Nigeria in 1min: Economic, Business & Financial Headlines – 100616



June 10, 2016 6:10 AM / Proshare News 


Informal Sector Accounts for 41.8% of Nominal GDP in 2015 - NBS - NBS publishes estimated split of formal and informal sector GDP for 2015. Informal sector accounted for 41.8% of nominal GDP in 2015.Source Proshare Read More 

Nigeria’s Current Account Deficit Eases to –US$2.01bn in Q4 2015 - We return today to the financing of Nigeria’s current-account deficit, which eased to -US$2.01bn in Q4 2015 or 1.5% of quarterly GDP. Net investment flows on the financial account were negative, at –US$1.13bn, but net errors and omissions of US$3.14bn covered the gap. Source Proshare Read More

Special Address on the First Anniversary of the 8th senate of the National Assembly - Distinguished colleagues; one year ago today, the 8thSenate of the Federal Republic of Nigeria was inaugurated. That inauguration marks a further consolidation of our democracy and opens a new chapter in the practice of government by representation in our country.Source Proshare Read More 

Work resumes on Lagos-Ibadan Expressway next week –Fashola - The Minister of Power, Works and Housing, Mr. Babatunde Fashola (SAN), says contractors will resume work on the Lagos-Ibadan Expressway next week. Source Punch Read More 

FG plans Eurobond with investors’ roadshow - The Minister of Finance, Mrs. Kemi Adeosun, says the Federal Government will continue to engage international investors as it explores fundraising options. Source Punch Read More 

EU extends beans import ban from Nigeria - he European Union (EU) has extended the ban it placed in June last year on the importation of dried beans from Nigeria by three years. Source THE NATION Read More 

N15bn investments signal rebound of Cinemas in Nigeria - As the resilient Nigerian entertainment industry worth over $4 billion continues to attract investors, things are looking up in the cinema sub-sector, which attracted over N15 billion investments in big screen business across the country in the past decade. Source BUSINESSDAY Read More 

Nigerian economy drops further into freefall - It is unclear who will come to the rescue — it is unlikely to be bond markets.Anti riot policemen face disgruntled workers demanding that the government reinstate prices of fuel at 86.50 naira ($0.43) per litre in Lagos, May 18. Reality for Nigerians comes harder by the day. Source BUSINESSDAY Read More 

FMDQ, NMRC Partner to Boost Housing Via Debt Capital Market -The FMDQ OTC Securities Exchange and the Nigeria Mortgage Refinance Company Plc (NMRC) have signed a memorandum of understanding (MoU) that will facilitate sourcing of long-term funds from the capital market towards the development of the mortgage industry and ultimately bridge Nigeria’s housing deficit through the provision of affordable housing finance. Source Thisday Read More 

Nigeria plans to put up to $1.7 billion into capital projects in coming days - Nigeria's government will next week pump much of the 350 billion naira ($1.76 billion) earmarked for capital projects this quarter into Africa's biggest economy, the budget minister said on Wednesday. Source Reuters Read More



CBN to mop banks’ liquidity before unveiling FX policy - The Central Bank of Nigeria (CBN) intends to aggressively mop up liquidity surfeit in the nation’s banking system before unveiling any new foreign exchange (FX) policy Source BUSINESSDAY Read More 


Big CAPs lift stocks after 3-day sell-down - The equities market closed today on a positive note, as NSE ASI appreciated by 0.69% to close at 27,284.83basis points, compared with the 1.37% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.74%.Source Proshare Read More

NetOTC Announces Decision to put its Initiative for Margining Non-Cleared OTC Derivatives on Hold  - NetOTC Announces Decision to put its Initiative for Margining Non-Cleared OTC Derivatives on Hold  Source Proshare Read More 

Banking Sector Note:Millitant attacks may impact banks oil and gas books; GTBank, FBNH at most risk? -  Recent militant attacks on oil and gas assets in the Niger Delta (specifically in Bayelsa and Delta States) have raised concerns about asset quality of Nigerian banks, especially those with significant exposure to the oil and gas sector.Source Proshare Read More 

Suntory to Take Over Ribena and Lucozade; FSDH Places a SELL on GLAXOSMITH - GSK Nigeria Agrees to Sell Beverage Unit to Suntory Beverage & Food Limited (SBF) GlaxoSmithKline Consumer Nigeria Plc (“GSK Nigeria”) on Wednesday June 01, 2016 announced that it had accepted and is recommending for approval to its shareholders, a binding offer from Suntory Beverage & Food Nigeria Limited for the sale of its beverage unit.Source Proshare Read More 

UBA secures $150 million credit line from AfDB - The Board of Directors of the African Development Bank Group (AfDB) through its private sector window has approved a $150 million Line of Credit (LOC) to United Bank for Africa (UBA) Plc. Source THE NATION Read More 

Dangote acquires shares in Afreximbank - The Dangote Group has become the latest corporate organisation to join the African Export-Import Bank as a class B shareholder. Source Punch Read More 

N99bn debt threatens integrated power projects
- The operational efficiency of the 10 power plants built under the National Integrated Power Projects scheme is being threatened by a debt of N99bn owed the managers of the facilities. Source Punch
Read More 

Militant attacks may impact banks oil and gas books; GTBank, FBNH at most risk? - Recent militant attacks on oil and gas assets in the Niger Delta (specifically in Bayelsa and Delta States) have raised concerns about asset quality of Nigerian banks, especially those with significant exposure to the oil and gas sector.Source Proshare Read More 

1,500mw lost to pipeline bombings —NNPC - Concerns continueD to loom over the state of affairs of the country’s power supply, as recent report by the Nigerian National Petroleum Corporation, NNPC, puts a colossal loss of 1,500 megawatts of electricity to  attacks on oil and gas facilities by militants in the Niger Delta. Source Vanguard Read More 

Gas supply to NBC drops to zero - Nigerian Bottling Company said on Thursday that the cost of purchasing diesel for production was eating deep into its profit margin. Source Punch Read More 

Oil slump, opportunity for economic restructuring, says minister -  The Federal Government has acknowledged that Nigeria has been rendered helpless by the crude oil industry and its price volatility. Source Punch Read More 

NNPC Pays N56bn Into Federation Account - The Nigerian National Petroleum Corporation (NNPC) said it paid N56.22 billion into the federation account in April, 2016. Source Leadership Read More 

Militants Blast another Pipeline in Warri, Seek International Support for Self Determination - Niger Delta militants last night blew up another pipeline belonging to the Nigerian Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), at Chanomi Creeks in Warri South West Local Government Area of Delta State Source Thisday Read More 



Buhari names Akabueze new DG Budget Office -The Special Adviser to the President on Budget Matters and former Lagos State Commissioner for Economic Planning, Mr. Ben Akabueze has been appointed the new Director-General, Budget Office of the Federation, swapping position with Alhaji Tijani Abdullahi, who was also named the new Special Adviser to the President on Planning. Source Guardian Read More 

Europe Stock Losses Send Values to 11-Month Low to Global Peers - Skepticism over the European Central Bank’s stimulus program weighed on the region’s shares for a second day, taking their valuations to the lowest levels since July 2015 relative to global stocks. Source Bloomberg Read More 

S&P 500 Slips From 10-Month High as Banks, Commodity Shares Fall - U.S. stocks edged lower, with the S&P 500 Index slipping from a 10-month high, as investors evaluated the gauge’s run toward a record amid lingering concerns about the impact of lackluster global growth. Source Bloomberg Read More 

South Africa and Poland downgrade threats remain, says S&P - There is still a threat hanging over South Africa's credit rating, Standard & Poor's said on Thursday, while the actions of Poland's incoming central bank chief could be crucial to whether it avoids another downgrade. Source Reuters Read More 

IMF board extends Mali credit facility, disburses $26.9 mln - The International Monetary Fund on Thursday said its board approved a one-year extension of Mali's credit facility and the disbursement of about $26.9 million to the West African country. Source Reuters Read More 


Only MTN bid for 2.6GHz spectrum – NCC - The Nigerian Communications Commission on Thursday said that only MTN showed interest in the 2.6GHz frequency spectrum, which it auctioned. Source Punch Read More 


Ogun disburses N600m to MSMEs in five years - The Ogun State Commissioner for Commerce and Industry, Bimbo Ashiru, has said the state government disbursed a sum of N600m to Micro, Small and Medium Enterprises,  through the ministry in the past five years. Source Punch Read More 


Towards a viable Nigerian Capital Market Structure

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