Nigeria in 1min: Economic, Business & Financial Headlines – 120416



April 12, 2016 7:10 AM / Proshare News 


Raising questions of maths and usage of $200 billion federation funds - Following a recent report that the Federal Government had concluded arrangements take a loan of $2.5 billion from the World Bank and $1 billion  the African Development Bank we wrote to the Administration requested to jettison the plan. Source Proshare Read More

Minister of Finance Sets out Plan to Reset Nigeria's Economy - At a special event hosted by the Lagos Business School, Nigeria's Finance Minister, Kemi Adeosun, set out the government's plan to reset Nigeria's economy with structured borrowing, targeted investment and diversified growth. Source Proshare Read More 

Another official hint on VAT collection - Yemi Osinbajo, the vice president who has an informal coordinating role for the economy, told a conference in Lagos on Thursday that “increasing the taxpayer base in the first instance this year” was the administration’s priority. Source Proshare Read More 

National Assembly pads CCB’s budget by over N4 billion - As more details of the alterations the National Assembly made in the 2016 budget emerged yesterday, an insight was given into how the budget of the Code of Conduct Bureau (CCB) was padded by over N4 billion while the recurrent expenditure was upped by another N224 million. Source Guardian Read More 

Nigeria wants to boost non-oil income by 87 pct to offset oil slump - Nigeria expects its non-oil revenues to nearly double this year as Africa's top oil producer seeks to offset a slump in oil revenues, according to a presentation seen by Reuters on Monday. Source Thisday Read More 

Telecoms, others contribute 8.7% to Nigeria’s GDP - The telecommunication and other services sectors have contributed 8.7 percent to Nigeria’s Gross Domestic Product, GDP in 2015, with the country’s main economic stay, oil, accounting for 6.4 percent. Source Vanguard Read More 

W’Bank lowers growth projections for Nigeria, others - The World Bank on Monday lowered its 2016 sub-Saharan African growth forecast to 3.3 per cent from a previous forecast of 4.4 per cent in October, citing plunging global commodity prices. Source Punch Read More 

Cross River Sets Aside N1.7bn For Food Bank Commission -The Cross River Government has budgeted the sum of N1.7 billion for the establishment of a food bank commission in the state. Source Leadership Read More 

Nigeria’s Economy Bleeds, Manufacturers Hit Hard as Q1 Ends - There is palpable social and economic tension blowing across the nation.Municipal power supply is almost non-existent, petrol scarcity intense, purchasing power at an all-time low, the country is on the brink of a total shutdown. Source Thisday Read More 

145 Textile Companies Shutdown - The Minister of State for Industry, Trade and Investment, Mrs. Aisha Abubakar, last week expressed worry that the country had lost no fewer than 145 textile companies to unfavourable business climate between 1980 and 2016, leaving only about 30 textile firms in operation till date. Source Thisday Read More 

Customs Loses N230bn Revenue to CBN’s Forex Ban on 41 Items - The Nigeria Customs Service (NCS) recorded a loss of N230 billion in the last quarter of 2015 due to the Central Bank of Nigeria’s (CBN) closure of the foreign exchange window to 41 imported items. Source Thisday Read More 



SEC Publishes e-Dividend Mandate Activation Forms of Various Registrars - The e-Dividend mandate activation forms of various Registrars are now available for download. Please click on the applicable Registrar below to download the form. Source Proshare Read More 

Emefiele: Agriculture Can’t Survive on High Lending Rates - The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele on Monday maintained that the agricultural sector would not survive on high commercial interest rates from banks and called for recommendations on how to better harness its enormous opportunities to diversify the Nigerian economy for sustainable growth Source Thisday Read More


Equities market ends sharply lower, hits below 25,000bpts - The equities market closed today on a negative note, as NSE ASI depreciated by 2.68% to close at 24,648.84basis points, compared with the 0.16% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.94%. Source Proshare Read More 

Asian Stocks Advance as Japan's Topix Gains With Retreat of Yen - Asian stocks rose, led by Japanese equities as the yen retreated after a seven-day rally amid the start of the U.S. earnings season. Source Bloomberg Read More

Banks 2015 Audited Results: ZENITHBANK, ACCESS Top on Earnings - Stocks listed in the banking sub-sector of the Nigerian Stock Exchange’s financial services sector can perhaps be referred to as the haven where some of the most liquid stocks are listed.Source Proshare Read More 

The Nigeria Bond Watch - Review and Outlook @041116 - During the review week, the Nigerian fixed income OTC market was influenced by: 1) the release of April 2016 FGN bond offer circular by the DMO; and 2) Treasury and OMO bills auctions and redemption by the CBN. Source Proshare Read More 

$85 Crude Oil By Christmas – An Interview With Mike Rothman - After a 50 percent rally in oil prices between February and March, crude has retreated a bit as of late. Source Proshare Read More

Dangote invests $20b in pipeline infrastructure, fertilizer, petrochemicals
- Dangote Group is investing about $20 billion into gas pipeline infrastructure, power generation, petrochemical, fertilizer, sugar refinery and petroleum refinery in the country.Source Guardian
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8 Banks Pay N3.32bn As Fine In 2015 - For contravening various rules, including late remittance of funds under the Treasury Single Account (TSA) guiding the Nigerian banking industry, eight banks last year paid a total fine of N3.323 billion. Source Leadership Read More 

Banks under pressure from industry groups to deepen FX market - Nigerian banks are under pressure to revive two-way trading in the country’s foreign exchange (FX) market after it became clear that there were no legal impediments to them doing so, Source BUSINESSDAY Read More 

Ibadan Disco Completes Upgrade of Distribution Facilities - The Ibadan Electricity Distribution Company (IBEDC) has announced the completion of the massive upgrade of its distrubtion facilities and the replacement of obsolete equipment in some of the areas under its operational network. Source Thisday Read More 

FG Seeks JV Partners to Revamp, Manage 22 Depots
- The Minister of State for Petroleum, Dr. Ibe Kachikwu has disclosed that the federal government was seeking joint venture (JV) partners that would refurbish and effectively manage the 22 depots that belong to the Nigerian National Petroleum Corporation (NNPC). Source Thisday
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Global buyers chase Nigeria’s steel, agro products as quality improves  - International buyers and global construction companies are increasingly buying steel products coming from Nigeria, as local manufacturers raise their game in terms of quality and finishing. Source BUSINESSDAY Read More 

Integrated Oil’s $116m refinery ready this year —GMD - Integrated Oil and Gas Limited, has reiterated that its $116 million modular refinery would be ready before year end, as scheduled. Source Vanguard Read More 

Uncoordinated projects stall electricity supply in Delta - The proliferation of uncoordinated power projects in some communities in Delta State have stalled electricity supply in those areas,particularly, Ogwashikwu. Source Vanguard Read More 

Nigeria’s gas-to-power suffers as flaring hits 702m scfpd - The nation’s gas-to-power supply may still be in the doldrums as the thermal power stations continued to face shortage of feedstock, while the resources are largely wasted away through flaring. Source Guardian Read More 

Oil slump: FG to increase non-oil income by 87% - The Federal Government is expecting non-oil revenues to nearly double this year as it steps up plan to offset the slump in oil revenues, according to a presentation seen by Reuters on Monday. Source Punch Read More 

Oil price hits four-month high at $43 - Global oil benchmark, Brent crude, rose on Monday, trading around $43 per barrel as the proposed meeting by oil producers aimed at freezing output levels draws nearer. Source Punch Read More

BG opens pipeline factory in Nigeria  - An indigenous firm, B.G Technical Limited, has commissioned the first pipeline, pigs and accessories factory in Nigeria and West Africa. Source Daily Trust Read More

“NRC train to move 800,000 litres of petroleum” - The Nigerian Railway Corporation (NRC) has expressed readiness to lift 800,000 liters of petroleum products across the country by rail at once. Source Daily Trust Read More



World Bank lowers 2016 growth projections for Sub-Saharan Africa - The World Bank on Monday lowered its 2016 sub-Saharan African growth forecast to 3.3 percent from a previous forecast of 4.4 percent in October, citing plunging global commodity prices. Source Thisday Read More 

Malawi's economy grew 3 percent in 2015, seen at 5.1 percent in 2016 - central bank - Malawi's economy grew by 3 percent in 2015 from 6.2 percent in the previous year as the agricultural sector was ravaged by a drought, the central bank said on Monday, but forecast a rebound. Source Thisday Read More 

Kenya central bank to help banks that face liquidity pressure - Kenya's central bank will provide a facility to any bank or microfinance institution that faces liquidity problems through no fault of its own, starting on Monday, Governor Patrick Njoroge said on Sunday. Source Thisday Read More


Chamsmobile, Skye Bank Introduce e-gift payment - A VISA e-Gift payment card has been launched by ChamsMobile, a licensed mobile money operator in Nigeria, and Skye Bank Plc. Source Thisday Read More 


South Africa Can't Rise Under Zuma's Cloud - Unlike the 25 percent of his fellow citizens who are without one, South African President Jacob Zuma doesn’t have to worry about finding a new job -- for now, at least. But South Africa will not prosper until it roots out the corruption and impunity that mark both his administration and the party that he represents. Source Bloomberg Read More 


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