Nigeria in 1min: Economic, Business & Financial Headlines – 150217



February 15, 2017 7:30 AM / Proshare News 


Nigeria's Top Execution Priorities in the Economic Recovery & Growth Plan - The Economic Recovery and Growth Plan (ERGP), a Medium Term Plan for 2017 – 2020, builds on the SIP and is developed for the purpose of restoring economic growth while leveraging the ingenuity and resilience of the Nigerian people – the nation’s most priceless assets. Source Proshare Read More

Budget 2017 - Official Rethink on Revenue Collection - The FGN’s 2017 budget proposals suggest a rethink on revenue collection. They see non-oil earnings of N1.37trn out of a N4.94trn (US$16.2bn) total for the FGN, which is not to be confused with federally collectible revenues. Source Proshare Read More

FG denies plans to raise N5tr from asset sale, disburses N53m for inventions - The Federal Government has debunked claims that it plans to raise N5 trillion from assets sale in the next four years.A statement yesterday by the media adviser to the minister, James Akpandem James, said Source Guardian Read More 

TSA: 20,000 bank accounts closed, accruals hit N5.244trn - About N5.244 trillion has accrued to the Treasury Single Account (TSA) of the federal government so far, the Accountant-General of the Federation, Mr. Ahmed Idris,   disclosed yesterday in Abuja at a 2-day retreat to review the TSA implementation in the country. Source Daily Trust Read More 

Eurobond: Nigeria’s external reserves have grown by more than $4 bn in three months – FG - The Federal Government has said that the almost eight-fold over-subscription of its recent Eurobond (orders in excess of $7.8 billion compared to a pre-issuance target of $1 billion) demonstrated strong market appetite for Nigeria Source Vanguard Read More 

Fitch Rates Nigeria’s Eurobond ‘B+’ - Fitch Ratings has assigned Nigeria’s $1 billion 15-year 7.875% senior unsecured notes a final rating of ‘B+’. The final rating replaces the expected rating that Fitch assigned on 6 February 2017. Source Thisday Read More 

Fed Govt unveils strategic plan on bond market  - The increase its financial base, the Federal Government has unveiled a strategic plan to float a Savings Bond. Source THE NATION Read More 

Plan for World Bank loan ready - The Federal Government will present the required economic reform proposals to allow the country access loan from the World Bank this month, officials and diplomats have said. Source THE NATION Read More 

FG gives N66m to 56 tech inventors - The federal government has given N66 million to 56 technology inventors to help them turn their inventions to finished products. Source Daily Trust Read More 

AMCON takes over OAS helicopters over debts - The Assets Management Corporation of Nigeria (AMCON) has again taken over Odengene Air-Shuttle Services Limited (OAS), another aviation company it was yesterday. Source Daily Trust Read More 

Stamp duty: NECA says CBN sending wrong signal to foreign investors - Nigeria Employers’ Consultative Association (NECA) says the blatant refusal of the Central Bank of Nigeria (CBN) to obey the court order that pronounced the N50 Stamp Duty on bank transaction illegal is a setback to democracy and sends a wrong signal to foreign investors about Nigeria. Source BUSINESSDAY Read More 

FG says only 13m Nigerians pay taxes, 40 pay over N10m annually - Federal Government has disclosed that only 13 million Nigerians pay taxes. Out of this number, only 40 Nigerians pay over N10 million per annum as tax, in an estimated population of 180 million. Source BUSINESSDAY Read More 

Growing cost of doing business diminishes Nigeria’s ability of earning FX from leather sector - Nigeria’s quest to boost foreign exchange earnings through exportation of processed leather product is being diminished by the growing cost of operating businesses in the country. Source BUSINESSDAY Read More 

FG Begins Disbursement of Social Intervention Funds - The federal government has commenced disbursement of interest-free loans to the latest accredited beneficiaries of Market Moni, the Government Enterprise and Empowerment Programme (GEEP) targeting market women, traders, artisans, youth and farmers. Source Thisday Read More 

Arik suspends flights to London, Johannesburg - The new management of Arik Air has announced the suspension of its international flight operations to enable the carrier find permanent solutions to the problem of delays and cancellation of flights. Source Punch Read More 

S’African firms to produce components for Nigerian automakers - The efforts by the Federal Government to develop the Nigeria’s automobile industry have attracted the interest of some South African investors. Source Punch Read More 

W’Bank: In Lagos, Two Out of Three Persons Live in Slums - A new World Bank report has stated that in Lagos, two out of three people live in slums. Source Thisday Read More 

Nigeria ranks low on emerging markets manufacturing - Nigeria currently ranks low among major emerging markets manufacturing attractiveness, which is a baseline to drive industrial revolution for any nation, according to a recent report presented Monday at the 13th Nigeria Economic Summit Group (NESG). Source BUSINESSDAY Read More

Abia govt begins construction of underground flood channel in Aba - In a bid to end the perennial flooding of the Ariaria International Market and environs , the Abia State government has begun the construction of an underground water channel to connect the areas to the Ifeobara Basin along the Faulks Road in Aba. Source Vanguard Read More 


The Rate of Naira Counterfeiting Is Less Than One Per Cent - CBN - The attention of the Central Bank of Nigeria (CBN) has been drawn to certain spurious and grossly uninformed claims suggesting that about 20 per cent of the Naira currency notes in circulation are counterfeited. Source Proshare Read More 

CBN Releases Whitepaper on e-Payment Statistics for the Period of 2012-2016 Source Proshare Read More 

CBN Releases Exposure Draft of the Guidelines on Instant Electronic Funds Transfer Services - The Central Bank of Nigeria (CBN), in furtherance of its mandate for the development of the electronic payments system in Nigeria, hereby releases the Exposure Guidelines on Instant (Inter-bank) Electronic Funds Transfer Services in Nigeria, 2016 (Revised) for your review and comments. Source Proshare Read More 


Nigerian Stock Market Maintains Downtrend; Extends Loss by -0.84% - Equities market closed today on a negative note, as NSE ASI depreciated by 0.84% to close at 25,032.17 basis points, as against 0.38% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.86%.  Source Proshare Read More 

Nestle Nigeria Plc: Short On Foreign Love - In keeping with the theme of Valentine’s Day, we beam our strategy searchlight on one name struggling to find love. In recent weeks, Nestle Nigeria Plc has shed 23% YTD to near five-year lows underperforming the broader NSEASI. Source Proshare Read More

Access Bank Plc: Earnings ‘Get Stamina’ From Pension Stake Disposal - Last weekend, the Access-Lagos Marathon took place with Kenyan runner Abraham Kiptum winning the 41km dash round the streets of Lagos for the second year running, shaving one minute of his 2016 time to finish the race in 2hours 15minutes. Source Proshare Read More 

Afreximbank and ETI agree on African trade and investment promotion including US$500 mln programme - The African Export-Import Bank (Afreximbank) and Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group have signed a memorandum of understanding (MOU) to promote joint corporate objectives through the financing of private sector projects and trade finance transactions, focusing particularly on transactions involving trade and investment in Afreximbank member countries where Ecobank also has a presence. Source Proshare Read More 

Arise Acquires 27.7 % stake in CAL Bank in Ghana; Provides bridging Loan in Uganda - The recent acquisition of a 27.7 % stake in CAL Bank in Ghana by newly formed investment company, Arise ( is set to boost the banking sector in the country. Source Proshare Read More 

DMO Engenders Confidence with Eurobond Success - It is no longer news that the Nigerian economy entered recession last year. Also, it is no longer news that the federal government is working assiduously to ensure the economy recovers this year. Source Thisday Read More 

FMDQ to admit first listing of FGN Eurobonds - The FMDQ Over-the-Counter Securities Exchange is set to admit the pioneer listing of the $1bn Federal Government of Nigeria Eurobond to its platform. Source Punch Read More

Kachikwu Unveils 20-Point Plan on Ending Militancy in the N’Delta - Nigeria lost billions of dollars in oil revenue at the peak of the militant attacks on oil and gas facilities in the Niger Delta, which slashed oil production from 2.2 million barrels per day to 1 million barrels per day last year, the Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu has said. Source Thisday Read More

FG to work with illegal oil refiners – Osinbajo - The much sought peace in the Niger Delta may not be far from realisation, as the Federal Government has made a u-turn by deciding to work with illegal oil refiners, instead of destroying their refineries. Source Vanguard Read More 

Nigeria Loses Up to $100 Billion in Revenue as Attacks Cut Oil - Nigeria said it lost out on as much as $100 billion in revenue last year as attacks by militants in the oil-rich Niger Delta cut crude output to a record low. Source Bloomberg Read More 

26 ships arrive Lagos ports with petrol, food items - Twenty-six ships is expected to arrive Apapa and Tin-Can Island ports, Lagos with petrol, food items and other goods from February  14 to 27, 2017. Source Daily Trust Read More 

Nigeria, U.S. firms sign N241.6m solar energy MoU to power 25 communities - Community Energy Social Enterprises Limited (CESEL) has signed a 767, 512 dollars (about N241.6 million) Memorandum of Understanding (MoU) with Renewvia Energy Corporation, a U.S. firm to provide solar energy in Nigeria. Source Daily Trust Read More 

Nigeria nears 2.2m barrels per day as IOCs lift restrictions on crude grades - … Experts say militancy will be determining factor Within the last six months, three out of four of Nigeria’s major crude grades – Bonny Light, Qua Iboe and Brass River, have emerged from force majeure – a legal clause that absolves parties to a contract from liabilities due to – rising optimism towards realising 2017… Source BUSINESSDAY Read More 

ARMHIIL Invests $552m in Amandi Energy Power Plant in Ghana - ARM-Harith Infrastructure Investment Limited (ARMHIIL), manager of the ARM-Harith Infrastructure Fund (ARMHIF), has announced ARMHIF’s investment in Amandi IPP in Ghana. Source Thisday Read More 


Côte d’Ivoire: The New Star of Sub-Saharan Africa? – Euromoney - The conference is designed to be a platform to discuss and explore the necessary steps for Côte d’Ivoire to sustain the growth and become a key regional hub for West Africa. Speakers will discuss in depth key aspects of Cote d’Ivoire’s financial sector, capital markets, SMEs and innovation, infrastructure, oil and gas, power and soft commodities. Source Proshare Read More

Corruption Is Not "Fighting Back".... ..It Never Went Away! - Well, maybe there is after the drama and collective pause by citizens last week over the disclosure of an obscene amout of $dollars in a non-descript building belonging to a former chief executive of NNPC (yes NNPC – the famed Nigeria 2.0 revenue pot).  Source Proshare Read More 

South Africa's unemployment falls to 26.5 pct in Q4 2016 - South Africa's unemployment rate in the fourth quarter of last year retreated from its highest in 13 years as key sectors hired more workers, a further sign of recovery in an economy that flirted with recession in 2016. Source Reuters Read More 

South Africa's rand hits 15-month best against dollar - South Africa's rand raced to its firmest in more than 15 months against the dollar on Tuesday, helped by improved risk appetite and jobs data suggesting the economy is improving. Source Reuters Read More 

Ivory Coast consumer inflation rises to 1.1 pct yr/yr in January - Consumer price inflation in Ivory Coast, the world’s top cocoa producer, rose to 1.1 percent year-on-year in January, up from a deflation of -0.2 percent in December, data from the National Statistics Institute showed on Tuesday. Source Reuters Read More

Japan’s Economy Running Along on Half-Empty Fuel Tank - Japan’s economy is cruising along, at least by its own recent standards, with real growth clocking in at 1 percent in 2016. It may have reached top speed. Source Bloomberg Read More 

Investors' Economic Optimism Surges to Level Not Seen Since 2011 - Investors haven’t been this optimistic on the global economy since 2011, joining small businesses in taking a glass-half-full outlook as a new administration takes over in Washington. Source Bloomberg Read More 

Russia's Largest Oilfield May Be About to Gush Cash Once Again - Russia’s largest oil field, so far past its prime that it now pumps almost 20 times more water than crude, could be on the verge of gushing profits again for Rosneft PJSC. Source Bloomberg Read More 

U.S. Stocks Advance With Banks as Yellen Eyes More Rate Hikes - U.S. stocks reversed early losses to extend a rally into a sixth day as Federal Reserve Chair Janet Yellen told Congress more interest-rate hikes would be appropriate if the U.S. economy stays on course. Source Bloomberg Read More 

Dollar Declines Before Yellen Testimony; Pound Slides - The dollar dropped versus most of its Group-of-10 peers before Federal Reserve Chair Janet Yellen testifies to the Senate Banking Panel in Washington later Tuesday, while the pound declined after U.K. consumer-price inflation data missed economists’ forecasts. Source Bloomberg Read More 

Europe Stocks Close at One-Year High; Carmakers Gain on Peugeot - European stocks edged higher, completing the longest streak of increases since October, as gains in automakers offset a drop in construction and materials stocks. Source Bloomberg Read More 

SoftBank to Buy Fortress Investment Group for $3.3 Billion - SoftBank Group Corp. is buying alternative-asset manager Fortress Investment Group LLC for $3.3 billion in cash to operate alongside the Japanese company’s soon-to-be-established technology investment fund. Source Bloomberg Read More 

Abu Dhabi’s New $125 Billion Sovereign Fund Is Taking Shape - Abu Dhabi is close to finalizing the merger of two of its largest sovereign wealth funds -- Mubadala Development Co. PJSC and International Petroleum Investment Co. The combined entity, which will be known as Mubadala Investment Co., will become the fourteenth largest fund globally with about $125 billion of assets, according to the Sovereign Wealth Fund Institute. Source Bloomberg Read More 

Peugeot maker set to buy Opel from GM - General Motors says it has commenced talks with a Fresh automaker, PSA Group, on a potential sale of Opel to the PSA as part of efforts aimed at improving the firm’s operational efficiency. Source Punch Read More 

FGN is not increasing taxes, Udoma tells National Assembly - The Federal Government does not have any intention of increasing taxes but is working towards increasing its internally generated revenue through the broadening its tax base.  Source Proshare Read More 


7 Game Changing Marketing Automation Insights for 2017 - Today, the marketing automation industry is worth about $5.5 Billion and drives lead generation and prospect nurturing globally. Source Proshare Read More 

Bamba, a Boutique African Data Collection Agency, Raises $1.1m in First Seed Round - African data collection startup Bamba  has announced today that it has closed its first seed investment round after raising US$1.1 million (Kes. 110 million) in investment funds, making it one of the largest and most successful seed rounds completed by an East African startup. Source Proshare Read More 


Related News