Nigeria in 1min: Economic, Business & Financial Headlines – 080916



September 08, 2016 7:30 AM / Proshare News 


The Nigerian Economy: A Macro-econometric and Input-output Model  - This book combines descriptive, technical, empirical, policy evaluation, and forecasting methodologies to provide a systematic analysis of the the Nigerian economy. Source Proshare Read More 

Gross Official Reserves Decline by US$790m in August 2016 - Data from the CBN show that gross official reserves declined by US$790m in August on a 30-day moving average basis to US$25.4bn. The monthly average movement has been an outflow of US$460m over the past 12 months. Source Proshare Read More 

Stable Monetary Policy in Cote D'Ivoire to Encourage Investment - Investors will continue to favour Côte d'Ivoire and Senegal over the coming years as their strong growth outlook and effective fiscal management is supported by a coherent monetary policy from the regional central bank. Source Proshare Read More 

Ghana Cedi Range Trading To End - Over the next three months we expect the Ghanaian cedi will continue to trade within the narrow GHS3.7-GHS3.9/USD band it has been trading within since September last year when the previous period of high volatility settled down. Source Proshare Read More 

Regional Currency Round-Up: Energy Exporters Hit Hard - African currencies have continued to show a huge divergence in performance since the start of the year, with a significant amount of volatility in the past month. Source Proshare Read More 

Nigeria, After the devaluation - The naira has fallen by 30% following the Central Bank of Nigeria's (CBN) decision to move from a fixed FX policy to a market-determined exchange rate. The adjustment was long overdue, with the preceding 15 months of NGN stability against the dollar glaringly out of step with fundamentals. Source Proshare Read More 

Calls for Early Elections in Cameroon Highlight Succession Risk - Calls by Cameroon's ruling party for presidential elections to be brought forward to Q117, instead of 2018, will exacerbate political tensions and draw attention to the uncertainty over President Paul Biya's eventual succession. Meanwhile, attacks by Boko Haram will pose an ongoing foreign threat. Source Proshare Read More 

Continued Attacks in Congo-Brazzaville Will Not Topple Government - Political violence will continue over coming quarters in the Republic of Congo as resentment towards the government harboured by certain elements of the population translate into intermittent attacks. Source Proshare Read More 

Nigeria: Recession-Bound In 2016 - Nigeria will endure an economic contraction in 2016. Despite some improvement in the second half of the year, declining oil production and manufacturing will weigh heavily on the headline growth figure. Source Proshare Read More 

Q2'16 Foreign Trade Review - Deficit Correction Dependent on Improved Crude Oil Volumes - The National Bureau of Statistics (NBS) reported Q2'16 foreign trade data yesterday with total exports estimated at N1.9 trillion ($9.0 billion),a 63.3% from Q1'16 level and a decline of 29.4% YoY. Imports rose to N2.1 trillion ($9.9 billion), 38.1% higher than the previous quarter and 21.3% higher than the corresponding quarter in 2015. Source Proshare Read More 

Panic in aviation sector over economic recession - Thousands of workers in the nation’s aviation sector may soon lose their jobs, as airlines’ operators groan under the weight of economic challenges.In the line of fire are over 400 pilots including expatriates, 1,200 crewmembers and more than 1,000 travel agents. Source Guardian Read More 

More Nigerians may go hungry as food crisis looms, says Ogbeh - The Minister of Agriculture and Rural Development, Audu Ogbeh, has raised the alarm that the prices of food items may increase further and more Nigerians may go hungry due to the destruction of farm produce by quelea birds and locusts from Niger Republic. Source Guardian Read More


Emefiele: Efficient Payment System Pivotal for Financial System’s Growth - The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele has stressed that an efficient payment system is pivotal to Nigeria’s financial system as well as in engendering sustained economic growth and development. Source Thisday Read More 


SKYEBANK leads gainers as stocks halt 3-day losing streak - The equities market closed today on a positive note, as NSE ASI appreciated by 0.07% to close at 27,522.62basis points, compared with the 0.73% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.91%. Source Proshare Read More 

T-Bills: CBN to borrow N952bn in three months - The Central Bank of Nigeria is planning to borrow the sum of N952.04bn ($3.02bn) with new issues of Treasury Bills from September 15 to December 1, 2016. Source Punch Read More 

Banks can’t give loan without capitalisation- FCMB GMD  - The Group Managing Director/CEO of the First City Monument Bank (FCMB), Mr Ladi Balogun, attributes banks’ inability to significantly lend to businesses to weak capital and high cash reserve ratio currently put at 22.50 per cent. Source Daily Trust Read More 

PPPRA, marketers debunk planned increase in fuel prices - Again, major stakeholders in the downstream sector of the oil and gas sector have reassured the nation that there is no plan to increase the price of petroleum products, especially Petroleum Motor Spirit (PMS) from the current N145 per litre. Source Guardian Read More 

Nigeria loses 23.1m barrels of crude in 21 days - Nigeria lost 23.1million barrels of crude oil from August 16 to September 5,  due to activities of Niger Delta militants, which led to shut-in of production, shut down of pipelines and terminals Source THE NATION Read More 

Q2 power output drops by 30%, says report - THE power sector recorded a drop of 30.01 per cent in the second quarter (Q2) due to poor generation caused by militants’attacks in the Niger Delta, a new report has said. Source THE NATION Read More 

92,000 Nigerian Homes Electrified with Solar Power in Six Months - Solar Nigeria, a solar power initiative of the United Kingdom’s Department for International Development (DfID) has disclosed that businesses it supported have been able to provide more than 92,000 Nigerian homes with solar lighting or power systems between January and June 2016. Source Thisday Read More 



South Africa's Gordhan says recession unlikely in 2016 - South Africa's economy is unlikely to fall into recession in 2016 although the right level of investment must be nurtured among investors to support growth, Finance Minister Pravin Gordhan said on Wednesday. Source Reuters Read More

Volkswagen targets East Africa with Kenya car assembly plant - Volkswagen's will resume producing cars in Kenya by the end of the year as it looks to sell more vehicles across the East African region. Source Reuters Read More

South Africa's cenbank governor says GDP growth inadequate - South Africa's slightly more than 3 percent quarter on quarter economic growth recorded in the second quarter is inadequate, and needs to be closer to 6 percent, central bank Governor Lesetja Kganyago said on Wednesday. Source Reuters Read More

South Africa's Q3 business confidence improves but political uncertainty a risk -  South Africa's business confidence rose in the third quarter, ending seven straight quarterly declines, a survey showed on Wednesday, but could fall again over the uncertainty facing the finance minister. Source Reuters Read More 



Operating without license: NCC seals Nokia office - For failing to pay N2million sales and installation license under category ‘A’  , the enforcement unit of the Nigerian Communications Commission, NCC, yesterday sealed Nokia -Alcatel office located at CBC tower, Lekki, Lagos. Source Vanguard Read More 

N330bn fine forces MTN to sell bonds - MTN Group Limited is currently seeking fresh funds through the sale of bonds to offset a N330bn ($1bn) Nigerian fine, pay dividends and address capital expenditure. Source Punch Read More 

Dell Technologies finally acquires EMC - The deal creates a unique family of businesses that provides the essential infrastructure for organisations to build their digital future, transform Information Technolgy and protect their most important asset, information. Source Punch Read More 





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