Nigeria in 1min: Economic, Business & Financial Headlines – 090216


February 09, 2016 7:30 AM / Proshare News

Squeeze on consumers' spending due to lingering macro challenges - The lingering macro challenges have taken their toll on consumer discretionary spending and resulted in a deceleration in the topline growth of most listed manufacturers. Source Proshare Read More

Kwara targets N60bn revenue annually - Governor Abdulfatah Ahmed of Kwara State, yesterday, set N60 billion revenue target to be generated annually by the state. Source Daily Trust Read More

Oyo/Osun Customs Command generates N14.59bn -  The Oyo/Osun Area Command of the Nigeria Customs Service (NCS) generated N14.59 billion in 2015, as it prepared to build on its revenue generation and anti-smuggling activities. Source Daily Trust Read More

Endorsing the role of the new E-Unit and adoption of new procurement pricing guidelines - Last week, Patience Oniha, the head of the newly established Efficiency Unit (E-Unit) of the Federal Ministry of Finance affirmed that the Nigerian Government is targeting savings from the standardization of the prices for goods and services supplied to ministries, departments and agencies ( MDAs). Source Proshare Read More

TSA to cut N2.22tr budget deficit -THE N2.22 trillion deficit, projected for this year’s N6.08 trillion budget may be reduced after all, courtesy of the N2.2 trillion already realised by the Federal Government, from the Treasury Single Account (TSA) scheme. Source Guardian Read More

FG To Free $1bn For Solid Minerals Investors - The Federal Government hinted yesterday that it has resolved to provide $1 billion ( about N200 billion) as solid minerals development fund for potential investors in the mining sector. Source Leadership Read More

US Companies Invest $10.9bn In Nigerian Economy – Envoy - The United States (US) secretary of commerce, Penny Pritzker, has disclosed that out of over 70 large American companies operating in Nigeria, a survey showed that the cumulative amount of direct investment committed to the country by just 11 of them since 2011 totalled $10.9 billion. Source Leadership Read More

Airlines Lose N20bn Annually To Aircraft Landing - Nigerian airlines lose at least N20 billion annually to flight cancellations largely caused by lack of landing aids required for night landing and landing in bad weather, the Airline Operators of Nigeria (AON) has said. Source Leadership Read More

AFC Launches $150m Loan into Syndication - The Africa Finance Corporation (AFC), a Lagos-based financier of development projects including infrastructure and heavy industry, has invited banks to participate in providing it with a $150 million, two-year loan, sources said on Monday. Source Thisday Read More

Kaduna Partners Sahara Group, UNSDG on Food Africa Project - Kaduna State Government is set to partner the United Nations Sustainable Development Goals (SDG) and Sahara Group on the Food Africa Project that seeks to boost poverty alleviation, food security and economic empowerment in the state, Governor Nasir El-Rufai, has said. Source Thisday Read More


As new electricity tariffs take off - As new electricity tariffs take off Monday, this week, a new multi-year tariff order (MYTO) came into effect in the country, eliminating the fixed charges, which domestic electricity users previously paid to the electricity distribution companies (“discos”). Source Proshare Read More

Nationwide protests over electricity tariff hike - There were protests across the country yesterday over the 45 percent increase in electricity tariff by the Nigeria Electricity Regulatory Commission (NERC). Source Daily Trust Read More

Fashola Expects Year-end Power Generation to Rise by 2000MW - The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has expressed his confidence that given the various plans undertaken by the present administration in the power sector, the country may end 2016 with an additional 2, 000 megawatts (MW) of electricity in the national grid. Source Thisday Read More

$40b drained from External Reserve in 10 years, says CBN - The Central Bank of Nigeria (CBN) has lamented that about $40 billion was depleted from the nation’s external reserves in 10 years due to the taste for imported goods by Nigerians. Source THE NATION Read More

Govt must diversify economy, says Emefiele - Mr Godwin Emefiele, Governor, Central Bank of Nigeria (CBN), yesterday reiterated the need for the Federal Government to diversify its economic dependence from oil to the non-oil sectors. Source THE NATION Read More

Nigeria: Of Fines and the Business Environment - The business environment in Nigeria can best be described as a jungle: survival of the fittest, winner takes all. In the past, a lax regulatory environment encouraged business entities to take advantage of consumers and even to cannibalize competition. Source Proshare Read More

CBN earmarks over N1trn to fund real sector - THE Central Bank of Nigeria, CBN, has set aside over N1 trillion to promote lending to the real sector of the economy with a view to stimulating economic activities in the country Source Vanguard Read More

DANGCEM lifts NSE-ASI on last minute rally - The equities market closed today on a positive note, as NSE ASI appreciated by 2.02% to close at 23,977.87basis points, compared with the 0.07% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.29% Source Proshare Read More

Banks in free trade zones to get tax, duty waivers - The Central Bank of Nigeria (CBN) has said it would henceforth grant tax and duty waivers to banks operating in the Free Trade Zones (FTZs). Source THE NATION Read More

Dwindling Oil Prices: Banks in a Dilemma over Loan Restructuring - Following the dwindling prices of crude oil in the international market, some of the Nigerian banks that funded deals in the oil and gas industry are in a dilemma on how to restructure the loans without extending the repayment period beyond the duration of the licences granted by the federal government on the assets, THISDAY has learnt. Source Thisday Read More

INTBREW Records Relatively Good Q3 Result; Neutral Rating Maintained - Following International Breweries’ Q3 2016 (end-Dec) results which surprised positively, we have increased our earnings forecasts by 27% on average for the 2016-17E period. Source Proshare Read More

FO Joins United Nations Global Compact Corporate Responsibility Initiative - Forte Oil Plc. Nigeria’s premier integrated energy solutions provider has been listed as a participation of the United Nation Global Compact, the world’s largest corporate social responsibility initiative with over 8,000 companies and 4,000 non-business participants in 135 countries that are committed to the advancement of global Sustainable Development Goals (SDGs). Source Proshare Read More

Flour Mills of Nig Plc: Q3 2016 Result - Words from Management - Cordros had a call last week (Friday) with the management of Flour Mills of Nigeria Plc (FLOURMILL) to discuss the recently released results for the period ended 31 December 2015 i.e. Q3-15/16 and 9M-15/16. Source Proshare Read More

Dangote slashes cement price - As a result of its economy of scale occasioned by the recent introduction of new production lines in Okpella Edo State and Itori in Ogun State worth nine million  metric tonnes, Dangote cement has slashed the price of its cement varieties. Source THE NATION Read More

VAT in Nigeria: The Economic Impact of an Increase - With the persistent fall in the price of crude oil, Nigeria has been plunged into an economic downturn that has left the government desperately looking to other sources for revenue generation. Source Proshare Read More

Sanusi faults CBN on naira exchange rate - The Emir of Kano and immediate past Governor of the Central Bank of Nigeria, Muhammadu Sanusi II, has described the monetary policy regime of the CBN as wrong. Source Punch Read More


WE CAN HELP WITH THAT - FirstBank supports SMEs with bouquet of offerings - Consistent with its continued support for the sustainable development of the Small and Medium Enterprises (SMEs) sectors of the Nigerian Economy, First Bank of Nigeria Limited, a subsidiary of FBN Holdings Plc and Nigeria’s most valuable bank brand, has unveiled its new proposition to its customers with the ‘WE CAN HELP WITH THAT’ campaign. Source Proshare Read More

Dangote Begins Construction of New 9m tons capacity Cement Plants in Okpella, Itori - In a deft move to consolidate on its leadership in the cement sector, Dangote Cement Plc has announced the commencement of the construction of new cement plants in two communities in the country. Source Proshare Read More

Guinness Nigeria appoints Johnson as non-executive director - Guinness Nigeria Plc has announced the appointment of Dr. Omobola Johnson as a non-executive director of the company. An experienced ICT policy professional, Dr. Johnson brings to the Board over 30 years of experience from both the private and public sectors of the Nigerian economy. Source Guardian Read More

Nigeria accounts for 0.36% of $520b ICT market - With a traded value of $1.8 billion on importation of ICT goods and electronics in 2014, Nigeria accounts for 0.36 per cent of global transaction in such goods as the global industry continues to experience a downturn, latest report UNCTAD Technology and Innovation Report has stated. Source Guardian Read More

NCC Seeks Fast-track Of Telecom Infrastructure Bill By NASS - The executive vice chairman (EVC) of the Nigerian Communications Commission (NCC), Prof Umar Garba Danbatta, has urged the national assembly to give urgent consideration to the passing of the bill on the protection of critical national telecommunications infrastructure. Source Leadership Read More

Nigerian E-Commerce Startup Africa Internet Group Raises $83m - Some of Africa’s best-funded ecommerce startups recently secured more capital. Africa Internet Group (AIG)—which owns online retailer Jumia and nine other e-ventures—will receive €75 million ($83 million) from Europe’s AXA Insurance in exchange for an eight per cent equity stake in the business. Source Thisday Read More

Osun moves to reduce cost of governance - The Osun State Government has said it will come up with new strategies that will help it navigate through the current financial challenges, while sustaining all its development programmes. Source Punch Read More

Way-out of Petrol Pricing Mechanism Conundrum - The debate around the pricing mechanism for premium motor spirit (PMS or petrol) in Nigeria has ebbed and flowed over the last four decades. Shocks to the global oil price have invariably impacted the arithmetic of local PMS retail prices. Source Proshare Read More

Thoughts on Crude Oil Price Projections for 2016 - The end-to-trough cycle of falling crude oil prices that began in mid-2014 is not in sight. Already, crude oil prices have dropped below $30 per barrel ― lower than the nadir reached during the 2008/2009 Great Recession; and there are projections that the prices may nudge $20 (as forecast by Goldman Sachs, Morgan Stanley, and International Monetary Fund), or even $10 (in Standard Chartered Bank’s most recent estimates). Source Proshare Read More

The Nigerian Mining Industry - The Untapped Goldmine
- The Nigerian economy has remained susceptible to the swings in the global energy market for over fifty years. With crude oil accounting for approximately 70% of government revenue and 83% of export earnings, Nigeria is forced to make difficult adjustments almost every time there is a depression in oil prices. Source Proshare
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We can’t identify true owners of oil blocs, assets — NEITI - The Nigerian Extractive Industries Transparency Initiative, NEITI, yesterday, lamented that the true owners of some oil blocs and other oil and gas assets in Nigeria cannot be identified from the records of the Corporate Affairs Commission, CAC. Source Vanguard Read More

Nigerian refineries receive 9.5m barrels of crude in 2015 - At a period refining operations averaged 26 per cent, three of Nigeria’s five refineries received about 9.5 million barrels of crude oil in 2015, but processed about 7.2 million barrels, data from the Ministry of Petroleum Resources have shown. Source Vanguard Read More

Oil price fall: FG appeals to oil companies not to sack workers - Minister of Labour and Employmen Chris Ngige has called on the major oil companies planning to lay off workers due to the dwindling price of crude in the international market to suspend the plan. Source Daily Trust Read More

Nigeria faces suspension from EITI -Nigeria may be suspended from the global body of the Extractive Industry Transparency Initiative (EITI) over the delay in the release the oil and gas and solid mineral reports for the year 2013, representatives of the body warned yesterday. Source Daily Trust Read More

Non-OPEC Oil Production Will Drop To 56.4mbpd In 2017 – Report - Total oil supply from non members of the Organisation of Petroleum Exporting Countries (OPEC) is anticipated to decrease to 56.4 million barrels per day (mbpd) in 2017, before rebounding to 57.5mbpd in 2020, a new report has said. Source Leadership Read More

Crashing oil prices: Nigeria’s $21b remittance market to the rescue - The World Bank has estimated the value of Nigeria’s Diaspora remittance market at $21 billion. It is the largest in Africa. Source THE NATION Read More

Lagos offshore oil field targets March for production - The Aje shallow-water field offshore Lagos is now expected to reach first oil at the end of March 2016 as against the end of 2015 previously targeted by the joint venture partners on the project. Source BUSINESSDAY Read More

Global stocks dumped for safe havens as bank fears flare - Asian share markets were scorched on Tuesday as stability concerns put a torch to European bank stocks and sent investors stampeding to only the safest of safe haven assets. Source Reuters Read More

European stocks slip further on bank and growth concerns - European shares closed at their lowest level in more than two years on Monday with investor concerns over the health of the region's banks compounding worries over slowing global growth. Source Reuters Read More

South African bonds weaken in broader risk aversion - South African bond yields rose on Monday, ending a recent rally as new data over the weekend showed China's foreign reserves fell, adding to worries over the growth of the world's second largest economy. Source Reuters Read More

Zuma Faces Court Over $13 Million Home Revamp - South Africa’s main opposition parties get their chance in the country’s highest court on Tuesday to force President Jacob Zuma to repay some of the state funds that were spent on upgrading his private home. Source Bloomberg Read More

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