Nigeria in 1min: Economic, Business & Financial Headlines – 080217


February 8, 2017 7:10 AM / Proshare News 

Rice Cultivation in Nigeria - The OLAM ONDORIE NUCLEUS Rice Farm - Proshare will be running a feature series on agricultural endeavours in Nigeria, seeking to showcase the work ongoing, the gaps and opportunities – all with a focus on sheding more light on how policies impact engagements in this all important sector but for which there is a dearth of focus on the how, who and where. Source Proshare Read More

The Long View: How will the global economic order change by 2050? - After a year of major political shocks with the Brexit vote and the election of President Trump, it might seem brave to opine on economic prospects for 2017, let alone 2050. Source Proshare Read More

Senate President's Speech at a 2-Day Stakeholder Workshop on the Power Sector - I am very delighted that we are gathered together today to seek a solution to one of, if not the most significant challenge to our quest for economic development; the issue of providing adequate power for our economy. Source Proshare Read More 

FG To Provide Incentives To Investors In Critical Sectors - The federal government is set to provide incentives and the necessary logistics support to investors whose areas of interest are in the development of the agriculture and energy sectors as well as industrialization in Nigeria. Source Leadership Read More 

BPE spent $4bn power sector assets sales proceeds on salaries, pensions – Saraki - Bukola Saraki, Nigeria’s Senate president has berated power sector practitioners including the Bureau of Public Enterprises (BPE) who he said spent the proceeds of power sector privatisation on paying salaries and pensions. Source BUSINESSDAY Read More 

FG Sees it’s Growth Recovery Plan spiking GDP growth rate by 7% - Federal Government has expressed optimism that it’s growth and Recovery plan has the capacity of spurring Gross Domestic Product, (GDP)growth to the tune of 7 %. Source BUSINESSDAY Read More 

Nigeria Machine Tools to cut dependence on imported machines  - Nigeria Machines Tools Limited (NMTL), in a bid to catalyse industrialisation in the country, has partnered with several government-owned establishments, such as the National Agency for Science and Engineering Infrastructure (NASENI) to boost machine tools production in the country and in turn, reduce the cost of quality tools to local end users, create more jobs Source BUSINESSDAY Read More 

Banks give N2 trillion credit to farmers in 2016 - A total of N2 trillion was given out as credit to farmers in 2016 by various money deposit bank operators in the country, according to the latest fourth quarter banking sector report released by the National Bureau of Statistics (NBS). Source BUSINESSDAY Read More 

Ethiopian Airlines’ $220m trapped in Nigeria, others - Ethiopian Airlines says it is unable to repatriate about $220m held in local currency in Nigeria, Egypt and some other African states because of foreign exchange scarcity in these countries. Source Punch Read More 

Drawbacks Of Capital Control Measures Under The Proposed Foreign Exchange Amendment Bill  - Nigeria has maintained a liberalized foreign exchange market since the enactment of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act in 1995. The Act established an autonomous foreign exchange market and guaranteed the unconditional transferability of capital in any convertible currency by end users. Source Detail Read More 

Forex supply drops to $700m monthly - The Central Bank of Nigeria said on Tuesday that the monthly supply of dollars at its disposal had dropped to between $600m and $700m. Source Punch Read More 

Govt to establish $50bn biofuel fund – CBN -The Federal Government is to set up a $50bn Biofuels Industry Equity Fund to be used in developing biofuels and making them accessible to the citizens in commercial quantities, the Central Bank of Nigeria has said. Source Punch Read More 

Emerging Markets Rally Despite Trump Worries #Lessons - Emerging markets were expected to suffer the most from Donald Trump’s election victory, but developing world assets have been among the biggest winners so far this year. Source Proshare Read More 

FMDQ, S&P Dow Jones Indices To Co-Brand Nigeria's Sovereign Bond Index - The prospects for the deepening of the Nigerian debt capital market, received a boost today with the official signing of the memorandum of understanding between the FMDQ OTC securities exchange and the S&P Dow Jones Indices. Source Proshare Read More

Stock Market - Limits to the Comparison with Egypt - Stock Market - Our periodic look at three stock market indices in sub-Saharan Africa (SSA) places Nigeria between Jo’burg and Nairobi. The NSEASI has lost-4.8% ytd, compared with a 3.0% gain for Jo’burg and a -10.0% retreat by Nairobi. Source Proshare Read More 

Equities Market Extends Two-day Losing Streak With -0.55% Loss - Equities market closed today on a negative note, as NSE ASI depreciated by 0.55% to close at 25,446.66 basis points, as against 0.83% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.31%.  Source Proshare Read More 

Invest in FGN Monthly Bond Auction – February 2017 - 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 

Court suspends proceedings on Ecobank’s suit against Honeywell - A FEDERAL High Court sitting in Lagos, yesterday, suspended further proceedings in a suit filled by Ecobank Nigeria Limited seeking to recover an alleged N5.5billion debt from Honeywell Flour Mills Plc. Source Vanguard Read More

We’ll no longer import fuel by 2019 – Kachikwu - THE Minister of State for Petroleum Resources, Mr Ibe Kachikwu, yesterday, in Abuja said Nigeria would no longer import fuel by 2019. Source Vanguard Read More

Nigeria paid N2.7tn for darkness in 16yrs — Dogara - The Speaker of the House of Representatives, Mr. Yakubu Dogara, said on Tuesday that over N2.7tn of tax payers’ money spent on the power sector in the last 16 years only bought darkness to Nigerians. Source Punch Read More 

Power Sector Investors Demand Settlement of N50bn Debt, Call for Tariff Hike  -  Investors in the nation’s power sector have called for the settlement of N50 billion owed them, while also calling for the introduction of a realistic tariff structure, reflective of the current rate of inflation and foreign exchange rate. Source Thisday Read More

Ugbo: NIPP’s 252MW GbarainUbie Power Plant Ready End of Q1 2017 - The 252 megawatt-capacity GbarainUbie power plant being built by the Niger Delta Power Holding Company (NDPHC) under the National Integrated Power Project (NIPP) would be ready for commissioning by the end of first quarter 2017, the Managing Director of NDPHC, Mr. Chiedu Ugbo has said. Source Thisday Read More 

Ethiopian Airlines revenues rise, says U.S. travel ban causing confusion - Ethiopian Airlines' chief executive said on Tuesday that a U.S. order temporarily halting immigration from seven Muslim-majority states was creating confusion for passengers but was not having much impact overall on its operations. Source Reuters Read More 

Rwanda to sell 20 pct stake in I&M Bank next week - The Rwandan government plans next week to sell its 20 percent stake in I&M Bank operations in Rwanda, with the aim of raising 11.5 billion francs ($14.1 million), a minister and a senior executive said. Source Reuters Read More 

StanChart's Zimbabwe business limits use of Visa card abroad - Standard Chartered Plc's Zimbabwean business has restricted the use of Visa debit cards outside the country, in a sign that foreign currency shortages were worsening despite the introduction of a "bond currency" last year. Source Reuters Read More 

Dollar Gains Fade as Treasury Yields Reverse Early Rise - Easy come, easy go, was the case with the dollar’s rebound Tuesday as an early rise in Treasury yields that fueled dollar gains of as much as 0.8% fizzled by the middle of the day, cutting the greenback’s gains by more than half toward the end of the U.S. trading session. Source Bloomberg Read More 

Energy Companies Lead Asian Stock Decline Amid Oil Price Slump - Asian shares slipped for a second day as energy shares paced declines on lower oil prices, offsetting gains in property stocks. Source Bloomberg Read More 

Brexit Risks 30,000 U.K. Jobs and 17% of Bank Assets, Study Says - Global banks in London may have to relocate 1.8 trillion euros ($1.9 trillion) of assets to the continent after Britain withdraws from the European Union, putting as many as 30,000 U.K. jobs at risk, according to Brussels-based research group Bruegel. Source Bloomberg Read More 

Asia’s Best Performing Stock Surged 8,811% in Three Years - It was an equity-market surge that seemed to defy the laws of probability: an 8,811 percent advance in just three years, topped off with 60 straight days of positive returns before trading was restricted late last month. Source Bloomberg Read More 

Europe Stocks Rise as FTSE 250 Hits Record, Property Gauge Jumps - European stocks advanced as the FTSE 250 Index of midcaps jumped to record close and real estate companies gained. Source Bloomberg Read More 

U.S. trade deficit falls as exports hit more than 1-1/2 year high - The Commerce Department said on Tuesday that U.S. trade deficit fell more than expected in December as exports rose to their highest level in more than 1-1/2 years, outpacing an increase in imports. Source BUSINESSDAY Read More 




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