Nigeria in 1min: Economic, Business & Financial Headlines – 231215



December 23, 2015 7:00 AM / Proshare News

2016’ll be tougher than 2015, says Adesina - The Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, has said that although 2015 has so far been a tough year for Nigerians, 2016 would be tougher. Source Punch Read More

Govt records N103bn shortfall in revenue allocation - Statutory allocation to the three tiers of government witnessed a decline of N103.95bn in the month of November from the sum of N473.83bn distributed in October to N369.88bn Source Punch Read More

Senate extends 2015 budget implementation to March 2016 - The Senate on Tuesday amended the 2015 Supplementary Appropriation Act to enable the Executive arm of government to implement the N557bn capital expenditure component in the budget till March next year. Source Punch Read More

FG budgets N6.08tn for 2016, to borrow N1.84tn - President Muhammadu Buhari on Tuesday presented the 2016 budget proposals of N6.08tn to the joint session of the National Assembly with a commitment that the Federal Government planned to finance the deficit of N2.22tn by borrowing N1.84tn from domestic and foreign sources. Source Punch Read More

FG votes N500bn to tackle unemployment, says Ngige - The Minister of Labour and Employment, Dr. Chris Ngige, said the Federal Government voted N500 billion to tackle unemployment and provide care for the vulnerable. Source Punch Read More

Ajimobi presents N165bn budget for 2016 - The Oyo State Governor, Abiola Ajimobi, on Tuesday presented a 2016 budget proposal of N165bn to the state House of Assembly. Source Punch Read More

Emmanuel presents 2016 appropriation bill of N426bn - The Akwa Ibom State Governor, Mr. Udom Emmanuel, on Tuesday presented an appropriation bill of N426bn for 2016 to the state House of Assembly for consideration. Source Punch Read More

Ahmed budgets N116bn for 2016 - The Kwara State Governor, Alhaji Abdulfatah Ahmed, on Tuesday in Ilorin, the Kwara State capital, presented an appropriation bill of N116.164bn for 2016 to the state House of Assembly for consideration and approval. Source Punch Read More

FG loses N52bn to import waivers in 6 yrs - The Managing Director of the Nigerian Ports Authority (NPA) Habib Abdulahi, has raised alarm over excess loss which the Federal Government has recorded within six years to import wavers. Source Daily Trust Read More

Infrastructure in Nigeria - Still a slow road for capital spending - CBN data highlight a recovery in the FGN’s capital spending from a derisory N6bn in Q2 2015 to N130bn in Q3. The total for the nine months, however, stood at N170bn (US$860m), compared with the budget projection for the full year of N720bn. Source Proshare Read More

The 2016 Nigeria Budget Address - Buhari - I am honoured and privileged to present the 2016 Budget proposal. This is my first address before this joint session of the National Assembly. I have come here today, not only to address members of the National Assembly but also to speak directly to the men and women who placed us here. Source Proshare Read More

Summary of President Buhari's Budget Presentation - Dec 22, 2015 - Total budget spend capped at N6.08 trillion ($30.71 billion) with projected revenues of N3.86 trillion ($19.49 billion), implying a deficit of N2.22 trillion ($11.21 billion). The deficit of N2.22 trillion is equivalent to 2.16% of GDP and takes the country's overall debt profile to 14% of GDP. Source Proshare Read More

Cross River declares 5-yr tax holiday for outdoor practitioners - Cross River State Signage and Advertisement Agency, CRISSAA, has declared a five years tax holiday and other incentives for Outdoor Advertising Association of Nigeria, OAAN members, who intend to invest in the state. Source Vanguard Read More

Fayemi unveils robust plan to expand Nigeria’s N400bn mining sector - Nigeria’s perennially underperforming mining sector may finally gain traction to add more value to the national economy, as Kayode Fayemi, minister of solid minerals development, on Monday, unveiled plan, he says is capable of transforming the entire N400 billion sector from a marginal player to a team leader in shaping the economic fortunes  Source BUSINESSDAY Read More



Electricity gulps 40 % of our production cost – MAN - The Manufacturers Association of Nigeria (MAN) said 40 per cent of production cost goes into providing electricity in manufacturing sector. Source Daily Trust Read More


IOSCO Publishes Statement on Regulation of Crowdfunding - IOSCO believes it is important for regulators and policy makers to balance the need for supporting economic growth and recovery with that of protecting investors when developing crowdfunding as a means to invest in small firms and start-ups. Source Proshare Read More

NSE Publishes Revised Draft Rules for Filing of Accounts and Treatment of Default Filing - Between 20 February and 6 March 2015, The Nigerian Stock Exchange exposed the “Rules for Filing of Accounts and Treatment of Default Filing “for comments by stakeholders. Source Proshare Read More

Nigerian Banks will ONLY accept electronic payments for salaries, pensions, suppliers and taxes - Banks have now agreed to and are communicating with customers the circular of the Central Bank of Nigeria (CBN) as contained in its guidelines on “Electronic Payment of Salaries, Pensions, Suppliers and Taxes in Nigeria”. Source Proshare Read More

Business continuity plans for trading venues and intermediaries - IOSCO - The Board of the International Organization of Securities Commissions (IOSCO) today published two reports that seek to enhance the ability of financial markets and intermediaries to manage risks, withstand catastrophic events, and swiftly resume their services in the event of disruption. Source Proshare Read More


Equities market sustains gaining streak on fresh demand - The equities market closed today on a positive note, as NSE ASI appreciated by 0.71% to close at 26,918.22basis points, compared with the 0.72% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 22.33% Source Proshare Read More


FG Sets 2016 Oil Revenue Target At $4bn On Declining Oil Prices - This compares to this year’s projected oil earnings of N3.9 trillion ($19 billion) which was predicated on output of 2.28 million b/d and a price assumption of $53/b which was not realised, as global oil prices plummeted to a multi-year low while Nigeria’s production suffered from theft and the lack of new investment. Source Leadership Read More

Current Daily International Spend Limits on Debit Card - Dec 22, 2015 - This is to notify you of changes in the international daily spend limits on your MasterCard Debit card effective 17th December, 2015. This will only affect your daily spend on POS and Online (Web) terminals for International payments. Source Proshare Read More

Nigerian non-deliverable forwards hit 3-month high on budget worries - Nigerian non-deliverable forwards rose across the curve by over 2 percent on Tuesday, after the country’s government said it expected its budget deficit to double to around 2.2 trillion naira ($11 billion) next year. Source BUSINESSDAY Read More

Banks To Take Certificates As Collateral From Start-ups - As part of measures to get funding across to start ups in the country and make th N220 billion Micro Small and Medium Enterprises Development Fund (MSMEDF) more accessible, banks can now take educational qualification certificates as collateral. Source Leadership Read More

Stanbic IBTC Appeals Court Ruling on the Matter of Starcomms Private Placement - Stanbic IBTC Bank last week, exercised its constitutional right of appeal in relation to a judgment given by the Honourable Justice John Tsoho of the Federal High Court, sitting in Lagos, which ordered the bank and Starcomms to pay the sum of N1.3 billion plus interest for alleged breach of a 2008 contract in a suit involving a former Group Managing Director of Afribank Nigeria Plc., Patrick Olayele Akinkuotu and his company, Long Term Global Capital Limited. Source Proshare Read More

Guinness sues NAFDAC over N1bn fine - Guinness Nigeria Plc has approached a Lagos High Court in Igbosere to challenge the N1bn fine imposed on it by the National Agency for Food and Drug Administration and Control. Source Proshare Read More

Nigeria’s IT spending to top $5.3 billion in 2016 - COME 2016, Nigeria Information Technology (IT) spending will top $5.3 billion, as organisations increasingly embrace digital transmission initiatives, in a bid to streamline their costs and bolster flexibility. Source Guardian Read More


Ecobank Transnational Incorporated(ETI) announces Mr. Charles Kie as MD Designate of Ecobank Nigeria - The Board of Directors of Ecobank Nigeria has announced the appointment of Mr. Charles Kie as the new Managing Director Designate of Ecobank Nigeria Limited effective January 1, 2016 subject to the approval of the Central Bank of Nigeria and other regulatory requirements. Mr. Kie was successfully selected as Managing Director after a rigorous selection process which included both internal candidates within Ecobank as well as external candidates. Source Proshare Read More


Faleke, Wada Head to Tribunal - The deputy governorship  candidate to the late Prince Abubakar Audu in Kogi State election, Hon. Abiodun Faleke, monday filed his petition at the state Governorship Election Petitions Tribunal sitting in Lokoja. Source Thisday Read More


Oil prices rebound, lift stocks of petroleum firms - World stock markets eked out small gains yesterday, lifted by a recovery in oil prices from 11-year lows as investors unwound some of their bearish bets on the battered commodity. Source Guardian Read More

Global oil demand to hit 110 mbpd by 2040 - THE Organisation of Petroleum Exporting Countries (OPEC) has estimated that global oil demand would hit 110 million barrels per day (mbpd) by 2040. Source Guardian Read More

US Overtakes Russia As World’s Largest Producer Of Crude Oil - The United States is now the world’s largest oil and natural gas liquids exporter and would remain so for a while, overtaking both Saudi Arabia and Russia. Source Leadership Read More

Nigeria Loses $7.5bn To Gas Flaring – Minister - The minister of environment, Mrs Amina Mohammed, has said that Nigeria could generate as much as $7.5billion worth of benefits by ending gas flaring and using the gas for commercial purposes, including power generation. Source Leadership Read More

Fuel Subsidy Removal Inevitable – Oyegun - The national chairman of the All Progressive Congress (APC), Chief John Odigie-Oyegun, stated on Tuesday that the eventual removal of fuel subsidy was inevitable. Source Leadership Read More

Marketers confirm subsidy payment, explain petrol scarcity - Oil marketers have confirmed that the Federal Government has paid them over N400bn petrol subsidy claims and also explained why the country is still experiencing fuel scarcity. Source Punch Read More

Total’s Withdrawal from Brass LNG Will Not Hamper FID, Says Kachikwu - The Minister of State for Petroleum and Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu has said that the planned withdrawal of the French oil giant, Total, from the Brass Liquefied Natural Project (LNG) will not hamper the signing of the Final Investment Decision (FID) for the multi-billion dollar project. Source Thisday Read More

Crude Oil Heads for a Second Annual Loss - Deutsche Bank Commodities Analyst Michael Hsue and Barclays Head of European FX Strategy Marvin Barth discuss the price and production of oil. They speak on "Bloomberg Surveillance. Source Bloomberg Read More

Extreme Oil Bears Bet on $25, $20 and Even $15 a Barrel in 2016 - Oil speculators are buying options contracts that will only pay out if crude drops to as low as $15 a barrel next year, the latest sign some investors expect an even deeper slump in energy prices. Source Bloomberg Read More

Top Iron Ore Shipper Cuts 2016 Forecast by 19% as Glut Grows - The world’s biggest iron ore exporter cut its price forecast for next year by 19 percent as supply continues to swell and slowing growth in China hurts demand in the biggest user. Source Bloomberg Read More

Shell Cuts 2016 Spending by $2 Billion as It Prepares for BG - Royal Dutch Shell Plc, Europe’s largest oil company, further reduced spending plans for this year and 2016 as it prepares to take over BG Group Plc amid slumping prices for crude Source Bloomberg Read More


Asian shares inch up, oil rout pauses - Asia shares edged higher on Wednesday following a modest bounce on Wall Street, while the dollar drifted lower and oil found some relief from recent relentless selling. Source Reuters Read More

U.S. Economy Grew 2% in Third Quarter, Led by Consumer Spending - Even with the slight reduction in growth, household purchases propelled demand last quarter as employment improved and fuel prices remained low. Nonetheless, consumers alone won’t be able to shoulder the burden of helping the world’s largest economy overcome slower global growth, so areas such as business investment and government outlays will also need to strengthen. Source Bloomberg Read More

Egypt's central bank tightens import controls to boost local production - Egypt's central bank will tighten import regulations from January in a bid to support local manufacturing and better preserve its dwindling foreign currency reserves. Source Reuters Read More


Morocco's central bank holds key rate unchanged at 2.5 pct - Morocco's central bank held its benchmark interest rate stable at 2.5 percent on Tuesday and said economic growth was expected to slow to 2.1 percent next year down sharply from this year's 4.5 percent which was boosted by a bumper grain harvest. Source Reuters Read More



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