Nigeria in 1min: Economic, Business & Financial Headlines – 220116



January 22, 2016 7:30 AM / Proshare News

2016 Economy and You: 10 Analysts engage public for 10 days via Twitter - If you've clicked on this story, then the odds are pretty good that you already know how awful a year this has been for individuals – be you an investor, a business owner and an employee. Source Proshare Read More

2016 is crunch time for Nigeria - FDC - The bible says in Genesis 41:29-30 that, seven fat years in Egypt will be followed by seven lean years in the time of Joseph. It was to warn the profligate children of Egypt to reduce their ostenta-tious and extravagant ways. They were advised to save some wheat or grain in preparation for the tough times ahead. Source Proshare Read More

Domestic debt servicing gulped N2.95tn in five years - The Federal Government spent a total of N2.95tn to service domestic debts for a period of five years from 2010 to 2014, investigation has shown. Source Punch Read More

Nigeria widens budget deficit to N3trn after oil rout - Nigeria widened this year’s budget deficit forecast by 36 percent after oil prices dropped below the $38 per barrel benchmark estimate set by Africa’s top producer. Source BUSINESSDAY Read More

FDI inflows to Nigeria fall to $3.4 billion - Foreign Direct Investment (FDI) inflows to Nigeria and other Sub Saharan Africa, including South Africa, Kenya, Angola, among others, fell by 31 per cent in 2015 to estimated $38 billion. Source Guardian Read More

Govt plans 42% GDP growth - The Federal Government plans a Gross Domestic Product (GDP) growth rate of 42 per cent, with the implementation of Budget 2016, Finance Minister Mrs Kemi Adeosun has said. Source THE NATION Read More

Pension Act: ‘26 states yet to comply 10 years after’ - Ten years after the introduction of the Contributory Pension Scheme, only 10 states have fully implemented it, the Nigerian Lbour Congress (NLC) has said. Source THE NATION Read More

FG retirees access pensions on release of N40bn bond - Federal Government retirees who left employment between February and September 2015 can now access their retirement benefits from their Pension Fund Administrators (PFAs), following government’s release of an estimated N40 billion into the ‘Retirement Benefits Bond Redemption Fund’ covering about eight months, BusinessDay learnt last night. Source BUSINESSDAY Read More

FAW to produce 1000 vehicles in Nigeria yearly - PERFECTION Motors Company Limited in collaboration with a Chinese automaker, FAW, is targeting to produce 1000 vehicles in Nigeria yearly from its Semi Knock Down (SKD) auto assembly plant in Lagos. Source Guardian Read More

NIPOST Seizes N84Bn in Foreign Currencies - NIGERIAN Postal Service (NIPOST) intercepted financial instruments worth over N83. 9 billion in foreign currencies meant for illegal transfers from January to December, 2015, according to Mr Enoch Ade Ogun, acting postmaster general. Source Guardian Read More

Active Telephone Lines in Nigeria now 152m – NCC - THE active lines in Nigeria’s telecommunications industry increased to over 152 million in the month of November 2015, the Nigerian Communications Commission (NCC) has said. Source Guardian Read More

Nigeria introduces two new financing programmes to boost non-oil exports - The latest monthly Economic Report from the CBN puts non-oil exports provisionally at US$325m in October, indicating an increase of 190% from the preceding month but a 46% decline on a y/y basis. Source Proshare Read More

Shoreline Suspends $500m Bond After Oil Crash - A Nigerian oil producer, Shoreline Group, has halted plans to issue $500 million Eurobonds and will cut staff as Africa’s biggest economy struggles with plunging prices for the fuel, the chief executive officer, Kola Karim, said. Source Leadership Read More

N37bn debt threatens Nigeria’s food security - Nigeria’s food security will come under threat if a N37 billion debt owed fertiliser and seeds suppliers by both federal and state governments is not settled, BusinessDay investigations have revealed. Source BUSINESSDAY Read More


Pipeline vandalism: Power drops by 1,000MW, says Senate - The Senate raised the alarm on Thursday that the recent attacks on major oil and gas pipelines in the Warri area of Delta State by suspected Niger Delta militants had caused colossal damage to the National Integrated Power Project. Source Punch Read More

Power reforms thus far: mammoth investments; puny impact... - Today’s focus is on issues bothering on fuel subsidy and power reforms over 2015 and ARM’s outlook on same for 2016. Recall that the FGN spent over N1 trillion on subsidy claims for oil marketers over 2015, an amount that also reflected subsidy backlog from prior year as well as adjustments for currency and interest rate changes. Source Proshare Read More

Attack on pipeline cripples 600Mw power plant - The weekend attack on Nigeria Gas Company (NGC’s) pipeline connected to Chevron Nigeria Limited’s facility at Escravos, will impact negatively on the 600megawatts (Mw) capacity Olorunsogo National Integrated Power Project (NIPP) plant  and others. Source THE NATION Read More

Nigeria's Azura says raised $876 mln for 450MW Azura-Edo power plant - Nigeria's Azura Power Holdings Ltd said on Thursday that it had raised $876 million for its power plant in the southwest of Africa's most populous nation and construction was set to commence. Source Reuters Read More


N50 Stamp Duty Is Per Transaction, Not Per N1000 – CBN - The Central Bank of Nigeria (CBN) has clarified that the N50 stamp duty imposed on bank customers is to be charged per transaction and not per volume of N1,000. Hence, irrespective of the amount, the sum of N50 is to be charged provided such a transaction is N1000 and above. Source Leadership Read More

CBN approves Microcred Microfinance Bank national licence - The Microcred Microfinance Bank Nigeria (MCN) Nigeria Ltd says it has received approval from the Central Bank of Nigeria (CBN) to operate nationwide. Source BUSINESSDAY Read More

EM regulators to strengthen resilience while ensuring fair and orderly markets - Global emerging capital market regulators met this week in Bali, Indonesia, at the IOSCO Growth and Emerging Markets (GEM) Committee annual meeting hosted by the Indonesian Financial Services Authority to further work on strengthening systemic resilience while remaining alert to market risks. Source Proshare Read More

Stocks sustain two days renewed appetite, book N423.14billion gain - The equities market closed today on a positive note, as NSE ASI appreciated by 1.51% to close at 23,686.67basis points, compared with the 3.91% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.30% Source Proshare Read More

Will the Introduction of Circuit Breaker Save the Market from further Sell-offs? - TNI Q1/E3 - The Nigerian Stock Exchange on 15th January 2016 announced that the NSE Index circuit Breakers Rule has become effective from the said date. Source Proshare Read More


FG sells N195bn T-bills at higher rate - The country sold N195.95bn ($975m) in Treasury bills with maturities from three months to one year in its second auction of the year on Wednesday, at higher yields than previously, the Central Bank of Nigeria said on Thursday. Source Punch Read More


Nigeria will have to devalue in 2016: S&P -  Ratings agency Standard & Poor's reiterated on Thursday that Nigeria will have to devalue its currency, saying it expected this to happen at some stage in 2016 and in gradual adjustments. Source Reuters Read More

Prices of goods inflated over forex scarcity - The scarcity of foreign exchange (forex) takes heavy toll as the prices of some imported goods in the country were inflated in recent times. Source Daily Trust  Read More


‘Vitafoam Nigeria, Vono Products merger will benefit shareholders’ - The merger of Vitafoam Nigeria Plc and Vono Products Plc would create better values for shareholders of the two companies and enhance the long-term competitiveness of the larger company. Source THE NATION Read More

Unilever warns of ‘high volatility’ and tough trading in 2016 - Unilever the maker of Dove deodorant and Hellmann’s dressings, said it was preparing for tough trading conditions this year with tighter cost controls and more new products. Source BUSINESSDAY Read More


BBM Users can subscribe for BBM Shop Content using Firstmonie in Nigeria - Firstmonie, the mobile money service of First Bank of Nigeria Limited and MMIT (Mobile Media Info Tech) are partnering with BlackBerry in Nigeria to enable social commerce in BBM™, the popular private social network. Source Proshare Read More


South Africa's MTN says in compliance with Cameroon laws - South Africa's MTN Group said on Thursday it was compliant with Cameroonian laws, a day after the central African nation said the mobile phone company owes money in taxes. Source Reuters Read More


Fuel subsidy removal’ll save govt N985bn – Osinbajo - Vice President Yemi Osinbajo has said the Federal Government, which relies on crude oil for about two-thirds of its revenue, is seeing a silver lining to the plunge in crude prices because it will no longer have to subsidise fuel. Source Punch Read More

Japanese Stocks Jump Most in Four Months Amid Stimulus Signals - Japanese stocks surged by the most in four months as investors weighed prospects for central bank stimulus and looked for bargains in a bear market. Source Bloomberg Read More

Asia stocks rise as ECB soothes nervous markets, oil extends bounce  - Asian stocks rose on Friday after a hint of more monetary easing by the European Central Bank and a bounce in crude oil from 12-year lows helped soothe skittish markets. Source Reuters Read More

European shares rise energised by Draghi; Italy boosted by bank rally - European shares rose on Thursday after slumping in the previous session to 15-month lows, as a hint of more stimulus from ECB president Mario Draghi helped reassure investors following a turbulent start to the year. Source Reuters Read More

China, Egypt sign financing deals worth at least $1.7 bln - China and Egypt will sign 21 deals on Thursday including a $1 billion financing agreement with Egypt's central bank and a $700 million loan deal with the state-owned National Bank of Egypt. Source Reuters Read More

How a Further Fall in China's Yuan Could Shake the World - China's weakening currency has rattled investors around the globe. How much of a threat does it pose? Source Bloomberg Read More

China Vice President Vows to ‘Look After’ Stock Market Investors - China is willing to keep intervening in the stock market to make sure a few speculators don’t benefit at the expense of regular investors, China’s vice president said in an interview. Source Bloomberg Read More

Pearson to Eliminate 4,000 Jobs in Bid to Revive Earnings - Pearson Plc said it plans to cut 4,000 jobs, starting a new reorganization program to tackle a decline in earnings caused by slowing demand for textbooks and dwindling college enrollment. The shares jumped. Source Bloomberg Read More


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