Nigeria in 1min: Economic, Business & Financial Headlines – 210316



March 21, 2016 7:30 AM / Proshare News


Nigeria: Looking beyond Oil - Nigeria is the largest economy in Africa and 22nd globally. We project that the economy could rise through the world rankings to top 10 in 2050 with a projected GDP of US$6.4 trillion, surpassing Germany, the United Kingdom, France and Saudi Arabia. To achieve this however, diversification from the economic over dependence on crude oil is required.  Source Proshare Read More 

Use of electronic payment adds $296bn to GDP – Report - A recent study has shown that increased use of electronic payment products, including credit, debit and prepaid cards, added $296 billion to GDP, while raising household consumption of goods and services by an average of 0.18 percent per year. Source Vanguard Read More 

States’ Internally Generated Revenue Hits $4.0 Billion - States in the country now rely less on federal allocations as latest statistics released by the Central Bank of Nigeria (CBN) have revealed significant increase in their Internally Generated Revenues (IGRs). Source Thisday Read More 

Nigeria records 5.2% fall in cocoa production - Nigeria’s cocoa production has dropped by 5.2 per cent from 248,000 metric tonnes in the 2013/2014 planting season to 235,000 metric tonnes in the 2014/2015 season, according to information gathered from stakeholders in the cocoa value chain. Source Punch Read More 

Nigeria spends $1bn to import tomato paste —UNEP - THE United Nations Environmental Programme, UNEP, has lamented that the Nigerian government spent about $1 billion on importation of tomato paste. Source Vanguard Read More 

Unemployment: NEPC to create 1.5m jobs - Nigerian Export Promotion Council  (NEPC) has announced plans to create about 1.5 million jobs in the next five years via Nigerian Diaspora Export (NDEX) Programme. Source Vanguard Read More

Toyota rolls out first vehicle from Lagos factory - Toyota Nigeria Limited has recorded a breakthrough with the unveiling of its first locally-assembled vehicle in Lagos, a Hiace bus. Source Punch Read More 

Ambode releases N6.25bn first tranche of N25bn ETF
- Governor Akinwunmi Ambode of Lagos State has released N6.25 billion, being the first tranche of the N25 billion Lagos Employment Trust Fund (ETF), and directed the managers of the fund to immediately hit the ground running. Source BUSINESSDAY
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Merchandise trade declines by 30.6% in 2015 due to falling exports - The total value of Nigeria’s merchandise trade during the Fourth Quarter of 2015 stood at N3,653.1 billion, 9.2% lower than the value of N4,021.4 billion recorded in the preceding quarter. For the 2015 calendar year, the country’s total trade was recorded at N16,426.8 billion, amounting to N7,251.6 billion or 30.6% less than the total trade value recorded for 2014. Source Proshare Read More 


NAICOM to Enforce Compulsory Insurances among State Govt - The National Insurance Commission (NAICOM) has said it will henceforth ensure effective implementation of compulsory insurances nationwide through its ongoing campaign for implementation of the six compulsory insurances among state governments. Source Thisday Read More


Sentiment Analysis Report - W/E March 18, 2016 - Analysis of the market activity in the week ended March 18, 2016 technically revealed  a speculative trading pattern amid increased price volatility as investors raised profiteering activities. Source Proshare Read More

Corporate Earnings for the Week Ending March 18, 2016 - Source Proshare Read More

VITAFOAM & VONO Obtain Court's Sanction over Merger; Trading on VONO to be Suspended  - Vitafoam Nigeria Plc and Vono Products Plc have obtained Court’s Sanction of their Scheme of Merger effective Friday, 11 March 2016. The two companies had earlier secured their respective shareholders and SEC approval for this transaction. Source Proshare Read More 

Dangote Sugar Refinery to pay N7.2b dividend - Shareholders of Dangote Sugar Refinery (DSR) Plc will receive N7.2 billion cash dividends for the 2015 business year, according to the sugar-refining company’s earnings report, which has shown a modest growth in sales. Source THE NATION Read More 

Interbank rates rise, defy N44b coupon payments, OMO maturity - The interbank lending rates- Open Buy-Back (OBB) and overnight trended upward throughout last week, closing 4.8 per cent and 5.3 per cent respectively at the weekend. Source Guardian Read More 

With $24.547m, Zenith Records Highest Forex Allocation from CBN - For the second time since banks started publishing their returns on foreign exchange (forex) utilisation purchased from the Central Bank of Nigeria (CBN), Zenith Bank Plc got the highest allocation garnering a total of $24,547,235.36 million. Source Thisday Read More 

Four Banks Boost Economy with N5.8trn Loans Despite Headwinds
- Four banks- Access Bank Plc, Guaranty Trust Bank Plc, United Bank for Africa Plc and Zenith Bank Plc- boosted the nation’s economy with a total loan of N5.801 trillion to their customers in 2015, despite the headwinds that prevailed during the year under review. Source Thisday
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Fixed income market liquidity soars as FMDQ integrates NBFIs - Nigerian fixed income market will soon experience greater liquidity as the FMDQ OTC Securities Exchange receives about 23 non-bank financial institutions (NBFIs) as Dealing Member (Specialists) “DMSs” at the OTC debt capital market, BusinessDay can reveal. Source BUSINESSDAY Read More

Govt exports 328,897mbs of crude - The Federal Government exported 328, 897 million barrels of crude oil in the last four years, the Nigerian Extractive Industrial Transparency Initiative (NEITI) has said. Source THE NATION Read More 

Consumers kick as power firms implement new tariffs - Power distribution companies have implemented the over 40 per cent increase in electricity tariffs despite protests against the development by consumers and labour unions as well as a directive by the Senate to the Nigerian Electricity Regulatory Commission to suspend the hike. Source Punch Read More

Ondo, partner get licence for 550MW power plant - The Nigerian Electricity Regulatory Commission has issued a licence to the Ondo State Government and its partners, Kingline Development Company, a South Korean firm, to generate 550 megawatts of electricity. Source Punch Read More

DPR reviews guidelines on fuel depot ownership - The Director, Department of Petroleum Resources, Mr. Mordecai Ladan, says the agency has commenced a review of its guidelines to ensure that no one builds fuel depots without retail outlets for distribution. Source Punch Read More 

Oil Extends Slide as Dollar Strengthens; Chinese Shares Advance - Crude oil extended declines, sparking losses among Asian commodity stocks as the dollar reasserted itself following a selloff. Chinese shares rallied amid plans to loosen margin lending curbs. Source Bloomberg Read More 

Fed Grants African Central Banks Reprieve to Pause on Rates - Central banks in west and east Africa may have room to hold off on raising interest rates this week as the U.S. Federal Reserve scaled back expectations for tighter policy, buoying emerging-market currencies. Source Bloomberg Read More



BoI Shortlists 311 for N600.5m Loan under GEF Scheme - Following the completion of its appraisal exercise for applications under the Graduate Entrepreneurship Fund (GEF) Programme, the Bank of Industry (BoI) has said 311 business proposals have been shortlisted for funding. Source Thisday Read More


MTN Clarifies Withdrawal of Suit against NCC - MTN Nigeria, at the weekend, officially withdrew the suit it instituted against the Nigerian Communications Commission (NCC) before a Federal High Court, explaining that the decision was taken in good faith and in the interest of Nigeria. Source Thisday Read More


World Bank report: Borno lost N1.9trn to Boko Haram - Borno State lost 20,000 citizens and suffered property damage worth $5.9bn [N1.9 trillion at the current parallel market exchange rate of N324 to a dollar in the hands of Boko Haram insurgents in the last seven years, according to a Preliminary Validation by World Bank officials of a Post Insurgency Recovery and Peace Building Assessment report. Source Daily Trust Read More 


Dangote Petrochemical Refinery sends first batch of management trainees to India - As part of its plan to commence  the Dangote Petrochemical refinery in 2018,Dangote Group has sent its first batch of management trainees to India. Source WebTV Read More 



Dangote sends First batch of 50 trainees for its Petrochemical Refinery


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