Nigeria in 1min: Economic, Business & Financial Headlines – 160816



August 16, 2016 6:40 AM / Proshare News 


No Visible Shift in Gear for the Auto Industry - Nigeria’s fx liquidity challenges have led to a visible reduction in imported goods.  Based on data released on the country’s automotive industry, the importation of brand new cars plummeted by 67% last year. Source Proshare Read More 

Foreign investors release $14bn for projects in Nigeria - A group of international investors has approved the release of $14bn for key projects expected to speed up the economic revival of Nigeria. Source Punch Read More 

Nigeria mined 222.2trn tonnes of solid minerals in 6 years - Nigeria mined a total of 222.272 trillion tonnes of coal, metal ore and other solid minerals from quarrying and other mining activities between 2010 and 2015. Source Vanguard Read More

FG slashes process for mining licences award to 40 days - THE Federal Government has reduced the timeframe for the award of mining licenses in Nigeria, stating that henceforth, miners would get their licences within 40 days. Source Vanguard Read More 

Foreign Investors Acquire $80m Stake In Nigerian Company - A group of private equity investors led by rock star Bob Geldof have acquired a minority stake in Nigerian biscuit maker Beloxxi Industries Limited for $80 million to help the company expand, they said on Monday. Source Leadership Read More 

FIRS shuts firms in Abuja, Asaba, Lagos, Onitsha - Some companies have been shut by the Federal Inland Revenue Service (FIRS) as it resumed its tax enforcement exercise in Lagos, Abuja, Asaba and Onitsha yesterday. Source Guardian Read More 

Chinese firms indicate interest in Ajaokuta steel - A Chinese group of firms have indicated interest to the Federal Government in acquiring Ajaokuta steel company. Source THE NATION Read More 

Flexible FX rates will increase FDI, portfolio investments, says Osinbajo   - Vice-President Yemi Osinbajo has said the Federal Government expects that the deregulation of the Petroleum downstream sector and the flexible exchange rate would increase not just the inflow of Foreign Direct Investment (FDI) but also portfolio investments in the country. Source BUSINESSDAY Read More 

Port operators groan on dollar scarcity, low cargo volume - Private terminal operators at the nation’s seaports are facing difficulties in their operations as the cargoes they handle  continue to decline. The challenges faced by the operators are daily compounded by the inability of most of them to procure dollars to meet their forex obligations Source THE NATION Read More 

Importers spend N2.29t on textile, rice, fish others - Importers of textile materials, rice, fish, wheat and sugar spend close to N2.29 trillion to bring the commodities to Nigeria, yearly Source THE NATION Read More 

Vacancy rate rises 30% on shallow tenant pool, diminishing retailer interest in 2nd tier cities - The uncertainty that defines Nigeria’s economic and political landscape in the past 12 to 15 months has, in more ways than one, impacted negatively on various sectors of the economy and, perhaps, no other sector has received more or worse bashing than real estate where all the various segments are struggling and gasping for breath. Source BUSINESSDAY Read More 

Osinbajo: Farmers to Secure Credit at Single Digit from Bank of Agriculture - Vice President Yemi Osinbajo monday said efforts were being made to ensure that farmers secure financing from the Bank of Agriculture (BoA) at single digit interest rate in a determined move to boost agriculture as part of government’s diversification strategy. Source Thisday Read More 

Nigeria to lose $1.3trn by 2026 to EPA arrangement – Report - A report authored by Social Action, a social development organisation, indicates that Nigeria stands to loose up to $1.3 trillion in forms of customs duties, taxation and other revenue sources throughout the 10 year implementation period of Economic Partnership Agreement (EPA). Source BUSINESSDAY Read More 

NSC: Transportation Sector Can Contribute 10% to Nigeria’s GDP - The Executive Secretary of Nigerian Shippers’ Council (NSC), Hassan Bello has stated that the transportation industry can contribute about 10 per cent to the Nigeria’s gross domestic products (GDP) if the right policies are in place to drive the sector. Source Thisday Read More


Our economic policies are in right direction, CBN replies el-Rufai - CENTRAL Bank of Nigeria, CBN, has reiterated that its current economic policies were in the right direction to rescue the dwindling economic situation in the country. Governor of CBN, Mr Godwin Emefiele, who faulted critics of the apex bank’s policies, said the bank was operating the best policies needed to address the present economic crisis in Nigeria. Source Vanguard Read More 

SEC Rules Out Crowdfunding in Nigeria for Now - Companies and group of individuals’ ambitious targets to raise funds through Crowdfunding the Nigerian financial markets are being inhibited by the restrictive provisions in the Companies and Allied Matters Act, 1990 and Investment and Securities Act, 2007 the Securities and Exchange Commission (SEC) has disclosed. Source Thisday Read More 

NDIC Reviews Coverage Limit for Depositors of Primary Mortgage Banks - Following the approval of the Minister of Finance, Mrs. Kemi Adeosun, the Nigeria Deposit Insurance Corporation (NDIC) is to set a new maximum deposit insurance coverage (MDIC) for each depositor of Primary Mortgage Banks (PMBs) to N500,000 from N200,000. Source Thisday Read More 



Bellwethers lift equities market amid battered breadth - The equities market closed today on a positive note, as NSE ASI appreciated by 0.26% to close at 27,316.52basis points, compared with the 0.12% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.63%.Source Proshare Read More

GTI 5 Weekly Stock Picks - 150816 - Equity market sheds 0.12% & 0.65% on Friday & W-o-W respectively The equity market on Friday shed additional points, thereby, deepening in the bearish territory. In summary, the NSE-ASI shed 34.07 absolute points, representing 0.12% decline to close at 27,246.88 points. Source Proshare Read More 

ZENITHBANK Half-Year Earnings Presentation: The key takeaways - The macroeconomic challenges that influenced business outlook in 2015 financial year are yet to abate in 2016. Banks have witnessed growing headwinds and tougher operating environment in the current year. Source Proshare Read More 

FrieslandCampina WAMCO Signs MoU with Federal Government - FrieslandCampina WAMCO Nigeria Plc (SDWAMCO), a security traded on the NASD OTC Securities Exchange on Tuesday 9 August, 2016, signed a Memorandum of Understanding (MoU) with the Federal Government of Nigeria to improve dairy production in the country. Source Proshare Read More 

International Breweries Plc: FX Loans Weighing on Outlook - International Breweries’ Q1 2017 (end June) earnings came in significantly behind our estimates. As such, we have cut our earnings estimate over the 2017-18E period by 48% on average. Source Proshare Read More 

The Nigeria Bond watch - Review and Outlook @081516 - During the review week, the Nigerian fixed income OTC market was influenced by: 1) the release of August 2016 FGN bond offer circular by the DMO; 2) OMO bills auctions and redemption - by the CBN. Source Proshare Read More 

Stanbic IBTC to Float New Exchange Traded Fund - Stanbic IBTC Asset Management Limited, a subsidiary of Stanbic IBTC Holdings Plc, has concluded plans to launch a new Exchange Traded Fund (ETF). According to the company, to be called the Stanbic IBTC Pension ETF 40, the ETF will mirror the Pension 40 Index. Source Thisday Read More 

SunTrust becomes Nigeria’s first regional bank 15 years after CBN’s last license issue - The last time the Central Bank of Nigeria (CBN) issued a banking license was in 2001. All that changed on Monday 15 August, 2016, with the formal presentation of SunTrust Bank Nigeria Limited to the public. Source BUSINESSDAY Read More 

Naira records slight gain, closes at 393/dollar
- The naira recorded marginal gain at the parallel market on Monday and closed at 393 against the United States dollar, up from 397 on Friday. Source Punch
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Kachikwu: Nigeria Will Need Extra 900,000b/d to Recover Oil Lost to Militancy - The Minister of State for Petroleum, Dr. Ibe Kachikwu, has said that Nigeria will have to increase oil output by an average of 900,000 barrels per day (b/d) in order to recover crude oil that has been shut in to a series of militant attacks on oil and gas assets in the Niger Delta in recent months. Source Thisday Read More 

NNPC, IOCs Undertake Audit of Nigeria’s Joint Venture Assets - The Nigerian National Petroleum Corporation (NNPC) said that it has commenced the audit of Nigeria’s joint venture (JV) assets in collaboration with the international oil companies (IOCs), with a view to determining the current real value of the assets. Source Thisday Read More 

IPMAN Partners NIMEX Petroleum on Importation of Petrol - As part of the efforts to ensure that the current high cost of foreign exchange does not plunge the country into fuel crisis, the Obasi Lawson-led Independent Petroleum Marketers Association of Nigeria (IPMAN) has entered into strategic partnership with NIMEX Petroleum Group to import 100,000 metric tonnes of petrol to sustain availability of product to IPMAN members. Source Thisday Read More 

PPMC earns N957bn from petroleum products sales - The Pipelines and Product Marketing Company, PPMC, earned N957 billion from the sales of petroleum products in 12 months, between July 2015 and June 2015, according to data obtained from the Nigerian National Petroleum Corporation, NNPC. Source Vanguard Read More 

Crude oil prices hit one-month high at $47.38 a barrel - For the first time in one month, crude oil prices rose from below $43 a barrel to $47.38 a barrel yesterday, despite a speculation that crude oil demand would reduce further. Source Guardian Read More 

SNEPCo breaks new ground with Subsea Tree refurbishment project - Shell Nigeria Exploration and Production Company (SNEPCo) achieved significant savings in the cost of subsea equipment through an initiative which has seen the refurbishment of five Subsea Trees in-country led by Nigerian engineers. Source BUSINESSDAY Read More 



Zimbabwe consumer prices fall 1.6 percent y/y in July - Zimbabwe consumer prices fall 1.6 pe Zimbabwe's consumer prices declined 1.60 percent year-on-year in July, after contracting 1.37 percent in June, data from the national statistics agency showed on Monday.rcent y/y in July Source Reuters Read More 

Botswana inflation unchanged at 2.7 y/y in July - Botswana's consumer inflation was flat at 2.7 percent year-on-year in July, unchanged from June, data from the statistics office showed on Monday. Source Reuters Read More 

Egypt's 2015/16 petroleum subsidy spending down 23 percent - Egypt's spending on petroleum subsidies fell by 23 percent in 2015/16 to 55 billion Egyptian pounds ($6.27 billion), Tarek al-Hadidi, head of state oil company EGPC, told Reuters on Monday. Source Reuters Read More 

Zambia's kwacha firms more than 2 percent as central bank tightens liquidity - Zambia's kwacha strenghened more than 2 percent against dollar to 10.2850 by 1115 GMT as the central bank reduced money supply in the southern African nation. Source Reuters Read More 

Japanese Shares Drop as Yen Surges Amid Dollar Slump; Gold Gains - Japanese stocks dropped as the yen surged to a one-month high, while gold advanced as a gauge of the greenback’s strength fell to its weakest since June. Source Bloomberg Read More

Ukrainian Economy Grows Most Since 2013, Though Misses Forecasts - Ukraine’s economy expanded the most since 2013, though missed economist forecasts as its lackluster recovery from recession continued. Source Bloomberg Read More



iSON BPO takes over MTN Rwanda - iSON BPO has announced the latest addition to its growing portfolio of clients, MTN Rwanda, effective August 1, 2016. Source Punch Read More 

GreenHouse Capital invests $10m in tech startups - A venture capital (VC) firm, GreenHouse Capital, said it is going to invest $10 million in two tranches of $5 million each. It has however, spent over $3 million, spread across the 13 startups. Source THE NATION Read More 

BoI, Gombe Sign N360m Solar Power Agreement - The Bank of Industry (BoI) and Gombe State Government have signed a N360million deal for the deployment of pay-as-you-go solar home systems in selected rural communities in the state. Source Thisday Read More 


Discourse on HS Code, 41 items  & Tax review in Nigeria

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