Nigeria in 1min: Economic, Business & Financial Headlines – 120717



July 12, 2017 7:10 AM / Proshare News 

FG is committed to partnering with private sector, to drive the economy.- Prof Yemi Osinbajo - Acting President Prof. Yemi Osinbajo (SAN) has restated the commitment of the Federal Government in partnering the private sector, to drive the Nigerian economy. Source Proshare Read More 

Nigeria "cannot borrow anymore", says finance minister - Nigeria must not borrow more to fund its budget and should instead raise money it needs by other means, the country's finance minister said on Tuesday, calling into question planned foreign loans of $2 billion from lenders like the World Bank. Source Reuters Read More 

Nigeria sees debt service of $483.4 mln on foreign loans in 10 years: DMO - Nigeria's debt office plans to use $483.4 million to service its foreign debt over a 10-year period and make repayments starting from next year as its dollar debts begin to mature, it said in its annual report. Source Reuters Read More 

Tin-Can Customs generate N130bn in 6 months - The Nigeria Customs Service, Tin-Can Island Command, Lagos, has generated N130 billion between January and June, 2017. Source Daily Trust Read More 

FG to build truck transit parks - Worried by increasing accidents on the highways with attendant loss of lives and property involving articulated vehicles, the Federal Government has embarked on a program that will see all trucks on Nigerian highways designated to transit parks on the highway corridors. Source Daily Trust Read More 

Nigeria's Aliko Dangote to Invest $4.6 Billion in Agriculture - Dangote Group, controlled by Africa’s richest man, Aliko Dangote, plans to invest $3.8 billion in sugar and rice and $800 million in dairy production in the next three years as the company seeks to expand and deal with a shortage of dollars needed to import raw materials. Source Bloomberg Read More 

Nigeria’s budget lowest in sub Sahara Africa, only good to pay salary — FG - THE Federal Government, yesterday painted a gloomy picture on the expectations of Nigerians as regards the provision of essential infrastructure, payment of workers salary as well as delivery of other services. Source Vanguard Read More 

Nigeria’ll be self sufficient in rice production by Nov – Ogbeh - Minister of Agriculture and Rural Development, Chief Audu Ogbeh, has said that the country will be self sufficient in rice production by November, which he said will force a reduction in the price of the commodity. Source Vanguard Read More 

FG pledges additional $4.3m for procurement of contraceptives - A modern contraceptive rate of 27 per cent among all women by 2017 has been announced just as Nigeria pledges  additional $4.3 million for procurement of contraceptives. Source Vanguard Read More 

Customs, NPA, NIMASA, others lose over N5bn - At least N5 billion was lost by stakeholders to yesterday’s shut down of port operations across the country by aggrieved ports’ workers, led by officials of Maritime Workers Union of Nigeria, MWUN, and Senior Staff Association of Communication Source Vanguard Read More 

Dollar flow raises capacity utilisation in manufacturing sector to 60% - Capacity utilisation in Nigeria’s manufacturing sector spiked to 59.18 percent in the second half of 2016, the highest in more than five years. This represents a 19.2 percent surge from 49.64 percent recorded in the corresponding period of 2015, data obtained exclusively from the Manufacturers Association of Nigeria (MAN) shows. Source BUSINESSDAY Read More 

World Population Day: Nigeria adds 52.22 million people in 12 years - Nigeria has added 52.22 million people to its population in the last 12 years as the country presently comprise 2.55 per cent of the global population, according to data from worldometers, a global real time statistics and data platform. Source BUSINESSDAY Read More 


NAICOM to sanction insurance firms for rate-cutting - The National Insurance Commission has said that it will tackle the issue of rate-cutting on insurance premiums by operators in the industry and apply appropriate sanctions on perpetrators of the act. Source Punch Read More 


NSEASI Inches Up Further by +0.65% as Market Maintains Gaining Streak - Equities market closed today on a positive note, as NSE ASI appreciated by +0.65% to close at 32,827.98 basis points as against +0.48% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +22.15%. Source Proshare Read More

CBN Injects $142.5m into Forex Market - The Central Bank of Nigeria (CBN) on Monday, July 10, 2017, injected a total of $142.5 million into the inter-bank foreign exchange, days after intervening in the retail segment of the market with the sum of $254.3million. Source Proshare Read More

Cyclical Pressure on APAC Banks Easing; High Debt a Risk - Some of the cyclical pressures faced by Asia-Pacific (APAC) financial systems are beginning to ease, owing largely to a revival in global trade and a strong start to the year in China. Source Proshare Read More

A DMO Calendar Under a Little Less Pressure - The DMO has released its provisional issuance calendar for Q3 2017. It seeks to raise between N360bn (US$1.18bn) and N450bn (US$1.47bn) from the sale of FGN bonds. Source Proshare Read More  

NSE Lifts Suspension of Trading on the Shares of Sovereign Trust Insurance Plc - We refer to our bulletin dated 5 July 2017 notifying you of the suspension of seventeen (17) listed companies for non-compliant with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules), which states that. Source Proshare Read More  

Forex Market Analysis:CAD and JPY Approaches Major Resistance Area - The Bank of Canada’s latest interest rate decision is expected to be released on Wednesday, the 12th of July, at 10:00AM ET (1400GMT). Source Proshare Read More 

NASD OTC Woos Ashaka Cement after Exiting NSE - The management of NASD Securities Exchange has started moves to get Ashaka Cement Plc listed on its platform barely one week after the cement manufacturing firm was delisted from the Nigerian Stock Exchange (NSE). Source Thisday Read More

‘Market information gap threatens $400 billion intra-Africa trade’ - Access to information across African economies, which has been hindered by the fragmented nature of the respective markets, is currently threatening a $400 billion intra-Africa trade potential. Source Guardian Read More 

AIICO returns N1.5b pension legacy fund to PTAD - AIICO Insurance Plc has  transferred the ownership of fixed assets, private equity holdings and cash of pensioners under the old pension scheme, Defined Benefit Scheme (DBS) to Pension Transitional Arrangement Directorate (PTAD). Source THE NATION Read More 

Banks raise dollar spending by 900% - There is something to cheer for bank customers travelling abroad. Commercial banks have raised customers’ international dollar spending limit on overseas Point of Sale (PoS) and online card transactions by 900 per cent, it was learnt yesterday. Source THE NATION Read More 

Rig owners seek alternative funding for oil industry - Rig owners in Nigeria have tasked the Federal Government to implement the alternative funding stream for joint venture operations it approved in November last year.The operators regretted that the inability of government to execute the plan has further thrown the industry into instability, which has drastically affected the nation’s economy. Source Guardian Read More 

Oil, gas investment set to recover slightly – IEA - Investment in the oil and gas industry will see a tentative recovery in 2017 after an “unprecedented contraction” in 2016 and 2015 in face of stubbornly low energy prices, the International Energy Agency said in a report on Tuesday. Source Punch Read More 

Generation firms demand increase in electricity tariff - Power generation companies in the country have insisted that the Federal Government must increase electricity tariff. Source Punch Read More 

Gencos accused of rejecting gas supply - The Nigerian National Petroleum Corporation (NNPC) has accused the power generating companies of rejecting gas supplied them, contrary to reports that lack of gas has been responsible for low power generation in the country. Source BUSINESSDAY Read More 

IMF team visits Mozambique after damning debt audit - An International Monetary Fund (IMF) delegation landed in Mozambique on Tuesday to follow up on a damning external audit of $2 billion of controversial borrowing by companies controlled by the southern African nation's intelligence services. Source Reuters Read More 

Poland Plans to Increase Tax on Fuels Amid Social-Spending Drive - Poland’s government will start debate on legislation to raise the tax on petrol, reversing on an election promise even after producing a reported budget surplus in the first half. Source Bloomberg Read More 

Oil Majors Face Ratings Cuts Amid Weak Recovery, S&P Global Says - Exxon Mobil Corp., Chevron Corp. and other oil majors could see their credit ratings slashed again if they fail to cut costs and reduce their growing debt loads in the next year, according to an S&P Global Ratings report. Source Bloomberg Read More 

Adnoc Plans IPO of Retail Unit at $14 Billion Value - Abu Dhabi National Oil Co. is planning an initial public offering of its service stations unit and may seek a value of as much as $14 billion, according to people familiar with the matter. Source Bloomberg Read More 

Saudi Arabia Exceeds Oil-Production Cap for First Time - Saudi Arabia told OPEC it pumped 10.07 million barrels a day in June, a person with knowledge of the data said, exceeding its production limit for the first time since brokering a deal to curb global crude supply to counter a glut. Source Bloomberg Read More 

Huawei Agrees to Deal to Help African Expats Send Money Home - Huawei Technologies Co. said it will partner with British money-transfer operator WorldRemit Ltd. to enable African expatriates to send cash home to more than 100 million users of the Chinese company’s mobile-money service platform. Source Bloomberg Read More 

Air Zimbabwe Cuts More Than a Third of Its Workforce - Air Zimbabwe is firing more than a third of its workforce to prevent the state-owned airline from going bankrupt. Source Bloomberg Read More 

For Sale: One International Airline With $8 Billion of Debt - Indian Prime Minister Narendra Modi’s cabinet has signed off on a plan to sell all or part of Air India Ltd., a debt-ridden, state-run carrier with the most unusual baggage. Source Bloomberg Read More 


EMTS and Etisalat Group on the use of the Etisalat Brand Name - Emerging Markets Telecommunication Services Ltd. (EMTS), trading as Etisalat Nigeria is aware of recent news reports regarding Etisalat Group’s withdrawal of the right to the continued use of the Etisalat brand in Nigeria by EMTS. Source Proshare Read More  

Etisalat to raise fresh capital, reassures customers of continuity - Etisalat Nigeria on Monday said it had commenced the paperwork to raise fresh capital to bolster its operations. Source Punch Read More 

BoI to Inject N1tn into Economy - The Bank of Industry (BOI) plans to inject N1trillion into the Nigerian economy through collaboration with financial institutions in the country and development institutions in Africa. Source Thisday Read More 






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