Nigeria in 1min: Economic, Business & Financial Headlines – 090317



March 09, 2017 6:40 AM / Proshare News 


February 2017 Headline Inflation Likely to Decline to 17.1% - Headline inflation is almost certainly set to decline for the first time in 16 months when the NBS releases the numbers next week. This forecast is based on a regression model and empirical analysis. Source Proshare Read More

Domestic debt: FG to borrow N2.85trn by mid 2017 - AMID brightening prospects of improved revenue accruals, the Federal Government is adjusting its borrowing plans as Central Bank of Nigeria Source Vanguard Read More 

Tin Can Island Customs make N1bn daily - The Nigeria Customs Service, Tin Can Island Command has said that it has been generating a daily revenue of N1bn since the beginning of March this year. Source Punch Read More

FG okays $470m water project for FCT - The Federal Government on Wednesday approved a contract for the construction of Greater Abuja Water Supply Project at the total cost of $470m. Source Punch Read More 

FG to raise N213.7bn Treasury bills next week - The Federal Government plans to raise N213.75bn ($681m) from short-dated Treasury bills at an auction on March 15, the Central Bank of Nigeria said on Wednesday. Source Punch Read More 

Non-passage of 2017 budget threatens Economic Recovery Plan -  …as FEC approves $470m, N186m projects for FCT water sector Implementation of Nigeria’s Economic Recovery and Growth Plan (ERGP) may be stalled if the 2017 budget is not passed on time, minister of budget and national planning, Udoma Udo Udoma, hinted on Wednesday. Source BUSINESSDAY Read More 

Customs anti-smuggling units collect N1.3b in 2 months - THE Nigeria Customs Service, Federal Operations Unit, Zone ‘A’ Lagos in the months of January and February through its anti-smuggling operations Source Vanguard Read More

CBN clears 3,114 BDCs for IMTOs dollar purchase - The Central Bank of Nigeria (CBN) yesterday cleared 3,114 bureaux de change (BDCs) to buy dollars sourced form International Money Transfer Operators (IMTOs). Source THE NATION Read More 


Stock Market Retracts After A Day of Positive Stance; Records -0.57% Loss - Equities market closed today on a negative note, as NSE ASI depreciated by 0.57% to close at 24,986.02 basis points, as against 2.23% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.03%. Source Proshare Read More 

GUARANTY Declares N132.3bn PAT in 2016 Audited Results; Proposes N1.75kobo Final Dividend,(SP:N25.87 - Source Proshare Read More

NSE Lists N2bn Greenwich Money Market Fund - The Nigerian Stock Exchange (NSE) on Tuesday, March 7, 2017, admitted 20 million units of the Greenwich Plus Money Market Fund at N100 per share with a market capitalization of N2 billion.Source Proshare Read More 

Domestic and Foreign Portfolio Participation in Equity Trading – January 2017 - On a monthly basis, The Nigerian Stock Exchange polls trading figures from major custodians and market operators on their foreign portfolio investments (FPI). Source Proshare Read More 

Ecobank, AMfB to boost $20.8b remittances, increase financial inclusion - A new pact between Ecobank Nigeria Plc and Accion Microfinance Bank Limited, aims at revving up remittances to Nigeria, which was about $20.8 billion in 2015 and provide more financial inclusion to Nigerians, particularly the Small and Medium scale Enterprises (SMEs). Source Guardian Read More 

Nigerian Breweries inaugurates N11bn Ota plant - Former President Olusegun Obasanjo and Ogun State Governor, Ibukunle Amosun, on Wednesday inaugurated the new plant of the Nigerian Breweries Plc in Ota. Source Punch Read More 

UBA, Orange Group collaborate on payment system - Pan-African financial services group, United Bank for Africa Plc, and Orange Group have announced a strategic partnership to deliver innovative financial services across Africa. Source Punch Read More 

BDCs seek $15,000 weekly sale from CBN - The Association of Bureau De Change Operators has said it is working with the Central Bank of Nigeria for the dollar sale to BDCs to be increased to $15,000 weekly. Source Punch Read More 

IBEDC needs N60bn for metering - Ibadan Electricity Distribution Company has said it needs between N30bn and N60bn to supply one million meters to its customers, decrying the non-payment for electricity supplied to government’s ministries, departments and agencies. Source Punch Read More 

Is A Second OPEC Cut On The Cards? - OPEC's coordinated effort to curtail global supply has so far managed to put a floor under oil prices, which have been sitting modestly above US$50 since the deal was announced at the end of November last year. Source Proshare Read More 

NLNG has paid $20.5bn to FG since 2016 —MD - Managing Director of Nigeria Liquefied Natural Gas, NLNG, Mr. Tony Attah, has said the company has so far paid $5.5 billion in taxes and $15 billion in dividends to the Federal Government since his appointment in July last year. Source Vanguard Read More 

Nigeria to lose $25bn investment with proposed amendment of NLNG Act -  Managing director, Nigeria Liquefied Natural Gas Company (NLNG), Tony Attah, says Nigeria could lose immediate foreign direct investments worth up to $25 billion if the National Assembly goes ahead with the proposed amendment of the company’s Act. Source BUSINESSDAY Read More 

Nigeria to Cut Stake in Oil Assets Under Buhari's Growth Map - Nigeria plans to sell portions of its oil assets to help fund President Muhammadu Buhari’s four-year program to lift the economy from its worst slump in a quarter century and create 15 million jobs. Source Bloomberg Read More 

Global oil demand may hit 109m bpd by 2040, says OPEC chief - Oraganisation of Petroluem Exporting Countries (OPEC) Secretary-General, MohammadBarkindo has predicted that global oil demand will reach 109 million by 2040. Source THE NATION Read More


Diamond Bank Ratings Affirmed - Ratings Removed from CreditWatch Negative; Outlook Negative - S&P Global Ratings said today that it had affirmed its long- and short-term counterparty credit ratings on  Nigeria-based Diamond Bank PLC at 'B-/C'. The outlook is negative. Source Proshare Read More 

Three banks take over Etisalat Nigeria - A consortium of some foreign and Nigerian banks on Wednesday took over Etisalat Nigeria after the telecommunications company failed to pay a loan totalling $1.72bn (about N541.8bn) it obtained in 2015. Source Proshare Read More 

Tanzania inflation rises to 5.5 pct in February - Tanzania's year-on-year inflation rose to 5.5 percent in February from 5.2 percent in the previous month, the statistics office said on Wednesday. Source Reuters Read More

South Africa's business confidence falls in February -SACCI - Business confidence in South Africa declined in February from the prior month, weakened by lower trade volumes and retail sales, a survey showed on Wednesday. Source Reuters Read More 

Standard Life and Aberdeen Asset Management agree merger - Standard Life and Aberdeen Asset Management have agreed on the terms to create the UK’s largest asset manager. Source FT Read More 

Oil Slumps to Lowest This Year as Traders Focus on Record Supply - Oil slumped the most in more than a year after government data showed production cuts from OPEC and other exporters have not been enough to reduce U.S. supplies. Source Bloomberg Read More

GE Sells Water Unit in $3.4 Billion Deal to Smooth Oil Merger - General Electric Co. agreed to sell its water unit in a 3.2 billion euro ($3.4 billion) deal, putting the industrial giant a step closer to the planned merger of its oil division with Baker Hughes Inc. Source Bloomberg Read More

America May Be the World's Biggest LNG Supplier in Two Decades - By 2035, the U.S. may have surpassed Australia and Qatar to become the world’s biggest supplier of liquefied natural gas, according to the chief executive officers of Canadian energy giant Enbridge Inc. and LNG exporter Tellurian Inc. Source Bloomberg Read More

China Factory Prices Extend Surge in February, Lifting Reflation Outlook - China’s producer prices surged at the fastest pace since 2008, further lifting the outlook for global reflation. Source Bloomberg Read More

Deutsche Bank's Qatar, China Investors Said to Back Rights Offer - Qatar’s royal family and China’s HNA Group Co., two of Deutsche Bank AG’s biggest investors, plan to buy shares in the lender’s 8 billion-euro ($8.4 billion) rights offer with a view to increasing their stakes, according to people with knowledge of the matter. Source Bloomberg Read More

Libya's Waha Oil May Halt Production as Clashes Keep Ports Shut - Production from Waha Oil Co., a venture between Libya’s state oil company and foreign partners, may be suspended Wednesday as clashes in the country’s eastern oil region keep the main export terminals out of service. Source Bloomberg Read More

As the World's Wealth Rises, Australia is the Biggest Winner  - Australia is luring increasing numbers of global millionaires, helping make it one of the fastest growing wealthy nations in the world, according to reports from New World Wealth.Low taxes, pretty beaches lure millionaires to Australia Source Bloomberg Read More


Blockchain: A new hope, or just hype? - Cryptocurrencies such as bitcoin may have captured the public’s fancy – and also engendered a healthy dose of skepticism — but it is their underlying technology that is proving to be of practical benefit to organizations: the blockchain. Source WEF Read More 

BoI, Diamond Bank set for disbursement of N140bn GEEP Fund - THE Bank of Industry, BoI, and Diamond Bank Plc have entered into partnership to help micro entrepreneurs in the country to easily access the N140 billion Government Enterprise and Empowernment Programme, GEEP, Funds. Source Vanguard Read More 


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