Nigeria in 1min: Economic, Business & Financial Headlines – 150116



January 15, 2016 7:30 AM / Proshare News

BoP challenges on the financial account too; a turnaround hinges on a stronger current-account - We turn today to the financing of Nigeria’s current-account deficit, which reached US$4.75bn in Q3 2015 or 3.8% of quarterly GDP. Net investment flows of US$0.41bn on the financial account (including a drawdown of reserves), and net errors and omissions of US$4.34bn covered the gap. Source Proshare Read More

Efficiency Unit to begin review of ministries’ accounts - The newly established Efficiency Unit in the Federal Ministry of Finance would soon begin review of the Federal Government’s expenditure profile and pattern while working with Ministries, Departments and Agencies (MDAs). Source Guardian Read More

Solid minerals can generate more revenue than oil —KADCCIMA - The Kaduna Chamber of Commerce, Industry Mines and Agriculture has declared that the solid minerals sector has greater capacity to generate revenue than oil. Source Punch Read More

State House budget slashed by N100m - The 2016 budget for the State House may have been reduced by N100m from the N11,909,567,095 submitted by President Muhammadu Buhari three weeks ago to N11,809,567,097 uploaded on the website of the Ministry of Budget and National Planning Thursday on. Source Punch Read More

AfDB invests $12.5m in women-owned SMEs - The Africa Development Bank said it had approved the sum of $12.5m equity investment in Alitheia Identity Fund to invest in Small and Medium Enterprises being driven by women. Source Punch Read More

Borno revives SMEs with CBN loans - Traders of Monday Market in Maiduguri the Borno state capital that benefitted from loan distributed by Governor Kashim Shettima recently  said the money has assisted in reviving their businesses that were crumbled by Boko Haram hostilities. Source Daily Trust Read More

Ekiti Govt Begins Disbursement of N500m SMEs Loan - Ekiti State Government has commenced the disbursement of N500 million Small and Medium-Sized Enterprises (SMEs) loan to the beneficiaries. Source Thisday Read More

Ogun partners NEPC on promotion of local products - IN a bid to grow the non-oil sector of the economy, Ogun State Government has stressed the need for each state to take advantage of ‘one-state-one-product’ initiative which would be targeted at diversifying the nation’s economy. Source Guardian Read More

Innoson Sacks 50% Of Its Work Force - Nigeria’s pioneer indigenous vehicle manufacturing company, Innoson Vehicle Manufacturing Company Limited, has laid off about 50 percent of its work force, according to News Express. Source Nairametrics Read More

Nigerian Economy To Grow By 4% In 2016 - Pricewaterhousecooper - Renowned global audit firm, Pricewaterhousecooper in its recent forecast on the performance of the Nigerian economy in 2016, said with a lot of uncertainty surrounding the economy, it will struggle to grow at 4.0 per cent of Gross Domestic Product (GDP). Source Leadership Read More

Nigeria’s new car market drops by 67% in 2015 - The combined effect of 70 percent tax on fully built cars (FBUs) comprising a 35 percent duty element and 35 percent levy, unfavourable exchange rate of the naira to the dollar and volatility in global oil prices Source BUSINESSDAY Read More

Indigenous investors set to pool N7.6bn tourism investment in Ife - La Campagne Tropicana, an indigenous resort development company based in Lagos, is collaborating with other investors as it veers into the tourism and hospitality sector, in line with government’s determination to diversify the economy. Source BUSINESSDAY Read More

TrustFund asset hits N300bn, aspires to be market maker - Management of TrustFund Pensions Limited on Wednesday disclosed that it had generated assets in excess of N300 billion within 10 years of operations. Source BUSINESSDAY Read More

Shoprite Nigeria procures 76% of products sold locally - It’s been a little more than 10 years since Shoprite was launched in Nigeria with the opening of its first store in Lagos in December 2005. Today 99.5percent of the supermarket chain’s 230 employees are Nigerians and 76 percent of all products sold are procured locally. Source THE NATION Read More

Olam invests $275m in wheat, pasta milling - Olam Nigeria has announced plans to produce wheat and pasta in Nigeria with an investment about $275 million. Source THE NATION Read More


CBN reports a depressed manufacturing sector in 2015 - Data from the Central Bank of Nigeria, CBN, has indicated sluggish growth amidst adverse operating environment across manufacturing sector at year end 2015. Source Vanguard Read More

Quoted firms must pay N80bn unclaimed dividends – SEC - The Securities and Exchange Commission on Thursday said it would compel all companies quoted on the Nigerian Stock Exchange to pay shareholders their accumulated unclaimed dividends running into N80bn. Source Punch Read More

SINKING NAIRA: Senate summons CBN Gov, Emefiele - The Naira appreciated yesterday to N302 per dollar in the parallel market, thus halting three days of sharp depreciation even as the price of Nigeria’s reference crude oil grade, Bonny Light, slid below the $30 per barrel mark, dropping to $29.47 per barrel. Source Vanguard Read More


Supply glut depresses market as NSE-ASI skids to 2012 range - The equities market closed today on a negative note, as NSE ASI depreciated by 3.44% to close at 24,239.98basis points, compared with the 3.58% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.37% Source Proshare Read More

NSE 2015 Market Recap and Outlook for 2016 - The year 2015 proved to be uneasy for the global economy, which is expected to have grown at 3.1% compared to 3.4% in 2014. We believe that the three biggest contributors to the global slowdown were: 1) Normalization of monetary policy by the U.S. Federal Reserve; 2) Slump in commodity prices; and 3) Slowdown in China. Source Proshare Read More


Nigeria plans return to international bond markets - High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email to buy additional rights. Source FT Read More


Naira Now N305 To A Dollar - The naira on Thursday depreciated further to exchange at N305 to the dollar at the Bureau De Change (BDCs) segment of the foreign exchange market. Source Leadership Read More

Bank customers shun cash deposits into domiciliary accounts - Bank customers are shying away from making cash deposits into their domiciliary accounts three days after the Central Bank of Nigeria lifted the ban on foreign currency deposits, our correspondent has learnt. Source Punch Read More

Nigeria lacks monetary policy strategy —Rewane - The Managing Director, Financial Derivatives Company, Mr. Bismarck Rewane, on Thursday said the monetary policy strategy needed to reinforce and complement fiscal policy at a time when oil price has dropped to $30 per barrel. Source Punch Read More

VONO declares N102.22 million loss in 2015 Audited result,(SP:N0.92k) - Source Proshare Read More

GOLDINSURE Declares N731.47 million loss in Q2'15 Result,(SP:N0.53k) – Source Proshare Read More

N1.04trn Fine: MTN Rolls Out Mega Simcard Registration Centres - With legal battle ongoing at the courts between MTN Nigeria and Nigerian Communications Commission (NCC) over the N1.04 trillion fine imposed on the mobile operator for not deactivating 5.1 million pre-registered lines, MTN has rolled out special simcard registration centres nationwide to capture subscriber details. Source Leadership Read More

ATCON, NCS, Others Counsel FG on New ICT Policy - STAKEHOLDERS in the nation’s information and communication technology (ICT) industry are counselling the Federal Government on key areas to prioritise in the proposed new National ICT Policy. Source Guardian Read More

4bn people don’t have internet access – Report - About four billion people around the world don’t have any internet access and nearly two billion do not have a mobile phone, the World Development Report 2016 has revealed. Source Daily Trust Read More

Domain Name Registration Hits 60,000 - The Nigeria Internet Registration Association (NiRA), the registry that controls the administration of .ng domain name, which is Nigeria's identity in the cyberspace,  recorded 22,113 additional domain name registrations from January to December 2015. The figure, which is an improvement on the 18,870 domain names registered in 2014, brings the total number of registered domain names in the country, to about 60,000. Source Daily Trust Read More

Pension Act: 26 States Yet To Comply 10 Years After – NLC - Ten years after the enactment of the contributory pension scheme, only 10 states have fully implemented the scheme, leaving the other 26 states as defaulters. Source Leadership Read More

Lagos Councils Reject Autonomy for Local Governments - The Conference of 20 Local Government Areas and 37 Local Council Development Areas (Conference 57) in Lagos State wednesday endorsed the existing federal structure that robbed 774 local governments in the country of autonomy to freely operate without undue intervention from the states. Source Thisday Read More


Ebonyi oil marketers defy govt’s directive, sell fuel at N140 a litre - Despite directives from the Federal Government that Premium Motor Spirit (PMS), also know as fuel, should sell at N86.50k per liter, oil marketers in Ebonyi State are still selling above the approved pump price, The Guardian has learnt. Source Guardian Read More

Multiple Union Levies Frustrate Fuel Price Stability – IPMAN - The Independent Petroleum Marketers Association of Nigeira (IPMAN) has appreciated the intervention scheme introduced by the Nigerian National Petroleum Corporation (NNPC) late December which went a long way to stabilise the supply system. Source Leadership Read More

Crude prices still trade below $30 per barrel - THIS is apparently not the best of time Nigeria and other crude oil producers as the commodity’s prices dropped below $30 a barrel for the first time in 10 years. Source Guardian Read More

Saudi Life With $30 Oil: Shock, Spending Cuts and Even Smiles - Times are getting tougher in the Hathut household, so father Mohammad is looking for extra work and the three kids are being told to switch off the lights to cut his electricity bill. Source Bloomberg Read More


Asia shares hit 3-1/2-year lows as oil resumes fall - Asian stocks surrendered earlier gains to hit 3-1/2-year lows on Friday as renewed pressure on oil prices and disappointing Chinese data kept investors on edge. Source Reuters Read More

U.S. Stocks Stem Global Selloff - U.S. stocks rallied, with the Dow Jones Industrial Average clawing back some of Wednesday’s selloff, as oil’s advance beyond $31 a barrel bolstered energy producers and helped stabilize global markets rattled by concerns over China and sliding commodity prices. Source Bloomberg Read More

European shares partially recover after 13-month low, Renault slumps - European equities slumped to a 13-month trough on Thursday, with the automobile sector leading the market lower as Renault tumbled following inspections at three of its sites in an emissions probe. Source Reuters Read More

China exports up first time since June 2015 - The depreciation the Yuan hasn’t helped China’s collapsing stock markets, but it seems to have boosted exports. Source BUSINESSDAY Read More

South Africa not heading for recession: Gordhan - Finance Minister Pravin Gordhan said on Thursday that South Africa's economy would not slip into recession, rejecting predictions by some economists that sharp falls in the rand pointed to a contraction this year. Source Reuters Read More

Kenya aims to cut external, fiscal deficits - finmin - Kenya's economy is expected to grow 6.1 percent in 2016 and the government wants to trim ballooning budget and current account deficits to steady the economy, its finance minister said on Thursday. Source Reuters Read More

IMF approves third disbursement to Ghana - The International Monetary Fund's board on Wednesday approved a third disbursement of $114.6 million under Ghana's three-year aid programme, urging the government to further tighten fiscal controls to curb rising public debt, the Fund said. Source Reuters Read More



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