Nigeria in 1min: Economic, Business & Financial Headlines – 170217



February 17, 2017 7:00 AM / Proshare News 


FG Budget Support Facility: Accounting Firms begin Verification Process in States - As the Federal Government continues its monthly Budget Support Facility to the States, a verification process to ensure that benefiting State governments comply with the mutually agreed Fiscal Sustainability Plan prescribed by the National Economic Council, NEC, has started. Source Proshare Read More

FG considers TSA funds to part-fund budget - The Federal Government is currently planning a framework that will allow it to deploy some of the funds in the Treasury Single Account for the implementation of projects contained in the national budget. Source Punch Read More

Nigeria not ripe for N17.36tn debt forgiveness – DMO - The Debt Management Office on Thursday said the total external and domestic debt of the Federal Government, the states and the Federal Capital Territory was N17.36tn ($57.39bn). Source Punch Read More

NEC approves fresh $250m for sovereign fund - The National Economic Council (NEC) yesterday adopted the annual report of the Nigerian Sovereign Investment Authority and decided to inject a fresh $250 million into the Sovereign Wealth Fund. Source Daily Trust Read More

NEXIM Bank disburses N2.3bn to non-oil export sectors in one year - The Nigerian Export-Import Bank (NEXIM) Bank has continued to intervene in the key non-oil export sectors of the Nigerian Economy and has disbursed about N2.3bn between January, 2016 and February, 2017. Source Daily Trust Read More

Nigeria’s $1bn Eurobond starts trading on London Exchange - London Stock Exchange has yesterday admitted Nigeria’s $1 billion Eurobond to start trading in London. The 15 year government bond, paying a coupon of 7.875 per cent, is the longest ever maturity for an international Nigerian bond, the first international issuance for the country since 2013. Source Daily Trust Read More

FG owes retirees N143bn, says PenCom - The National Pension Commission on Thursday said that the Federal Government owed a total of N142.6bn in pension liabilities to retired workers from 2014 to 2016. Source Punch Read More

Reps reject ministry’s N6.97bn budget - A House of Representatives committee yesterday turned down the N6.97 billion 2017 budget proposal for the ministry of communications for lack of details. Source Daily Trust Read More

Inflation climbs once again to 18.72%, the 15th consecutive month of increase - Inflation climbs once again to 18.72%, the 15th consecutive month of increase. Source Proshare Read More 

Customs Order On Physical Examination: Importers To Spend N9.1m On Demurrage Daily - Importers will now be spending a whooping N9.1million to terminal operators daily as demurrage as an aftermath of of order by the management of the Nigeria Customs Service (NCS) that officers should begin 100 per cent physical examination on all containers coming into the country through seaports and land borders, LEADERSHIP Friday checks have revealed. Source Leadership Read More 

Seaport Traffic Declines By 20.6% on Forex Illiquidity - Following the inability of importers and exporters to get the needed foreign exchange (forex) to transact their businesses, coupled with insecurity in Nigeria’s coastal waters, activities at the nation’s seaports have dropped significantly. Source Thisday Read More

Nigerian Airlines Spend over N10bn Annually on Taxes - Nigerian airlines pay over N10 billion on taxes annually, according to recent estimates by airline Operators of Nigeria (AON). The AON said the huge taxes undermine profitability and threaten the ability of the airlines to maintain their aircraft overseas. Source Thisday Read More 

Forex scarcity: Food companies scramble for local grains - Food and beverage companies operating in Nigeria can no longer import grains as a result of their inability to access foreign exchange. Source Punch Read More

Scarcity of raw materials hits Imo poultry industry - Poultry farmers in Imo State have said that they are facing untold hardship owing to the high cost of raw materials and lack of access to cheap funding, among other challenges. Source Punch Read More

NPA Boss Gives FRSC March 1 Deadline to Enforce MSSRW - The Managing Director, Nigerian Ports Authority (NPA) Ms. Hadiza Bala Usman has given March 1, 2017 deadline to the Federal Road Safety Commission (FRSC) for the enforcement of Minimum Standard of Safety and Road Worthiness (MSSRW) for all the trucks entering the nation’s six major ports. Source Thisday Read More

Nigeria To Begin Exportation Of Seafarers – NIMASA - If the Nigerian Maritime Administration and Safety Agency (NIMASA) push through its provision for the beneficiaries of the Nigerian Seafarers’ Development Programme (NSDP) to obtain Certificate of Competency (CoC) by undergoing requisite sea time training to qualify for global shipping, Nigerian will join other maritime nations to export seafarers. Source Leadership Read More 

Soaring building materials prices signpost crisis in housing sector - …as iron rod price rises 75% to N250,000/ton in 3wks The ultimate  dream of many Nigerians to own their own homes is becoming more far-fetched by the day, as prices of building materials rise astronomically, following a cost-push inflation that has driving commodity prices beyond the reach of most consumers. Source BUSINESSDAY Read More 


CBN boosts manufacturing, agriculture with $2.83bn - The Central Bank of Nigeria (CBN) says it disbursed 2.83 billion dollars to critical sectors of the economy between December 2016 and January 2017. Source Guardian Read More 

CBN: we don’t allocate forex directly to bank customers - The Central Bank of Nigeria (CBN) yesterday said it does not directly allocate foreign exchange (forex) to bank customers. Forex transactions occur between banks and their customers, the apex bank added. Source THE NATION Read More 

Conviction of an Illegal Operator “Marian Moses Ventures Ltd” by the FHC Kaduna Division - Management of the Securities and Exchange Commission wishes to draw the attention of the investing public to the Judgment of the Federal High Court Kaduna division of October 27, 2016. Source Proshare Read More 


Fitch Revises 4 Nigerian Banks' Outlook to Negative; Affirms 10 IDRs - Fitch Ratings has revised the Outlook on 4 Nigerian banks to Negative from Stable and affirmed the Long-Term Issuer Default Ratings (IDRs) of 10 banks and financial institutions. Source Proshare Read More 

Guinness Nigeria Plc - 2016 Sustainability Report - This Sustainability report covers our performance in the reporting year July 2015 to June, 2016, and primarily focuses on material issues critical to the sustainability of our business. We consider an issue material if it could potentially have a significant impact on our business performance or our business leadership position. Source Proshare Read More 

Equity Market Resumes Downtrend; Records -0.30% Loss - Equities market closed today on a negative note, as NSE ASI depreciated by 0.30% to close at 25,055.29 basis points, as against 0.39% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.77%. Source Proshare Read More

Activity in African Capital Markets Shows Significant Decline in 2016 Amidst Economic Uncertainty - 2016 marked a challenging year for African equity markets in the wake of lower economic growth and political upheaval around the globe, largely as a result of the US elections cycle and the Brexit vote. Source Proshare Read More 

Nigerian Breweries Plc: Softest EPS In Eight Years - Heineken put out its FY 16 numbers which showed organic growth in revenue of 4.8% with proceeds per hectoliter up 2.2%. However, read-through over Africa highlights weak operating performance with specific mention of the adverse impact of naira weakness on results in Nigeria. Source Proshare Read More 

Nigeria raises 160 bln naira bonds at yields below inflation - Nigeria has raised 160 billion naira ($525 million) in local currency bonds at its second debt auction this year at yields lower than the inflation rate in Africa's biggest economy, the Debt Management Office said on Thursday. Source Reuters Read More 

NEC demands review of foreign exchange policy - The National Economic Council (NEC)  yesterday asked the Central Bank of Nigeria (CBN) to urgently review its foreign exchange policy. Source THE NATION Read More 

Naira crashes to 516 as dollar scarcity widens - The naira appears to have entered a free fall mode with the local currency selling for 516 per United States dollar on the streets of Lagos on Thursday. Source Punch Read More 

Fitch Rating Affirms Wema Bank's Long-Term National Rating at BBB- with a Stable Outlook - Fitch Ratings, a global leader in credit ratings and research has affirmed the Long-term National Rating of Wema Bank at (BBB-). This is reflective of the Bank’s stable outlook and viability, in spite of the continued headwinds facing the country.  Source Proshare Read More 

Oil sector loses N200bn to production disruption - Nigeria has lost over N200 billion in the last 11 months due to the force majeure declared by Shell Petroleum Development Company (SPDC) as a result of the vandalism of the 48-inch Forcados export line in 2016. Source Guardian Read More 

Investor To Build N5.2bn Biofuels Refinery In Kogi State - The managing director of Biodiesel Nigeria Limited, Engr. Hussaini Solomon, has said his company has concluded arrangement to establish a mini-biodiesel refinery in Lokoja, Kogi state worth N5.2 billion. Source Leadership Read More 


Tanzania Power Debacle Casts Shadow Over $12 Billion Debt Plan - For investors considering financing Tanzania’s proposed 27.6 trillion-shilling ($12.3 billion) borrowing program, the government’s handling of its power utility’s debt problems may be pause for thought. Source Bloomberg Read More 

Anglo Halts Asset Sales as Least-Loved Mines Become Cash Cow - Iron ore and coal prices were among the hardest hit during the commodities rout and have bounced back strongly. Now that the mines are profitable instead of bleeding cash, Anglo is scrapping plans to sell some of its biggest assets, according to people familiar with the matter. Source Bloomberg Read More 

Zimbabwe Grain Millers Want 40% Import Tariff on Corn, Corn Meal - The Grain Millers Association of Zimbabwe, which represents the country’s major milling companies, said it wants the government to impose a 40 percent of tariffs on imports of corn and corn meal because its struggling to compete with cheaper South African corn grown from genetically modified seeds. Source Bloomberg Read More 

Singapore's Growth Shock Masks a Far Duller Outlook for Economy - Singapore’s government has a message for anyone expecting great things following Friday’s surprise growth bounce: don’t hold your breath. Source Bloomberg Read More 

Asian Stocks Drop Even as Reflation Pullback Eases: Markets Wrap - Investors continued to step away from Asian equities at the end of the week even as a global pullback in other reflation trades eased. Source Bloomberg Read More 

Snap Said to Set IPO Valuation at as Much as $22.2 Billion - Snap Inc. set the valuation on its initial public offering at between $19.5 billion and $22.2 billion in what could be the third-biggest technology offering of the past decade, people familiar with the matter said. Source Bloomberg Read More 





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