Nigeria in 1min: Economic, Business & Financial Headlines – 140916



September 14, 2016 6:30 AM / Proshare News 


Economy: The Blind Leading the Blind  - A seemingly responsible fiscal plan will become unimplementable, in the modern era, if the underlying monetary indices are out of sync with budget projections. Conversely, the stubborn sustenance of appropriate monetary benchmarks for inflation, cost of funds and exchange rate may still rescue the performance of an otherwise bad budget.  Source Proshare Read More 

High Port Charges: Nigerian Importers Divert Cargoes to Neighbouring Countries - Importers in Nigeria are now diverting cargoes to neighbouring countries to avoid undue restrictions at the country’s ports and high custom duties, a report has disclosed. Source Thisday Read More

Arik Airline Resumes Operations after Temporary Suspension - Arik, the airline with the largest fleet in the country, will resume full operation wednesday after tuesday’s suspension of operations due to its inability to renew its aircraft insurance. Source Thisday Read More 

FG commences process to concession Nigeria’s major airports - The federal government begins process to concession Nigeria’s major airports to private investors.The process began with the inauguration of two committees, namely, project steering committee and project delivery committee, by the Minister of State for Aviation, Senator Hadi Sirika. Source Daily trust Read More 

Kwara generate N1.5bn monthly revenue - The Kwara State government has said it is now generating the sum of N1.5billion monthly as internally generated revenue (IGR) for the state. Source Daily trust Read More 

‘Customs collected over N95b in August’ - The Nigeria Customs Service (NCS) has collected N95.7 billion in August, its hihest collection in the last 10 months. Source THE NATION Read More 

Substantial reform of asset recovery in criminal law – Lessons from Germany - In July 2016 the Federal Cabinet passed a bill to reform asset recovery in criminal law. The bill represents the biggest reform since the introduction of asset recovery in 1969. This update sets out the most important changes. Source Proshare Read More 



CBN Tasks States to Set Up Bank of Industry - The Central Bank of Nigeria (CBN) has advised states without a Bank of Industry to facilitate the establishment of one in order to speed up industrialisation and other economic development across the country. Source Thisday Read More 


De-marketing threatens financial sector stability - The architects of these messages have continued to circulate them despite assurances by the Central Bank of Nigeria (CBN) that all Nigerian banks are safe and sound. Source THE NATION Read More

Exxon offers first Qua Iboe crude cargo since force majeure -sources - ExxonMobil is offering an October-loading cargo of Nigeria’s Qua Iboe crude oil, the first offer since the company declared force majeure on the grade in July, sources said on Tuesday. Source Daily trust Read More


Nigeria earns N1.7 trillion from crude oil export in Q2 - Despite calls for diversification of Nigeria’s revenue base to other sectors like manufacturing and agriculture, oil and gas accounted for 92.9 per cent of the country’s export earnings during the second quarter of 2016 Source Guardian Read More

Nigeria’s largest oil grade back for export – …oil price falls to $47 amid glut - Two months after force majeure was declared on exports of Qua Iboe, the nation’s largest crude oil stream, ExxonMobil is offering a cargo of the grade to be loaded next month. Source Punch Read More



South African data supports Gordhan's dismissal of recession - South Africa's current account deficit narrowed more than expected in the second quarter, data showed on Tuesday, supporting Finance Minister Pravin Gordhan's view that Africa's most industrialised economy was not in "recession territory". Source Reuters Read More 

South Africa's Q2 current account deficit narrows to 3.1 pct of GDP - South Africa's current account deficit narrowed to 3.1 percent of gross domestic product in the second quarter of this year from a revised deficit of 5.3 percent in the first quarter, the central bank said on Tuesday. Source Reuters Read More 

Qatar considers joining Exxon's Mozambique gas move - Qatar Petroleum is interested in the Mozambique gas business of Italian energy group Eni and could opt to join Exxon Mobil in buying a multibillion-dollar stake, sources familiar with the matter said. Source Reuters Read More 

Pound Drops Most in Five Weeks as U.K. Inflation Misses Forecast - The pound fell the most in five weeks after a report showed U.K. inflation undershot analyst forecasts, bringing into focus the uncertain economic outlook after the nation voted to leave the European Union more than two months ago. Source Bloomberg Read More 

U.S. Stocks Sink With Debt as Market Turmoil Resumes; Oil Drops - U.S. stocks retreated with sovereign debt, while a plunge in crude oil spurred gains in the dollar as investors calibrated expectations toward prospects of less global monetary stimulus. Source Bloomberg Read More 

Saudi Arabia Ousts U.S. as Biggest Oil Producer, IEA Says - Saudi Arabia has retaken the position of the world’s top oil producer from the U.S., according to the International Energy Agency. Source Bloomberg Read More 



Recession and Coping with Back-to-School Pressure - The cost of education has been on the high side and is still rising. With all indications and facts available, the cost is hitting a new high at the moment as schools have no choice but to review tuition upwards- this is not happening in private schools only; Federal Government (FG) colleges have also followed the same trend. Source Proshare Read More 


NCC uncovers 41 illegal Internet Service Providers - The Nigerian Communications Commission says it has discovered 41 unlicensed Internet Service Providers operating in the country’s telecommunications landscape. Source Punch Read More 

BVN enrollment hits 46.39m - Enrollment of Bank Verification Number (BVN) for savings, fixed and current accounts in Nigeria has climaxed 46.39 million for the, Daily Trust has learned. Source Daily trust Read More 





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