Nigeria in 1min: Economic, Business & Financial Headlines – 120517



May 12, 2017 7:00 AM / Proshare News 


Lagos, Rivers Top IGR for Full Year 2016 - The National Bureau of Statistics Publishes Internally Generated Revenue at State level for January to December 2016. Source Proshare Read More 

#OpenNASS – Senate and House of Reps Allocated N118.97m and N142.76m Respectively in 2017 Budget - The House of Representatives today passed the fiscal budget for the year 2017 concurrently passing the legislative budget for 2017. The passage of the budget document by the house of representative is coming on the heel of earlier adoption by the appropriation committee. Source Proshare Read More  

FG Considers Capacity To Create Jobs As Basis For Incentives - The Federal Government is committed to its youth empowerment programmes and is considering adopting capacity to create jobs as one of the criteria for offering government contracts and assistance. Source Proshare Read More 

FG to launch citizens budget portal for openness, transparency — Udoma - In an effort to improve Nigeria’s position in the International Budget Partnership, IBP, index, plans are underway by the Federal Government to launch a citizens budget portal to ensure openness and transparency of the budget process, Minister of Budget and National Planning, Senator Udoma Udo Udoma, has said. Source Vanguard Read More  

FG releases N1.2trn 2016 capital vote - The Federal Government has released a total of N1.2 trillion for capital projects in the 2016 fiscal year, which ended last week. Source Vanguard Read More 

Vehicle imports dip by 90 per cent in 2017 Q1, says Toyota - Toyota (Nigeria) Limited said on Thursday that importation of new cars dropped by about 90 per cent between the first quarter of 2016 and 2017 Q1 Source Daily Trust Read More 

Ajaokuta Steel to create 500,000 jobs - The first phase of Ajaokuta Steel Company will provide 500,000 upstream and downstream jobs when operational, the Federal Government has said. Source THE NATION Read More 

Moody’s Thoughts on Macro Economy and Nigerian Banks - We attended a briefing in Lagos yesterday, hosted by Moody’s Investors Service. The agency’s projections for Nigeria’s economy are favourable. Following the -1.5% y/y contraction in GDP last year, it projects GDP growth at 2.5% y/y in 2017 followed by 4% y/y in 2018.Source Proshare Read More 

FIRS shuts more tax defaulting firms - A team from the Enforcement Department of the Federal Inland Revenue Service on Wednesday continued its shutdown of tax defaulting firms across the country. Source Punch Read More 

‘Nigeria can earn $40bn from palm produce annually’ - Palm produce has the potential to generate $35bn to $40bn annually if the industry is properly harnessed. Source Punch Read More 


NSEASI Records +3.18% Gain; Market Extends 9-Day Gaining Streak - Equities market closed today on a positive note, as NSE ASI appreciated by +3.18% to close at 28,423.70 basis points, as against +2.95% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +5.76%. Source Proshare Read More

Summary of Auction Results for May 2017 - Successful bids for the 14.50% FGN JUL 2021, 16.2884% FGN MAR 2027 and 16.2499% FGN APR 2037 were allotted at the Marginal Rates of 16.3000%, 16.2900% and 16.2990%, respectively.  Source Proshare Read More  

ZENITHBANK Notifies of the Proposed Revalidation to Its US$1bn Global Medium Term Note Programme - Zenith Bank Plc (the “Bank”) established a US$1,000,000,000 Global Medium Term Note Programme (the “Programme”), in 2014 and had subsequently raised US$500,000,000 under the first tranche of Notes issued under the Programme (the “First Tranche Notes”).Source Proshare Read More  

Unilever Nigeria Plc holds 92nd AGM, Declares N378 million dividend - Unilever Nigeria Plc., has declared a dividend of N378 million following the approval of the company’s shareholders at the 92nd Annual General Meeting of the Company held in Lagos on Thursday May 11 at the Muson Centre. The dividend declared amidst a challenging operating year and environment translates to a dividend payout of 10 kobo gross per share to the shareholders. Source Proshare Read More 

No bank is in distress, NDIC assures depositors - The Managing Director/Chief Executive Officer, Nigeria Deposit Insurance Corporation, Alhaji Umaru Ibrahim, has called on members of the public to ignore rumours being circulated through text messages and in the social media of financial distress in some banks. Source Punch Read More 

Commodity Prices Maintained Upward Trajectory - Commodity prices have maintained their upward trajectory this week with further spikes in the price of rice and tomatoes. Tomato prices have increased by a whopping 27% to N14, 000 as the crop season is over, thus, supply has declined as a result, sending prices through the roof. Source Proshare Read More 

NNPC chiefs sign performance bond with Baru - The Chief Operating Officers (COOs) of the five Autonomous Business Units and two Directorates of the Nigerian National Petroleum Corporation (NNPC) have signed a performance bond with the corporation’s Group Managing Director, Dr. Maikanti Baru. Source Daily Trust Read More 

Oando to take over Port Harcourt Refinery - The Federal Government has entered into a Memorandum of Understanding (MoU) with Nigeria’s largest indigenous energy group, Oando Plc to manage the Port Harcourt Refinery under a repair, operate and mainteain (ROM) arrangement. Source THE NATION Read More 

Nigeria’s oil production increases by 274,000bpd - Crude oil production in Nigeria rose by 274,000 barrels per day last month, the biggest increase among its peers in the Organisation of Petroleum Exporting Countries. Source Punch Read More 


Nigerian Banks Post Good Results But Risks Persist - Fitch - Nigerian banks posted good financial results for 2016, despite turbulent operating conditions, but Fitch Ratings believes that significant financial risks persist beyond reported figures. Source Proshare Read More 

Dollar inches away from eight-week high vs yen; focus on U.S. data - The dollar traded below an eight-week high against the yen on Friday, with the near-term focus on whether coming U.S. economic data would provide the catalyst for further gains in the greenback. Source Reuters Read More 

In Its Fight Against U.S. Shale Oil, OPEC Risks Lower for Longer - When Khalid Al-Falih arrived at Davos in late January, the Saudi oil minister was exultant. The output cuts he’d painstakingly arranged with fellow OPEC states and Russia were working so well, he said, they could probably be phased out by June. Source Bloomberg Read More 

Saudis Boost U.S. Ties With $40 Billion Investment - Saudi Arabia is preparing to cement ties with President Donald Trump by committing to unprecedented investments in the U.S. Source Bloomberg Read More 

Emirates Profit Down 70% on Oil-Hit Economies, Terror Impact - Emirates Group, the biggest long-haul airline, posted its first decline in annual profit for five years as the low oil price weighed on Persian Gulf economies and terrorist attacks discouraged people from traveling. Source Bloomberg Read More 

Saudi Quarterly Budget Deficit Narrows With Oil Income Surge - Saudi Arabia’s first-quarter deficit narrowed on higher oil revenue, boosting the government’s efforts to repair public finances as it implements an economic blueprint for life after oil. Source Bloomberg Read More 

SoftBank Leads $502 Million Investment in U.K. Tech Startup - SoftBank Group Corp. is leading a $502 million investment in Improbable Worlds Ltd., a London-based virtual reality startup, in one of the U.K.’s largest venture capital deals. Source Bloomberg Read More


Emirates Announces 29th Consecutive Year of Profit Off $25.8bn Turnover, 105,000 Work Force - The Emirates Group turnover hits $25.8 billion with a huge workforce of 105,000. Emirates today announced its 29th consecutive year of profit and steady business expansion, despite a turbulent year for aviation and travel. Source Proshare Read More 

FBN Trustees resumes its educative and empowering Legacy Series - FBN Trustees, a subsidiary of FBN Capital Limited anda part of the FBN Holdings Group, has commenced another season of the Legacy Series in line with its commitment to support the development and financial growth of individuals. Source Proshare Read More




Investor Appetite For Nigerian Fintech Firms Grows - Investor appetite for Nigerian financial technology (fintech) firms has grown significantly in recent years, with payments firms attracting a bulk of the interest. Interswitch is the latest company to attract new funding. Source Proshare Read More  


First Bank Sensitizes SMEs on Accessing CBN FX window - First Bank, Nigeria’s Oldest and Largest Banking group as part of its commitment to the empowerment and development of Small Medium Enterprises in the country, hosted a forum on FX for SMEs, in Lagos.  Source Proshare Read More 

BoI to raise N1trillion for industrial development - The Bank of Industry (BoI) has laid plans to raise a N1 trillion loan facility from within and outside the country to partly finance industrial component of the Economic Recovery and Growth Plan (ERGP). Source BUSINESSDAY Read More 


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