Nigeria in 1min: Economic, Business & Financial Headlines – 221216



December 22, 2016 6:10 PM / Proshare News 


FG approves 13% derivation for solid minerals producing states - Fayemi - The Minister of Mines and Steel Development, Dr. Kayode Fayemi, has assured states on 13 per cent derivation for mineral revenue following the approval by the Federal Executive Council. Source Daily Trust Read More

FG donates 2 rice mills to boost Lagos-Kebbi initiative - Federal Government has donated two rice-processing mills to Lagos State, to boost the Lagos-Kebbi local food production initiative, from next year. A major component of the collaboration between Kebbi and Lagos is rice production, to be known as Lake Rice, with the target to bridge Nigeria’s rice import gap by at least 70 percent. Source BUSINESSDAY Read More

Aregbesola budgets N138.2bn for 2017  -  Osun State Governor Rauf Aregbesola has presented a budget of N138,232,946,670 for the 2017 fiscal year before the state House of Assembly for consideration. Source Daily Trust Read More 

Gov. Abubakar presents 2017 budget of N145b to Bauchi Assembly - Bauchi State governor, Mohammed Abubakar on Wednesday presented the 2017 budget proposal of N145.45 billion to the State House of Assembly. Source BUSINESSDAY Read More

Some Fine Details in the Budget Speech - We learn that in the first nine months of this year aggregate FGN revenue and expenditure amounted to N2.17trn and N3.58trn respectively, and that the proposed budget projects corresponding totals of N4.94trn and N7.30trn. The speech shares the “paradox that to diversify from oil we need oil revenues”. Source Proshare Read More 


CBN, NDIC detect ailing banks six months ahead  - Joint bank examination team from the Central Bank of  Nigeria (CBN)  and  Nigeria Deposit Insurance Corporation (NDIC), has the ability to detect ailing banks at least six months before it becomes public knowledge. Source THE NATION Read More 


Stocks extend losing streak, post 1.08% loss in 3days on speculation - The equities market closed today on a negative note, as NSE ASI depreciated by 0.46% to close at 26,418.11 basis points, compared with the 0.17% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.77%. Source Proshare Read More

Presco Plc - Still on Track for a Stellar 2016 - Although Q3 2016 sales missed our forecast by 5.2%, Presco has continued to enjoy strong double digit sales growth in recent quarters. Source Proshare Read More 

Interswitch Suspends IPO Plan over FX Scarcity Challenge - Interswitch Limited, the payment solution firm, which handles and processes payments for banks and also owns a brand of debit cards, has suspended its plans to raise about $1 billion in an initial public offer as investors fuss over further potential weakness in the naira and FX shortage. Source Proshare Read More 

Santa Claus Rally: Stocks on Radar as December effects drive prices - As 2016 is moving faster to a close, the fresh optimism witnessed towards investment in equities in the early weeks of December again defied the unimpressive economic outlook and bearish macro-economic fundamentals, just as we had witnessed in Q2'2016- this indicates that market is experiencing early 'December Effect' or Santa Claus rally. Source Proshare Read More 

Stocks from the Final Services Sector Dominate the List of Penny Stocks in 2016 - Penny stocks usually remain on active investors’ radar as they are one of the means through investors can make much profits in stock trading most especially when a new promoter decides to buy such stocks and they begin to rally. Source Proshare Read More 

Stocks You Shouldn’t Touch – 62 Stocks Record No Price Movement in 2016 - About 35% of the stocks currently listed on the Nigerian Stock Exchange recorded no price movement so far in 2016, as revealed by analysis. Source Proshare Read More 

BUA’s CCNN $300m 1.5million tonne/year cement plant ready for Q3 2017 - Nigerian industrial giant, BUA Group’s subsidiary, Cement Company of Northern Nigeria, CCNN, (also known as Sokoto Cement), expects its new 1.5million metric tonnes per annum plant to be completed before the third quarter (Q3) of 2017. Source Guardian Read More 

NBC invests N1.83trn in Nigeria - Nigerian Bottling Company Limited says it invested $600 million (about N1.83 trillion) in the economy over the last six years Source Vanguard Read More 

Naira falls again at parallel market - The Naira on Wednesday fell further to N492 to a dollar at the parallel market, from N490 it closed on Tuesday, the News Agency of Nigeria (NAN) reports. Source Daily Trust Read More 

S&P: Nigeria Faces Uphill Task Attracting AMCON 2 Investment - With non-performing loans (NPLs) stacking up at Nigerian commercial banks, the country is looking to create a second bad loan vehicle, better known as AMCON 2, but the country faces a tough battle to convince private investors to fund it, S&P Global Market Intelligence has reported. Source Thisday Read More 

Flour Mills Says Dollar Shortage Boosting Sales - Flour Mills of Nigeria Plc, the country’s biggest miller by market value, has said a shortage of dollars in Africa’s most populous nation is boosting sales as buyers starved of the United States currency buy more food products locally. Source Thisday Read More 

Nigeria to earn more as oil price rises to $55.61 - There are indications that Nigeria will earn more from oil starting from January, 2017, as price of oil yesterday rose to $55.61 per barrel. Source Vanguard Read More 

NEITI: Federation Earned $61.2bn from 1.28bn Barrels of Oil in 21 Months - The Nigeria Extractive Industries Transparency Initiative (NEITI) has put Nigeria’s aggregate crude oil production and earnings within the last 21 months when the Nigerian National Petroleum Corporation (NNPC) began to publish its monthly production and financial records, at 1.28 billion barrels and $61.17 billion, respectively. Source Thisday Read More 

27 ships laden with petroleum products, food items, to arrive Lagos - Twenty seven ships laden with petroleum products, food items and other goods are expected to arrive Apapa and Tin-Can Island ports in Lagos from Dec. 21 to Dec. 31, up from 25 expected in Dec 20. Source Daily Trust Read More

Saraki To Launch “Made in Nigeria” Challenge in January 2017 - In his continued quest to provide a platform for the promotion of Made in Nigeria products in order to boost Small and Medium Scale Enterprises in the country, Senate President, Dr Abubakar Bukola Saraki, has informed of his plan to launch 'Made in Nigeria Challenge' in January 2017. Source Proshare
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Expose corruption, get 5 percent of recovery – FG - The Federal Executive Council (FEC) has introduced a new anti-graft policy that provides up to 5 percent reward for whistleblowers for exposing fraud in both public and private sectors. Source Daily Trust Read More

Mauritius unemployment rate rises to 7.6 pct in Q3 - The unemployment rate in Mauritius rose to 7.6 percent during the third quarter of 2016, from 7.4 percent a year earlier, official data showed on Wednesday. Source Reuters Read More 

Coca-Cola Buys AB InBev Out of Africa Unit for $3.2 Billion - Coca-Cola Co. will pay $3.15 billion to buy Anheuser-Busch InBev NV out of an African bottling joint venture after the Budweiser brewer’s takeover of the U.S. beverage company’s partner in the region. Source Bloomberg Read More 

Benin to Spend $15 Billion Within 5 Years to Boost Economy - Benin plans to spend as much as $15 billion over the next five years on agriculture, tourism and infrastructure projects, and will raise the funds by boosting tax revenue and borrowing on local and regional markets, according to the finance minister. Source Bloomberg Read More 

Asia Stocks Echo U.S. Drop, Oil Steady After Slide: Markets Wrap - Japanese and Hong Kong equities led Asian declines, following a slide in U.S. stocks, while oil prices firmed after falling Wednesday for the first time in a week. Source Bloomberg Read More 

Saudis to Unveil Roadmap to Balanced Budget, Possible Surplus - Saudi authorities will on Thursday unveil steps to balance one of the highest budget deficits in the Middle East and possibly achieve a surplus in 2020, according to a senior government official with knowledge of the matter. Source Bloomberg Read More 

Bank Mergers Spread in Mideast as Low Oil Signals Boom Days Over - Oil’s more than 50 percent plunge over the past two years is forcing countries such as the United Arab Emirates, Qatar and Saudi Arabia to cut state spending, tap reserves and combine some of their largest banks to reduce costs and duplication. Source Bloomberg Read More

Buhari switches on digital broadcasting in Abuja today - President Muhammadu Buhari will today launch the Abuja phase of the Digital Switch Over (DSO), signalling the commencement of the full roll-out of digital broadcasting across the federal capital city. Source Daily Trust
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