Nigeria in 1min: Economic, Business & Financial Headlines – 070317



March 07, 2017 7:10 AM / Proshare News 


One-Day Conference on Nigeria’s Economic Outlook by Ayo Teriba holds March 16 - Economic Associates (EA) will host a one-day conference on Nigeria’s Economic Outlook on Thursday, 16 March 2017 at Radisson Blu Hotel & Anchorage, Ozumba Mbadiwe Street, Victoria Island, Lagos. Source Proshare Read More 

Nigeria's GDP: Positive signals for 2017 - Despite headwinds, Nigeria’s nominal GDP breached the NGN100trillion mark for the first time ever in 2016. Source Proshare Read More 

FG budgets N1bn for development of Ibaka seaport - The Acting President, Prof. Yemi  Osinbajo, says that Federal Government has made provision of N1 billion in the 2017 budget for the development of Ibaka deep seaport in Akwa Ibom. Source BUSINESSDAY Read More 

PenCom Puts FG’s Pension Liability for 2017 at N113,9233bn - The federal government’s pension liability for the year 2017, has been put at N113,023,255,000.00 billion, by the National Pension Commission (PenCom). Source Thisday Read More 

Deal with Morocco sparks local production of 1m tons of fertilizer - A creative new initiative by Nigeria to make its own fertilizer at home is bringing life back to some of its 38 fertilizer blending plants across the country, while saving the nation up to $200 million  annually and aiming to create a 100,000 jobs. Source BUSINESSDAY Read More 

Aviation sector contribution to GDP drops 57% in two years - The contribution of Nigeria’s aviation sector to Gross Domestic Product (GDP) fell from $0.7 billion to $0.3billion in2016, a 57percent fall, as a result of poor infrastructure around the nation’s airport and unfavourable government policies Source BUSINESSDAY Read More 

FG Seeks Increased Flow of Foreign Investment -Japan commits $30bn to sustainable Devt in Africa - The federal government has stated that it is working towards increased foreign direct investments (FDI) flow the country, noting that with the current state of the economy, all hands are on deck to seek areas where Nigeria can attract the much needed foreign exchange to carry out developmental projects for economic prosperity and sustainability. Source Thisday Read More 

IMO’s Regulation to Cost Shippers Extra $60bn in Bunker Fuel Yearly - The global bunker fuel costs could rise to $60 billion yearly from 2020, in a full compliance scenario, when the International Maritime Organisation’s (IMO) 0.5 weight- per cent sulphur cap for bunker fuels kicks in, a new study by Wood Mackenzie has revealed. Source Thisday Read More 

NPFPL transfers N36.5bn to police RSAs - The NPF Pensions Limited says it has transferred N36.55bn to the Retirement Savings Accounts of 234,296 police beneficiaries. Source Punch Read More 

Reps seek to warehouse dormant accounts in CBN - The House of Representatives moved on Monday to contain abuse of depositors’ dormant accounts by commercial banks in the country. Source Punch Read More 

SEC Releases Communiqué Issued At The 2017 Budget Seminar - The Executive arm of Government in December 2016 submitted to the National Assembly for ratification the draft 2017 budget for the sum of N7.298 trillion. Source Proshare Read More


Immediate Adoption of Examiners’ Recommended Provision and Audit Adjustments by the OFIs - Upon the receipt of the Routine Examination from the Central bank of Nigeria (CBN) or the Nigeria Deposit Insurance Corporation (NDIC) by the OFI, it is required that the board of each OFI deliberates upon the Report and give an undertaking that the recommendations therein will be implemented. Source Proshare Read More 

CBN Issues Circular to All Authorized Dealers on Improved Foreign Exchange Liquidity - In view of the CBN's willingness, capability, and determination to meet FX demand in the market, and in order to further increase foreign exchange availability to all end-users and ensure that a fair and verifiable exchange rate operates in the market, all banks are hereby directed as follows Source Proshare Read More 

CBN to Sell N1.130bn Treasury Bills in Second Quarter - The Central Bank of Nigeria (CBN) said it plans to issue treasury bills worth N1,129,855,189 in the second quarter of the year. Source Thisday Read More 

NDIC: Insider Loans Affecting Banking Industry - The Nigeria Deposit Insurance Corporation (NDIC) has said insider loans, which constitute a higher percentage of non- performing loans in the industry, have negatively affected the sector. Source Thisday Read More 

Deutsche Bank Refines Strategy And Announces Capital Increase - Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) is taking a decisive step forward to become stronger and grow again. Decisions agreed by the Management Board and Supervisory Board on Sunday aim to reinforce the bank’s roots in its home market of Germany and its position as a leading European bank with global reach. Source Proshare Read More 

Dubai Financial Market Launches First-Of-Its Kind Regional ETF Trading Platform - Dubai Financial Market (DFM) announced today the launch of a trading platform for exchange-traded funds (ETFs), the first of its kind in regional capital markets. Source Proshare Read More 

Stock Market Opens The Week Negative; Records 1.72% Loss - Equities market closed today on a negative note, as NSE ASI depreciated by 1.72% to close at 24,581.99 basis points, as against 0.73% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -8.53%.  Source Proshare Read More 

ACCESS declares N71.44 billion PAT in 2016 Audited Results; Proposes 40k Final Dividend,(SP:N6.48k) – Source Proshare Read More 

CBN sells $367m to boost forex supply - The Central Bank of Nigeria, CBN, yesterday, continued its intervention in the interbank foreign exchange market by selling another $367 million to meet forwards request of customers. Source Vanguard Read More 

Recapitalisation: 12 Insurance Firms In Merger, Acquisition Talks - Ahead of the capital verification exercise expected to commence in the next few months in readiness for the Risk Based Supervision (RBS) that will lead the insurance sector to recapitalisation this year, about 12 out of the 58 insurance companies in the country have already commenced recapitalisation process through mergers and acquisitions, LEADERSHIP can exclusively reveal. Source Leadership Read More 

Nigeria loses N3.45bn daily as Shell shuts Bonga - Nigeria’s first deepwater development, the Bonga field, has been shut down, causing oil firms and the nation a huge loss of revenue estimated at N3.45bn daily Source Punch Read More 

Oil output dips to 1.875m bpd - The exploration and production arm of Shell in Nigeria – Shell Nigeria Exploration and Production Company Limited (SNEPCo) has announced the shutdown of its flagship facility, the 225,000 barrels per day (bpd) Bonga oil field, for maintenance. Source THE NATION Read More 

We’ve enough gas to generate 6000mw power by May – Baru - The Nigeria National Petroleum Corporation (NNPC) said that it can supply enough gas that could generate up to 6000 megawatts (MW) of power by the second quarter of 2017 but that the power sector is presently struggling to evacuate 4,500MW due to the Distribution Companies’ (Discos) incessant rejection of allocated load. Source Daily Trust Read More 

N1.9trn required for 1,200mw Itobe coal plant  - Eta-Zuma Group West Africa, the fore private developer of coal power plant in Nigeria, has said about $6 billion (about N1.9trillion) is required from local and foreign investors to actualise its on-going 1,200 megawatts (mw) coal plant in Itobe, Kogi State. Source Daily Trust Read More 

Poor service: NCC meets CBN over forex for telcos - The Nigerian Communication Commission (NCC) yesterday said it has written to the Central Bank of Nigeria (CBN) to make foreign exchange available to the telecoms companies operating in the country. Source Daily Trust Read More 

Egina Field to Contribute 10% of Nigeria’s Oil Output in 2018 - Total Exploration and Production Nigeria Limited has stated that crude oil production from its Egina deep-water field would add 200,000 barrel per day (bd) of oil to Nigeria’s production volumes in 2018, representing about 10 per cent of the country’s total output. Source Thisday Read More 

Oando, Conoil Owe PPMC N7.6 Billion – Lawmaker wants subsidy debts cleared - The House of Representatives investigating the huge debts owed to the Pipelines and Products Marketing Company (PPMC) by oil marketers has heard that the subsidiary of Nigerian National Petroleum Corporation (NNPC) is being owed about N7.6 billion by Oando Plc, and Conoil. Source Thisday Read More 

Angola's Sonangol in talks to deploy two new oil rigs - Angola's Sonangol is in talks with oil majors about deploying two new oil rigs it commissioned from South Korea's Daewoo Shipbuilding and Marine Engineering in 2013, the state firm said on Monday. Source Reuters Read More

South Africa's MTN has limited scope to jack up debt levels: Moody's - South African mobile phone operator MTN Group has limited room to increase its debt levels, rating agency Moody's said on Monday, citing lack of dividend flow from Nigeria - its biggest market. Source Reuters Read More

Remittances from Egyptians at $5 bln in three months after currency float - Remittances from Egyptians abroad increased by 20 percent year-on-year in the three months following the country's November currency float, totalling about $5 billion, a central bank statement said on Monday. Source Reuters Read More 

Australia Holds Rates as Sydney Housing Poses Stability Risk - Australia kept interest rates unchanged Tuesday as risks from Sydney’s soaring property prices outweighed subdued inflation. Source Bloomberg Read More 

IEA Doubles Forecast for New OPEC Oil by 2022 as Iraq Ramps Up - OPEC will increase its production capacity by about twice as much as previously thought, led by expansion in Iran and Iraq, the International Energy Agency said. Source Bloomberg Read More 

Ghana Mulls Doubling Capacity of Planned Second Oil Refinery - The operator of Ghana’s sole oil refinery said the planned capacity of a proposed second plant could be doubled as the West African nation targets exports to neighboring countries. Source Bloomberg Read More 

Egyptian Expats Sent 20% More Money Home After Pound's Flotation - Egyptian workers abroad sent 20 percent more money home following the flotation of the pound, a sign of growing confidence in the North African country’s new currency regime. Source Bloomberg Read More 

Saudi Prince’s Long 2017 To-Do List Starts With Aramco IPO Prep - Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman has a daunting to-do list as the real work begins on his plan to transform the world’s biggest oil exporter into an economy no longer reliant on crude. Source Bloomberg Read More 

Netanyahu's Deregulation Chief Seeks to Cut Bureaucracy, Taxes - Israel is ratcheting up its deregulation efforts to stimulate economic growth and attract multinational companies, according to the director general of Prime Minister Benjamin Netanyahu’s office. Source Bloomberg Read More 

Iraq, Angola Signal Willingness to Extend OPEC Oil Output Cuts - Two OPEC members signaled a willingness to extend the group’s production curbs into the second half of the year as the global rally in prices shows signs of stalling. Source Bloomberg Read More


Nigeria Has A New National Tax Policy - The Federal Executive Council, the highest Executive decision making organ in Nigeria, yesterday approved a new National Tax Policy for the country. Source Proshare Read More 

Economic Recovery Plan Will Be Driven by Science, Technology and Innovation - The Nigerian Economic Recovery and Growth Plan (ERGP) will be driven by Science, Technology and Innovation, with the youths being targeted to deliver the Plan success, the Minister of Budget and National Planning Minister, Senator Udoma Udo Udoma, has disclosed. Source Proshare Read More 

BoI Raises MSMEs Funding by 42% - Already, the bank had increased disbursement to small businesses to N8 billion in 2016, representing 42 per cent increment from N5.6 billion in 2015. Source Thisday Read More 



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