Nigeria in 1min: Economic, Business & Financial Headlines – 080317



March 08, 2017 7:10 AM / Proshare News 


FG releases Economic Recovery Plan for Nigeria - The Economic Recovery and Growth Plan (ERGP) which unveils a road map for Nigeria’s economic recovery, growth and sustainable development has been released. Source Proshare Read More

Q4 2016 Merchandise Trade Intensity - Total Trade Grows by 6.5% in 2016 - Nigeria’s external trade in the fourth quarter 2016, was valued at N5, 286.6 billion. The export component stood at N2, 978.9 billion while the import component stood at N2, 307.6 billion leading to a trade surplus of N671.3 billion. Source Proshare Read More 

Nigeria to open up government airports to private investment - Nigeria will open up its government-owned airports to private investment, the minister of aviation said on Monday, as the capital's airport prepares to close for repairs after years of neglect. Source Reuters Read More 

Observations on Nigeria’s Continuing Reserves Accumulation - CBN data show that gross official reserves increased by US$1.5bn in February on a 30-day moving average basis to US$29.6bn. The authorities have now achieved reserves accumulation of US$5.7bn since end-October. Source Proshare Read More 

FG sets up modalities for agro certification -The Federal Government has put in place modalities to ensure that farmers get the Global Good Agricultural Practices (GlobalGAP) certification, which is currently limiting the country’s agro allied exports to Europe and the United States. Source BUSINESSDAY Read More 

Kwara Assembly passes N160bn Appropriation Bill - The Kwara House of Assembly on Tuesday passed the N160.9 billion appropriation bill of the state. Source BUSINESSDAY Read More 

FRC: Fed Govt, states’ debts hit  N11.84tr - About N11.84 trillion – that is what states and the Federal Government are owing.The Fiscal Responsibility Commission(FRC) says the debts include domestic debt (N9.73 trillion or 82.20%) and external debt (N2.11 trillion or 17.80%). Source THE NATION Read More

FIRS nets N27b from ‘tax amnesty’, as 814,000 new payers are listed - Tunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS), says the agency realised N27.086 billion from the waiver of tax penalty and interest programme. Source THE NATION Read More

Lagos-Ibadan’s N458b speed rail project takes off - A major step to giving Nigerians a modernised railway was taken yesterday when Acting President Yemi Osinbajo inaugurated the construction of the Segment II of the Lagos-Ibadan Rail Project at the Nigerian Railway Corporation (NRC) Compound in Ebute Metta, Lagos. Source THE NATION Read More 

FG to reduce stakes in refineries, oil assets - The Federal Government has said it will reduce its stakes in Joint Venture oil assets, refineries and other downstream subsidiaries such as pipelines and depots. Source Punch Read More


FOREX: CBN Injects $100m Into The Market - In continuation of its resolve to ease the challenge of access to foreign exchange, the Central Bank of Nigeria (CBN) on Tuesday, March 7, 2017 further injected another sum of $100m into the interbank foreign exchange market. Source Proshare Read More 

Meeting with CMOs on the SEC Risk-Based Supervision (RBS) Framework and Updated Reporting Template - Sequel to the migration to Risk-Based Supervision (RBS) framework, and the need to harmonize the Quarterly Reporting Templates of the Securities and Exchange Commission (SEC) with that of The Nigerian Stock Exchange (NSE), the SEC hereby invites all Capital Market Operators to a Town hall meeting on the introduction of the SEC RBS Framework and updated reporting template. Source Proshare Read More 

CBN Supplies $1,138bn Into Forex Market In Two Weeks - The Central Bank of Nigeria (CBN) yesterday released another $100 million for school fees, personal travel allowances (PTA) and medical bills abroad into the forex market making a total sum of $1,138billion it has injected to meet both forwards and invisibles to Nigerians in the last two weeks. Source Leadership Read More 

SEC pays N42bn unclaimed dividends to investors - The Securities and Exchange Commission, on Tuesday, said it had paid about N42bn out of about N117bn unclaimed dividends to investors. Source Punch Read More

CBN targets market-determined exchange rates - The Central Bank of Nigeria is in the process of improving the implementation of its current policies, aimed at achieving a market-determined exchange rate regime to build confidence and encourage foreign exchange inflows. Source Punch Read More 


NSE Witnesses Second New Listing in 2017; Market Sustains Downtrend - Feb '17 SSS Report - Nigeria’s Equities Market records –2.72% loss to close the month of February red as against -3.12% loss recorded in January 2017 to sustain the downtrend as the NSE ASI YTD performance stands at -5.75% at the end of February 2017.Source Proshare Read More

Equities Market Records +2.23% Gain to Resume Uptrend; Thanks to Big CAPs - Equities market closed today on a positive note, as NSE ASI appreciated by 2.23% to close at 25,129.27 basis points, as against 1.72% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.49%. Source Proshare Read More

DMO partners FMDQ to list first ever FGN $1bl Eurobond - The Debt segment of the Nigerian capital market, received a boost today in its activity, with the formal listing of the first-ever FGN Sovereign FX denominated $1bl Eurobond at the FMDQ OTC Exchange. Source Proshare Read More 

NSE Lists N2bn Greenwich Money Market Fund - The Nigerian Stock Exchange listed N2 billion Greenwich Plus Money Market Fund on its platform for trading. Source Leadership Read More 

Invest in FGN Monthly Bond Auction – March 2017 - For Re-openings of previously issued bonds, (where the coupon is already set), successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned, plus accrued interest from the original issue date. Source Proshare Read More 

Aiteo records 90,000bopd in OML 29 - Integrated energy group Aiteo yesterday said it achieved  a peak production of 90,000 barrels of oil per day (bopd),one year after its acquisition of sub-Saharan Africa’s reputedly largest onshore oil bloc OML 29. Source Daily Trust Read More 



South Africa's economy contracts in fourth quarter as mining, manufacturing slip - South Africa's economy contracted 0.3 percent quarter-on-quarter in the final three months of last year as mining and manufacturing output shrank, the statistics agency said on Tuesday, putting credit ratings at risk. Source Reuters Read More

Kenya says $750 mln syndicated loan plan still on track - A plan by Kenya to borrow about $750 million through a syndicated loan is on track, a senior Treasury official said on Tuesday, dismissing concerns about delays in the process. Source Reuters Read More

Egypt's pound shows Nigeria must overcome its fear of floating free -  A currency devaluation may do little to fix Nigeria's problems unless it follows the examples of emerging market peers Egypt, Argentina and Russia and embraces floating exchange rates. Source Reuters Read More


Ethiopia inflation jumps to 7.0 pct in February - Ethiopia's year-on-year inflation rose to 7.0 percent in February from 6.1 percent in January, the statistics office said on Friday. Source Reuters Read More

South Africa's net foreign reserves rise to $41.506 bln in February - South Africa's net foreign reserves rose to $41.506 billion in February from $41.373 billion in January, the Reserve Bank said on Tuesday. Source Reuters Read More

Oil imports lift U.S. trade deficit to near five-year high - The U.S. trade deficit jumped to a near five-year high in January as rising oil prices helped to push up the import bill, pointing to slower economic growth in the first quarter and posing a challenge for the Trump administration. Source Reuters Read More 

China's Imports Surge in February, While Exports Miss Estimates - Imports jumped 44.7 percent while exports rose 4.2 percent in February in yuan terms, the customs administration said Wednesday, leaving a trade deficit of 60.4 billion yuan ($8.8 billion).Source Bloomberg Read More 

China’s FX Reserves Hit $3tn - China’s foreign exchange reserves unexpectedly rose for the first time in eight months in February, rebounding above $3 trillion as a regulatory crackdown and weakness in the dollar helped staunch capital outflows. Source Thisday Read More 

Apollo Seeks $20 Billion by May for New Buyout Fund - Apollo Global Management LLC is seeking $20 billion for its latest global buyout fund, people with knowledge of the process said, setting its sights on the biggest pool of capital for private equity deals since the financial crisis. Source Bloomberg Read More 

Saudi Arabia, Russia Offer United Front on Oil Production Cuts - Saudi Arabia and Russia, the architects of an oil production cut that has stabilized prices, presented a united front on compliance just as rising U.S. inventories have sparked doubts about the OPEC and non-OPEC deal. Source Bloomberg Read More 

Libya Crude Output Edges Higher After Clashes at Main Oil Ports - Libya’s crude production made a partial recovery after clashes between rival armed groups led to a halt in shipments from two of the OPEC member’s biggest oil ports. Source Bloomberg Read More 

Iran's Crude-Oil Exports Increase to Level Last Seen in 1970s - Iran’s crude-oil exports touched 3 million barrels a day for the first time since the 1979 Islamic Revolution. Source Bloomberg Read More 

Credit Agricole Said to Weigh $2.4 Billion Saudi Bank Stake Sale - Credit Agricole SA, France’s third-largest bank by market value, is considering a sale of its 31 percent stake in Saudi Arabian lender Banque Saudi Fransi, in a deal that could potentially fetch about $2.4 billion, according to people familiar with the matter. Source Bloomberg Read More


Debt: NCC moves to rescue Etisalat - The Nigerian Communications Commission (NCC) has said it is discussing with the Central Bank of Nigeria (CBN) and some commercial banks in the country over the unpaid loans issue they have with Etisalat Nigeria. Source Daily Trust Read More 






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