Nigeria in 1min: Economic, Business & Financial Headlines – 090916



September 09, 2016 8:10 AM / Proshare News 


FEC Approves 3-Year External Borrowing Plan - The Minister of Finance recently announced the Federal Executive Council’s (FEC) decision to embark on a 3-Year external borrowing plan. The borrowing plan, which is yet to be unveiled, will include low cost (1.25%) and long term loans (20-yr tenors), in addition to a FGN Eurobond offer. Source Proshare Read More

Update: CBN measures widen parallel market premium to interbank  - In this update, Researchers at ARM present the latest macroeconomic data for August 2016 as well as activities in the fixed income and currency markets. Source Proshare Read More

Understanding Economic Contraction - A subscriber asked for this information and made us realise we could help by directing other users attention to the understanding behind the nations’s current economic cycle. Source Proshare Read More

Fiscal Expansion is The Way Forward - As commodity prices softened, trade and investment from China across the continent slowed, and a possible new round of US monetary tightening spooked markets, African finance ministers faced an obvious dilemma. The majority opted for fiscal austerity. Source Proshare Read More 

FSDH Expects August Inflation Rate to Increase Further to 17.71% - We expect the August 2016 inflation rate (year-on-year) to increase further to 17.71% from 17.13% recorded in the month of July 2016. We expect the increase to come from the increase in the prices of food items and other non-food items as a result of the continued pressure on the value of the Naira. Source Proshare Read More

The Next Sector To Recover From The Oil Price Crash - Oilfield services, shipbuilders and other industries that rose with the pre-2014 oil price boom have had it hard. Since barrel rates fell, their previous patrons have become uninterested in doling out major purchase orders, leaving oil and gas equipment manufacturers without revenues. Source Proshare Read More

Temitope Oshikoya unveils 3 books on Nigerian economy - Notable Nigerian economist Dr. Temitope Oshikoya, CEO of Nextnomics as part of his drive to improve economic research/studies and articulate policy directions on the economy; unveiled 3 books today at the Nigerian Institute of International Affairs (NIIA). Source Proshare  Read More 

Ogun earns N12b in seven months - In its determination to remain committed to the delivery of democratic dividends in spite of the current economic recession ravaging the nation, the Ogun State Internal Revenue Service said government initiatives led to increased revenue, as the agency has generated over N12billion in the last seven months into government’s coffers. Source Guardian Read More 

90% of imported products not verified – SON - The Standards Organisation of Nigeria has disclosed that it had no opportunity to verify 90 per cent of the products imported into the country between September and December 2015. Source Punch Read More 

Cross River opens garment factory, employs 300 - The Cross River State Governor, Prof. Ben Ayade, on Thursday approved the employment of 300 applicants as workers in the Calabar Garment Factory built by his administration. Source Punch Read More 

Plateau to begin rice export in 2017 - Plateau State Governor, Simon Lalong,  says the state will begin exporting rice by next year. Source Punch Read More 

Govt inaugurates committee to develop honey industry - The Federal Government on Thursday inaugurated an Inter-ministerial Committee on Honey Production, Bee Health and Pollination Services. Source Punch Read More 

Mining Not Source Of Easy Revenue, Fayemi Says On New Roadmap - n his foreword in the Roadmap for the Growth and development of the Nigerian Mining Industry: On the Road To Shared Mining Prosperity, Fayemi said “Companies have to place smart bets based on geosciences data the Ministry can help create. Source Leadership Read More  

Economic Downturn: Ship Traffic Into Nigerian Ports Drops By 51 % -NIMASA - The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dakuku Peterside has disclosed that the nation’s ports has witnessed 51 percent drop in inbound and outbound vessels. Source Leadership Read More 

$3bn Spent Annually On Airlines Maintenance – Experts - As airlines in Nigeria continue to suspend operations due to the various economic challenges confronting them, experts have identified the huge cost of foreign maintenance, repair and overhaul (MRO), which totals $3 billion annually, as a major drain on their profitability. Source Leadership Read More 

‘Nigerian airports unfit for airline hub services’ - Minister of State for Aviation, Sen. Hadi Sirika, has said that the current state of international airports in the country is unbefitting of Nigeria’s status, and its quest for the West African sub-regional hub. Source Guardian Read More 

Moulders increase block prices, end strike today - Block moulders in the country have concluded plans to raise the prices of blocks by between 11 per cent and over 30 per cent, following the recent increase in the prices of cement. Source Punch Read More 

‘Nigeria losing out in N171tr ceramics trade’ - The global ceramics industry is projected to hit $408 billion (about N171 trillion) by 2018. But Nigeria has not been able to claim a chunk of this huge market, a professor of Ceramics Technology, Patrick Oaikhinan, has said. Source THE NATION Read More 

Northeast records 20% poverty index - There is child hunger in the Northeast, a report has said.In a special report on the “possibly deteriorating” situation in  Borno and Yobe states, FEWS NET, a network set up by USAID to provide early warning on famine and food insecurity, said surveys and screenings indicated Global Acute Malnutrition (GAM) rates “ranging from 20 to nearly 60 percent”. Source THE NATION Read More 

Request for Input - The Bill on the Amendment of CAMA 2004 - We publish herewith a copy of the proposed bill on the amendment of the Companies & Allied Matters (CAMA), 2004. Source Proshare Read More 

Legal Alert - Equipment Leasing Laws and Taxation - From the late twentieth century, Equipment Leasing practices became a viable financial vehicle for stimulating a country’s trade, commerce and industry. In countries like Nigeria however, save for the Hire Purchase Act (as amended), which only regulated hire purchase practices, and the general common law implied terms of contract to hire purchase or equipment leasing transactions, there was no robust and expansive Equipment Leasing legislation until the Equipment Leasing Act was passed into Law in 2015. Source Proshare Read More 


SEC adopts new measure to tackle unclaimed dividend in capital market - As part of its commitment to reduce to the barest minimum, hurdles associated with electronic dividend registration in the market, the Securities and Exchange Commission (SEC), has inaugurated the e-dividend champions for banks and registrars at its Lagos Zonal office. Source Guardian Read More 

CONOIL Declares N2.31 bln PAT in 2015 Audited Results;Proposes N3.00 per share Dividend,(SP:N20.57k) - Source Proshare Read More



Stocks sustain moderate buy as price volatility wanes - The equities market closed today on a positive note, as NSE ASI appreciated by 0.19% to close at 27,574.09basis points, compared with the 0.07% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.73%. Source Proshare Read More 

Access Bank Plc Announces the Retirement of Mr. Oritsedere Samuel Otubu as a Non-Executive Director - The Board of Directors of Access Bank Plc hereby announces the retirement of Mr. Oritsedere Samuel Otubu as a Non-Executive Director of the company with effect from September 1, 2016. Source Proshare Read More 

Dangote to begin coal mining in November - The Dangote Cement Plc, a subsidiary of the Dangote Group, discloses its plan to start mining coal at Ankpa, Kogi State, in November. Source Daily Trust Read More 

Hike in petrol price inevitable, says IPMAN - The speculation about possible increase in price of Premium Motor Spirit, PMS, otherwise known as petrol, may hold some water as the Independent Petroleum Marketers Association of Nigeria, IPMAN, yesterday warned of a threat to product availability in the country. Source Vanguard Read More 

Oil Price Jumps, Nears $50 per Barrel as US Inventory Drops - Crude oil prices on Tuesday surged about four per cent after the United States inventory data showed a drop in stocks to nearly a two-decade low as crude imports into the US Gulf Coast slid last week due to Tropical Storm Hermine. Source Thisday Read More 

Don’t buy transformers, FG warns electricity consumers - The Federal Government has warned households, communities and corporate organisations to desist from buying transformers and other electricity equipment for use in their areas. Source Punch Read More 

Kano DISCO losses N108.8m to vandalism - The Kano Electricity Distribution Company said it had lost transformer oil, aluminium conductors, upriser cables and other valuables worth N108.8 million to activities of vandals in three states, Kano, Katsina and Jigawa, from August to date. Source Punch Read More 



ECB: Monetary Policy Decisions of 080916 - At yesterday’s meeting the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.40% respectively. Source Proshare Read More


The Great Income Stagnation - Nowadays, the inequality debate often focuses on the disproportionate accumulation of income and wealth by a very small share of households in the United States and other advanced economies. Less noticed – but just as corrosive – is the trend of falling or stagnating incomes for the majority of households. Source Proshare Read More

Why China’s Cities Will Drive Global Growth - For 15 years, China has been a key engine of global growth. But now that China’s investment-led boom has run its course, continued economic growth – in China and globally – will depend on urban Chinese consumers. By 2030, people living in cities will drive 91% of global growth in consumption, and China is emphasizing both urbanization and a consumer-led growth model. Source Proshare Read More

Asian Stocks Drop With Bonds as North Korea Nuke Test Hits Won - Asian stocks fell the most in a month and regional bonds joined a global debt selloff after signs central banks in Europe and Japan are starting to question the benefits of further monetary easing. South Korean equities slid with the won after a nuclear weapons test in North Korea. Source Bloomberg Read More

Zimbabwe May Not Be Able to Pay State Workers, Minister Says - Zimbabwe may not be able to keep paying government workers as their wages consumed 96.8 percent of government revenue in the first half of this year, Finance Minister Patrick Chinamasa said. Source Bloomberg Read More 

S.Africa's manufacturing slows, mining falls as recession fears resurface - Growth in South Africa's two key sectors slowed on Thursday, with weak activity renewing fears South Africa may struggle to avoid recession and a downgrade of its debt to junk status by year's end. Source Reuters Read More 

Zimbabwe trims 2016 economic growth forecast, budget deficit balloons - Zimbabwe's economy is now expected to grow 1.2 percent in 2016, from the 1.4 percent forecast earlier in the year, Finance Minister Patrick Chinamasa said in his mid-year budget speech on Thursday. Source Reuters Read More 

Tanzania Q1 GDP growth slows to 5.5 pct - Tanzania's gross domestic product grew 5.5 percent in the first quarter of 2016 compared with 5.7 percent in the same period a year ago, weighed down by slumps in construction, transport and manufacturing sectors, official data showed on Thursday. Source Reuters Read More 

Moroccan government expects economy to grow by 4.5 pct in 2017 - The Moroccan government expects the country's gross domestic product to grow 4.5 percent in 2017, up from less than 2 percent in 2016 after the worst drought in decades, a government source said on Thursday. Source Reuters Read More 



Recession cuts telecoms operators’ earnings by N31b in Q2 - The harsh economic climate in the country is having its toll on the telecommunications sector. The earnings of telecommunications operators dipped significantly as over 60 million telephone lines became inactive at the end of the second quarter. Source Guardian Read More 

NCC spends N10b on emergency communication centres - The Nigerian Communications Commission (NCC) has spent over N10billion on the establishment of emergency communication centres in the 36 states of the federation. Source Guardian Read More 

NCC fines Chinese firm for selling unapproved phones -  Chinese mobile phone company, Innjoo Technology Limited, on Thursday paid N4m to the Nigerian Communications Commission for selling unapproved telephones in the country. Source Punch Read More

HiTV 101 – Business Lessons for Start-Ups - My great mentor asked me one day, a few years ago, why after the appointment of a Receiver/Manager by GTB over the assets of HiTV I gave up fighting and just rolled into a semi coma. Source Proshare Read More 





Temitope Oshikoya unveils 3 books on Nigerian economy

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