Nigeria in 1min: Economic, Business & Financial Headlines – 131216



December 13, 2016 6:44 AM / Proshare News 


FG launches N13bn mortgage loan scheme for workers - The federal government yesterday launched a N13 billion Federal Civil Servants Mortgage Loan Refinancing Scheme powered by the Nigeria Mortgage Refinance Company Plc (NMRC) Source Daily Trust Read More

Waivers induce corruption, Adeosun says - The Minister of Finance, Mrs Kemi Adeosun, has said waiver of tax and charges granted by the government to some companies induce corruption in Nigeria. Source Daily Trust Read More 

17 states to benefit from Fed Govt’s $29.9b loan - Seventeen states of the federation are to benefit from the 2016/2018 Medium Term Development Plan of the Federal Government which is expected to be financed from the $29.9 billion loan being sought by President Muhammadu Source THE NATION Read More 

Withdrawals from pension funds up 71% as more Nigerians lose jobs - Pension funds have come under pressure from increased withdrawals, as the country’s biting recession is causing many Nigerians to lose their jobs. Figures obtained from the National Pension Commission (PenCom) third quarter report for the period ended September 2016 Source BUSINESSDAY Read More 

Forex Constraints: Nigerian Airline Operators Risk Reinsurance Blacklisting By Lloyd’s - For their failure to regularly meet their reinsurance obligations to their foreign reinsurers, Nigerian airline operators are facing risk of total blacklisting by their foreign reinsurers, Lloyd’s of London. Source Thisday Read More

UNIDO: Nigerian SMEs Lack Requisite Skills to Trigger Economic Recovery - The small and medium enterprises (SMEs) in Nigeria can liberate the country from her current economic quagmire but lack the required investment and technology skills to achieve the feat, Head, United Nations Industrial Development Organisation (UNIDO) Investment and Technology Promotion Office, Bahrain, Dr. Hashim Hussein has said. Source Thisday Read More 


Capital Market Meets the Sport World - NASD will meet with, and present opportunities in the capital market to stakeholders of the Nigerian Football Community at the Annual General Meeting (AGM) of the League Management Company Nigeria (LMC) which will hold on 11 December 2016 in Enugu. Source Proshare Read More

NBC invested $600m in Nigeria in 6 years - The Nigerian Bottling Company says it has invested $600 million in the last six years to boost its operations in the country. Source Daily Trust Read More 

46m bank accounts yearning for BVN - Despite the ineligibility to bank placed against any bank account without a Biometric Verification Number (BVN), some 46 million accounts have still not been linked to the unique number customer security in the Nigerian banking system, Daily Trust has gathered. Source Daily Trust Read More

India, US, Spain purchased N1.9trn crude oil from Nigeria - INDIA, United States of America and Spain led other countries in patronage of Nigeria’s crude oil, spending a total of  N1.9 trillion in the first nine-months of this year, according to data released by the National Bureau of Statistics, NBS. Source Vanguard Read More 

NNPC still major petrol importer - The Nigerian National Petroleum Corporation (NNPC) remains the major importer of petrol in spite of liberalisation of petroleum products and government intervention to ease marketers’ access to foreign exchange (forex). Source Daily Trust Read More 

Local content: 235 vessels built in Nigeria - The 2016 3rd quarter Vessel Categorisation Report indicated that about 235 vessels operating in the oil and gas industry were built in the country. Source Daily Trust Read More 

Budget 2017 gets boost as oil price hits $58 - Nigeria’s hope of returning to economic recovery brightened, yesterday, as crude oil price hits an 18-month high of $58 per barrel. Source Vanguard Read More 

PIGB: FG Backs Single Petroleum Sector Regulator, Wants Minister as Chair - The federal government has said it was in support of the idea of a single regulator for Nigeria’s entire petroleum sector as proposed in the Petroleum Industry Governance Bill (PIGB) currently before the Senate for consideration. Source Thisday Read More 

NERC: Power Discos Illegally Withholding Two-third of Monthly Revenue - The Nigerian Electricity Regulatory Commission (NERC) has responded to claims by the 11 electricity distribution companies (Discos) that its regulatory actions contributed to the current N809.8 billion revenue shortfall of the electricity market. Source Thisday Read More 

Gencos May Bypass Discos to Supply Electricity to Consumers - Following the huge debt owed the power generation companies (Gencos) by the distribution companies, which receive bulk power through the Nigerian Bulk Electricity Trading Plc (NBET), the power generators are making subtle moves to bypass the Discos and supply power directly to certain class of customers, THISDAY has learnt. Source Thisday Read More 

Power sector unbundling executed prematurely – Idika Kalu - FORMER Minister of Finance, Dr. Kalu Idika Kalu has said the old structure of Power Holding Companies of Nigeria, PHCN, was unbundled prematurely, necessitating the non attainment of the projected 10,000 mega watts. Source Vanguard Read More 


IMF advises Zambia to delay re-financing $2.8 billion of Eurobonds - Zambia should delay its planned re-financing of $2.8 billion worth of Eurobonds until financing conditions ease, an International Monetary Fund representative said on Monday. Source Proshare Read More 

Mozambique's November inflation rises to 26.83 percent year/year- Mozambique's consumer inflation edged up to 26.83 percent year-on-year in November from 25.53 percent in October, data from the statistics agency showed on Monday. Source Proshare Read More 

Eni sells 30 pct stake in Egypt's Zohr gas field to Rosneft - Italian oil and gas group Eni agreed to sell a 30 percent stake in Egypt's offshore Shorouk concession to Russia's Rosneft for $1.125 billion, cutting its stake in the Zohr giant gas field to 60 percent. Source Proshare Read More  

Is the Emerging Market Currency Plunge Really About Trade? - Emerging market (EM) assets have taken a beating since Donald Trump’s surprise election victory on November 8.  EM bond prices are down 4.4 percent, equities 4.6 percent, and currencies 4.1 percent.  But is this really, as the Financial Times proclaimed, about “fears of trade Source Geo-Graphics Read More 

OPEC-Russia Deal Could Drain Almost Half the Global Oil Surplus - Record inventories accumulated since 2014 will dwindle at a rate of about 760,000 barrels a day in the first half of next year if OPEC and 11 other oil producers deliver the supply cuts pledged on Dec. 10, according to Bloomberg calculations using data from the International Energy Agency. Source Bloomberg Read More 

Fitch Chides Bond Buyers Over Mozambique’s Tuna-Fishing Debt - Lenders failed to appreciate the risks of lending to Mozambique’s state-owned fishing company and bear part of the blame for the country’s inability to repay the debt, said Federico Barriga Salazar, a director at Fitch. Source Bloomberg Read More 

Nigeria Lawmaker Seeks Free-Float Rollback Via Currency Bill - A Nigerian lawmaker is proposing a new currency law that would give the central bank legal powers to set exchange rates, effectively rolling back the nation’s six-month-old free float. Source Bloomberg Read More 

Ethiopia’s Foreign Investment Stalls After Attacks on Businesses - Foreign investment in Ethiopia is stalling after a series of demonstrations against international companies. Source Bloomberg Read More 

Chinese Airlines Are Flooding the World With Super-Cheap Airfares - Killing four empty hours at Guangzhou airport waiting for a China Southern connection to Sydney may not be everyone’s idea of fun. For Gina Capella, it was a no-brainer. Source Bloomberg Read More 

China Home Sales Rose 16% in November at Slowest Pace This Year - China’s home sales grew at the slowest pace this year in November, as renewed property curbs in red-hot markets hurt demand. Source Bloomberg Read More 


Nigeria to save N2bn annually from Internet hosting - The Executive Vice-Chairman, Nigerian Communications Commission, Prof. Umaru Danbatta, has said that the nation will save at least N2bn annually if the recent data hosting with the Internet Exchange Point of Nigeria continues. Source Punch Read More 





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