Nigeria in 1min: Economic, Business & Financial Headlines – 130217



February 13, 2017 7:10 AM / Proshare News 


External Reserves Hit $28.699bn - The current value of the reserves, according to checks by THISDAY, represented an accretion by 10 per cent or $2.605 billion, compared with the $26.094 billion it was at the beginning of this year. Source Thisday Read More

FG budgets N51bn to revive textile industry - The Federal Government has set aside the sum of N51bn in this year’s budget to promote the development of the garment and textile industry in the country. Source Punch Read More

Govt projects GDP to shrink by 1.54% - The Nigerian economy is projected to have contracted by 1.54 per cent in 2016, according to a Reuters report quoting a Ministry of Budget and National Planning document. Source Punch Read More

Operators raise pension fund investment in infrastructure to N1.82bn - The pressure by the government and other investors on the Pension Fund Administrators to invest the growing pension fund in infrastructure to cushion the effect of recession on the economy seems to be paying off as the operators have steadily increased the value of the fund in infrastructure bond. Source Punch Read More

N17.5bn Bad Loans Cripple NERFUND  -  The acting Managing Director of the National Economic Reconstruction Fund (NERFUND), Mr.  Ezekiel Oseni has said the fund was unable to pay staff salaries while majority of the staff had been laid off owing to the N17.5 billion owed it by recalcitrant debtors. Source Thisday Read More

Nigeria to service $1b Eurobond with N361b - Nigeria is considering a new debt service provisioning of N361 billion ($1.2 billion) for the $1 billion (N305.1 billion) Eurobond which was acclaimed to have been over-subscribed. Source Guardian Read More 

FG to save N15bn from 50% air travels discount - The Federal Government is to save N15 billion annually after signing an with Dana Airlines to give 50 per cent discount on official air travel tickets, an official has said. Source Daily Trust Read More 

Arik: 70% of planes grounded, requires N10bn to return – FG - The Asset Management Corporation of Nigeria (AMCON) says it will require over N10 billion to fix Arik Airlines before the largest local carrier will resume full and uninterrupted flight operations to its regular routes across the country and beyond. Source Daily Trust Read More 

Operators blame multiple taxation for poor performance of domestic airlines - The Airline Operators of Nigeria (AON) has blamed the poor performance of domestic airlines on multiple taxation by various agencies in the aviation sector. Source BUSINESSDAY Read More 

Value chain problems hurt Nigeria’s agribusiness - Nigeria’s target of achieving economic expansion through agribusiness is steadily being hit by poor value chain development in the sector, which makes it hard for all the relevant players to predict outcomes. Source BUSINESSDAY Read More 

Seven Energy earns ratings upgrade from Fitch, as junk status clings - Nigeria-based Seven Energy Limited (SENL) Long-Term Issuer Default Rating has been upgraded to ‘CC’, according to a statement released last week by Fitch Ratings, a global rating agency. Source BUSINESSDAY Read More 

Dangote targets 25,000 hectares of rice in Sokoto - Dangote Rice, a subsidiary of Dangote Group, is set to launch in Sokoto State it’s multi-million naira 25,000 hectares of rice outgrower scheme with a prospect of hundreds of employment opportunities for the rural communities. Source Daily Trust Read More 


All you need to know about the TSL REIT - The Top Services Limited Real Estate Investment Trust (TSL REIT) is a close-ended Equity REIT offer, consisting of 20 million units for subscription at N1, 000 per unit. The investment which opened for subscription on February 1, 2017 is scheduled to last till March 10, 2017 and would be listed on the Nigerian stock Exchange on April 17, 2017. Source Proshare Read More 

Jaiz bank listing adds N36.83bl to the NSE Market Capitalization - The listing of Jaiz Bank Nigeria Plc, the first non-interest commercial bank in the country has added N36.83bl to the market capitalization of  the Nigeria stock exchange. Source Proshare Read More 

Forte Oil lists N9bn bond on FMDQ - Following on the heels of the recent quotation of the Dufil Prima Foods commercial paper notes, is the admittance for listing of the N9 billion Forte Oil PLC Bond (Series 1 under a N50 billion Medium-Term Bond Programme) on FMDQ OTC Securities Exchange. Source Daily Trust Read More 

Banks’ deposits rise by N5.33bn in January - BANKS’ deposits rose marginally by N5.33 billion in January thus reversing negative trend recorded in December. However, the naira depreciated to its lowest level in the parallel market last week with the exchange rate rising to N506 per dollar in the market. Source Vanguard Read More 

Rates To Rise As CBN, DMO Mop Up Liquidity - Rates at the interbank market are expected to spike this week as liquidity is­ mopped from the financial system through bond and Treasury Bills sales by both the Debt Management Office (DMO) and the Central Bank of Nigeria (CBN). Source Leadership Read More 

ICRC partners NEPAD on Trans-Saharan Gas Pipeline project - The Infrastructure Concession Regulatory Commission (ICRC), in collaboration with New Partnership for Africa’s Development (NEPAD) plans to make proposed multi-billion dollars Trans-Saharan Gas Pipeline project a reality. Source BUSINESSDAY Read More 

Power distribution firms owe Gencos N243bn –NBS - The National Bureau of Statistics on Sunday said that out of the N331.02bn worth of invoices issued by the power generation companies to the electricity distribution firms last year, only N88.03bn was settled. Source Punch Read More 

Gas production rises by 31% in three months - The national production of gas in Nigeria has witnessed a consistent monthly rise following the gradual decline in the spate of vandalism of oil and gas facilities across the country. Source Punch Read More


Egyptians ditch imports and buy local as pound sinks - Egyptian chocolate spread maker Swifax has doubled its sales and is struggling to keep up with demand since the pound currency dived in November, forcing shoppers traditionally "obsessed with everything foreign" to ditch pricy imports and buy local. Source Reuters Read More 

How the World's Fastest-Growing Economy Went Bust - Not so long ago, Mongolia was the world's fastest-growing economy. Now, by nearly every metric, it's in a dire fix. Its debt has surged, its currency has plummeted, and its budget deficit has widened alarmingly. Source Bloomberg Read More 

Nigeria Recovers $160 Million in Alleged Corruption Proceeds - Nigeria recovered more than $160 million in alleged corruption proceeds last week from four people, including $9.2 million from a former head of the state-owned oil company, said Information Minister Lai Mohammed. Source Bloomberg Read More 

Oil Holds Gains Near $54 as IEA Sees Record OPEC-Cut Compliance - Oil held gains near $54 a barrel after the International Energy Agency said OPEC achieved a record 90 percent initial compliance with its output-cut deal while demand grew faster than expected. Source Bloomberg Read More 

Toyota to invest $600m in plant - Toyota Motors has announced a $600 million investment in its manufacturing plant in Princeton, Indiana, United States. Source THE NATION Read More 





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