Nigeria in 1min: Economic, Business & Financial Headlines – 230217



February 23, 2017 7:50 AM / Proshare News 


Reviewing The Health of Nigeria's External Shock Absorbers  - As at the beginning of democracy on May 1999, the administration of president obasanjo met an external reserve of 3.7 billion Dollars.  As at May 2007, When, the administration of   president Obasanjo was handing over the reins of governance to Alhaji Umaru Yaradua. Source Proshare Read More 

FG earned $31bn from crude sales in 11 months - The total value of crude oil exported by Nigeria in 2016 amounted to over $31.2 billion, excluding December sales which have not yet been reported, official data showing crude oil lifting values made available by the Nigerian National Petroleum Corporation (NNPC) has shown. Source Daily Trust Read More 

NSIA secures $305m FDIs - The Nigerian Sovereign Investment Authority( NSIA) has secured Foreign Direct Investment commitments (FDIs) in excess of $305 million. Source THE NATION Read More

IATA suspends Arik from billing system - Arik Air, which was recently taken over by the Assets Management Corporation of Nigeria (AMCON) following huge indebtedness, has been suspended from the International Air Transport Association (IATA) Billing and Settlement System (BSP). Source Daily Trust Read More

Fitch Upgrades Nigeria's Seven Energy to 'CC' - Fitch Ratings has upgraded Nigeria-based Seven Energy International Limited's Long-Term Issuer Default Rating to 'CC' from 'RD' (Restricted Default) following completion of the consent solicitation for the company's 10.25% USD300 million senior secured notes due 2021. Simultaneously. Source Proshare Read More 

N4trn Budget Deficit: Presidency seeks approval to raise additional $500m Eurobond - …as MDAs slow to defend proposals The Presidency on Wednesday sought the approval of the National Assembly to raise additional $500 million Eurobond from the international capital market. Source BUSINESSDAY Read More 

Private Stations Owe NBC Over N5bn License Fees – Kawu - The National Broadcasting Commission (NBC) has disclosed that broadcasting stations across the country owe the commission over five billion naira operating license fees. Source Leadership Read More 

Budget: Senate threatens MDAs with zero allocation over non-appearance - The Senate on Wednesday warned that any Federal Government Ministry, Department and Agency that failed to appear before its relevant standing committees to defend its budget estimates would get zero allocation this fiscal year. Source Punch Read More

FG approves $39.9m Cameroon-Nigeria border link bridge - The Federal Executive Council on Wednesday approved a Revised National Policy on Environment for the country and the contract for the construction of the $39.9m Cameroon-Nigeria border link bridge. Source Punch Read More 

Q4 2016 GDP Expectation: Another Quarter of Decline - The Q4 2016 GDP report is expected to be released on the 28thof February 2017. We expect a further decline in output, though at a declining rate. Source Proshare Read More 

Inflation: After the 'Reggae' Comes The Base Effect Blues - Over the last one year, headline inflation tracked faster, reaching an eleven-year high in January 2017 as the cumulative impact of hikes in electricity tariff and fuel cost as well as naira weakness induced pressures on consumer prices. Source Proshare Read More 


Stock Market Erases Previous Gain; Records -0.01% Marginal Loss to Halt Uptrend - Equities market closed today on a negative note, as NSE ASI depreciated by 0.01% to close at 25,249.74 basis points, as against 0.01% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.05%. Source Proshare Read More 

Investors Alert on Forte Oil Plc: Highly Inflammable Stock? - In contrast to sector peers, which had a stellar 2016 performance, Forte Oil (FO) grappled with impact of NGN depreciation on dollar loans linked to its power plant and an elevated bill from the taxman. Source Proshare Read More 

Naira reverses losses, appreciates to N503 per dollar - The Naira yesterday recorded its biggest daily gain against the dollar, as it appreciated by 3.3 per cent to close at N503 per dollar in the parallel market, as against the high point of N520 recorded earlier in the week. Source Vanguard Read More 

Access, Ecobank, First Bank, SCB sell 71 percent of FX in two months - Four Nigerian deposit money banks accounted for 71 percent of foreign exchanged sold in October and November 2016. Source BUSINESSDAY Read More 

Otakikpo field to boost oil production by 8,350 bpd - Green Energy International Limited (GEIL) will soon increase crude oil output by 8,350 barrels per day (bpd). The firm is set to begin production from its Otakikpo marginal field in oil mining lease (OML) 11, it was learnt. Source THE NATION Read More 

Nigeria lost N217bn to gas flaring in 2016 – NNPC - The country lost at least N217bn last year as oil and gas companies flared a total of 244.84 billion standard cubic feet of natural gas in that period, data from the Nigerian National Petroleum Corporation have shown. Source Punch Read More 

OGFZA to license new oil, gas zone in Delta - The Oil and Gas Free Zones Authority is set to break new grounds with plans to license another oil and gas free zone in Delta State. Source Punch Read More 

N120b debts worsen GenCos’ operation challenges - The inability of the Federal    Government to pay over N120 billion owed power generation companies (GenCos) has hampered their ability to operate efficiently. Source THE NATION Read More 


Implications For Business in Nigeria in 2017 - A CIBN Communiqué - The Roundtable Session on 3rd Economic Outlook: Implications for Businesses in Nigeria was held on Tuesday, January 24, 2017 at Oriental Hotel, Victoria Island, Lagos. Source Proshare Read More 

South African court blocks govt's ICC withdrawal bid - South Africa's High Court blocked the government's attempt to withdraw from the International Criminal Court (ICC) on Wednesday, the latest blow to scandal-plagued President Jacob Zuma from an assertive post-apartheid judicial system. Source Reuters Read More 

South Africa targets high earners in revenue boost, growth seen improving - South Africa will introduce a new personal income tax rate for high earners to help rein in the budget deficit, Finance Minister Pravin Gordhan said on Wednesday, as Treasury warned political risks could derail an improving growth outlook. Source Reuters Read More 

Switzerland Spends $450,000 on Nigerian TV Series to Discourage Illegal Migration from Africa - The Swiss government through its State Secretariat for Migration (SEM) is spending $450,000 on filming a TV series with African actors to discourage thousands of young African from migrating to Europe illegally, RT is reporting. Source Olisa Read More 

Barclays Said to Cut Investment Bank Bonus Pool for Third Year - Barclays Plc cut the bonus pool for its investment bank by a similar amount to last year’s decline, when it was reduced 7 percent, a person with knowledge of the matter said. Source Bloomberg Read More 

India Poised to Unlock $9 Billion for Investing in Roads, Power - A decade-long wait by India’s cash-hungry real estate and infrastructure developers may finally be nearing an end. Source Bloomberg Read More 

Kenyan Banks Press Government on Rate Caps as Lending Slows - Kenyan banks are in talks with the government about changing a law that caps commercial interest rates as lending in East Africa’s biggest economy slows, Barclays Bank of Kenya Ltd. Chief Executive Officer Jeremy Awori said. Source Bloomberg Read More 

OPEC's Pushing for Full Compliance With Oil Cuts, Barkindo Says - Implementation of an agreement between OPEC and other major producers to reduce output has been “very encouraging” and the agreement is on track to reduce the global oil surplus, said the group’s top official. Source Bloomberg Read More 

OPEC Still Waiting for Evidence Oil Cuts Are Doing Their Job  - OPEC officials this week hailed the “excellent” and “unprecedented” implementation of their agreement to cut oil production, but were still waiting for solid evidence that the deal was fulfilling their key measure of success and shrinking the global glut. Source Bloomberg Read More 

Total CEO Says OPEC Needs Cuts `Extended Beyond May' to End Glut - OPEC and Russia will need to prolong their six-month deal to cut oil output if they plan to trim the global inventory glut that has kept a lid on prices, said Total SA Chief Executive Officer Patrick Pouyanne. Source Bloomberg Read More 


Nigeria To Host 1st National FinTech and AI Conference - The Digital Finance Institute, a digital finance think tank based in Canada and FinTech Associates, a Nigerian FinTech solution provider are holding “FinTech Nigeria Forum”, Nigeria’s 1st National Conference on FinTech, artificial intelligence, deep learning, financial inclusion and Blockchain on April 24, 2017, in Lagos, Nigeria. Source Proshare Read More 






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