Nigeria in 1min: Economic, Business & Financial Headlines – 160916



September 16, 2016 6:10 AM / Proshare News 


Ways Out of Recession – FSDH - Looking at the state of the Nigerian economy, we think the following are some low hanging fruits that the government can pluck to turn the economy around in the short-term Source Proshare Read More 

The Economic Crisis: Time For A Paradigm Shift - Towards a Systems Approach - This paper advances a hypothesis of the end of the third industrial revolution and the beginning of a new transition. Every production phase or civilization or human invention goes through a so- called transformation process. Transitions are social transformation processes that cover at least one generation. Source Proshare Read More 

Movement on Import Substitution - The federal minister for agriculture and rural development, Heineken Lokpobiri, told a meeting at the weekend in Bayelsa State that the local community could play its part in diversification of the economy. Source Proshare Read More 

FG borrows N183bn via short-dated TBs - The Federal Government borrowed N183.24bn via Treasury bills at an auction on Wednesday, with mixed yields on all the tenors, data from Debt Management Office showed on Thursday. Source Punch Read More 

10 solar power firms pay commitment fees - Ten out of 11 Independent Power Producers that executed Front-Runner Solar Power Purchase Agreements have posted development securities, the Nigerian Bulk Electricity Trading Plc has said. Source Punch Read More 

FG to use local textile for military, paramilitary uniforms - The federal government says plans are underway for Nigerian military and para-military personnel to use made in Nigeria textile for their uniforms. Source Daily Trust Read More 

Kwara partners Chinese coy on establishment of textile park - The Kwara State Government has signed an agreement with Chinese investors for establishment of Kwara Chetex Park in Ifelodun Local Government Area of the state. Source Daily Trust Read More 

FG retirees also need bailout’ – Centre - The Centre for Pension Rights Advocacy (CPRA) demands for bailout fund for federal government retirees. Source Daily Trust Read More 

Small industries not affected by economic downturn – NASSI President - Most of our businesses have very little to do with importation of materials, small scale industries use locally sourced materials. The downturn does not affect our businesses so much. So, our members that have folded their businesses are not more than 5 percent of our number. Source Daily Trust Read More 

Customs revenue collection hits N557b - The total revenue which the Nigeria Customs Service (NCS) collected from January to August this year was N557,083,996,324.16. Source THE NATION Read More 

SON moves to stimulate agric export - The Standards Organisation of Nigeria (SON) has come out with strategies aimed at stimulating export of agricultural produce from Nigeria, by ensuring that agric produce meet international standards and are not rejected by the importing country. Source THE NATION Read More 

AfDB launches three-year $1b Global benchmark - The African Development Bank (AfDB), rated Aaa/AAA/AAA, has launched $1 billion fixed rate dollar Global benchmark due 20 September 2019, the issuer’s fourth global benchmark issue this year. Source THE NATION Read More 

Economic Downturn: More Airlines May Close Shop - There is an indication that more Nigerian airlines may close shop as the current economic downturn has hampered airlines operations. Source Thisday Read More 

‘Govt Policies Discourage Investment in Airline Business’ - The Chairman of Arik Air, Sir Joseph Arumemi-Ikhide has said that certain policies of the federal government on air transport in Nigeria tend to discourage investment in the sector. Source Thisday Read More 

LCCI: 15% forex allocation to sectors unsustainable - The 60 per cent foreign exchange (forex) allocation by the Central Bank of Nigeria’s (CBN) to the manufacturing sector, leaving only 15 per cent allocation to other sectors of the economy, is unsustainable, the Director-General, Lagos Chamber of Commerce & Industry (LCCI), Mr. Muda Yusuf, has said. Source THE NATION Read More 



CBN urges states to establish industry banks - The Central Bank of Nigeria has asked state governments that do not have industry banks to facilitate the establishment of such to speed up industrialisation and economic development in the country. Source Punch Read More 

More pension funds to go into critical infrastructure – PenCom - The National Pensions Commission (PenCom) says that more pension assets will be deployed to fund critical infrastructures. Source Daily Trust Read More 

Loan: CBN rejects 100,000 Adamawa farmers - Adamawa State Governor, Jibrillah Bindo, has expressed concern over the Central Bank of Nigeria’s rejection of about 100,000 farmers’ participation in the “Anchor Borrowers Programme’’ due to hitches in their registration. Source Punch Read More 


Investors sustain 5-day modest hunting, stocks add N76.12bn gain - The equities market closed today on a positive note, as NSE ASI appreciated by 0.30% to close at 27,725.40basis points, compared with the 0.23% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.20%. Source Proshare Read More 

Equity Assurance Plc Appoints Mr. Kyari Abba Bukar as an Independent Director - We are pleased to announce the appointment of MR KYARI ABBA BUKAR as an Independent Director on the Board of Equity Assurance Pic. He brings on board his wealth of experience from some leading companies and multinationals. Source Proshare Read More 

The world will ban commission within five years, says JPMAM - Regulation is moving at such a fast pace that within five years all financial services markets around the world will ban commission and implement an RDR-like regime, Jasper Berens, head of UK funds at JPM Asset Management has predicted. Source Proshare Read More 

6th Global Islamic Microfinance Forum at Nov 8 - 9, 2016 at Nairobi, Kenya - AlHuda CIBE is an established name in Islamic Microfinance sector focusing on Research, Capacity Building Products Development and Publications to promote Islamic Microfinance globally for the last ten years. Source Proshare Read More 

Lagarde Appoints Ex-Economist Staff To Head IMF Africa - Managing director of the International Monetary Fund (IMF), Christine Lagarde,  has announced the appointment of Abebe Selassie as director of the IMF’s African department. Source Leadership Read More 

Oil Prices Rise To $46pb - Oil prices rebounded slightly Thursday after tanking the previous day, but gains were capped by US stockpiles data and the prospect of rising output in Libya and Nigeria, dealers said. Source Leadership Read More 

NNPC ‘ll optmise gas sector benefits, says Baru - The Group Managing Director, Nigerian National Petroleum Corporation (NNPC) Dr. Maikanti Baru yesterday pledged the support of the NNPC to help the Nigerian Gas Association (NGA) achieve its objectives of ensuring that the country derives maximum benefit from its huge gas resource base. Source THE NATION Read More 



South Africa's political infighting adding to downgrade risk: Moody's - Political infighting, weak economic growth and mounting debt at state-owned companies all pose a risk to South Africa's credit rating, Moody's said on Thursday. Source Reuters Read More 

Botswana cuts 2016 GDP growth forecast to 3.5 percent - Botswana has cut its 2016 economic growth estimate to 3.5 percent from an earlier projection of 4.2 percent, an official in the Finance Ministry said on Thursday. Source Reuters Read More 

Zimbabwe to introduce local bank notes end-October: central bank - Zimbabwe will introduce local bank notes, known as "bond notes", at the end of October, the central bank governor said on Thursday, raising fears of a return to a domestic currency abandoned in 2009 due to hyperinflation. Source Reuters Read More 

Asian Stocks Pare Weekly Loss as Rand Gains; Crude Oil Declines -Asian shares rose from a six-week low after Apple Inc. drove a rebound in U.S. equities and traders pared the probability that the Federal Reserve will raise interest rates this year to less than 50 percent. The dollar weakened versus most higher-yielding currencies and oil fell. Source Bloomberg Read More  

Deutsche Bank Rebuffs U.S. Over $14 Billion Mortgage Claim -  Deutsche Bank AG said it won’t pay the $14 billion sought by the U.S. Justice Department to settle an investigation into the firm’s sale of residential mortgage-backed securities, a figure that’s more than triple what some analysts estimated could be a potential worst-case. Source Bloomberg Read More 

$20 Billion Untapped Over 15 Years Clouds Ukraine’s IMF Outlook - History suggests Ukraine may not squeeze much more from its latest $17.5 billion bailout. Source Bloomberg Read More 

Unilever said to be the early frontrunner to acquire The Honest Company - We’re hearing from our sources Unilever has been in serious talks with the Honest Company, and may very well win the bid for the e-commerce startup, though our sources stressed that the deal is in early stages. Source TechCrunch Read More 


Five Effects of the Recession on Families and How to Cope - During the recession, economic hardship knows no limits and boundaries, it affects livelihood of everybody in one-way or the other- and this naturally gives impetus to survival instincts as people work harder and more effective to tackle the new economic realities. Source Proshare Read More 



MTN scraps mobile money business in South Africa - South African mobile phone operator MTN Group has pulled the plug on its local mobile money business, saying it was not viable in a country where around three quarters of the population already has a bank account. Source Reuters Read More 





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