Nigeria in 1min: Economic, Business & Financial Headlines – 241116



November 24, 2016 7:30 AM / Proshare News 


FG to Roll out Tax Incentives, Shares N420bn with States, LGs - The federal government has unfolded its plan to roll out tax incentives for the manufacturing sector in a bid to stimulate the economy. Source Thisday Read More

W’Bank budgets N12.2bn to clear Apapa gridlock - The World Bank is to support Nigeria’s maritime sector with N12.2bn ($40m) to help clear the traffic congestion that characterises most roads around the Nigerian Ports Authority in Apapa, Lagos, the Nigerian Shippers Council has said. Source Punch Read More 

AfDB Board Approves €50m Investment Package For Africa - The board of directors of the African Development Bank (AfDB), has  approved  a €50-million package of investments in various angel, venture, seed, accelerator and incubator funds with the aim of funding innovative start-ups and early stage small businesses across Africa. Source Leadership Read More

The Multiplier Effects of Sabotage - The NBS has released the national accounts for Q3 2016 to show negative growth of -2.2% y/y (after -2.1% the previous quarter). Contraction for the third successive quarter had been widely flagged, not least by the federal finance minister. Source Proshare Read More 

Assessing the Macroeconomic Direction for 2017 - On September 30, President Buhari submitted the 2017-2019 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the National Assembly for consideration and approval. Source Proshare Read More 

Reps increase President’s N180b virement to N208b - The House of Representatives has increased the N180 billion request of President Muhammadu Buhari for virement in this year’s budget to N208. 821 billion. Source Guardian Read More 

Special Economic Zones project attracts $1bn funding— Enelamah - The Minister of Industry, Trade and Investment says the proposed six Special Economic Zones (SEZs) project being undertaken by the Federal Government has attracted $ 1billion funding supports from foreign development partners. Source Vanguard Read More 

2017 draft budget based on unrealistic assumptions —Senate - A draft budget framework for 2017 submitted to the National Assembly by President Muhammadu Buhari is based on unrealistic assumptions about oil production and the currency exchange rate, the Senate said yesterday. Source Vanguard Read More 

Buhari to Present 2017 Budget Dec 1 - All things being equal, President Muhammadu Buhari will on December 1 present the 2017 budget before a joint session of the National Assembly, the Senate disclosed wednesday. Source Thisday Read More 

Q3’16 GDP - Few Bright Spots Amidst Further Contraction - Nigeria’s recession deepened in the third quarter of the year with a 2.24% year-on-year (y/y) contraction in real GDP (Bloomberg Consensus: -2.00%, Vetiva: -1.72%). Propelling this contraction, the oil sector shrank 22% y/y as this quarter paled in comparison to a year-best performance in Q3’15. Source Proshare Read More 

UNIDO has invested N9.51bn in Nigeria – Enelamah - The United Nations Industrial Development Organisation (UNIDO) has, over the years, invested N9.51bn ($30 million) to support industrial activities in Nigeria . Source Daily Trust Read More 

1,800 flights cancelled as Lufthansa pilots begin strike - Lufthansa pilots in Germany began a two-day strike on yesterday, grounding some 1,800 flights at one of Europe’s largest airlines in a long-running pay dispute. Source Daily Trust Read More 

OBJ Speaks..... On the Economy, #CHANGE and to President Muhammadu Buhari - We immediately need loans to stabilise our foreign reserve and embark on some infrastructure development but surely not $30 billion over a period of less than three years. Source Proshare Read More 

FG Loses $52m In Federation Export Sales - Information from the Federation Account Allocation Committee (FAAC) yesterday showed that the federal government lost the sum of $52million which it was supposed  to get from the federation export sales in October this year. Source Leadership Read More 

Nigeria loses 30m tonnes of fertiliser through gas flaring – Expert - The Senior Fertiliser Specialist, African Fertiliser and Agribusiness Partnership, Mr. Paul Makepeace, says Nigeria loses 30 million tonnes of urea (fertiliser) through gas-flaring. Source Punch Read More 

Nigeria’s non-oil exports face ban in Europe - Nigeria’s agro product exporters could see their goods banned from Europe over the Federal Government’s reluctance to sign the Economic Partnership Agreement (EPA) trade deal proposed by the European Union. Source BUSINESSDAY Read More 

Food and beverage makers face difficult 2017 as sugar prices soar - Food and beverage makers in Nigeria have a 2017 financial year to look forward to as the price of raw sugar in the international markets is expected to stay high next year. Source BUSINESSDAY Read More 

Recession: FG plans tax relief for manufacturers - The Federal Government, in a bid to ease the burden of the current economic recession on the manufacturing sector, is planning some form of tax relief for the sector. Source Punch Read More 

Hotel Occupancy Drops Below 35% as Recession Bites - Nigeria’s hospitality sector has been hit hard by the economic slowdown, with occupancy rates in hotels falling below 35 per cent this year due to the contraction of economic activities in the country. Source Thisday Read More 

Vehicle imports dropped by 60 per cent in 9 months – Toyota - As Nigeria battles recession, the Managing Director of Toyota Nigeria Limited (TNL), Mr Kunle Ade-Ojo, has described 2016 as tough year for the company. Source Daily Trust Read More 


Mid-Week rally halts 8 straight days losing streak - The equities market closed today on a positive note, as NSE ASI appreciated by 0.22% to close at 25,517.00 basis points, compared with the 0.15% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.91%. Source Proshare Read More 

N7.96bn Sterling SPV bond berths - The Sterling Investment Management SPV Plc’s N7.965bn Series 1 bond has come on stream on the FMDQ OTC Securities Exchange platform. Source Punch Read More 

Naira bounces back against dollar at interbank market - The Naira on Wednesday appreciated against the dollar at the interbank market. Source Daily Trust Read More 

Poor access to dollars blamed for aviation fuel scarcity - Airlines are struggling to get aviation fuel, also known as JET A1, because importers cannot access foreign exchange from the official interbank window to bring it into the country. Source BUSINESSDAY Read More

 Militancy: NNPC to favour N/Delta firms in oil lifting contracts - More Nigerian companies especially those from the Niger Delta region will be awarded contract to lift crude oil in 2017 as the Nigerian National Petroleum Corporation (NNPC) unveils bids for the contract award today, sources have told Daily Trust. Source Daily Trust Read More 



Kenya cuts 2017 growth outlook on slowing credit growth - Kenya's economy is likely to expand by just over 6 percent next year, down from an initial forecast of 6.5 percent, mainly because of slowing private-sector credit growth, a senior Treasury official said on Wednesday. Source Reuters Read More

Zimbabwe's gold, platinum output rise in first 9 months of 2016 - Zimbabwe recorded a 14 percent rise in gold production and a 20 percent rise in platinum output during the first nine months of this year despite weak commodity prices and cash shortages, the mining chamber said on Wednesday. Source Reuters Read More

Brexit will blow £59bn hole in public finances, admits Hammond - Philip Hammond conceded that Brexit will blow a £59bn black hole in the public finances over the next five years, as he outlined plans to boost investment in infrastructure and housing to equip the UK economy for life outside the EU. Source Guardian Read More 

U.K. Cuts 2017 Growth Forecast and Plans to Increase Borrowing - U.K. Chancellor of the Exchequer Philip Hammond laid out a somber framework for post-Brexit Britain, slashing the forecast for economic growth in 2017 and saying the government will need to borrow more over the next five years partly as a result of the vote to leave the European Union. Source Bloomberg Read More

Philippine Market in a Funk as Peso Slides to 2008 Crisis Level - Asia’s emerging markets have faced outflows since Donald Trump won the U.S. presidential election earlier this month. The Philippines is ground zero for the rout as a resurgent U.S. dollar and Manila’s still-expensive stock market have made it even more vulnerable, with the peso plunging to an eight-year low. Source Bloomberg Read More

Korea Household Debt Hits Record as Repayment Burden Set to Rise - South Korea’s household debt swelled to a record in the third quarter, prompting the government to release another set of measures to slow its rise. Source Bloomberg Read More 


BoI Earmarks N300bn for SME Development - The Bank of Industry (BoI) has earmarked N300 billion for the development of Small and Medium Enterprises (SMEs) in Nigeria over the next three years, noting that this move was to make funds accessible to entrepreneurs to start up and expand their businesses in the country. Source Thisday Read More 





 How Nigeria can recover from recession-Emefiele 1

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