, 10th November, 2017 by 10.00 a.m at the Securities and Exchange Commission’s Lagos Zonal Office located at No 3, Idejo Street, Victoria Island, Lagos.  Source Proshare Read More 

Stakeholders Stressed the Importance of Market Data at the 2nd Edition of NSE Market Data Workshop - The Nigerian Stock Exchange (NSE) hosted the 2nd edition of the NSE Market Data Workshop, themed “Market Data: The Bedrock of Wealth Creation”, on Wednesday, October 4, 2017 at the Civic Centre, Lagos. Source Proshare Read More

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Infoware Partners Rapid Addition to leverage market infrastructure in NigeriaInfoware Limited one of Africa’s leading software solutions provider, as part of its plans to leverage its market infrastructure and facilitate businesses in frontier markets like Nigeria, is partnering with Rapid Addition  to drive cutting edge technology. Source Proshare Read More 

Guinness Nigeria's $126 mln share sale oversubscribed - Guinness Nigeria’s 39.70 billion naira ($126 mln) share sale to existing shareholders was 116 percent subscribed, the company said on Wednesday. Source Reuters Read More 

DPR digitalises oil marketers licensing process - The Department of Petroleum Resource (DPR)  yesterday launched online license processing to checkmate illegal marketers responsible for diverting petroleum products and operating without genuine license. Source THE NATION Read More 

China’s oil loadings from W/Africa drop - China’s loadings of West African crude are set to slide by roughly 12 percent in October, from a record level the previous month, as expensive Brent prices limited Asian appetite. Source Daily Trust Read More 

NNPC in non-remittance controversy from $231.8m lodgements in 5 banks - Barely 48 hours after the Minister of State, Petroleum Resources, Dr Ibe Kachikwu alleged several under-hand dealings of the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, the national oil company is in the news again over alleged unremitted $793.2 million belonging to the Federal Government. Source THE SUN Read More 

NNPC recorded $471.9m export receipts in July - The Nigerian National Petroleum Corporation has announced a total export receipt of $471.9m for the month of July 2017 as against $219.34m posted a month earlier. Source Punch Read More 

Nigeria’s electricity law near perfect – Fashola - The Electric Power Sector Reform Act that was passed in 2005, which serves as Nigeria’s electricity reform law, is one of the best in the world and is almost perfect, the Minister of Power, Works, and Housing, Babatunde Fashola, has said. Source Punch Read More 

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Buhari appoints Ahmad new CBN deputy governor - President Muhammadu Buhari has forwarded the name of Mrs. Aisha Ahmad to the Senate for confirmation as Deputy Governor of the Central Bank of Nigeria (CBN). Source Guardian Read More 

US risk managers advised S.African utility to stop paying McKinsey - A U.S. risk management firm advised South Africa’s state energy utility last year to withhold tens of millions of dollars in payments for advice from McKinsey, because the global consultancy’s “very unusual” payment model allowed it to charge fees in excess of market rates. Source Reuters Read More 

Algeria plans to increase budget spending by 25 pct in 2018 - Algeria plans to increase state spending by 25 percent in 2018 despite growing financial pressure caused by a fall in energy earnings, the presidency said on Thursday after a cabinet meeting. Source Reuters Read More 

Congo Republic public debt around $9.14 bln, or 110 pct of GDP: IMF - Congo Republic’s public or publicly guaranteed debt stood at 5.329 trillion CFA francs, or around $9.14 billion, at the end of July, the International Monetary Fund said at the end of an assessment mission on Wednesday. Source Reuters Read More 

Bank of Montreal and Toronto-Dominion Lead Peers in Pot Accounts - Bank of Montreal and Toronto-Dominion Bank are emerging as the banks of choice for Canada’s burgeoning marijuana industry, even as some lenders shun the sector. Source Bloomberg Read More 

Exports Fall for 3rd Straight Month, Widening Canada’s Trade Gap - Canada’s trade picture continued to deteriorate in August as exports dropped for a third straight month and the deficit unexpectedly widened. Source Bloomberg Read More 

Payrolls in U.S. Rise 156,000; Wages Also Below Forecasts - The U.S. economy added fewer employees than expected in August, the jobless rate rose and wages climbed less than forecast, in a break from otherwise solid progress in the labor market. Source Bloomberg Read More 

Oil at $50 Has Energy Companies Selling Debt Like It's 2014 - The way energy companies are issuing debt, it feels like spring is in the air -- the spring of 2014 Source Bloomberg Read More

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Saudi Oil Minister Says Schedule for Aramco's IPO Is On Track - Saudi Arabia said the schedule for the blockbuster initial public offering of its state-owned oil giant isn’t “slipping,” with the kingdom still targeting a sale by the end of 2018. Source Bloomberg Read More 

Forget Oil. Religion Is Big Business in Saudi Arabia - The kingdom is counting on a surge in Muslim pilgrims to help drive economic growth Source Bloomberg Read More 


Over $60bn invested in ICT since 2001 – Minister - THE Minister of Communications, Mr. Adebayo Shittu, had said that more than $60 billion has been invested in Information Communication Technology, ICT in Nigeria since 2001. Source Vanguard Read More 

Investoo Group Acquires RoboAdvisors.Com In Bid To Revolutionise Portfolio Mgt Industry - Leading FX affiliate firm Investoo Group is pleased to announce its latest acquisition in the retail investment space. Source Proshare Read More 

Access Bank partners Remita to offer payday advance - Customers and non-customers of Access Bank have been offered a unique platform that gives them access to loans against their next salary payment. Source BUSINESSDAY Read More 


You Want Your Bank to Fund Your Business? Try These Tactics - Many small business owners dread banks and have little to no relationship with bankers. They either see bankers as enemies, fraudsters, the group that does not want SME’s to be great or all of the above. Source Proshare Read More 

BOI, SMEDAN, NEXIM Appoint Ratings Agency for MSMEs - The Bank of Industry ( BOI), the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Nigeria Export – Import Bank (NEXIM) have hired the services of a ratings agency, Dun & Bradstreet Nigeria Limited to conduct ratings on micro, small and medium scale enterprises (MSMEs) in the country. Source Thisday Read More 


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