Nigeria in 1min: Economic, Business & Financial Headlines – 150416



April 15, 2016 6:10 AM / Proshare News 


IMF advocates 3-pronged approach to economic recovery - Managing Director of International Monetary Fund, IMF, Ms Christine Lagarde, yesterday, said that a three-pronged approach with monetary, fiscal and structural actions, taken in concert by the membership, could work as a virtuous trinity, mutually reinforcing economic activity and reducing stability risks. Source Vanguard Read More 

States’ IGR dropped by N25.1bn in 2015 – NBS - The National Bureau of Statistics on Thursday released the Internally Generated Revenue figures for the 36 states of the federation for the 2015 fiscal period, with the total IGR dropping by N25.18bn from N707.85bn in 2014 to N682.67bn. Source Punch Read More 

FG seeks N3.2tn for transport infrastructure - The Federal Government will require a total sum of $16bn (N3.15tn) in the next five years to address the challenges of infrastructure in the transport sector. Source Punch Read More 

Nigerians abroad remitted $21bn in 2015 –W’Bank - Nigerians in the Diaspora sent home $21bn in 2015, a slight improvement from the $20.83bn remitted a year earlier. Source Punch Read More 

NRC Resumes Talks With ICNL, Oil Firms Over Cargo Haulage From Lagos Seaport To Kaduna - The Nigerian Railway Corporation (NRC) has resumed talks with the Kaduna Inland Container Nigeria Limited (ICNL) to resume haulage of containers for the company from the Apapa Port to its Kaduna dry port. Source Daily Trust Read More 

Nigeria Loses $700m Monthly On Shipment Of Crude Oil – NISA - The president, Nigeria Indigenous Ship Owners Association (NISA), Mr Aminu Umar, said the nation was losing 700 million dollars monthly (N137.9 billion) to dominance of crude oil shipment by foreign shipowners. Source Daily Trust Read More 

Food crisis looms as FG fails to offset N72bn fertiliser debt - The failure of the Federal Government to settle an outstanding N72 billion debt owed fertiliser suppliers may result in food shortages, Source BUSINESSDAY Read More 

Nigeria Gets £400m in UK Aid Yearly - The visiting British Minister for International Development, Mr Nick Hurd, on Thursday in Lagos, said that his government supported Nigeria’s development programmes with 400 million pounds yearly. Source Thisday Read More 

Lagos to Sign MoU on 4th Mainland Bridge before May 29 - The Lagos State Government on Thursday disclosed a plan to sign a memorandum of understanding (MoU) on the development of fourth Mainland Bridge before May 29. Source Thisday Read More 

NPA: Ship Traffic Increases By 79.1 % in 10 Years - Ship traffic in the nation’s busiest ports has risen by 79.1 per cent in the last 10 years, a report by the Nigerian Ports Authority (NPA) has said. Source Thisday Read More 

World Bank Ranks Nigeria Low on Ease of Doing Business - The World Bank has again rated Nigeria low on the ease of doing business amongst countries. According to the World Bank, Nigeria presently ranks 169 out of 189 countries examined for trade index for the year 2015. Source Thisday Read More 

Nigeria Loses N2trn Annually To Herdsmen/Farmers’ Clashes - Nigeria loses an estimated N2.3 trillion annually from conflicts between herders and farmers in four states namely Plateau, Nasarawa, Benue and Kaduna. Source Daily Trust Read More 



Tightened measures will yield results soon — CBN governor - The Central Bank of Nigeria will not be discouraged by the many attacks on some of its tightened monetary policy moves aimed at addressing the fundamental challenges of the economy, the governor of the bank, Mr Godwin Emefiele, has said. Source Daily Trust Read More 

SEC Nigeria targets increase in retail investors through market masterplan - The 2008 stock market crash in Nigeria, had adverse effects on the retail investors and ever since then it has been a challenge regaining their confidence to participate in the market. Source WEBTV Read More 

PenCom signs regulatory pact with FMDQ - The National Pension Commission (PenCom) has signed a regulatory supervision collaboration agreement with the FMDQ OTC Securities Exchange (“FMDQ” or “the Exchange”) to strengthen the activities of both organisations. Source Daily Trust Read More 

SEC extends e-Dividend registration by 150days - The Securities and Exchange Commission (SEC) has extended the deadline for free e-Dividend registration by investors in the country by 150 days. Source Daily Trust Read More

Bargain hunters halt five-day losing streak - The equities market closed today on a positive note, as NSE ASI appreciated by 0.44% to close at 24,746.16basis points, compared with the 0.01% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.60%. Source Proshare Read More

Corporate Actions in 2016: NESTLE, TOTAL Top on Dividend Payment - Year in year out, dividend declaration by quoted firms remain one form of return on investment every investor/shareholder looks up to at the end of every financial calendar of companies. Source Proshare Read More

MSCI closely monitoring situation in Nigeria, announces market accessibility stance on April 29 - After introduction of restrictions on foreign currency trading and the resulting continuous deterioration of foreign exchange market liquidity, MSCI is closely monitoring the situation in Nigeria with regards to market accessibility. Source Proshare Read More

UACN: A tweak in strategy - sign of the times - UAC of Nigeria’s (UACN) 2015 results were weak across all business segments with full year earnings down 54% y/y to N3.0bn. However, earnings were ahead of our estimates primarily because UACN reversed a N2bn impairment on its hotel business which it had taken in Q2 2015.Source Proshare Read More 


ETI Proposes 40kobo Dividend as PAT Dips by 67.6 in 2015 Result SP N13.90k - Source Proshare Read More 

Time for Access Bank to rein in costs, impairment charges - Following updates to our earnings forecast and valuation for Access Bank Plc (ACCESS), we have revised TP on the Bank’s shares to N7.30 (previouslyN7.98) and maintained a BUY recommendation.Source Proshare Read More 

Inflation: Bond Yields Rise As Investors Interest Decline - With inflation now at 12.8 per cent, bonds investors have slowed down their investments as the bonds auction held by the Debt Management Office on Wednesday saw lower subscriptions despite higher returns. Source Daily Trust Read More 

AMCON debt: Court freezes Capital Oil accounts -
The Federal High Court, Lagos Division, on Wednesday granted the application of the Asset Management Corporation of Nigeria for an interim injunction freezing the accounts Capital Oil and Gas Industries Limited owned by Mr. Ifeanyi Ubah. Source Punch
Read More 

Manufacturers seek 3% interest rate reduction - The Manufacturers Association of Nigeria (MAN) has canvassed a reduction in interest rate to between three and five per cent. The prevailing rate does not support the government’s economic diversification drive, it said. Source THE NATION Read More

Fuel importation: ‘Banks don’t lend to most operators’ -Over 70 per cent of oil marketers eligible to import fuel are not doing so because banks are not lending money to them, the Chairman, Integrated Oil and Gas Limited, Captain Emmanuel Ihenacho, has said. Source THE NATION Read More

We buy dollar at N320, says PZ Cussons - PZ Cussons Plc says it is paying as much as 70 per cent more than the official rate for dollars as the Central Bank of Nigeria trading restrictions reduce availability of foreign currency in Africa’s biggest economy. Source Punch Read More

Ikeja Electric targets 15,000 meters monthly - Ikeja Electric, one of the nation’s electricity distribution companies, has said it is targeting at least 15,000 customers monthly in its ongoing prepaid metering programme. Source Punch Read More 

UNIDO partners FG, States on 3.1 MW Hydro Power Projects  - The United Nations Industrial Development Organization(UNIDO), in collaboration with the Energy Commission of Nigeria and the Federal Ministry of Environment, today organized a one-day seminar on the development of  Small Hydro Power (SHP) Projects in Nigeria. Source BUSINESSDAY Read More

Power: Total commits 300mscf gas daily to domestic market - Power supply in the country is set to get a boost as Total Exploration and Production Nigeria Limited, TEPNG, has committed to devote about 300 million standard cubic feet, mscf, of gas daily to the domestic market. Source Vanguard Read More 

P-Harcourt refinery producing 5m litres daily; NNPC deploys 200 trucks - Port Harcourt Refining Company, PHRC, Nigeria’s biggest refinery, has been re-streamed and now producing between three and five million litres daily, according to the Nigerian National Petroleum Corporation, NNPC. Source Vanguard Read More 

Oil crash: Angola overtakes Nigeria in crude oil production - As the crash in crude continues to hit hard on the country’s economy, Angola is now the number one oil producing nation in Africa, taking over the position of Nigeria. Source Vanguard Read More 

Nigeria to lose N199bn to Forcados terminal closure - Nigeria is set to lose as much as $1bn (about N199bn) from the force majeure on Forcados loadings that has been in place since February and which is set to continue until May. Source Punch Read More 

Commercial oil production to begin at Otakikpo soon -  Commercial oil production is expected to start on the Otakikpo marginal field in Oil Mining Lease 11 located on the shoreline in the south-eastern part of the Niger Delta by the end of the second quarter. Source Punch Read More 

Global oil demand plummets to 1.2 million bpd in new IEA report - A new oil market report released by the International Energy Agency on Thursday forecasts that growth in global oil demand will ease to around 1.2 million barrels per day in 2016 below the 1.8 million barrels per day expansion last year due largely to fallen production in Nigeria, United Arab Emirates and Iraq. Source BUSINESSDAY Read More



Union Bank spearheads Agriculture Financing in Nigeria - THE Chief Executive of Union Bank, EmekaEnuwa yesterday said Union Bank will keep providing agricultural finance to rural farmers adding that as a member of African Rural Agricultural Credit Association (AFRACA), the Bank remains committed to providing rural finance in Nigeria. Source Proshare Read More

PZ Cussons UK raises concerns about unpredictable market situation in Nigeria -  This morning, PZ Cussons Group UK -- the parent company of PZ Cussons Nigeria Plc (PZ) - issued a trading update which covers the period 27 January 2016 to 13 April 2016. Source Proshare Read More

Tax Fraud Costs the U.K. $23 Billion Every Year - Britain’s decision to prosecute only one of 3,600 potential tax evaders whose Swiss bank-account details were leaked by a former employee of HSBC Holdings Plc, Herve Falciani, gives a signal that rich people can “get away” with dodging taxes, a cross-party panel of lawmakers said. Source Bloomberg Read More

China's Economy Stabilized in First Quarter - China’s economy stabilized last quarter and gathered pace in March as a surge in new credit spurred a property sector rebound while raising fresh questions over the sustainability of the debt-fueled expansion. Source Bloomberg Read More


European Stocks Cap Longest Rally in Six Weeks; Nestle Advances - European stocks rose for a fifth day, matching their longest winning streak since March, as Nestle SA led food and beverage shares higher. Source Bloomberg Read More 

Namibia's March inflation rises to 6.5 pct year/year - Namibia's consumer inflation jumped to 6.5 percent year-on-year in March from 6.1 percent in February, the statistics office said on Thursday. Source Reuters Read More


Akwa Ibom begins disbursement of N1.74 billion microcredit loan to SMEs - The Akwa Ibom government has begun the disbursement of N1.74 billion microcredit loan to Small and Medium Scale Enterprises (SMEs) as part of deliberate efforts to stimulate economic growth and boost poverty reduction activities across the state. Source BUSINESSDAY Read More


Enhancing Broadband Penetration; Internet Subscription Grows by 13% in February - The latest data released by the NCC, the industry regulator, show that internet subscriptions grew by 13% y/y to 93.6 million in February. This represents a density of 55%, placing Nigeria well above the African average of around 16% as estimated by McKinsey. Source Proshare Read More

Tesla and other Tech Giants scramble for Lithium as prices double - Demand for lithium—the hottest commodity on the planet and the only commodity to show positive price movement in 2015—is poised to continue on its upward trajectory, becoming the world's new gasoline and earning the moniker of "White Petroleum". And the battle for market share in and around this commodity has everyone from major tech players to trend-setting investor gurus vying for a foothold. - Source Proshare Read More 

Investment in financial technology to exceed $150b in five years  - Cumulative investment in financial technology (FinTech) globally could exceed $150 billion within the next three to five years, according  to a survey by auditing giant Pricewater House Corper (PWC) Source  THE NATION Read More 

NCC Beckons Local, Foreign Investors For 2.6GHz Licence Auction - The Nigerian Communications Commission (NCC) has beckoned on local and foreign telecommunications investors to avail themselves of the opportunities in the 2.6GHz spectrum licence auction that would take place from May 16, 2015. Source Daily Trust Read More 



Highlights of Q1 2016 CMC press briefing

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