Nigeria in 1min: Economic, Business & Financial Headlines – 110316



March 11, 2016 7:30 AM / Proshare News 


Oil Prices Recover, But May Not Be Sustainable – FDC - The global oil prices are among the top five most talked about economic events in the world, and oil the most discussed commodity. Recently, the two largest oil producers globally (Saudi Arabia and Russia) agreed to an output freeze at their January levels. This is the first synchronized move to try to reduce the ongoing supply glut and stop the free fall in oil prices; a feat many analysts deemed nearly impossible to achieve. Source Proshare Read More 

Electricity in Nigeria, Powerless – FDC - Out in the farthest reaches of Lagos, a bumpy boat ride across the city’s dividing lagoon, Egbin power plant is trying to light up one of the world’s darkest nations. Six turbines growl in its huge belly, watched over by mechanics in a futuristic control room.  Source Proshare Read More 

A few bright spots from the services sector in Q4 2015 - From the national accounts for Q4 2015 we today highlight the five fastest growing sectors. We include what the NBS terms activity sectors, which are often subdivided into segments, and only those accounting for at least 1% of GDP at constant basic prices. Source Proshare Read More

Springfield invests N200m in moribund Ikara tomatoes plant - MANY before now wonder why Nigeria that is the 13th world largest producer of tomato and second in Africa still continue to spend over $300 million yearly on tomato concentrate importation. prices. Source Vanguard Read More 

Budget padding: FG moves 22 senior officers - There were strong indications on Thursday that the Federal Government had started the restructuring of the civil service. Source Punch Read More 

‘Nigeria’s spirits market worth $2b’ - Nigeria’s spirits market is worth $2 billion and it is increasing at six per cent average yearly, a report by the Global Agricultural Information Network (GAIN) has said. Source THE NATION Read More 

Collapse of manufacturing hampers insurance business – Royal Exchange CEO - The collapse of industries in Nigeria has a negative effect on our operation because one of the things that helps to engineer insurance is the manufacturing sector. Source Daily Trust Read More 

FirstRand to cut lending in African operations - Africa’s biggest bank with operations in South Africa, Nigeria and Zambia says it will rein in lending this year in response to an increase in defaults, a commodity-price slump and slowing consumer demand in its biggest markets, which include. Source BUSINESSDAY Read More 

Nigeria loses $1.5 bn annually to vitamin, mineral deficiencies – World Bank - A World Bank Specialist on Welfare Economics, Prof. Foluso Okunmadewa says Nigeria loses 1.5 billion dollars in Gross Domestic Product (GDP) annually to vitamin and mineral deficiencies. Source BUSINESSDAY Read More 

Concessionaire Invests $8.1bn in Seaport Facilities in 10 Years - One of the concessionaires in the nation’s seaports, Integrated Logistics Services Limited (INTELS) has made $8.1 billion investment in the nation’s seaports. Source Thisday Read More 



CBN Publishes Reports of Activities under the Agricultural Credit Guarantee Scheme - The Central Bank of Nigeria has today published the Reports of Activities under the Agricultural Credit Guarantee Scheme from November 2014 to December 2015. Source Proshare Read More 

CBN suspends officials over fraud - The Central Bank of Nigeria said on Thursday night that it had uncovered and aborted a highly sophisticated plot to defraud it by some criminally-minded elements. Source Punch Read More

CBN Publishes Nigerian Treasury Bills Issue Programme for Q2 2016 - The Central Bank of Nigeria has published the Nigerian Treasury Bills Issue Programme for Second Quarter 2016 as presented below. Source Proshare Read More

CBN Publishes Revised Guidelines on Real Sector Support Facility - The Central Bank of Nigeria, as part of efforts to stimulate output growth, enhance value addition and engender productivity in the economy established the Real Sector Support Facility (RSSF). Source Proshare Read More 

PenCom creates special unit to drive micro pension - The National Pension Commission (PenCom) said it has established a special function unit to drive the micro pension plan. Source Daily Trust Read More



Stocks sustain positive outlook as active volatility sneaks into market  - The equities market closed today on a positive note, as NSE ASI appreciated by 0.15% to close at 25,923.77basis points, compared with the 0.51% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -9.49% Source Proshare Read More 

WAPIC Declares N1.29 billion PAT in 2015 Audited Result,(SP:N0.50k) – Source Proshare Read More 

IHS To Acquire Rival, Helios Towers Nigeria - Pan-African mobile telecoms infrastructure group, IHS, has agreed to buy Nigerian rival, Helios Towers Nigeria (HTN), acquiring the entire issued share capital for an undisclosed sum, the company said in a statement yesterday. Source Leadership Read More 

Service Delivery: $300m To $500m Needed To Fix Refineries – Kachikwu - The minister of state for petroleum resources, Mr. Ibe Kachikwu, has revealed that between $300 million and $500 million will be required to fix the four refineries in Warri, Port Harcourt and Kaduna for effective service delivery. Source Leadership Read More 

Senate Backs Kachikwu On NNPC Restructuring - Senators on Thursday approved the Minister of Petroleum Resources, Dr. Ibe Kachikwu’s decision to restructure the Nigeria National Petroleum Corporation(NNPC). They however reprimanded him for failing to consult the National Assembly before carrying out the exercise. Source Leadership Read More 

NNPC workers suspend strike - It was with huge relief that Nigerians yesterday received news that the strike embarked upon by the Nigerian National Petroleum Corporation (NNPC) workers under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has been suspended. Source Guardian Read More

‘Allotting power to Niger Republic caused drop in supply to Kano’ - Kano Electricity Distribution Company (KEDCO) has attributed the drop in electricity supply to the wheeling of 15 megawatts of the 50MW allocated to it to Gazoua in Niger Republic as part of Nigeria’s bilateral agreement with the country. Source Guardian Read More 

Bresson to add 500Mw to national grid - Federal Government’s efforts to increase power generation has recieved a boost as Bresson Nigeria Limited is set to add 500 megawats (Mw) to the national grid next year. Source THE NATION Read More 



Transcorp Hilton Abuja Named 2015 Hilton Brand Awards Winner - Transcorp Hilton Abuja has been recognized as 2015 Hilton Hotels & Resorts Brand Award winner. The hotel was honored with the awards of 2015 Director of Sales, 2015 Sales Team of the Year and 2015 Best Tactical Marketing Campaign for Middle East & Africa (MEA), awarded by Hilton Hotels & Resorts brand. Source Proshare Read More

#SharapovaGate: A Case Study On White Privilege - “I let my fans down, I let the sport down that I have been playing since the age of four and I love so deeply. I know with this I face consequences and I don’t want to end my career this way and I Source Proshare Read More 

Barclays Would Consider Full Africa Unit Sale, Staley Says - Barclays Plc would consider an offer for its entire 62 percent stake in the African banking unit that it’s selling down to boost capital, Chief Executive Officer Jes Staley said. Source Bloomberg Read More

Euro Sinks to World's Worst Performer as ECB Keeps Bears on Edge - The euro weakened, cementing its position as the world’s worst-performing major currency over the past month, as traders braced for the European Central Bank’s decision on whether to expand stimulus. Source Bloomberg Read More

Euro Bond Gains Are Fleeting as Draghi Sees No More Rate Cuts - Euro-area government bonds reversed their gains made after the European Central Bank unexpectedly reduced all its interest rates and expanded its monthly bond purchases, as President Mario Draghi said he didn’t anticipate further rate cuts. Source Bloomberg Read More


House of Reps endorses NITEL/MTEL sale to NATCOM - The House of Representatives yesterday adopted the report of its Committees on Telecommunications and Privatisation and Commercialisation, which gave a clean bill of the health to the processes leading to the liquidation and acquisition of the Nigerian Telecommunications Ltd, NITEL and its mobile arm, MTEL, by NATCOM Consortium. Source BUSINESSDAY Read More

MTN proposes N300bn for NCC fine - Mobile Telecommunication Network (MTN) has proposed to pay the federal government N300 billion for the fine slammed on it by the Nigeria Communication Commission (NCC),  a document sent to the Senate revealed yesterday. Source Daily Trust Read More



BoI to train 1,200 youths in business management - The Bank of Industry is set to train 1,200 young entrepreneurs nationwide in business and management skills. Source Punch Read More

MasterCard To Engage Best Startups From Africa, Middle East - MasterCard, through the MasterCard Start Path Global 2016 programme, is set to engage the best technology startups across the Middle East and Africa (MEA) to scale innovations that will spur the next generation of global technology electronic commerce companies. Source Leadership Read More

FG committed to deepening public sector reforms-Mrs Winifred Oyo-Ita - The federal government has restated its commitment to deepening public sector reforms, that will drive economic growth and development for the nation. Source WebTV Read More

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