Nigeria in 1min: Economic, Business & Financial Headlines – 201216



December 20, 2016 6:10 AM / Proshare News 


NBS Publishes Q3 2016 External Trade Report - The total value of Nigeria’s external trade in the third quarter of 2016 was N 4,721.9 billion. Source Proshare Read More 

Budget 2017: Federal Govt to raise N2tr bonds to pay off contractors - Addressing reporters in Abuja yesterday during the 2017 budget breakdown, Budget and National Planning Minister, Senator Udoma Udo Udoma said “to address contractors’ liabilities the Federal Government intends to issue over N2 trillion worth of bonds to clear outstanding contractors’ liabilities.“ Source THE NATION Read More 

No vehicle registration without duty from March — FG - Speaking at the commencement of a workshop on the new registration platform, held at the Customs Command and Staff College, Gwagwalada, Abuja yesterday, the Minister of Finance, Mrs Kemi Adeosun, said the initiative aims to introduce technology to counter the activities of smugglers and boost revenue collections. Source Daily Trust Read More 

FG seeks advisers for debut Islamic bond - The Federal Government is looking for financial and legal advisers and trustee firms to organise its first Islamic bond in the domestic market, the Debt Management Office has said. Source Punch Read More 

FG Secures Over N45bn W/Bank Support For Mining Devt - The federal government through the Ministry of Mines and Steel Development has secured N45billion support from the World Bank for the mineral sector support for Economic Diversification (MSSED or MinDiver) programme. Source Leadership Read More 

Obaseki presents N150bn budget  - GOVERNOR Godwin Obaseki of Edo State on Monday presented a budget estimate of N150bn to the state House of Assembly for the 2017 fiscal year. Source Punch Read More 

Reconstruction: FG to close Abuja airport in February- The Nnamdi Azikiwe International Airport, Abuja, will be closed between February and March next year in order to carry out total reconstruction of its runway, the Federal Government has said. Source Punch Read More 

Social intervention programmes start in 2017 Udoma - Sen. Udoma Udo Udoma, the Minister of Budget and National Planning made this known while fielding questions from some stakeholders on the status of programmes at the Public Presentation of the 2017 Budget Proposals in Abuja on Monday. Source THE NATION Read More 

SMEDAN receives only 8.99% of budget so far – DG- The Small and Medium Enterprises Development Agency (SMEDAN) has said only 8.99 per cent of the total fund appropriated for the agency in the 2016 appropriation bill has so far been released for the growth of Small and Medium Scale Enterprise (SME’s) in the country. Source Daily Trust Read More 

Ban on land car import to axe 2m jobs, N100bn loss - The Association of Motor Dealers of Nigeria (AMDON) predicts proposed ban on overland importation of cars could cost the government at least N100 billion in lost revenue, cause chaos in transportation sector and render up to 2 million people without work. Source Daily Trust Read More 

NLC issues May 2017 deadline for implementation of N56,000 minimum wage - The leadership of Nigeria Labour Congress (NLC) on Monday issued a threatened to embark on nationwide industrial action if Federal Government fails to commence implementation of the N56,000 new national minimum wage by May 2017. Source BUSINESSDAY Read More 

Insurers await N224 billion windfall from Budget lift on infrastructure - Insurers are waiting with bated breath for a potential N224 billion windfall from a stimulation of the industry by government’s record 30.7 percent capital expenditure in the 2017 budget that will trigger activity in infrastructure. Source BUSINESSDAY Read More 


Speculation halts 7days rally, stocks start week bearish - The equities market closed today on a negative note, as NSE ASI depreciated by 0.45% to close at 26,586.56 basis points, compared with the 0.56% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.18%. Source Proshare Read More

A Poor Auction Result But No Disaster - The DMO sought to raise N95bn from last week’s monthly auction of FGN bonds yet registered sales of just N69bn (US$230m). Source Proshare Read More 

GTI 5 Weekly Stock Picks -191216 - The Nigerian equity market on Friday gained a further 0.56% to close the week on a positive note. Source Proshare Read More 

Emefiele Chairs IILM Governing Board - The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has been elected as the chairman of the International Islamic Liquidity Management Corporation (IILM) on Thursday, December 15, 2016 in Jakarta, Indonesia. Source Proshare Read More 

SEC Issues Circular on Regulatory Institution Directing Some Persons to Register as Dealing Members - The attention of the Securities and Exchange Commission (the Commission) has been drawn to a circular issued by a regulatory institution directing some persons to register as dealing members with the FMDQ OTC Securities Exchange, an Exchange registered by the Commission. Source Proshare Read More 

Argentina, Brazil Lead Performing Global Markets in 2016 as Madrid Exchange Leads Otherwise - Global markets recorded positive sentiments in some exchanges in 2016 as available data shows that majority of the markets trade in the green zone. Source Proshare Read More 

Christine Lagarde, IMF Chief, Is Found Guilty of Negligence - Christine Lagarde, the managing director of the International Monetary Fund, was found guilty on Monday of criminal charges linked to the misuse of public funds during her time as France’s finance minister, a verdict that could force her out of her post. Source Proshare Read More 

Egypt, Zimbabwe Stock Markets Lead African Markets in 2016 as Lusaka Exchange Top Losers - The performance of African Stock markets so far in 2016 has not been very impressive, looking at the current YTD performance, as most indices trade in the red zone. Source Proshare Read More 

Dangote Cement Remains Most Capitalised Firm On The Exchange - Dangote Cement remains the most capitalized company on the Nigerian Stock Exchange (NSE), as at December 16, 2016, with a market capitalization of N2.9 trillion. Source Leadership Read More 

Shareholders Vote For Voluntary Delisting Of AshaCem From NSE - It was dream come true yesterday when shareholders of Ashaka Cem Plc  at an Extraordinary General Meeting (EGM) that was held in Abuja, unanimously voted for a voluntary delisting of the company from the floor of the Nigerian Stock Exchange (NSE). Source Leadership Read More 

Naira tumbles to 490 as dollar shortage continues - THE naira tumbled against the United States dollar to 490 on Monday from 487 on Friday, as acute shortage of the greenback continued to batter the economy and the country’s foreign exchange markets. Source Punch Read More 

Nigeria earns N5.5trn from petroleum in 6 years - NIGERIA earned N5.46 trillion from the petroleum sector in six years, from 2010 to 2015, according to report obtained from the Department of Petroleum Resources, DPR. Source Vanguard Read More 

Landing cost of fuel hits N210 - The landing price of fuel has hit an all-time high of N210 per litre, forcing the Petroleum Products Pricing Regulatory Agency (PPPRA) to consider reviewing the current fuel-pricing template, say sources in the oil and gas industry. Source BUSINESSDAY Read More

$50m Ikwe-Onna Modular Refinery to Commence Operation in 2018 - In the next two years, Ikwe, a remote community in Onna local government area of Akwa Ibom State will come alive as the $50million modular refinery is expected to commence full operation Source Thisday Read More

Jet-A1 scarcity: NNPC intervenes with 38.7m litres - The Nigerian National Petroleum Corporation (NNPC)yesterday said it has intervened with 38.7 million litres of Aviation Turbine Kerosene (ATK) popularly called aviation fuel. Source Daily Trust Read More 

NBET, DisCos owe GenCos N29.9bn as energy bill in Sept. — Report - The Nigerian Bulk Electricity Trading Plc (NBET) has said that only N8.9billion (23.06%) of energy invoice for 22 power Generation Companies (GenCos) was paid in September 2016, leaving a shortfall of N29.9billion. Source Daily Trust Read More 


Japan's Central Bank Keeps Policy Unchanged, Upgrades Economic Outlook - The Bank of Japan closed a tumultuous year for monetary policy with an upgrade to its assessment of the economy while keeping its yield-curve and asset-purchase programs unchanged. Source Bloomberg Read More 

HSBC Completes $2.5 Billion Buyback That Drove Share Price Gains - HSBC Holdings Plc said it completed a $2.5 billion share buyback that began in early August and helped to drive the lender’s stock price higher. Source Bloomberg Read More 

Iran’s OPEC Win Lacks Substance Without Real Deals With Big Oil - Since sanctions on its economy were eased in January, the Persian Gulf producer has doubled exports as prices rallied and won approval from OPEC last month to pump even more while other members cut. The key to continued growth will be attracting foreign investment to the energy industry. Source Bloomberg Read More 

Vedanta Unit Said to Lose About $100 Million Zambian Claim - Konkola Copper Mines, the Zambian unit of Vedanta Resources Plc, has been ordered by a U.K. court to pay Zambia’s state-owned mining investment company about $100 million for a claim related to the copper price, according to two people familiar with the case. Source Bloomberg Read More 

EU Renews Sanctions on Russia But This Time Could Be the Last - The European Union decision to roll over economic sanctions against Russia for an additional six months may be the last time the bloc is able to impose such penalties as the West’s united front against President Vladimir Putin wavers. Source Bloomberg Read More 


Netherlands to spend ¤35,000 on seven Nigerian start-ups - The government of the Netherlands on Monday said it would fund seven technology start-ups in the country, adding that the selected start-ups would emerge from the crowd-funding boot camp initiative that would hold in Nigeria. Source Punch Read More 


Uber’s loss exceeds $800 million in third quarter on $1.7 billion in net revenue - Even as Uber Technologies Inc. exited China, the company’s financial loss has remained eye-popping. In the first nine months of this year, the ride-hailing company lost significantly more than $2.2 billion, according to a person familiar with the matter. In the third quarter, Uber lost more than $800 million, not including its Chinese operation. Source Guardian Read More 





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