Nigeria in 1min: Economic, Business & Financial Headlines – 200417



April 20, 2017 7:00 AM / Proshare News 


Nigerian Economy Signals Recovery - FSDH - The Nigerian economy, which was severely hit in 2016 by the drop in the crude oil price and crude oil production, is beginning to show some signs of positive outlook and recovery. Source Proshare Read More 

IMF endorses Nigeria’s Economic Growth Recovery Plan - International Monetary Fund (IMF), on Wednesday, endorsed Nigeria’s Economic Recovery and Growth Plan (ERGP) as capable of pulling the troubled economy out of its woes. Source BUSINESSDAY Read More 

Nigeria’s revenue can’t sustain interest payment on debt – W’Bank - Although Nigeria’s total current debt is relatively low compared to the Gross Domestic Product, the interest rate payment is not sustainable by current revenues, the World Bank has said. Source Punch Read More 

Foreign borrowing’ll increase debt service burden — NBCC - Increased foreign borrowing will put more pressure on Nigeria’s debt service burden, the Nigerian-British Chamber of Commerce has said. Source Punch Read More 

World Bank earmarks $150m to support Nigeria mining sector - The World Bank on Wednesday approved 150 million dollars credit to help increase the mining sector’s contribution to the Nigerian economy. Source Daily Trust Read More 

World Bank to inject $200m into Nigeria’s Agric sector - The World Bank is injecting $200m into Nigeria’s agricultural sector to revitalise its livestock sub-sector. Source Punch Read More 

Nigeria needs shift to FDI, Diaspora inflows, to hedge volatile export earnings - As oil and other non-oil export products appear increasingly volatile in the international market, experts want Nigeria’s policy makers to shift focus to more stable foreign direct investment (FDI) and Diaspora inflows. Source BUSINESSDAY Read More 

Nigeria, S/Africa recovery slow due to uncertainty, low commodity prices – W/Bank - Nigeria, South Africa, and Angola, the continent’s largest economies, are seeing a rebound from the sharp slowdown in 2016, but the recovery has been slow due to insufficient adjustment to low commodity prices and policy uncertainty, the World Bank Group has said yesterday. Source Daily Trust Read More 

Retail Commodity Prices Remained Relatively Unchanged as Manufacturers Capitalize on Margins - Naira appreciated by 1.2% to N405/$ on news of a 300% increase in dollar supply to BDCs to $40, 000 per week. While this is good news, the magnitude of appreciation is marginal but is expected to increase further this week. Source Proshare Read More 

‘Government’s N1tr income target for insurance in 2017 unrealistic’ - Given the prevailing challenges in the sector, insurance operators have expressed doubts over the realisation of the Federal Government’s N1 trillion income benchmark for the industry this financial year. Source Guardian Read More 

‘Foreign investors to get tax holiday in Katsina’ - Foreigners interested in investing in Katsina state will enjoy tax holidays, adequate security, among other benefits. Governor Aminu Bello Masari stated this on Tuesday when he received an agro-allied Japanese company in his office. Source Guardian Read More 

Mauritius energy firm makes first investment in Nigeria - Mauritius-based Koral Energy International Limited has announced the acquisition of a floating production unit and the associated operation and maintenance contract from Singapore-based Mercator. Source Punch Read More 

Private sector to invest N3.05tn in maritime infrastructure - The maritime sector is set to receive a boost as private sector operators are planning to invest $10bn (N3.05tn) in maritime infrastructure. Source Punch Read More 


Nigerian Stock Market Retracts by +0.49% to Resume Uptrend - Equities market closed today on a positive note, as NSE ASI appreciated by 0.49% to close at 25,331.77 basis points, as against -1.07% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.74%. Source Proshare Read More

UAC of Nigeria Maintained Outperform Rating in Q4 2016 - UAC of Nigeria’s (UACN) Q4 2016 sales grew 44% y/y to N26.9bn. The foods and beverages businesses were up 45% y/y, primarily on the back of a positive surprise in the Grand Cereals sales. Source Proshare Read More

The Financial Stability Board (FSB) Completes Peer Review Of Brazil - The peer review examined two topics relevant for financial stability in Brazil: trade reporting and its use in systemic risk monitoring, and the regulation and supervision of investment funds. Source Proshare Read More  

Unilever Nigeria Plc - What an Impressive Start; But Watch It! - Unilever Nigeria Plc's (UNILEVER) Q1-17 result, released yesterday, outperformed on two fronts: (1) revenue grew by 32% y/y while (2) operating expenses fell by 14.1% y/y. Both came in well-ahead of our +9% y/y and +2% y/y estimates respectively. Source Proshare Read More  

Summary of Auction Results for April 2017 - Successful bids for the 14.50% FGN JUL 2021, 16.2884% FGN MAR 2027 and 16.2499% FGN APR 2037 were allotted at the Marginal Rates of 15.9899%, 16.2430% and 16.2499%, respectively. Source Proshare Read More  

Dangote begins installation of oil refinery equipment - Dangote Oil Refining Company Limited has said the installation of equipment for the crude oil refinery being built in Lagos will begin this month. Source Punch Read More 

NEXIM Bank revives moribund breweries with N3bn - The Nigeria Export-Import Bank on Wednesday said it had provided a $10m (N3.06bn) credit facility for the resuscitation and rehabilitation of Golden Guinea Breweries Plc located in Umuahia, Abia State. Source Punch Read More 

Naira Watch: External reserve hit $30.6b as Naira rises by N12 to N385/$ - The  naira Wednesday appreciated by N12 to N385 against the dollar in the parallel market due to $62 million dollar supply to bureaux de change segment by the Central Bank of Nigeria (CBN). Source Vanguard Read More 

Bank’s capital adequacy fall below minimum requirement - Flowing from a recent Central Bank of Nigeria (CBN) stress tests on banks operating in the country, seven deposit money banks are said to be operating below the statutory capital adequacy ratio (CAR), pegged as high as 15 per cent of a bank’s capital. Source Guardian Read More 

Nigeria needs reforms to prevent exchange rate crisis — W/Bank - Nigeria needs to reform its finance to ensure it can hedge against any future foreign exchange crisis, the World Bank Chief Economist for Africa, Albert Zeufack, has said. Source Punch Read More 

CBN disburses $100m to interbank market - The Central Bank of Nigeria (CBN) again yesterday carried out spot, wholesale interventions in the interbank FOREX market by offering a total sum of $100m to authorized dealers to meet the 7 to 15-day forwards requests of customers. Source THE NATION Read More 

CBN to sell $20,000 to each BDC operator today - The Central Bank of Nigeria (CBN) will today, April 20, 2017 continue its sale of $20,000 to Bureax de Change (BDCs) for onward sale to small-end users. Source Daily Trust Read More 

Gas monetisation: NLNG pays $24bn to JVs - The Nigerian  Liquefied  Natural Gas  Limited(NLNG) yesterday  said it has paid about $24billion  to Joint Venture (JV)feedgas suppliers since its inception as part of the company’s efforts to boost gas monetization in the country. Source Daily Trust Read More

45 electricity turbines down as grid loses 2,239mw to gas shortage - Nigeria’s electricity grid lost out 2,239 megawatts (mw) of supply after 45 turbines were shut down due to gas supply constraints and other technical issues last Tuesday, shortly after the public holidays. Source Daily Trust Read More 

Daily Energy Generation Attained a Peak of 5,846 MW in Q1 2017 - NBS - The power generation statistics for Q1 2017 reflected that a total average of 3,687 MW of energy was generated by power stations as Afam VI Power Plant contributed about 12.64% share of the average energy generated which represents the highest generation among the twenty-three (23) power plants within the period under review. Source Proshare Read More


President Buhari Suspends SGF and DG, NIA - President Muhammadu Buhari has ordered an investigation into the allegations of violations of law and due process made against the Secretary to the Government of the Federation (SGF), Mr David Babachir Lawal, in the award of contracts under the Presidential Initiative on the North East (PINE). Source Proshare Read More  

FG Begins Fresh Manhunt for Absconded Failed Banks’ Chiefs -  The federal government Task Force on the Implementation of the Failed Banks Act has commenced an intensive search for bank executives who fled the country in the wake of their investigation and prosecution over fraudulent practices. Source Thisday Read More 

S.Africa could suffer further downgrades if political uncertainty stalls growth: S&P - South Africa's credit rating could get downgraded deeper into junk status if political uncertainty triggered by the recent firing of the finance minister stalls reforms needed to grow the economy, an executive from S&P Global Ratings said on Wednesday. Source Reuters Read More 

Tunisia sees 2017 budget deficit at 5.9 pct: minister - Tunisia expects its budget deficit for 2017 to widen to 5.9 percent from a previously expected 5.4 percent because of higher fuel costs and the fall in the local dinar value, the finance minister told local radio on Wednesday. Source Reuters Read More 

South Africa's rand dips as risk-weary investors sit out - South Africa's rand weakened against the dollar on Wednesday, weighed down by a mix of domestic and global risk aversion ahead of consumer inflation data that traders expect to gives clues on the path of interest rates. Source Reuters Read More 

World Bank Cuts Sub-Saharan Africa's 2017 Growth Forecast - The World Bank cut its growth projection for sub-Saharan Africa this year because of weak expansion in the region’s three biggest economies. Source Bloomberg Read More 

WorldRemit Sees Africa Revenue Doubling by 2020 on Mobile Money - WorldRemit Ltd., a British money-transfer operator, sees revenue from transactions involving Africans doubling by 2020 as more people on the continent access mobile-payment platforms and expatriates send cash home. Source Bloomberg Read More 

Oil Tumbles Most in Six Weeks as U.S. Gasoline Supplies Advance - Oil dropped the most in six weeks after a report showed U.S. gasoline supplies increased for the first time since February, while crude output keeps rising. Source Bloomberg Read More 

OPEC Chief Sees Oil Producers Closer to Re-Balancing Market - Oil-producing nations are moving closer toward ending a global glut and re-balancing the crude market, and OPEC will decide next month whether to extend its cuts in output beyond June, the group’s Secretary-General Mohammad Barkindo said. Source Bloomberg Read More 

Promise of Saudi Reforms Attracts Qatari Money - Saudi Arabia has attracted the attention of global investors and investment banks looking to benefit from the kingdom’s plans for economic transformation. It’s also drawing regional money. Source Bloomberg Read More 

China's Stocks Refuse to Drop More Than 1% - In a Chinese stock market where superstition and government intervention often count for more than economic fundamentals, unusual trading patterns are par for the course. Source Bloomberg Read More 

Wages of Sin, Tax Evasion and the Tax Laws: My Thoughts on the Anti-Corruption Campaign in Nigeria - During the run-up to the 2015 national elections, the anti-corruption drive was a major campaign tool that probably partly contributed to the success of the current administration at the elections. Source Proshare Read More 





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