Nigeria in 1min: Economic, Business & Financial Headlines – 240117



January 24, 2017 7:30 AM / Proshare News 


10.8% of Nigeria's Total Working Population Are Registered Under The National Pension Scheme - NBS - The retirement savings account (RSA) membership distribution data for Q4 2016 reflected that 7,348,028 workers are registered under the pension scheme out of a total working population of 69,470,091 as at Q4 2016.  This represents 10.8% of the total working population.  Source Proshare Read More 

FG develops 59 strategies to end recession - The minister of Budget and National Planning, Senator Udoma Udoma, unveiled the strategies at the Presidential Villa in Abuja during the Second Presidential Business Forum presided over by Acting President Yemi Osinbajo. Source Daily Trust Read More 

FG releases N72b full counterpart funding for Lagos-Ibadan rail - The Federal Government has released N72 billion being the full counterpart funding for the construction of Lagos-Ibadan modernization railway project. Source Guardian Read More 

FG Unveils Plan To Secure $5bn World Bank, AfDB Loans - The federal government yesterday unveiled its economic recovery plan as part of conditions to secure $4 billon loans from the World Bank and African Development Bank (AfDB) and another $1 billion Eurobonds to finance budget shortfalls. Source Leadership Read More 

‘BoI invested N1 trillion in economy’ - The Acting Managing Director of the Bank of Industry (BoI), Mr. Waheed Olagunju has disclosed that the bank invested N1 trillion in the economy in the past 16 years. Source Guardian Read More 

Anambra plans to produce 330,000 tonnes of rice by December 2017 - Governor Willie Obiano of Anambra says his administration intends to produce 330,000 tonnes of rice by December and make agriculture a lucrative venture for the youth. Source BUSINESSDAY Read More 

Top Services, First Ally Signed N20Bn Real Estate Investment Trust - Top Services Limited (TSL) and First Ally, fund manager, have signed a N20 billion real estate investment trust (REIT), consisting of 20 million units which will be on offer for subscription at N1,000 per unit from February 1, 2017. Source Thisday  Read More 


Personal Statements by the MPC Members at the 110 MPC Meeting of Nov 21-22 2016 - The condition of key macroeconomic indicators at this meeting has not significantly altered from the position at the last meeting. Source Proshare Read More 

NAICOM plans special audit of insurance firms - Worried by the impact of the current economic crisis on the balance sheet of insurance companies, the National Insurance Commission on Monday unveiled plans to carry out a verification exercise of the capital requirements of all such firms operating in the country. Source Punch Read More 

2017 budget will increase spending in productive sector – SEC DG - The Director-General of the Securities and Exchange Commission, Mr. Mounir Gwarzo,  has said that the Federal Government’s 2017 budget is aimed at increasing the country’s productive sector spending. Source Punch Read More 


Market Maintains Uptrend to Open the Week Positive - Equities market closed today on a positive note, as NSE ASI appreciated by 0.03% to close at 26,231.37 basis points, compared with the 0.08% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.42%. Source Proshare Read More  

Stanbic IBTC Holdings Q4 2015 - Q3 2016 Results Review - FRC Saga Finally Behind The Bank - Following the recent publication of Stanbic IBTC Holdings’ Q4 2015 – Q3 2016 results, we have updated our forecasts. The delay in the publication of the results made our previous forecasts redundant. The increase to our forecasts is significant. Source Proshare Read More 

Guinness Nigeria shares up 2.2%, set for N40bn rights issue - GUINNESS Nigeria Plc  shares on the Nigerian Stock Exchange, NSE, yesterday, rose by 2.2 per cent to close at N68.70 per share after it had fallen by 19 per cent this month following poor performance of its financials in 2016. Source Vanguard Read More 

Foreign investors liquidate over N200bn worth of stocks - Proceeds repatriated by foreign investors from their liquidated stocks portfolio reached record highs of N236billion in eleven months to November 2016, BusinessDay checks at the Nigerian Stock Exchange (NSE) revealed. Source BUSINESSDAY Read More 

AFC Issues $150 Million Maiden Sukuk - The Africa Finance Corporation (AFC), one of the leading pan-African multilateral development finance institution and project developer, has issued its maiden Sukuk, the highest-rated ever Sukuk issuance from an African institution. Source Thisday  Read More 

DISCOs monthly revenue shortfalls rise to N25bn in 2016 - DISCOs’ remittances to Nigeria Bulk Electricity Trading, NBET, dropped to about 35 percent in 2016 from an average of 65 percent in 2015, with monthly revenue shortfalls rising to N25 billion in 2016 as against N9 billion in 2015. Source Vanguard Read More 

Global energy demand to increase by 40% — OPEC - THE Organisation of Petroleum Exporting Countries, OPEC, has said that the total global primary energy demand will rise by 40 percent or 108.2 million barrel of oil equivalent per day (mboe/d), by 2040. Source Vanguard Read More 

Nigeria’s petrol import drops by nine million litres in 2016 - The volume of importation of Premium Motor Spirit (PMS) also called petrol, dropped from 14 billion litres in 2015, to 4.89 billion litres in 2016, according to the National Bureau of Statistics (NBS). Source Guardian Read More 

Oil Price Hike Imminent, As Marketers Propose N165 Per Litre - Another hike in the price of Premium Motor Spirit (PMS) may be imminent, as petroleum marketers have proposed a new pump price of N165 per litre for the product, saying that the subsisting price of N145 per litre is no longer sustainable due to the scarcity of foreign exchange to finance fuel importation. Source Leadership Read More 

NNPC, Eni sign pact to fix P/Harcourt refinery, Okpai - The Nigerian National Petroleum Corporation (NNPC) and Italian oil giant Eni, through its subsidiaries Nigerian Agip Oil Company (NAOC) and Nigerian Agip Exploration (NAE) have signed a Memorandum of Understanding (MoU) to promote new activities in Nigeria’s energy sector. Source Daily Trust Read More 


Equatorial Guinea says presents offer to become OPEC member in 2017 - Africa's no. 3 oil producer Equatorial Guinea has presented an offer to join the Organisation of the Petroleum Exporting Countries (OPEC) this year and has agreed to production cuts, its energy ministry said on Monday. Source Reuters Read More 

Angola's banks grapple with liquidity, foreign exchange shortages - Angola's banks face a liquidity crunch due to a shortage of foreign currency, said the head of the nation's banking association on Monday, but added that he is not aware of requests by lenders for a state-funded bailout. Source Reuters Read More 

Ghana central bank says supports plan to renegotiate IMF deal - Ghana's central bank supports a plan by the new government to renegotiate a $918 million deal with the International Monetary Fund and the plan will not derail efforts to stabilize the economy, Governor Abdul-Nashiru Issahaku said on Monday. Source Reuters Read More 

Ghana central bank holds main policy rate unchanged at 25.5 pct - Ghana's central bank held its main policy rate unchanged on Monday at 25.5 percent, Governor Abdul-Nashiru Issahaku said. Source Reuters Read More 

Dollar May Reach Parity With Euro by End of Year, Goldman Says - The strong U.S. dollar will continue and the Federal Reserve will normalize policy at a faster rate than the market expects, according to Goldman Sachs Group Inc. Chief Economist Jan Hatzius. Source Bloomberg Read More 

Fed Debate Over $4.5 Trillion Balance Sheet Looms in 2017 - Eight years after the Federal Reserve launched the first of three controversial bond-buying campaigns to help save the U.S. economy, its holdings are stuck at $4.5 trillion, and the question of when to let them shrink is beginning to simmer. Source Bloomberg Read More 

Dubai Airport Traffic Slows as Oil Slump Hits Emirates - Dubai International Airport said passenger growth slowed by a third last year as economies faltered and the lower oil price clipped Mideast travel, while warning that the current 12 months could see the most sluggish expansion in a decade. Source Bloomberg Read More 

OPEC Helps Cheap U.S. Oil Find Its Way to Group’s Top Buyers - Add Southern Green Canyon and Mars Blend to the growing list of American crude that’s challenging OPEC’s dominance in the world’s biggest oil market. Source Bloomberg Read More 


Internet users decline by 536,346 subscribers in December - The Nigerian Communications Commission, NCC, has said that the number of internet users in Nigeria’s telecommunications networks drifted to 91,910,341 in December 2016. Source Vanguard Read More 

Nigeria must not scare away MTN, says communications minister - Nigeria must not scare away MTN, its minister of communications said, as lawmakers investigate alleged illegal money transfers just three months after the government fined Africa's biggest telecoms firm over $1 billion. Source Reuters Read More 

Nigerians Spend N56trn On e-Transactions In 12 Months - Despite the economic downturn in the country last year, over N56 trillion was moved through the electronic channels in the Nigerian financial system. This is asides the cash transactions done over the counter in the banking halls. Source Leadership Read More 

Bharti Airtel Eyes Africa Cuts To Reduce $12bn Debt - Bharti Airtel is investigating the sale or merger of some of its African interests in an attempt to cut a $12 billion debt pile, chairman Sunil Bharti Mittal, said in an interview with BloombergQuint. Source Leadership Read More 





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