Nigeria in 1min: Economic, Business & Financial Headlines – 100317



March 10, 2017 8:00 AM / Proshare News 


NIPOST Generates N8.84bn Revenue in 2016 - NBS - The Nigerian Postal Service earned a total sum of N8.84bn as revenue in 2016. Stamp Duty generated the highest amount of revenue of N4.09bn representing about 46.34% of the total revenue generated in the year. Source Proshare Read More

The Egypt Devaluation: Lessons From A New Beginning - On the morning of 3 November 2016, after mounting pressures, the Central Bank of Egypt (CBE) announced in a surprise move that it had fully floated the Egyptian pound (EGP). This came after a parallel market had slowly flourished and the market differential reached close to 100% by the end of October. Source Proshare Read More

An Economic Tale of Two Countries – Some Lessons for Nigeria - The economies of the Maghreb region of Africa have their individual unique dynamics. The nature of such economies is determined by the cultural and social fabric of each individual society. Source Proshare Read More

Africa’s freight demand up by 24.3% - International Air Transport Association (IATA) has released data for global air freight markets showing that demand, measured in freight tonne kilometers (FTKs), rose by 6.9 per cent in January 2017 compared to the year-earlier period. Source Guardian Read More

3.7 million Nigerians lost jobs in 2016, says NBS - The National Bureau of Statistics, NBS, in its unemployment report for the fourth quarter (Q4) 2016 has given a breakdown of how 3.67 million Nigerians became jobless in one year. Source Guardian Read More

Nigeria’s debt rose to N14.5tr in 2016 -Nigeria’s total debt rose to $14.5 trillion as at end of last year, the Debt Management office has said yesterday Source Daily Trust Read More

Sell assets first before borrowing, NESG tells FG - The Nigerian Economic Summit Group, on Thursday, said the Federal Government should sell some national assets before going ahead to borrow money in a bid to get the country out of its first recession in 25 years. Source Punch Read More

FG targets $20m exports by 2025 -  The Federal Government is hoping to export goods worth $20m by 2025 as it embarks on programmes aimed at boosting the country’s non-oil exports. Source Punch Read More

100 companies invest N2tn in Ogun State - The Ogun State Government has said that more than 100 companies have set up businesses in the state, adding that each of them has investment in excess of N200bn. Source Punch Read More

Saraki: We May Need to Amend Laws to Solve Energy Crisis - Senate President, Dr. Abubakar Bukola Saraki has said the National Assembly will have to amend the laws on power generation, transmission and distribution in other to replicate the feat recorded by the German Village, Feldheim, where residents combined efforts and local resources to produce clean and renewable energy. Source Proshare Read More 

Nigerian caterers lose out in N13.5bn in-flight market - Nigerian caterers are losing out in the N13.5billion inflight catering market as a result of tough business environment that has continued to constrain small indigenous players from penetrating the market Source BUSINESSDAY Read More 

FIRS shuts two firms over N884 million tax debt - The enforcement team of the Federal Inland Revenue Service (FIRS), yesterday, shut the premises of AOP Logistics Limited, at Breweries new site area, Ibadan. The firm has a tax debt profile of N863, 188,498.00. The enforcement team leader said the premises of the firm will not be re-opened until it pays up it tax debt accumulated between 2007 and 2011. Source THE NATION Read More 

Indebtedness: AMCON takes over Mustasons Guest House - The Asset Management Corporation of Nigeria announced on Thursday that it had taken over Mustasons Guest House Limited in Lagos after receiving an order from the Federal High Court Lagos Division. Source Punch Read More 

Manufacturers decry loss of N1.86bn in three months - The Chairman, Manufacturers Association of Nigeria, Kwara and Kogi chapter, Alhaji Yusuf  Kamaldeen, has said that it is sad that some companies recorded a total loss of N1.86bn between January and March 2016. Source Punch Read More 

57 Insurance Firms Yet to Secure NAICOM’s Approval for 2016 Financial Statements - Only two out of existing 59 insurance firms and two reinsurance companies have secured approval for their 2016 financial statements by the insurance industry regulatory body, the National insurance Commission (NAICOM). Source Thisday Read More 

Again, CBN Pumps $170m into FX Market - In a bid to sustain the tempo of foreign exchange (FX) supply to the interbank FX market and ensure improved dollar liquidity, the Central Bank of Nigeria (CBN) Thursday intervened with a total of $170 million. Source Thisday Read More 


Stock Market Records +0.74% Gain to Resume Uptrend - Equities market closed today on a positive note, as NSE ASI appreciated by 0.74% to close at 25,170.36 basis points, as against 0.57% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.34%. Source Proshare Read More 

London Stock Exchange (LSE) Group Announces New International Securities Market - London Stock Exchange Group (LSEG) today announces an additional market for the issuance of primary debt targeted at institutional and professional investors, the International Securities Market (ISM). Source Proshare Read More

The Good Health of the DMO; Looks to Raise N130bn in Third Monthly Auction - The DMO holds its third monthly auction of FGN bonds of the year next week, and looks to raise N130bn. It is operating from a position of relative strength, having already raised N375bn (US$1.23bn) from January and February combined by the simple expedient of paying “top dollar” to investors. Source Proshare Read More 

Dangote Cement Plc FY 2016 Earnings Update - Expiring Tax Breaks Cast a Cloud on Forward Earnings - Dangote Cement Plc (“DANGCEM” or “the Group”) reported Q4:2016 earnings result last week, outperforming analysts’ expectation across metrics. Q4 standalone revenue grew 37.0% Y-o-Y to N173.0bn, bringing FY: 2016 turnover to N615.1bn, up 25.1% Y-o-Y relative to our projection of 20.0%. Source Proshare Read More 

CBN Sustains Forex Supply To Date - As more customers of banks and other business people overcome the earlier difficulties in obtaining forex for their transactions, and in a bid to sustain the tempo of foreign exchange supply to the interbank FOREX market and ensure liquidity, the Central Bank of Nigeria (CBN) today, Thursday, March 9, 2017, offered the sum of $100,000,000 as wholesale interventions, just as it sold about $70,000,000 to meet requests for Business/Personal Travel Allowances. Source Proshare Read More 

CBN’s New FX Policy Shows A Change Of Heart? – Feb’17 Economic Update - In this report, we discuss developments in Nigeria’s macroeconomic environment and financial market over February as well as delineate our expectations for the coming period. Source Proshare Read More 

Rising reserves boost CBN firepower to pursue forex reforms - …Crosses $30bn mark The continued surge in the country’s external reserves occasioned by increase in output and oil prices is seen as a confidence boosting for the Central Bank of Nigeria (CBN) to pursue its foreign exchange policies. Source BUSINESSDAY Read More 

Access Bank Plc 2016 FY Conference Call & Earnings Presentation - The Key Takeaways  - Access Bank Plc today holds its Q4’16 Investors and Analyst Conference Call Earnings Presentation. Source Proshare Read More 

Shell votes $25b for capital projects - Royal Dutch Shell is earmarking $25 billion for capital investment this year, its Chief Executive Officer, Ben van Beurden has said. Source THE NATION Read More 

Oil price hits three-month low as supply rises - Global oil benchmark, Brent crude, extended its declines on Thursday, hitting its lowest level since December, as the United States’ crude inventories surged to a new record high. Source Punch Read More 

The OPEC Deal Is Facing Its Biggest Test - OPEC’s strategy to balance the oil market and bolster prices is facing its biggest test. Source Bloomberg Read More 

FG targets N800bn oil revenue increase in three years - The Federal Government is targeting an increase of N800bn in oil revenue in the next three years, according to the Economic Recovery and Growth Plan. Source Punch Read More 


Registering a Business in Nigeria: Preliminary Considerations - When registering a business in Nigeria it is very important to consider the appropriate business structure for your business. Source Proshare Read More 

Nigeria - Cheapest Currency In Africa - There are chinks of light in Nigeria’s outlook. Headline GDP may have risen in 4Q16 and the IMF expects full-year GDP to turn from -1% in full-year 2016 to 1% growth in 2017. Source Proshare Read More 

Exxon stumps up $2.8 bln for Mozambique gas gateway to Asia - Exxon Mobil Corp, the world's biggest publicly traded oil producer, has agreed to pay Italy's Eni $2.8 billion for a 25 percent stake in a giant Mozambique gas field to strengthen its position supplying rich Asian markets. Source Reuters Read More 

Mozambique's February inflation rises to 20.88 percent year/year - Mozambique's consumer inflation edged up to 20.88 percent year-on-year in February from 20.56 percent in January, data from the statistics agency showed on Thursday. Source Reuters Read More 

Australian firm says Senegal oilfield could start earlier than expected - Australia’s FAR Ltd, a partner in an oilfield off Senegal, on Thursday said the project could start producing before 2021, earlier than previously touted, and at a higher rate than flagged before. Source Guardian Read More 

China February producer inflation fastest in nearly nine years as commodities surge - China's producer price inflation accelerated to its fastest pace in nearly nine years in February and by more than expected as prices of steel and other raw materials extended a torrid rally, boosting profits for industrial companies worldwide. Source Reuters Read More 

Exxon to Pay Eni $2.8 Billion for Mozambique Gas Block Stake - Exxon Mobil Corp. said it will buy 25 percent of a liquefied natural gas project off Mozambique from Italy’s Eni SpA for about $2.8 billion as the U.S. oil giant expands its worldwide LNG footprint. Source Bloomberg Read More

Indian Stocks Advance With Rupee as Exit Polls Show Modi in Lead - Indian equities and the rupee climbed after most exit polls showed Prime Minister Narendra Modi’s party leading in the race for power in the key electorate state of Uttar Pradesh. Source Bloomberg Read More

India Lost 11 Billionaires Last Year - India’s clampdown on cash lost the economy a few billionaires last year though the richest hardly saw their fortunes hit. Source Bloomberg Read More

U.S. Household Wealth Rose $2.04 Trillion in Fourth Quarter  - Household wealth in the U.S. continued to increase in the fourth quarter as financial assets and real-estate values appreciated, figures from the Federal Reserve’s financial accounts reports, previously known as the Flow of Funds, showed Thursday. Source Bloomberg Read More

Yields Fall at Egypt Debt Sale as Weaker Pound Lures Foreigners - Overseas investors bought more than a third of Egyptian Treasury bills at a sale on Thursday, pushing down yields and continuing the recent trend of inflows since the pound was floated in November. Source Bloomberg Read More

Amazon Said to Resume $650 Million Takeover Talks for - Inc. restarted talks to acquire Dubai-based for as much as $650 million after walking away from the deal earlier this year, people familiar with the matter said. Source Bloomberg Read More 


Shipping Giant Tests IBM's Blockchain Tech To Track Cargo - Maersk Line, known as the world's largest container shipping company, has teamed up with IBM to start using blockchain to track its cargo. Source Proshare Read More 

Autonomous Research Launches Fintech Initiative - Digitization Of $6.5bn Of Industry Revenue - Autonomous Research, a global research firm focused on the financial services sector, announced today the launch of Autonomous NEXT, a set of products and services offering in-depth analysis of banking innovation and fintech. Source Proshare Read More 

Banks say not interested in Etisalat takeover, want loan repaid - …as CBN invites both parties for talks today Nigerian banking sources have told BusinessDay that they are not interested in taking over the business of Etisalat Nigeria Source BUSINESSDAY Read More 

Our stand on Etisalat debt, worsening QoS – NCC - The Executive Vice Chairman of the Nigerian Communications Commission (NCC) , Prof Umar Danbatta, has said a number of current issues especially the worsening quality of service in the telecom industry prompted the commission’s latest meeting with telecom operators. Source Daily Trust Read More 


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