Nigeria in 1min: Economic, Business & Financial Headlines – 231216



December 23, 2016 7:10 AM / Proshare News 


FG gets N45.7bn World Bank support for mining devt - The federal government has secured a $150 million (N45.7 billion) support fund from the World Bank for the Mineral Sector Support for Economic Diversification (MSSED) programme. Source Daily Trust Read More

Over 90% Niger Delta projects completed - Usani - The Minister of Niger Delta Affairs (MNDA), Uguru Usani has said about 95 percent of the projects supervised by the ministry are completed. Source Daily Trust Read More

Retirees collect N6.35billion monthly pension – PenCom - Statistics from the National Pension Commission (PenCom) show that 186,730 retirees are receiving N6.35billion monthly pension as at September 2016. Source Daily Trust Read More

Udom Emmanuel presents N365.2bn budget - Governor Udom Emmanuel of Akwa Ibom State yesterday presented the 2017 budget proposal of N365.251billion to the State House of Assembly for consideration. Source Daily Trust Read More 

External reserves hit $25.2bn as dollar shortage bites - The nation’s foreign exchange reserves have risen to over three-month high of $25bn, according to data on the website of the Central Bank of Nigeria. Source Punch Read More

$30bn loan rejection won’t affect 2017 budget – Presidency - The Presidency on Wednesday said the rejection of the proposed $29.96bn external borrowing plan of President Muhammadu Buhari-led administration by the Senate would not affect the implementation of the 2017 budget. Source Punch Read More

Recession: Investment inflow into Nigeria shrinks by $4.5bn - The level of investment inflow into the country recorded a huge decline of $4.51bn from the $8.08bn in the first nine months of 2015 to $3.57bn in the same period of 2016, an analysis of the capital importation report obtained from the National Bureau of Statistics revealed. Source Punch Read More

Borno, Bauchi governors present N183.84b, N145.5b budgets to lawmakers - Governor Kashim Shettima of Borno State has presented a N183.84 billion budget for the 2017 fiscal year to the State House of Assembly, representing an increase of 15.3 per cent over the 2016 allocations, which he said is to complete capital projects in the state. Source Guardian Read More

Still Lower Payout by the FAAC - The total monthly payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government declined for the fifth month in succession to N387bn (US$1.27bn) in December (from November revenues). Source Proshare Read More 

Plateau Revenue Service Generates N7.9bn In 11 Months – Chairman - Acting Chairman of the Plateau State Internal Revenue Service, Mr Dashe Dagogot, said the service generated N7.9 billion from January to November. Source Leadership Read More 

Xmas: Buhari approves N72billion for salaries - President Muhammadu Buhari yesterday approved additional N71.8 billion to augment shortfall in the 2016 budgetary allocation for payment of delayed workers salaries, Daily Trust gathered. Source Daily Trust Read More

Owners lose N1.8bn to car theft in 3 years - Poor recovery of stolen vehicles in Nigeria has cost vehicle owners about N1.8 billion between 2013 and 2015, analysis of data on stolen and recovered vehicles has shown. Source BUSINESSDAY Read More 

Nigeria’s import bill on honey hits $100m – Minister - The Minister of Agriculture and Rural Development, Audu Ogbeh, has valued Nigeria’s import bill on honey from China to hit 10 million dollars annually. Source BUSINESSDAY Read More 

FG stops concession of silos - The Federal Government has put hold on the concession of its 26 silos nationwide to address the challenge of food shortage. Source BUSINESSDAY Read More 

Nigeria Lost N48bn to Operational Hiccups in Aviation Sector in 2016 - It has been projected that airlines, air travellers and aviation agencies lost about N48 billion in 2016 to operational hiccups, inadequate supply of aviation fuel and the attendant high prices. Source Thisday Read More 


CBN Issues Guidance Note To Banks On IFRS 9 Implementation - The Central Bank of Nigeria (CBN) has issued an initial Guidance Note on the implementation of International Financial Reporting Standard 9 (IFRS), in the Nigerian banking sector to all financial institutions in the country. Source Leadership Read More 

Tighten the Noose on Credit Risk, CBN Tells Banks - Ahead of the May 2017 implementation of the International Financial Reporting Standards (IFRS) 9, the Central Bank of Nigeria (CBN) has said it expects banks to put in place policies and systems, as well as governance arrangements and controls to identify where their exposure to debtors have suffered a significant increase in credit risk. Source Thisday Read More 


Forte Oil leads market as stocks halt 3days profit-taking - The equities market closed today on a positive note, as NSE ASI appreciated by 0.18% to close at 26,464.82 basis points, compared with the 0.46% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.60%. Source Proshare Read More 

Agriculture Sector – PRESCO Tops on EPS as LIVESTOCK Tops on PE Ratio - The Agricultural sector is one of the main sectors in the Nigerian economy and as can be seen, its presence on the Nigerian Stock Exchange is on the low as the sector currently has five (5) stocks listed. Source Proshare Read More 

Stanbic IBTC Reports Q4 2015 Results; Neutral to Slightly Positive Reaction by the Market Likely - Stanbic IBTC Holdings finally published its Q4 2015 results today. The delay was due to a dispute with the Financial Reporting Council of Nigeria which has now been resolved. Source Proshare Read More 

Domestic Commodity Prices Have Reached Their Peak - Domestic commodity prices have reached their peak for the year and are expected to taper down in January. Source Proshare Read More

STANBIC Declares 5kobo Final Dividend in 2015 Audited Results,(SP:N14.21k) - Source Proshare Read More 

Shareholders Approve the Voluntary Delisting of Ashaka Cement Plc - At an Extra-Ordinary General Meeting of AshakaCem Plc (‘’AshakaCem’’ or ‘’the Company’’) duly convened and held on Monday December 19, 2016 the shareholders of the Company approved the Voluntary Delisting of the Company from The Exchange as recommended by the Directors. Source Proshare Read More 

Foreign Portfolio Participation in Equity Trading Drops in 2016 - Foreign investors’ participation in equity trading on the floor of the Nigerian Stock Exchange is one of the key trading activities the Exchange polls from major custodians and market operators on a month-on-month basis. Source Proshare Read More 

Naira falls further, expected to trade at N500 next week - The nation’s currency, the naira on Thursday weakened further against the US dollar, closing at a record low of N495 at the parallel market. It is expected to fall further following the persistent dollar shortage.Source BUSINESSDAY Read More 

Zabazaba deepwater project’ll generate $8bn for Nigeria – Agip - The Managing Director, Nigerian Agip Oil Company, Mr. Massimo Insulla, has said the Zabazaba and Etan deep water project on Oil Prospecting Licence 245 will generate $8bn for the Federal Government. Source Punch Read More 

N6bn power transmission projects stalled amid funding challenge - Power transmission projects worth about N6bn have remained stalled in the past few years due to lack of government funding, even as the nation seeks to achieve incremental power supply. Source Punch Read More 

Abuja DisCo invests N47.1bn, installs meters for 300,000 customers - The Abuja Electricity Distribution Company (AEDC) yesterday began its mass installation of meters for 300,000 customers at a value of $150 million (about N47.1billion) in Abuja. Source Daily Trust Read More 


Botswana's economy contracts 0.8 percent in third quarter - Botswana's economy contracted 0.8 percent quarter-on-quarter in the three months to September versus a revised zero percent in the second quarter, data from the statistics office showed on Thursday. Source Reuters Read More 

Morocco inflation rises to 1.9 pct year/year in November - Morocco's annual consumer price inflation rose to 1.9 percent in November from 1.6 percent in October due to higher food and non-food prices, the High Planning Authority said on Thursday. Source Reuters Read More 

Burundi inflation at 7.1 pct year-on-year in November - stats office - Burundi's inflation rose to 7.1 percent year-on-year in November from 6.0 percent the month before, driven by a rise in food costs in local markets, official data showed on Thursday. Source Reuters Read More 

Historic Saudi Budget Shows Effort to Win Support of Reform Plan - Saudi officials presented the most detailed budget in its history in an effort to convince citizens and investors that they’re serious about a plan to repair the budget and wean the economy off oil. Source Bloomberg Read More 

Saudi Arabia See Oil Revenue Rising 46% in 2017 as Prices Climb - Saudi Arabia expects oil revenue to jump by 46 percent next year after a deal between the kingdom and other producers to curb output drove up global prices. Source Bloomberg Read More 

Saudi Arabia Said to Consider Sale of Islamic Bonds Next Quarter - Saudi Arabia has met with banks to discuss the potential sale of shariah-compliant bonds in the first quarter to help plug its budget deficit, according to five people familiar with the matter. Source Bloomberg Read More 

Iraq Says Kurds, Foreign Companies Agree to Cut Oil Production - Iraq said most international oil companies working in the country, along with the semi-autonomous Kurdish region, have agreed to cut crude output to fulfill an OPEC accord. Source Bloomberg Read More 

Deutsche Bank to Settle U.S. Mortgage Probe for $7.2 Billion - Deutsche Bank AG said it reached a $7.2 billion agreement to resolve a years-long U.S. investigation into its dealings in mortgage-backed securities, removing a legal hurdle that fueled investor angst. Source Bloomberg Read More 

Oil Rise Makes Gabon Bonds Emerging Markets’ Most Profitable - Gabon’s bonds this month have returned more than any other dollar-denominated sovereign notes in emerging markets. Source Bloomberg Read More 

Merck’s Ebola Vaccine Found to Protect Against Deadly Virus - An experimental Ebola vaccine manufactured by Merck & Co. was found to be highly protective against the deadly virus, showing promise in the fight against future outbreaks after an earlier epidemic killed thousands and highlighted a shortage of weapons to battle the disease. Source Bloomberg Read More 

U.S. Stocks Fall With Treasuries as Dollar Gains - U.S. stocks retreated in thin trading, with benchmark indexes hovering below all-time highs ahead of the holidays, while Treasuries slipped after a flurry of data bolstered optimism in the American economy. Source Bloomberg Read More 


Nigeria’s internet users drop to 93.2m in October– NCC - The Nigerian Communications Commission (NCC) has revealed that the number of internet users in Nigeria’s telecommunications networks have reduced to 93.2 million as at OctoberSource BUSINESSDAY Read More 





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