Nigeria in 1min: Economic, Business & Financial Headlines – 211215



December 21, 2015 7:00 AM / Proshare News


Nigeria is working towards self-sufficiency in rice production - Rice is a staple food in Nigeria and is consumed by individuals across all income levels. The steady rise in demand is due to increasing population growth in addition to its ease of preparation and storage. Source Proshare Read More

Chinese firm to set up rice farms in Nigeria - A Chinese firm, Sanya Twin Rice Industry, Research and Development Company, has expressed its readiness to establish a rice factory in Nigeria. Source Daily Trust Read More

FG Rolls out PPP Projects to Close Infrastructure Gap - The Infrastructure Concession Regulatory Commission (ICRC) has said the federal government has concluded plans on public-private partnership contractual agreements that will govern public sector agencies and the private sector operators as it seeks to tackle the huge infrastructure deficit in the country. Source Thisday Read More

Nigeria’s trade balance weakens as oil prices, currency controls bite - Nigerian exports plunged in the third quarter from a year ago and imports also fell, the national bureau of statistics (NBS) said, as currency controls introduced by the central bank this year to support the economy start to bite. Source BUSINESSDAY Read More

Benue Govt. signs £1bn MoU with Trans-Sahara Consortium - The Benue Government on Friday signed a one billion pound Memorandum of Understanding (MoU) with Trans-Sahara Consortium for sugar farming and construction of sugar plants in Benue. Dr Tersoo Kpelai, the state Commissioner for Trade, Investment and Industry, signed the MoU on behalf of the government in Makurdi. Source BUSINESSDAY Read More

‘CBN’s forex policy hurting Nigeria’s textile sector’ - Textile marketers in Kano State have described the Central Bank of Nigeria (CBN’s) foreign exchange policy as a threat to textile business in Nigeria as it is systematically edging out international investors in the sector. Source Daily Trust Read More

Foreign shipping firm quits Nigeria over trade decline - Japanese shipping line, Nippon Yusen Kaisha, is set to quit the Asia-West Africa route, Dewry, an independent maritime advisor, has said. Source Thisday Read More

Report: Govt officials earn N1.126tr yearly - About N1,126,614,234,434. 38 is  spent yearly  on salaries and allowances of political office holders by the Federal Government, the 36 states and the 774 Local Government Areas (LGAs). Source THE NATION Read More

US Fed Rate Hike to Increase Cost of Funding FG’s Budget Deficit - The decision of the United States (US) Federal Reserves (the Fed) to increase the  Fed-Fund rate from 0.0 per cent to 0.25 per cent will increase the cost of financing the 2016 budget deficit of the Federal Government of Nigeria, financial analysts have said. Source Thisday Read More


NERC, MAN develop electricity supply plan for 28 industrial clusters - The once vibrant Nigerian manufacturing sector is set to rebound. This is because a new framework that guarantees electricity to production activities is set to berth in the country. Source Guardian Read More

Forte Oil to raise capacity of Geregu Power Plant to 435Mw - Forte Oil Plc said it plans to grow its profit after tax for the financial year ended December 2016 to N11.09 billion. The company also targets profit before tax of N12.84 billion for the same period, while the revenue for the period is expected to settle at N22.30 billion. Source Vanguard Read More

Power alone gulps 40% of production cost – MAN - The Manufacturers Association of Nigeria (MAN) has said that because of insufficient power supply, over 40 per cent of production cost in Nigeria goes into electricity generation by manufacturers. Mr Regard Odiah, a member of MAN and Chairman, Source Vanguard Read More

GE commences production of gas turbines in 2018 - The Chief Executive Officer of GE Nigeria, Lazarus Angbazo, has said that the American firm would effectively commence the manufacturing of gas turbines, compressors and pumps, as well as other heavy duty equipment by the first quarter of 2018. Source Daily Trust Read More

Fixed charges on electricity inevitable — IBEDC CEO - It has been quite an experience in the past two years since the transition from public sector to private sector. The transition from government ownership to private ownership has been challenging because when the IBEDC came on board, it had to inherit both assets and liabilities from the defunct Power Holding Company of Nigeria. Source Punch Read More


SEC revokes registration of Capital Market Operators - The Securities and Exchange Commission is empowered under section 30 (1) and (2) of the Investment and Securities Act (ISA) 2007 to revoke the operational license of capital market operators that are inactive. Source Proshare Read More

Forex Crisis: Banks Stop Use Of Naira Debit Cards Abroad -  As various stringent measures are put in place to curtail excess liabilities likely from Nigeria’s foreign exchange crisis, at least two of the nation’s commercial banks, Diamond Bank and Standard Chartered have announced new restrictions on the Naira debit card Source The Will Read More

Finance Houses: N100m recapitalisation deadline ends month-end - The Central Bank of Nigeria (CBN’s) 21-month timeline for Finance Houses to meet the new N100 million capital base for the subsector will expire on December 31. The initial September 30, deadline was shifted to this month-end by the CBN. Source THE NATION Read More


Sentiment Analysis Report - W/E December 18, 2015 - Analysis of the market activity in the week ended December 18, 2015 technically revealed an overwhelming sell-down pressure despite improved opportunistic buying as investors continued to move funds into less risky investment- this had depressed The key benchmark index below 27,000bpts. Source Proshare Read More

Stocks tumble further, post 2.69% loss WoW as Naira hits new low - The equities market closed today on a negative note, as NSE ASI depreciated by 1.54% to close at 26,537.36basis points, compared with the 0.02% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 23.43% Source Proshare Read More


Bank to pay N4.5b for breach of contract - A Federal High Court, Lagos has ordered Stanbic IBTC Bank Plc to pay a former Group Managing Director of Afribank Nigeria Plc, Patrick Olayele Akinkuotu and his company, Longterm Global Capital Limited, the sum of N4.5 billion for breach of contract. Source Guardian Read More

CBN to pump $90m into parallel market - The Central Bank of Nigeria (CBN) is expected to shut the official foreign exchange (forex) window for the year by Wednesday and pump $90 million into the parallel market, it was learnt yesterday. Source THE NATION Read More

Deep Liquidity Keeps Interbank Rate Flat - Nigeria's overnight lending rate held steady at one per cent for the fifth consecutive week on Friday, despite lower money market liquidity as the central bank mopped up excess cash from the banking system, traders said. Source Thisday Read More


Fitch Affirms UBA’s B , Upgrades Bank’s Viability Rating - Fitch Ratings has upgraded the United Bank for Africa Plc’s (UBA) Viability Rating (VR) to 'b' from 'b-'. The bank’s Long-term Issuer Default Rating (IDR) of 'B+', Support Rating (SR) of '4' and Support Rating Floor (SRF) of 'B+' were however affirmed by one of the global rating giants. Source Thisday Read More


MTN Asks Court to Quash $3.9bn Fine - South African telecoms giant, MTN, has filed a suit at the Federal High Court in Lagos to challenge the $3.9 billion fine imposed on it by the Nigeria Communications Commission (NCC), urging the court to quash the fine. Source Thisday Read More


Ayeni Becomes New Chairman Of NASCON - NASCON Allied Industries Plc has appointed Mrs Yemisi Ayeni as its new chairman of board of directors. Source Leadership Read More

Layi Bolodeoku Resigns from the Board of Forte Oil Plc Effective 17th Dec, 2015 - Forte Oil Plc would like to inform the Exchange that one of its Non-Executive Director Venerable Layi Bolodeoku has resigned from the Board effective 17th of December 2015. Source Proshare Read More


Ecobank partners Enterprise Development Centre for grants to SME operators - Ecobank Nigeria in partnership with the Enterprise Development Centre (EDC) of the Pan-Atlantic University has trained and extended financial grants worth millions of naira to five budding Small and Medium Enterprises (SMEs) operators in the country under the ‘Ecobank New Venture Initiative’ (ENVI). Source BUSINESSDAY Read More

El-Zakzaky, Religion And The Nigerian State - So much has been said about the December 12 confrontation between the Nigerian Army and members of the Islamic Movement in Nigeria led by Sheik Ibraheem El-Zakzaky, the leader of the Shia in Nigeria. Source E&P Read More

PDP Handed Nigeria Over In A Better State Than It Met Nigeria - Soludo - Every team serious about ‘change’ starts with a clear identification of the baseline from which it measures deviations/progress. Source TheWhistler Read More

Review of the MTEF 2016-2018 (1) - The 2016-2018 Medium Term Economic Framework was submitted to the National Assembly by a letter from the President dated December 8 2015. The consideration and approval of the MTEF by the legislature took about one week. However, the Senate and House of Representatives have yet to reconcile their figures for a clean copy to be sent to the President. Source Punch Read More


Nigeria’s crude oil falls to $31.49 - AS the Federal Government grapples with how to salvage the economy, the continued sliding of the price of crude oil may require that its effort should be intensified. Indeed, Nigeria’s Bonny Light crude oil hit its lowest level at $31.49 a barrel at the weekend due to global crude oil glut at the international market. Source Guardian Read More

NNPC awards new crude for product swap deals to four refiners - The Nigerian National Petroleum Corporation (NNPC) will award new crude for product swap agreements to Total, Varo Energy, Cepsa and ENI, the head of its crude marketing unit said on Friday. Source BUSINESSDAY Read More

Nigeria’s oil faces competition as US begins export - Nigeria’s crude oil, which has been struggling to sell in recent months, may suffer further setbacks in the global market following the lifting of the ban on the United States oil exports. Source Punch Read More


Asian stocks edge up in thin trade, oil hits fresh low - Asian share markets advanced on Monday after a lackluster start, defying a dive on Wall Street, and the price of Brent crude threatened to plumb lows last seen in 2004 on renewed worries over a global oil glut. Source Reuters Read More

European shares erase Fed-inspired gains after volatile day - European shares fell in volatile trade on Friday, giving up most of the Fed-inspired gains of the previous session as investors took profits before the holiday season. Source Reuters Read More

Argentina's economy just got a 7-day makeover - Rapid inflation, meager growth and a debt default have plagued Argentina for years.But its new president, Mauricio Macri, has surprised many with the blinding pace of change he has undertaken in Argentina -- a country unaccustomed to economic reform. Source CNN Money Read More 



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