Nigeria in 1min: Economic, Business & Financial Headlines – 121216



December 12, 2016 6:14 AM / Proshare News 


Recession: FG Unveils 10-Point Roadmap to Reset Economy -The federal government has unveiled a 10-point fiscal roadmap, designed to stimulate the economy and set it on the path of recovery and growth. Source Thisday Read More

External reserves hit three-month high, near $25bn - The nation’s foreign exchange reserves have risen to a three-month high of $24.97bn from a low of $23.89bn on October 19, the latest data from the Central Bank of Nigeria has shown. Source Punch Read More

Work Begins On N250m Sokoto Fertiliser Plant - Construction work on a new N250m organic fertiliser plant has started in Sokoto. Source Leadership Read More

IATA sees $29.8b revenue for global carriers -The International Air Transport Association (IATA) says it expects the global airline industry to make a net profit of $29.8 billion next year. Source THE NATION Read More


NDIC, CBN consider another bad bank to acquire banks’ NPLs- Nigeria Deposit Insurance Corporation (NDIC and the Central Bank of Nigeria (CBN) have set up a joint committee to explore the establishment of another Asset Management Company (AMCON2) to acquire non- performing loans (NPLs)  of banks. Source Vanguard Read More 

CBN to unveil N30bn agric/SME fund in January - The Central Bank of Nigeria has said it will, together with the Deposit Money Banks, set up a new fund to boost agriculture and the Small and Medium-sized Enterprises in the country, targeting at least N30bn for the first year. Source Punch Read More 

SEC Directs CMOs to Update Registration Information with the Commission - The Securities and Exchange Commission (SEC) Nigeria pursuant to the powers conferred on it by the Investments and Securities Act (ISA) 2007 hereby directs all Capital Market Operators (CMOs) to fill in information of their current registration status Source Proshare Read More 

Mobile Money: Customers Risk Losing Money If We License Telcos – CBN - The Central Bank of Nigeria has said its decision not to allow telecommunication companies lead mobile money model was to protect customers from losing money as it would not be able to regulate the telcos. Source Leadership Read More 


Sentiment Analysis Report - W/E December 09, 2016 - Analysis of the market activity in the week ended December 09, 2016 technically revealed  a sustained but low optimistic trading pattern while investors maintained low bargain hunting postures towards few weathered blue chips.  Source Proshare Read More 

NSE Places RESORTSAL on Full Suspension Pursuant to the Directives of SEC  - The Securities and Exchange Commission (SEC) has directed The Nigerian Stock Exchange (“The Exchange”) to place the shares of Resort Savings & Loans Plc on full suspension.  Source Proshare Read More 

Q3’16 Earnings Review and Sector Performance - Nigerian economy is currently at a challenged phase as data affirms. According to a recent economic scorecard published by TheAnalyst, GDP figures for the economy had contracted by -0.36%, -2.06% and -2.24% successively in Q1, Q2, Q3 2016. Source Proshare Read More 

CFA Technical Analysis - Trevor Neil - The CFA Institute and the MTA has published a very interesting booklet on the case for and against technical analysis - Technical Analysis: Modern Perspectives. Source Proshare Read More 

Overnight Lending Rate Falls Sharply on Cash Inflow - The overnight tenor of the Nigerian Interbank Offered Rates (NIBOR) dropped sharply to an average of 3.9 per cent on Friday from 10 per cent a week ago following an injection of naira liquidity into the banking system. Source Thisday Read More 

Value of Mutual Funds Grows 289% to N219bn in 10 Years - Collective investment schemes (CIS) also known as mutual  funds,  have  recorded a growth of 289 per cent in  value in the last 10 years, rising from N56.4  billion in 2006  to N219.452 billion as at November 2016. Source Thisday Read More 

N100bn Deceased Depositors’ Funds Trapped In Banks - An estimate of over N100 billion in deposits left by bank customers who are deceased is trapped in dormant accounts in the banking system alone, with prospective beneficiaries unable to access it. Source Leadership Read More 

Fed Govt to raise N20b for renewable energy projects in Q1 - The Federal Government is planning to raise N20 billion ($63 million) by March to help fund renewable energy projects, the first issuance of green bonds in the country. Source THE NATION Read More 

Forex inflow drops by $447m on oil facility attacks - The persistent attacks on the country’s oil installations by militants in the Niger Delta have resulted in a decrease of about $447m in foreign exchange inflows from $1.4bn in September to $957.3m in October. Source Punch Read More 

FG reduces kerosene importation by 51.8 million litres - The Federal Government has been systematically reducing the importation of House Hold Kerosene in a bid to increase domestic consumption of liquefied petroleum gas by various homes across the country. Source Punch Read More 

Oil Surges as Saudis Eye Deeper Cuts While Non-OPEC Joins Deal -Oil jumped to the highest since July 2015 after Saudi Arabia signaled it’s ready to cut output more than earlier agreed while non-OPEC countries including Russia pledged to pump less next year, strengthening the coordinated commitment by the world’s largest producers to tighten supply. Source Bloomberg Read More 

Russian Energy Minister Says Oil Cuts to Start in January - Russia’s oil producers have started preparations to meet the nation’s pledge to curb output as part of the “historic” pact between OPEC and 11 producers outside the group, Energy Minister Alexander Novak said. Source Bloomberg Read More 

Power generation drops to 3,050MW - THE 3247.4 megawatts (MW) of electricity generated on Saturday, yesterday crashed to 3,050.20MW, thereby increasing the woes of the citizenry who have been longing for an improved power supply. Source Vanguard Read More



South Africa's Sibanye pays $2.2 bln for Stillwater in U.S. move - South Africa's Sibanye Gold took a major step outside its home market on Friday with a $2.2 billion deal to buy Stillwater Mining, the only U.S. miner of platinum and palladium. Source Reuters Read More 

Tunisian parliament approves $14 bln budget for 2017 - Tunisia's parliament on Saturday approved a 32.7 billion dinar ($14.1 billion) budget for next year, including deficit cutting measures that had been watered down under pressure from unions. Source Reuters Read More 

Egypt received inflows of $1 bln in month since currency float- - Egypt's central bank governor Tarek Amer said on Saturday the country had received inflows of around $1 billion in the month since it floated the pound in the currency markets. Source Reuters Read More 

Tanzania, Nigeria's Dangote reach natural gas supply deal - Tanzania and Nigeria's Dangote Cement have reached a deal on the supply of natural gas to the firm's manufacturing plant in the East African country after negotiations stalled over prices, Tanzanian President John Magufuli said on Saturday. Source Reuters Read More 

Angola does not need FX devaluation at present: cenbank governor - Angola does not need to devalue its currency at the moment but will work on measures to lessen the gap between the formal and informal exchange rates, central bank governor Valter Filipe da Silva told Reuters. Source Reuters Read More 

Boeing-Iran Deal for $16.6 Billion of Jets Is First Since 1979 - The agreement Iran’s national carrier reached with Boeing Co. to buy 80 aircraft valued at $16.6 billion is the first deal of its kind since 1979 -- and one that will force Congress and President-elect Donald Trump to balance their diplomatic priorities with U.S. job growth. Source Bloomberg Read More 

London House Prices Are Having Their Worst December in Years - London home prices are having their worst December in six years, led by weakness in prime areas in the capital that is likely persist into 2017. Source Bloomberg Read More 






Related News