Nigeria in 1min: Economic, Business & Financial Headlines – 181116



November 18, 2016 7:00 AM / Proshare News 


5 Key Observations on the Nigerian Economy by Fitch (BMI) - We reviewed the BMI Research’s monthly regional report on political risk and macroeconomic prospects for December 2016 containing African's Economic and Political outlook for the December period; researched, categorised sub-regionally and provided by Fitch (BMI). Source Proshare Read More 

FG disburses N220.5bn loan to 35 states - The Federal Government has so far disbursed a total of N220.5 billion budget support facility to 35 states. Source Daily Trust Read More 

FG cancels joint venture cash calls with oil coys - THE Federal Government has finally announced the cancellation of joint cash call with oil companies operating in Nigeria. Source Vanguard Read More 

FG seeks N30bn loan to buy grains to avoid famine crisis - Nigeria is now sourcing a loan of about N30billion from the Central Bank and some commercial lenders in order to stock up grains and avert a looming food crisis. Source BUSINESSDAY Read More 

China EXIM Bank commits $1bn to Nigeria’s railway projects - The China EXIM Bank will grant Nigeria $1bn loan for railway projects across Nigeria. Source Daily Trust Read More 

Nigeria Negotiating Free Trade Agreements, Updating Trade Policies and Examining the ECOWAS CET - These were made known by FMITI Minister, Dr. Okechukwu Enelamah, during a press conference at the Ministry today in Abuja, to give a status report on the implementation of MITI’s objectives Source Proshare Read More 

Nigeria's Arik Air reduces domestic flights due to fuel shortages - Nigeria's largest airline, Arik Air, has reduced the number of domestic flights it offers due to a scarcity of aviation fuel, its spokesman said on Thursday, the latest carrier to limit services due to a currency squeeze in the country. Source Reuters Read More 

Govt to settle N300bn export claims next year - The Federal Government on Thursday stated that it would resume the implementation of the Export Expansion Grant next year with the settlement of outstanding claims to exporters. Source Punch Read More

Recession to be around beyond 2017 – MAN - The President, Manufacturers Association of Nigeria(MAN), Frank Jacobs, says with the current economic situation, the country may not be out of recession in 2017. Source BUSINESSDAY Read More 

Recession: FG owes Jonathan, Obasanjo, Shagari, others 10-month allowances - The Federal Government has said it is owing former Presidents and ex-Heads of State including Goodluck Jonathan, Olusegun Obasanjo and Shehu Shagari allowances since January this year. Source Punch Read More 

Belgium worried over Nigeria’s inability to process its commodities - … Earmarks 9million Euros To Fight B’Haram The Kingdom of Belgium has urged Nigeria to stop exporting only raw materials to Europe and other parts of the world, stressing that the country is rich enough to process raw materials into finished goods, which could add value to its products and improve its economy. Source BUSINESSDAY Read More


Stocks extend prolonged losing streak, post 5.95% MTD loss - The equities market closed today on a negative note, as NSE ASI depreciated by 0.21% to close at 25,599.79 basis points, compared with the 0.79% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.62%. Source Proshare Read More 

Lafarge Africa Plc - Ignore the Debt Conversion. Focus on Fundamentals - In announcing its 9M-16 result, the management of LAFARGE informed investors/analysts that the company, as at July, 1st 2016, converted shareholders' loan for an amount of USD493 million (out of USD510 million) to an equity instrument, on which the repayment (including interest at an average 6% p.a.) is discretionary.  Source Proshare Read More

Dangote Cement Q3 2016 Results Review - Maintaining Outperform Rating Despite Cut to PT - Dangote Cement’s (DangCem) Q3 2016 results came in well behind our forecasts. As such, we have cut our EPS forecasts by around 12% on average over the 2016E-18E period. Source Proshare Read More 

Forte Oil plc raises N9bn 5 year fixed rate bond - Forte Oil Plc a public liability company listed on the Nigerian Stock Exchange and integrated energy service provider, has successfully closed its N9 billion Series 1debt issue. Source BUSINESSDAY Read More 

Nestle Nigeria Q3 2016 Results Review - Underlying Results Strong Despite FX Losses - Although Nestle Nigeria (Nestle) reported a loss after tax of –N51m in Q3 2016, the firm’s underlying results were strong. Nestle posted record high sales of N49.0bn in Q3 2016, its highest ever in a quarter, driven by both unit volumes and pricing. Source Proshare Read More 

Explanatory Statement to Shareholders of ASHAKACEM Plc on Its Proposed Voluntary De-Listing from NSE - This Explanatory Statement has been prepared to provide all the material information to all the Shareholders of AshakaCem Plc. (“AshakaCem” or “the Company”), in respect of the Special Business to be considered at the Extra-Ordinary Meeting, in the accompanying Notice. Source Proshare Read More 

National Post Bank underway – FG - A new bank, to be known as National Post Bank, that will operate mostly in the rural areas will soon be established by the federal government. The bank would cater for numerous unbanked population in the rural areas. Source Daily Trust Read More 

NBS: N1.23tn Worth of Petroleum Products Imported in 5 Months - The National Bureau of Statistics (NBS) has valued the cost of imported petroleum products between May and September 2016 at about N1.23 trillion. Source Thisday Read More 

Nigerian bond sale falls far short, investors demand higher yields - Nigeria sold far fewer bonds than it offered on Wednesday, as investors demanded higher yields from a government struggling to contain its borrowing costs. Source Daily Trust Read More 

FG saves $1.7bn on cash call payment to IOCs - The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Thursday said a solution put in place by his ministry and the Nigerian National Petroleum Corporation to find a sustainable solution to the funding of Joint Venture cash call obligations of the Federal Government had led to savings of $1.7bn. Source Punch Read More 

Manufacturers lost N500bn to CBN’s forex policy – MAN - The Manufacturers Association of Nigeria on Thursday said Central Bank of Nigeria’s flexible exchange rate policy had culminated to N500bn loss for manufacturers. Source Punch Read More 

Total makes $10bn investments in Nigeria in five years - The Managing Director, Total Exploration and Production, Nigeria Limited, Mr. Nicolas Terraz on Thursday said the company has made over $10bn investments in the country in the last five years. Source Punch Read More 

Kerosene sells above N350 per litre in the North - The average price of Household Kerosene (HHK), often shortened as kerosene, was highest in Sokoto, Taraba and Yobe, where the price in most other states was N293 per litre. Source Guardian Read More 

Argentina Raises Crude Import From Nigeria - Two tankers carrying 3 million barrels of Nigerian and Angolan crudes set sail this month to Argentina to feed its domestic refining network, pushing the country’s imports close to 2015 level, according to data from Thomson Reuters. Source Leadership Read More 

Kachikwu Laments High Cost Of Crude Production At $28pb - The Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, yesterday, described the country’s cost of producing a barrel of crude oil at $27 per barrel as too expensive, stressing that such a high cost cannot be sustained at a time the price of the product is unstable in the global market. Source Leadership Read More 

Nigeria reaches a deal to pay $5.1 billion in unpaid bills to oil majors: minister - Nigeria has reached a deal to pay $5.1 billion in unpaid bills to oil majors including Royal Dutch Shell and Exxon Mobil , the minister of state for oil said on Thursday. Source Reuters Read More

Nigeria needs billions in new investment to raise oil output, producer says - Nigeria needs at least $14 billion a year in new investment over the next five years to raise oil output to 2.2 million barrels a day (bpd) and even higher spending to lift it to 3 million bpd, the head of a company producing oil in the country said. Source Reuters Read More 

Nigeria Reaches $5.1 Billion Debt Settlement With Oil Majors - Nigeria reached a $5.1 billion settlement to reimburse foreign oil companies including Exxon Mobil Corp. and Royal Dutch Shell Plc for past operating costs. Source Bloomberg Read More 

Consortium, NIPC partner on $600m renewable energy investment - A new investment partnership on renewable energy, specifically solar as an alternative power source, is set to revolutionise the power sector with Nigeria as a hub. Source Daily Trust Read More



Egypt keeps key interest rates unchanged at MPC meeting - Egypt's central bank kept its key interest rates unchanged on Thursday in a meeting of its Monetary Policy Committee, it said in a statement, two weeks after it surprised markets with a 3 percent hike in its key rates. Source Reuters Read More

Mozambique starts building $180 mln gas-fired power plant - Mozambique started building a $180 million gas-fired power plant expected to add 106 megawatts of electricity to the national grid. Source Reuters Read More 

Dollar Heads for Best Two Weeks Versus Yen Since 1980s on Trump - The dollar rose toward its steepest two-week advance in 28 years, as the rally driven by expectations for U.S. President-elect Donald Trump’s reflationary economic policies and a reinforced view that the Federal Reserve will raise interest rates in December. Source Bloomberg Read More

Premier League Said in $650 Million Deal With China’s PPTV - The English Premier League, soccer’s richest, has cashed in on a boom in the sport in China by signing a three-year television contract worth more than $650 million, according to a person familiar with the matter. Source Bloomberg Read More

Rents Drop for Some of World's Hottest Shopping Districts: Chart - Good news for retailers in some of the world’s hottest shopping destinations: Rents are on the decline. For the first time since the financial crisis, rent fell on Manhattan’s Upper Fifth Avenue -- the most expensive retail property on Earth -- from $3,500 per square foot in 2015 to $3,000 this year. Source Bloomberg Read More 


Forward movement in e-payments - Data from the CBN’s Economic Report for H1 2015 reveal that the volume of electronic payments surged by 22% y/y to 244 million while the value increased by 20% y/y to N2.3trn (US$7.3bn). Source Proshare Read More 

African Carrier Econet Secures $300 Million Loan for Expansion - Econet Wireless unit Liquid Telecom has secured $300 million to help fund expansion in Africa and its 6.55 billion rand ($458 million) acquisition of South African fiber company Neotel Pty Ltd. Source Bloomberg Read More 

BoI, Oduduwa Foundation unveil N1bn MSME fund - The Bank of Industry and Oduduwa Foundation have sealed a N1bn financing scheme for the benefit of small businesses in Osun State as part of measures to address youth unemployment and poverty in the state. Source Punch Read More 





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