Nigeria in 1min: Economic, Business & Financial Headlines – 190716



July 19, 2016 6:40 AM / Proshare News 


Headline Inflation soars to an 11-year high of 16.5% but month-on-month declines  - The spike in headline inflation by 0.9% to 16.5% in June has once again confounded analysts. Some, including the FDC think tank, were of the view that the June inflation numbers will show a marginal decline. Source Proshare Read More

CPI Rises to 16.5% in June, 0.9% Higher Than 15.6% May Rate - In June, the Consumer Price Index (CPI) which measures inflation continued to record relatively strong increases for the fifth consecutive month. The Headline index increased by 16.5% (year-on-year), 0.9% points higher from rates recorded in May (15.6%).Source Proshare Read More

FG to audit, overhaul NIMASA - The Federal Government has said that it will overhaul the Nigerian Maritime Administration and Safety Agency in order to bring about effective performance in the organisation. Source Punch Read More 

Average Petrol Price Drops to N148.54 in Jun’16 from N150.28 in May'16 - NBS publishes June 2016 PMS/Petrol Price Watch. Actual price paid by consumers for petrol in June 2016 stood at N148.5 lower than N150.2 in May 2016 but higher than N112.1 in June 2015. Source Proshare Read More 

Average Diesel Price Increases to N183 in Jun'16 from N148 in May'16 - Average price actually paid for AGO/Diesel by consumers in June 2016 stood at N183 from N148 in May 2016(rise of 23.3% yoy & 19.3% mom). Source Proshare Read More 

World Bank approves N1.55bn for Fadama III project in Bauchi - THE World Bank has approved the disbursement of N1.55 billion to Bauchi FADAMA III Project for execution of two agriculture programmes during the 2016 cropping season. Source Proshare Read More 

Powering Nigeria for the Future - Over the last decade, Nigeria has been one of the shining stars in the African economy, given its status as one of the preferred destinations for global investments. However, in recent times, Nigeria’s positive economic outlook has been severely affected. Source Proshare Read More 

Capital project & infrastructure spending outlook:Agile strategies for changing markets 2016 edition - It’s going to be a bumpy ride for capital project and infrastructure (CP&I) spending, especially in the near term. Volatile economic forces are making decisions about capital spending difficult and inhibiting strategic planning. Source Proshare Read More


Electricity beyond the grid – PwC - Faster progress is needed and we believe it can be achieved if national energy policies adopt a more comprehensive approach to energy access, embracing the new starting points for energy provided by standalone renewable technology and mini-grids. Source Proshare Read More  

U.S. launches $2m agric partnership - The  United States (U.S.) Agency for International Development (USAID) yesterday launched a $2million agricultural partnership in a move designed to boost sector. Source THE NATION Read More

The Nigeria Bond Watch - Review and Outlook @071816 - During the week under review, major themes that influenced the domestic fixed income market were: 1) The July 2016 FGN bonds auction by the DMO; and 2) OMO bills redemption by the CBN. Source Proshare Read More 

Unilever Nigeria Gross Margin Contrasts by 607bps in Q2 2016 Results - This morning, Unilever Nigeria (Unilever) reported Q2 2016 results which showed that sales of N16.8bn were up 12% y/y. PBT and PAT of N68m and N52m compared with pre-tax and post-tax losses of –N771m and -N505m respectively reported in Q2 2015. Source Proshare Read More 

Alleged Funding Of Ekiti State Governorship Election - Zenith Bank Plc - The issue involved in this case has to do with investigation bordering on the account of the Governor of Ekiti State by the Economic and Financial Crimes Commission (EFCC). The bank was never a party to the matter. Source Proshare Read More 

Oando Plc to Report Materially Lower Earnings for Q2 2016 Due to the Impact of Naira Devaluation - Oando Plc (referred to as “Oando” or the “Group”), Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, expects to report materially lower earnings for the second quarter of 2016 due to the impact of the Naira devaluation against the US dollar (“USD”), resulting in unrealized foreign exchange losses. Source Proshare Read More 

Skyebank tops buyers’ radar as stocks start week bearish - The equities market closed today on a negative note, as NSE ASI depreciated by 0.25% to close at 28,733.90basis points, compared with the 0.36% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +0.32%. Source Proshare Read More 

TIGERBRANDS and UCAP Have Returned Over 100% This Year - The lackluster stock market in Nigeria may have conditioned investors to become used to low average returns. The performance of the market in recent years may also have made investors less expectant of excellent or high returns in any particular year. Source Proshare Read More 

Fitch reaffirms Stanbic IBTC’s triple A rating - Fitch Ratings has re-affirmed the AAA(nga)’ ratings of Stanbic IBTC Holdings Plc, a testament to the financial institutions’ strong fundamentals and stability. Source THE NATION Read More 

UBA, MasterCard Announce Pan-African Partnership - United Bank for Africa (UBA) and MasterCard have announced a partnership which will see UBA act as the issuer for MasterCard in 18 new markets in Africa. The partnership which came into effect in the second quarter of 2016 will see UBA issue MasterCard credit, debit and prepaid cards across these markets. Source Leadership Read More 

IGR, services: Kogi re-appoints Skye Bank as lead collecting Bank - Less than a week after Lagos State Government directed all its agencies, ministries and parastatals to increase business relationship with Skye Bank, another State of the federation, Kogi State has re-appointed the Bank as its lead collecting Bank for the State Internally generated Revenue and services. Source Vanguard Read More 

Nigeria’s Pension Industry Safe – Modibbo - The Managing Director and CEO of one of Nigeria’s licensed Pension Funds Administrators (PFA), Sigma Pensions, Alhaji Umar Modibbo, has said that the contributive pension scheme industry in Nigeria is safer due to the policies that have been implemented in the sector which makes the services sustainable. Source Leadership Read More 

Naira forwards surge as CBN removes spread limit - Naira forwards rose to record highs and volatility surged on Monday following the removal of a limit on bid-offer spreads by the Central Bank of Nigeria on Friday. Source Punch Read More 

NERC appeals electricity tariff reversal - The Nigerian Electricity Regulatory Commission (NERC) said it filed an appeal against the court ruling that ordered the reversal of the 45 per cent increase in electricity tariff in February this year, last Friday. Source Daily Trust Read More 

NERC to Sanction Discos over Operational Non-accountability - The Nigerian Electricity Regulatory Commission (NERC) has disclosed its intention to sanction electricity distribution companies (Discos) that have fallen short of its demand for transparent and accountable management of their networks by failing to submit their updated year-end audited financial reports. Source Thisday Read More 

TCN to Spend Additional N1.4trn in Four Years - The Transmission Company of Nigeria (TCN) plans to spend additional N1.36trillion within the next four years as capital funding to upgrade Nigeria’s electricity transmission network, the Nigerian Electricity Regulatory Commission (NERC) has disclosed. Source Thisday Read More 

I/Coast to stop petrol export to Nigeria - Ivory Coast plans to stop refined petrol export to Nigeria in ten years’ time from now to meet growing domestic demand, an official of the country’s oil refinery has hinted. Source Daily Trust Read More 

Global oil markets ‘heading towards balance’— IEA - Global oil markets are heading towards a long-awaited equilibrium, according to updated supply and demand data from the International Energy Agency (IEA). Source Vanguard Read More 

Oil, gas, power firms owe banks N3.8trn - ENERGY firms, comprising oil, gas and power companies, got a total of N3.799 trillion credits from banks as at March 31, 2016, according to data released by the Central Bank of Nigeria, CBN. Source Vanguard Read More 

NNPC To Fund JVC With Equity, Debt - The Nigerian National Petroleum Corporation (NNPC) is adopting the use of equity and debt as an alternative to the present Joint Venture Cash (JVC) calls funding arrangement, LEADERSHIP can report. Source Leadership Read More 

Aviation fuel scarcity leaves passengers stranded, disrupts flights - The scarcity of aviation fuel, popularly called Jet-A1, did not only disrupt flight activities at airports across the country on Monday, but also affected private and government programmes in the Federal Capital Territory. Source Punch Read More 

Militants Bomb SPDC Pipeline In Delta - Daring militants on Monday blasted an oil pipeline belonging to Shell Petroleum Development Company (SPDC) in Batan community in Warri South West Local Government area of Delta State. Source Thisday Read More



Aussie, Kiwi Sink on Rate-Cut Bets as Asia ex-Japan Stocks Fall - The Australian and New Zealand dollars dropped by the most this month as speculation mounted that their central banks will cut interest rates as soon as next month. Asian stocks outside of Japan retreated with oil as haven assets including the yen and U.S. Treasuries rose. Source Bloomberg Read More

Pound Rises on $32 Billion ARM Deal With Weale Wary on Stimulus - The pound climbed after SoftBank Group Corp. agreed to buy ARM Holdings Plc for 24.3 billion pounds ($32.3 billion) in the biggest takeover of a British company since the country last month decided to leave the European Union. Source Bloomberg Read More

Ghana's central bank holds benchmark policy rate at 26.0 pct -  Ghana's central bank held its benchmark policy rate at 26.0 percent on Monday because the risks to growth and the prospect of inflation are in balance, Governor Abdul-Nashiru Issahaku said. Source Reuters Read More 

Ghana lowers 2016 GDP growth forecast to 4.1 pct -  Ghana has cut its 2016 economic growth forecast to 4.1 percent from 5.4 percent due to lower export prices and irregular oil production, Finance Minister Seth Terkper told Reuters on Monday. Source Reuters Read More 

Sub-Saharan Africa debt issuance down 10 percent so far this year - Debt issuance in sub-Saharan Africa fell by 10 percent in the first half of 2016, data from Thomson Reuters showed on Monday, as sinking currencies and faltering economies forced borrowers to take a breather. Source Reuters Read More 

Namibia's June inflation unchanged at 6.7 pct year/year - Namibia's consumer inflation was flat at 6.7 percent year-on-year in June from the same figure in May, the statistics office said on Monday. Source Reuters Read More 



Apparent Slowdown in Internet Expansion - The latest data released by the NCC, the industry regulator, show that internet subscriptions grew by 5% y/y to 92.3 million in May. This represents a density of 50%, placing Nigeria well above the African average of around 16% as estimated by McKinsey. In developed countries, increased internet penetration has driven businesses via e-commerce as well as bolstered economic growth. Source Proshare Read More 

Opportunities await: How InsurTech is reshaping insurance - Insurance companies are very much aware of the FinTech revolution: 74% of respondents see FinTech innovations as a challenge for their industry. Source Proshare Read More 

Yahoo sees $440m loss in Q2 - Yahoo said Monday its loss in the second quarter widened to $440 million from $22 million a year earlier, while offering no definitive news on efforts to sell its core Internet business. Source Punch Read More 



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