Nigeria in 1min: Economic, Business & Financial Headlines – 250717



July 25, 2017 7:20 AM / Proshare News 


Too Big Government: The Hysteria of Developmental Quagmire - The Siamese relationship that exists between economics and politics often leads to one triggering a change in the other. This is not surprising especially in a period when the country finds itself in a deep seated economic cycle. Source Proshare Read More  

No Change Expected in Monetary Policy - The monetary policy committee (MPC) opens its latest meeting in Abuja today, and is due to announce its decisions tomorrow afternoon. Source Proshare Read More 

Fitch Affirms Nigeria's Lagos State at 'B+'; Outlook Negative - Fitch Ratings has affirmed Lagos State's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B+' with Negative Outlook and Short-Term Foreign Currency IDR at 'B'. Source Proshare Read More 

Nigeria Outlook H2-2017: After The Rain - As economic activities gain momentum and commodity prices recover from their troughs in 2016, consensus estimates see scope for an improvement in global economic growth in 2017 [World Bank (2.7%, +125bps y/y) and IMF (3.5%, +129bps y/y)]. Source Proshare Read More  

NSR H2 2017 (7) - Nigerian Fiscal: One Step Closer, Several More To Go - We continue with the serialization of ARM’s  “The Nigeria Strategy Report” with today’s excerpt focusing on developments in the fiscal space over H1 2017. Source Proshare Read More 

FG earmarks N5bn to promote exports - The Federal Government has earmarked N5 billion under the Export Development Fund (EDF) scheme with a view to promote exports of goods,  the Executive Director of the Nigeria Export Promotion Council, Mr Olusegun Awolowo, has said. Source Daily Trust Read More 

Customs realizes N2.5bn from diverted, undervalued goods - The authority in charge of the Federal Operations Unit, Zone ‘A’ of the Nigeria Customs Service has said that it realized a whooping N2.5 billion from criminally minded importers who diverted their cargoes through unapproved routs. Source Daily Trust Read More 

Nigeria’s infrastructure investment needs hit $878b - Nigeria has significant infrastructure investment gap put at $878 billion out of $97 trillion global needs, to address economic growth and existing shortfalls from now till 2040. Source Guardian Read More 

FG, States, LGs Owe Contractors N2.4trn - Indigenous contractors under the aegis of National Contractors Association of Nigeria (NCAN) yesterday disclosed that they are being owed over N2.4 trillion by the federal government, states and local government councils across the nation. Source Leadership Read More 

Nigeria Can Generate N500bn From Mining – RMAFC - Acting chairman of the Revenue Mobilisation and Fiscal Commission, Shettima Umar Abba-Gana has said experts analysis on the viability of the mining sector has estimated that Nigeria can generate approximately N500billion naira annually from royalty, taxes and other fees. Source Leadership Read More 

Ghana urges Nigeria to establish mining company - GHANAIAN government has urged its Nigerian counterpart to consider establishing a national mining company to compete actively with those in the private sector for rapid development of the sector. Source Vanguard Read More 

Benue, Golden Shalke sign MoU on free trade zone - Benue State Government has signed a memorandum of Understanding (MoU) with Golden Shalke Limited, to build and manage a Free Trade Zone (FTZ), to drive the state economy. Source Guardian Read More 

AfDB to invest $24b in agric as IITA celebrates 50th anniversary - The President of African Development Bank (AfDB) Akinwunmi Adesina  yesterday said the bank will invest $24 billion in Africa’s Agricultural sector transformation in the next ten years. Source Daily Trust Read More 

Milk production : Dangote to breed 500,000 cows, invests $800 million - President of Dangote group, Aliko Dangote is now moving into Dairy farming and production. Source Daily Trust Read More 

South West governors ditch political differences, unveil 25-year development masterplan - Having identified political differences as the bane of socio-economic growth and development of the six states of the South West Nigeria, especially during political era, governors of the zone have resolved to work together and give a new economic life to overall development of the region. Source BUSINESSDAY Read More 


CBN returns N51.9bn illegal deductions to bank customers - The Central Bank of Nigeria has said that it has recovered over N51.9bn illegally deducted by commercial banks and returned it to the customers. Source Punch Read More 

CBN, NDIC, others disagree with Senate over MFBs bill - Stakeholders in the banking sector have disagreed with the Senate over its planned amendment of laws on the regulation and supervision of microfinance banks in the country, insisting that the banks need remodeling of their operations to operate optimally. Source BUSINESSDAY Read More


Market Opens The Week Positive With +1.86% Gain - Equities market closed today on a positive note, as NSE ASI appreciated by +1.86% to close at 34,652.52 basis points as against +0.96% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +26.59%. Source Proshare Read More  

African Alliance Stockbrokers Limited Resigns Its NSE Dealing Membership - African Alliance Stockbrokers Limited has resigned its Dealing Membership of the Nigerian Stock Exchange, effective 31 July 2017. Source Proshare Read More  

Afrinvest Stock Recommendation for the Week - 240717 - The Nigerian Equities market sustained its bullish performance last week as investors remained optimistic on half year corporate earnings. Source Proshare Read More

Guinness Nigeria starts to receive subscriptions for $126 mln share sale - Guinness Nigeria has started receiving subscriptions for its 39.70 billion naira ($126 mln) share sale to existing shareholders, which will end in five weeks' time, the company said on Monday. Source Reuters Read More 

CBN sells $195m ahead of MPC decisions - Ahead of the decisions of the Monetary Policy Committee on Tuesday, the Central Bank of Nigeria on Monday boosted liquidity in various segments of the inter-bank foreign exchange market with a total of $195m. Source Punch Read More

Banks’ foreign asset holdings rise first time in 4 months - In perhaps another sign of improving dollar liquidity, banks are gradually rekindling their appetite for foreign assets, as their holdings rise for the first time in four months, after a difficult year that has seen straight declines since February. Source BUSINESSDAY Read More

Jaiz Bank grows capital base to N15bn within 5 years - Jaiz Bank Plc, Nigeria’s leading non-interest bank, says it has grown its capital base from the initial N5 billion it started operations with five (5) years ago, to over N15 billion, at the moment. Source BUSINESSDAY Read More

Nigeria Agrees to Cap Oil Output at 1.8mbpd - The Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC producers, led by Russia, have approved the decision of the federal government to cap Nigeria’s oil production at a sustainable volume of 1.8 million barrels per day (mbpd). Source Thisday Read More

Libyan oil production reaches 1.069 million barrels per day - source - Libya's oil production has reached 1.069 million barrels per day (bpd), a Libyan oil source told Reuters on Monday. Source Reuters Read More 

Nigeria to lose N57.5b daily as OPEC plans production cut - The Organisation of Petroleum Exporting Countries (OPEC) is planning to cap Nigeria’s crude oil production at 1.8 million barrels per day (mbpd) as a way to boost prices in the market. Source Guardian Read More 

Nigeria’s refineries worst in Africa – Investigation - The cost of Turn Around Maintenance of Nigeria’s four refineries from year 2000 to date is nearly the total cost of building the refineries, Daily Trust investigation has shown. Source Daily Trust Read More 

Zero oil days clearly before us – Osinbajo - Acting President, Prof. Yemi Osinbajo, yesterday, expressed concern over the rising volatility in the global crude oil market, stating that the days of zero oil, where the commodity would become irrelevant, were clearly around the corner. Source Vanguard Read More 

NNPC loses 150,000b to pipeline vandalism - The Nigerian National Petroleum Corporation (NNPC), lost 150,000 barrels of crude yesterday from an  attack on its Trans Niger Pipeline in Ogoniland, the Group Managing Director. Dr. Maikanti Baru, has  said. Source THE NATION Read More 

NNPC Reclaims Crude Oil Pipelines to Improve Refineries’ Operations - The Nigerian National Petroleum Corporation (NNPC) said it has regained full access to the pipelines that supply crude oil to its three refineries in Kaduna, Warri, and Port Harcourt, thus making it possible for the refineries to produce up to six million litres of petrol and diesel, respectively. Source Thisday Read More 

25 ships laden with petroleum products, others at Apapa ports - TwentY-FIVE ships are discharging petroleum products and other commodities at the Apapa and Tin-Can Island ports, the Nigerian Ports Authority (NPA) has said. Source THE NATION Read More 

Power generation falls below 3,000MW, seven plants idle - The nation’s power generation has fallen below the 3,000 megawatts mark as the number of idle power plants increased to eight on Sunday from five on Friday. Source Punch Read More 

Ghana central bank cuts rates as inflation eases - Ghana's central bank cut its benchmark interest rate by 150 basis points to 21.0 percent on Monday, citing a downward trend in consumer inflation and the potential for higher economic growth on increasing oil output. Source Reuters Read More 

Loonie Rises to 80 U.S. Cents as Canada Booms - The Canadian dollar strengthened to 80 U.S. cents for the first time in more than a year amid mounting evidence the economy is gathering speed and expectations the central bank will continue tightening monetary policy. Source Bloomberg Read More

Tanzania Hands Mining Company $190 Billion Tax Bill - Tanzania just hit Acacia Mining Plc with a tax bill equal to almost two centuries worth of the gold producer’s revenue. Source Bloomberg Read More 

Traders tired of quiet U.S. markets may soon have something more volatile to bet on: bitcoin options  - On Monday, a bitcoin options exchange called LedgerX won approval from the Commodity Futures Trading Commission to clear bitcoin options, making it the first U.S. federally regulated platform of its kind. Source WSJ Read More


Bharti Airtel joins Orange, Vodafone in race for 9mobile - India’s Bharti Airtel is looking to merge its Nigerian arm with 9mobile, which has just rebranded from Etisalat Nigeria following takeover as a result of financial problems, a source close to the telecom company has said. Source Daily Trust Read More

FG to build $1bn ICT company – Minister - The Minister of Communications, Barrister Adebayo Shittu, has said at the weekend in Ibadan that the Federal Government is ready to invest $1 billion dollar in the ICT sector. Source Daily Trust Read More

Leanne Beesley, Chude Jideonwo And Others To Speak At Nigeria’s First Coworking Conference - The Coworking Conference is a global event that happens in major cities all over the world from London, Dublin and New York to Cape Town, Penang and Melbourne. Source Proshare Read More 





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