Nigeria in 1min: Economic, Business & Financial Headlines – 070616



June 7, 2016 6:10 AM / Proshare News 


Boosting domestic fish production in Nigeria - Nigeria’s aquaculture industry is largely untapped. Poor access to credit, a lack of the requisite technical skills, and the unavailability of good quality and moderately priced fish feed are among the roadblocks inhibiting its expansion. Source Proshare Read More 

The Nigerian Customs CET Tariff - Act No. 4 - This section contains the entire CET Tariff Sections, which can be consulted online or downloaded in printable format. Source Proshare Read More 

NigerCem to Begin Cement Production in Ebonyi - The production of cement will soon begin at the Nigeria Cement Company in Nkalagu, Ebonyi State. Source Thisday Read More 

IATA: Member Airlines to Earn $39.4b in 2016 - The outgoing Director General and CEO of the International Air Transport Association (IATA), Tony Tyler has announced that member airlines would earn about $39.4 billion this year. Source Thisday Read More 

Chicason Group, Shelter Afrique Sign N44bn Housing Agreement - In furtherance of its resolve to provide decent residential accommodation to the Nigerian public, particularly the Nigerian worker in public and private sectors, Chicason Group through one of its real estate subsidiaries – Afro-Asia Shelters International has signed a real estate development funding agreement with African premier real estate development funding institution, Shelter Afrique International. Source Thisday Read More 

Nigeria’s Housing Initiatives Neither Consistent nor Measurable, Says Fashola - The Ministry of Power, Works and Housing, Mr. Babatunde Fashola said he is convinced that Nigeria has over the years embarked on unsustainable efforts in housing provision that “must change, and give way to a sustainable and well thought out initiative.” Source Thisday Read More


CADBURY Records 5.8% Sales Growth YoY; Further Positive Surprises Likely in 2016 - Last week, Cadbury Nigeria reported both Q4 2015 and Q1 2016 results. The Q4 2015 results showed that although sales declined by-6.3% y/y to N6.8bn, PBT improved to a positive N1.5bn compared with a loss of -N10.8m in prior year.Source Proshare Read More 

Stocks succumb to fresh supply pressure, start week bearish - The equities market closed today on a negative note, as NSE ASI depreciated by 0.13% to close at 27,598.54basis points, compared with the 1.66% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.64%. Source Proshare Read More 

IHS invests N98.5bn in energy for telecoms sector - IHS Towers, an Africa’s telecoms infrastructure company, has invested N98.5bn ($500m) to address the energy shortfall in the country’s telecommunications industry in 2016. Source Punch Read More

Oando secures N94.6b loan from local banks - Oando Plc yesterday secured a N94.6 billion facility from nine local banks to enable it restructure its debt positions and improve earnings. Source THE NATION Read More 

Forex policy uncertainty pushes naira to 357/dollar - The naira dropped against the United States dollar at the parallel market from 355 on Friday to 357 on Monday, foreign exchange traders said. Source Punch Read More 

Adeosun meets bond investors in London today - Indications have emerged that Nigeria may issue another Eurobond any time soon as a Federal Government delegation led by the Minister of Finance, Mrs. Kemi Adeosun, meets bond investors in London on Tuesday (today). Source Punch Read More 

Oil rises on Nigeria sabotage, Iran boosts exports - The global oil benchmark, Brent crude, rose as much as two per cent on Monday as Nigeria’s oil industry reeled from crippling attacks that have pushed output to its lowest level in more than 20 years. Source Punch Read More 

FG Moves to Dialogue as Militants Renew Threat to Bomb Abuja, Others - The new militant group, Joint Niger Delta Liberation Force (JNDLF), that threatened to launch six missiles tuesday, has vowed to target key government institutions, including the State House, Abuja. Source Thisday Read More 



Saudi Arabia to Reduce Public-Sector Wages in Post-Oil Plan - Saudi Arabia’s plan to repair public finances strained by the oil-price plunge aims to reduce public-sector wages as well as subsidies by 2020, scaling back the state largess that helped ensure political loyalty in the largest Arab economy. Source Bloomberg Read More

Asian Stocks Climb With Won as Yen Weakens; Commodities Retreat - Asian stocks rose for a third day and South Korea’s won strengthened after comments by Federal Reserve Chair Janet Yellen quelled speculation U.S. interest rates will be raised in July. Oil retreated from a 10-month high as zinc dropped for the first time in nine days. Source Bloomberg Read More 

Italians Cut Bank-Bond Holdings to 15-Year Low Squeezing Lenders - Italian savers slashed holdings of bank bonds to the lowest since 2000, depriving the nation’s financially pressed lenders of a source of cheap funding. Source Bloomberg Read More


Nigeria ranks 16th in cyberattacks vulnerability index - Going by quarter one of 2016, Nigeria now ranks 16th in cyberattacks vulnerability index in Africa. Source Punch Read More



BoI disburses N95 billion to 400 enterprises in H2 2016 - In line with its commitments to rev up its operations in support of Federal Government’s policies and programmes as well as those of state governments partnering with the bank, the Bank of Industry (BoI) has disbursed N95 billion to 400 enterprises in the first half of 2016. Source Guardian Read More 



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