Nigeria in 1min: Economic, Business & Financial Headlines – 240816


August 24, 2016 6:30 AM / Proshare News 

Nigeria's tourism & hospitality industry may overtake the downstream sector by 2021 -Jumia Travel CM - Nigeria’s tourism and hospitality industry might overtake the downstream sector by 2021 if the recently launched African Union (AU) passport is adopted by the country’s legislators. Source Proshare Read More

Fed Govt slashes CBN’s budget by 50% - The Central Bank of Nigeria (CBN) yesterday said the Federal Government has slashed its budget  by 50 per cent, lamenting that the development has seriously affected its capabilities to fund some financial system initiatives. Source THE NATION Read More 

Federal government uncovers 5,000 more ghost workers, says osinbajo - Vice President Yemi Osinbajo yesterday acknowledged that times are hard, appealing to Nigerians to bear with the government. Source THE NATION Read More 

Chinese company seeks to acquire Ajaokuta Steel Company - A Chinese consortium, China Polaris Technologies Co., Ltd, is seeking to acquire the Ajaokuta Steel Company Limited (ASCL) to further boost Nigeria’s diversification drive. Source Daily Trust Read More 

Japan donates $9.7m solar power project to Nigeria - The Japanese Government, through its agency, Japan International Cooperation Agency, has donated solar power worth $9.7 million to the Federal Government to boost electricity in the country. Source Punch Read More 

272 firms shut down in one year – MAN - Manufacturers and other private sector operators on Tuesday painted a gloomy picture of how the foreign exchange restriction placed on 41 items by the Central Bank of Nigeria had affected operations in the business sector. Source Punch Read More 

$10bn Nigerian Manufacturers’ Money Trapped Abroad –LCCI Director - The Director, Research and Advocacy, Lagos Chamber of Commerce and Industry, Mr Vincent Nwani has disclosed that about $10bn being proceeds from agricultural and manufacturing products sold by Nigerian businessmen are currently trapped in different countries due to negative confidence. Source Leadership Read More 

Multiple port inspection impedes non-oil export  - Shippers, especially exporters of non-oil cargo, have raised fresh concerns over the cnofusion and bottlenecks created by multiple government agencies involved in inspection of export products at the nation’s sea ports. Source BUSINESSDAY Read More 

Clearing cargo on flexible exchange rate renders Form M invalid- says Nicole Jonathan - Nicole Jonathan is the president of Shippers Association of Lagos State. In this interview, he highlighted the impact of the current economic situation on businesses and spoke on arbitrary exchange rate for duty payment, poor cargo inspection standard and ways to move the import business forward. Source BUSINESSDAY Read More 

Workers shut down Lagos Airport over planned concession - For the umpteenth time, aviation workers protested federal government’s planned concession of four major airports in Lagos, Abuja, Kano and Port Harcourt . Source Daily Trust Read More 

Kwara pensioners lament govt’s inability to pay - Kwara State Local Government pensioners are distressed over the non-payment of their pension and gratuities running into billions of naira. Source THE NATION Read More 


SEC Proposes New Rule on Application of 12 Years and Above Unclaimed Dividends - Pursuant to the provisions of Section 313(1)(n) of the Investments and Securities Act(ISA) 2007, the Commission hereby proposes this Rule: Source Proshare Read More

TSA: Nine Banks Barred from Forex Market, CEOs Appeal - The Central Bank of Nigeria (CBN) on Tuesday barred nine banks from participating in the foreign exchange market for failing to return a total of $2.334 billion of Nigerian National Petroleum Corporation (NNPC)/Nigerian Liquefied Natural Gas (NLNG) Company dollar deposits to the federal government’s Treasury Single Account (TSA) domiciled with the central bank, as directed by the presidency last year. Source Thisday Read More 

CBN must review 41 items restricted from FX market – OPS - The Organised Private Sector, OPS, yesterday, insisted that the Central Bank of Nigeria, CBN, must review its policy on the 41 items restricted from official foreign exchange market. Source Vanguard Read More


Big CAPs depress stocks amid strong breadth - The equities market closed today on a negative note, as NSE ASI depreciated by 0.01% to close at 27,810.28 basis points, compared with the 0.58% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.90%. Source Proshare Read More

Africa Investors Reap Rewards of Illiquidity - African stock markets’ modest size and limited trade volume makes them the subject of no small amount of scorn from the global investment community. I’ll always remember the time a broker ruefully told me that “The Botswana Stock Exchange is less liquid than the Kalahari Desert.”Source Proshare Read More 

Access Bank Reiterating Outperform Rating After Strong Q2’16 Results - Following Access Bank’s Q2 2016 results, we have increased our 2016-17E PBT estimates by an average of 22%. Our new 2016E PBT forecast of N96bn implies a y/y growth of 28%.Source Proshare Read More 

Best Mutual Funds so far in 2016 - It hasn’t been a great year for the markets so far this year. The NSE Allshare index is down around 3.46% year-to-date. With volatility at 7.3%, less inflow from foreign investors due the depreciating Naira, and the market looking more bearish, it becomes a challenge finding winning investments. Source Proshare Read More 

Seven states, Fidelity, others raise N141bn bond - Seven states of the federation including Plateau and Oyo raised a total of N60.95bn through the bond market in 2015, the Debt Management Office said on Tuesday. Source Punch Read More 

Fashola inaugurates I.2Mw solar plant - Power generation went up yesterday by 1.2megawatts (Mw) following the inauguration  of a solar electricity plant in the Lower Usman Dam, the Minster of Power, Works and Housing,  Babatunde Fashola, has said. Source THE NATION Read More 


Shoprite lifts profit as Africa keeps buying despite commodity crunch - Africa's largest retailer Shoprite Holdings reported a 17 percent jump in full-year profit on Tuesday, shrugging off competition in South Africa and buoyed by strong sales in Angola. Source Reuters Read More 

Egypt plans to end fuel subsidies within three years - Egypt plans to end fuel subsidies within three years and is aiming to increase fuel prices to 65 percent of their actual cost during the 2016/17 fiscal year, two government sources told Reuters on Tuesday. Source Reuters Read More

Value of Transactions on Mobile Payment Platforms Hit N442bn in 2015 - The global expansion of the internet has significantly contributed to the transformation of trade and transactions on electronic commerce platforms. The National Bureau of Statistics (NBS) recently released a new set of data which captures activities (volume and value) on electronic payment channels in the Nigerian banking sector. Source Proshare Read More 

Stakeholders discuss development of “Smart Cities” in Nigeria - The prospects of developing Smart cities in Nigeria, came to the fore at a discourse powered by the eMaginations quarterly breakfast forum. Source Proshare Read More

Nigeria tasked on $19 trillion IoT market potential - With the market potential of the Internet of Things (IoT) estimated to be worth $19 trillion, Cisco Systems has called on Nigeria to maximise the opportunity.According to Cisco, the opportunities abound, with private sector benefits estimated at $14.4 trillion, while public sector has a $4.6 trillion potential. Source Guardian Read More 

Lenovo Q1’16 revenue declines to $10.1bn on FX impacts - Lenovo Group has released its results for the first fiscal quarter (Q1) ended June 30, 2016 with revenue at $10.1 billion, representing 6 percent decrease year-over-year (yoy). Source BUSINESSDAY Read More 

Tesla Unveils the World’s Fastest Production Car: 0 to 60 in 2.5 Seconds - Tesla’s Model S was already the fastest four-door sedan in the world. In “Ludicrous Mode,” it had the speediest zero-to 60 jump of any car under $200,000. But this, apparently, wasn’t ludicrous enough. Source Bloomberg Read More 





Stakeholders discuss Developing Smart Cities in Nigeria

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