Nigeria in 1min: Economic, Business & Financial Headlines – 220916


September 22, 2016 6:10 AM / Proshare News 

External reserves drop to $24bn - The country’s external reserves have depleted further to a record-low of $24.8bn, according to the latest data posted on the Central Bank of Nigeria’s website. Source Punch Read More

Lagos, Kaduna, Edo owe foreign creditors $1.84bn - Lagos, Kaduna and Edo, with a combined foreign debt profile of $1.84bn, are the most indebted states of the federation as far as subnational foreign debts are concerned, investigation has revealed. Source Punch Read More 

Nigeria’s Debt Rises by N4tn in Six Months - Nigeria’s debt burden has increased by nearly N4trillion in the past six months, with potentials of hurting the chances of securing the much-needed foreign loans for implementing 2016 budget. Source Thisday Read More

NERFUND to Prosecute Customers over N17.2bn Bad Loans - The acting Managing Director, National Economic Reconstruction Fund (NERFUND), Dr. Ezekiel Oseni wednesday disclosed plan to engage the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and Economic and Financial Crimes(EFCC) to recover over N17.2billion non-performing loans (NPLs), which were advances to customers between 2013 and 2015. Source Thisday Read More

Nigeria needs progressive economic policies – Sanusi - A former Governor of the Central Bank of Nigeria and Emir of Kano, Muhammadu Sanusi II, has said that the country needs policies that will boost economic growth. Source Punch Read More 

‘Recession can’t end in three months’ - The President Abuja Chamber of Commerce and Industry, Tony Ejinkeonye has disagreed with the Federal Government’s promise to end recession by December this year. Source THE NATION Read More 

In need of a boost to non-oil exports - The latest quarterly Economic Report from the CBN puts non-oil exports provisionally at US$577m in Q2 2016, indicating a decrease of 43% from the preceding quarter. The fall in receipts on a q/q basis can be traced to the steep decline in export receipts from manufactures, minerals and food products. Source Proshare Read More 

Airports concession, not to sell government’s assets – Minister - Amidst opposition to the plan by the Federal Government to concession for major airports in the country, Minister of State for Aviation, Senator Hadi Sirika has held a meeting with industry unions in a bid to push forward the proposition. Source Daily Trust Read More 

Senate Calls FG’s Economic Managers Incompetent, Seeks Cabinet Reshuffle - The Senate wednesday kick-started its debate on the economic turmoil in the country, with some senators blaming the recession on the incompetence of some ministers in President Muhammadu Buhari’s cabinet. Source Thisday Read More 

Withholding Tax hike to hurt construction sector - Construction companies should brace up for more challenges as the increase in the Withholding Tax (WHT) rate on construction activities and other services by government will hurt operations, strain cash flows and undermine expansion plans. “Recently, the FIRS announced its plan to return 5% WHT on construction firms from the current 2.5%,” Source BUSINESSDAY Read More 


CBN says banks undermining sales of FX to BDCs - The Central Bank of Nigeria (CBN) has acknowledged getting reports that banks undermine its policy to sell forex from international remittances to Bureau De Changes (BDCs). Source Daily Trust Read More 

Rate cuts not enough to get Nigeria out of recession: cenbank - Interest rate cuts alone will not help to pull Nigeria out of a recession amidst rising inflation, the country's central bank said on Wednesday. Source Reuters Read More 

Banks credit to private sector grows by 13.5% in Q2 -CBN - The banking system’s credit to the private sector, which is put at N21,424.95 billion grew by 13.5 per cent, quarter-on-quarter, in second quarter compared with the growth of 0.9 per cent and 1.3 per cent at end-June 2016 and the end of the corresponding period of 2015, according to the Central Bank of Nigeria (CBN) Source BUSINESSDAY Read More 


Stock Market Maintains Uptrend on Modest Gains - The equities market closed today on a positive note, as NSE ASI appreciated by 0.02% to close at 28,214.57 basis points, compared with the +1.33% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.49%. Source Proshare Read More 

Guinness Nigeria Plc Reports Pre-tax Loss of N4.4bn in Q4’16 Results - Late yesterday, the NSE published Guinness Nigeria’s (Guinness) Q4 2016 (end-June) results which showed that the company reported a pre-tax loss of –N3.6bn in Q4 2016. Broadly speaking, the results were weak across all key headline items. Source Proshare Read More 

Nigerian Cement Industry - Setting New Profit Margin Levels  - Setting new margin levels. Core operating margins have been on a downward trend, declining 3ppt pa on average since FY12. Source Proshare Read More 

Guinness Nigeria gets Diageo loan to help with currency shortages - Guinness Nigeria said on Wednesday that it had received a $95 million loan from parent Diageo to help it cope with dollar shortages in the West African country caused by a slump in crude prices. Source Reuters Read More 

Flour Mills of Nigeria targets export to Europe, weaker naira helps - Flour Mills of Nigeria has exported 10 percent of its locally processed soya bean products for the first time to feed mills in Europe and North Africa, its chairman said, helped by a weaker domestic currency. Source Reuters Read More 

Nigeria sues ENI, Chevron, other oil companies: firms, official - Nigeria has filed a lawsuit against Italian energy firm ENI, U.S. major Chevron and other international oil firms over some crude exports, ENI, Chevron and a government official said on Tuesday. Source Reuters Read More 

Frack Sand: The Unsung Hero Of The OPEC Oil War - The Saudi victory is equally dulled by the fact that it was not a decline in US shale production that rebalanced supply and demand; rather, it was chaos in Libya, militant attacks in Nigeria, massive fires in Canada and the destabilization of OPEC's own Venezuela. Source Proshare Read More 

Naira falls to 428 per dollar - The Nigerian currency on Wednesday depreciated against the three major currencies in all the segments of the Forex market. Source Punch Read More 

Canadian Petroleum buys into oil-prone block offshore Nigeria - Canadian Overseas Petroleum Limited (COPL) has acquired 80% of the share capital of Essar Exploration and Production (Nigeria). Essar Nigeria’s sole asset is a 100% operated interest in OPL 226, 50 km (31 mi) offshore in the central area of the Niger Delta. Assuming approval from Nigeria’s government, COPL subsidiary ShoreCan will take over management Source BUSINESSDAY Read More 

Power grid risks collapse amid low spinning reserve - The nation may be teetering on the brink of another power system collapse as the quantum of spinning reserve aimed at forestalling such occurrence remains low. Source Punch Read More 

Ex-Egbin Power chief: MDAs, others owe DisCos N80b - Ministries, Departments and Agencies (MDAs) and the military owe the electricity power distribution companies (DisCos) over N80billion, the former Managing Director, Egbin Power Plc, Michael Uzoigwe, has said. Source THE NATION Read More 


IMF sees Namibia's economic growth slowing to 2.5 percent in 2016 - The International Monetary Fund (IMF) said on Wednesday it expected Namibia's economic growth to slow to 2.5 percent this year after expanding by 5.3 percent in 2015, as a decline in construction activity weighs. Source Reuters Read More

South Africa rate hike unlikely after consumer inflation slows - South Africa's headline consumer inflation dipped below the top end of the central bank's target in August to its lowest in nine months, data showed on Wednesday, suggesting interest rates would remain unchanged at this week's monetary policy meeting. Source Reuters Read More 

Asian Stocks Rally With Won, Bonds After Fed as Crude Oil Gains - Asian stocks rallied for a sixth day, South Korea’s won strengthened and regional bonds rose after central banks including the Federal Reserve indicated monetary policies will remain accommodative. Source Bloomberg Read More

‘Lost’ Trillions Haunt Russian Budget Keeper in Era of Cheap Oil - To get a snapshot of a budget in crisis, visit any of the 10,700 abandoned construction sites that litter Russia, all that’s left after a trickle of state funding ran dry. Source Bloomberg Read More 


Apple’s Talks With McLaren, Lit Motors Show Roads to Car Product -As it firms up plans to upend the auto industry, Apple Inc. is looking toward British carmaker McLaren and San Francisco-based startup Lit Motors for help. Source Bloomberg Read More

BOI Allocates N10bn for Youth Entrepreneurship Support - The Bank of Industry (BOI) has allocated N10 billion for the Youth Entrepreneurship Support (YES) across the country during the present fiscal year. Source Thisday Read More 

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