Nigeria in 1min: Economic, Business & Financial Headlines – 251016



October 25, 2016 6:10 AM / Proshare News 


FG unveils plan for economic diversification, growth - The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, has stated that the strategic focus of the ministry’s master plan for diversification and growth of the Nigerian economy is to work with private and development capital firms to leverage resources in order to achieve set target Source Punch Read More

42 European investors coming in November, says FG - Representatives of 42 investors from European countries will come into the country next month to consider areas of investment in the various sectors of the Nigerian economy, the Federal Government has said. Source Punch Read More

Recession: C’River Assembly slashes 2016 budget - The economic recession in the country has forced the Cross River State House of Assembly to slash the 2016 budget of N303bn earlier passed in February 2016 to N259.1bn. Source Punch Read More

Recession: Local automakers’ production capacity drops by 97% - Activities at vehicle assembly plants across the country have nosedived as the automakers continue to experience a decline in the patronage of their products, no thanks to the biting economic recession. Source Punch Read More 

FAAC allocations fell by 31% in six months – NEITI - A new report by the Nigeria Extractive Industries Transparency Initiative has revealed that disbursements from the Federation Account to the three tiers of government plunged by 31 per cent in the first half of this year relative to the corresponding period of 2015. Source Punch Read More

Toxic Politics Versus Better Economics - The relationship between politics and economics is changing. Advanced-country politicians are locked in bizarre, often toxic, conflicts, instead of acting on a growing economic consensus about how to escape a protracted period of low and unequal growth. Source Proshare Read More 

Out of Ammunition to Combat Recession? -
Economic forecasts for 2017 project continued frailty in the global economy, and subpar growth for most countries and regions. Obvious economic problems include Europe’s weak banks, China’s distorted property market, political uncertainty in the West, historically high private and public debt – 225% of GDP. Source Proshare
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Government to reduce number of agencies at ports - Worried about the loss of business to neighbouring countries arising from low competitiveness, indications emerged at the weekend that the Federal Government may further reduce the number of agencies at the nation’s ports. Source Guardian Read More 

NIMASA ‘lost about $3b in three years’ - The Nigerian Maritime Administration and Safety Agency (NIMASA)  lost $2,950,151,671.14 in three years through non implementation of the Sea Protection Levy (SPL) by past managements. This, The Nation learnt, was between  2013 and 2015. Source THE NATION Read More 

IMF sees sub-Saharan Africa’s economic growth lowest in 20yrs - The International Monetary Fund (IMF) yesterday called for prompt policy action to secure economic  rebound and growth in sub-Saharan Africa. It warned that the continent was set to witness its lowest growth level in more than two decades. Source THE NATION Read More 

Fiscal Challenges for Delta State - Given the swings in the Federation Account Allocation Committee payouts over the past few months, the need for states to bolster their internally generated revenue (IGR) cannot be overemphasized. Lagos State sits as the poster child with an estimated IGR of N271.4bn in 2014; this represented 67% of its total revenue. Source Proshare Read More 

Q3'16 Economic Review and Outlook - Worth the Risk? - The Nigerian economy officially slipped into recession in the third quarter of 2016 and the output gap has been widening. The economy has been experiencing severe strains and macroeconomic instability being aggravated by its exposure as a commodity exporting country. Source Proshare Read More 

Nigeria’s inefficient ports costs N1trn in lost revenue - Nigeria loses N1 trillion annually to port inefficiencies, a loss that maritime analysts and the Organised Private Sector say can be prevented if the country adopts a   Single Window that will enable importers and exporters to lodge standardised documents through a single entry point. Source BUSINESSDAY Read More 



e-Fraud: CBN moves to tackle N4bn annual losses - The Central Bank of Nigeria and other key stakeholders in the payment sector have started tackling cases of electronic fraud (efraud) in the country, with the hope of finding a lasting solution. Source Punch Read More 


Infrastructure, LNG Exports To Bolster Growth Opportunities in Cameroon - Infrastructure development and opportunities in liquefied natural gas (LNG) will provide Cameroon with a solid   foundation for growth in the next two years. Source Proshare Read More

Ghana’s New Eurobond to Outperform In 2017, Following Elections - In a positive for both the Ghanaian economy and the incumbent National Democratic Congress (NDC) administration, Ghana successfully issued a new dollar-denominated security on September 9, which we expect to be one of the better-performing Sub-Saharan African dollar-denominated securities in 2017. Source Proshare Read More 

ZENITHBANK Declares N100.07bn PAT in Q3 2016 Result, (SP:N14.75k) - Source Proshare Read More 

Conversion of ETI Preference Shares to Ordinary Shares - Further to the earlier communication on this matter, you will recall that by a resolution passed on the fourteenth day of September 2011 the Board of Directors of Ecobank Transnational Incorporated (ETI) approved the acquisition of Oceanic Bank International Plc (Oceanic). Source Proshare Read More 

Four Risks That Would Undermine Recovery in Sub-Saharan Africa - We see Sub-Saharan Africa (SSA) as having passed the worst of recent economic doldrums, and poised for a gradual economic recovery in the coming quarters. After bottoming in H116, we expect commodity prices will rebound, albeit slowly, in the years ahead, supporting fiscal revenues and bolstering willingness to invest in the region's major oil and metals producers. Source Proshare Read More 

Investors dump CADBURY as stocks start week bearish - The equities market closed today on a negative note, as NSE ASI depreciated by 0.08% to close at 27,574.95basis points, compared with the 0.01% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.73%. Source Proshare Read More

Fitch Rates Access Bank’s $300m Eurobond ‘B’ - Fitch Ratings has assigned Access Bank Plc’s issue of $300 million 10.5% senior unsecured notes due 2021 a ‘B’ rating. Source Thisday Read More 

Nigeria’s Projected 2.5mbpd Oil Output Cannot Grow Economy’ - The Nigerian Association of Energy Economics (NAEE) has said Nigeria’s constant projection of 2.5 million barrels per day (mbpd) of crude oil production in her national budget will be inadequate to grow her economy, stressing that the country needs to produce at least 4 million bpd to boost the economy. Source Thisday Read More 

NNPC, PPMC earn N933bn from petroleum products sales -NIGERIAN National Petroleum Corporation, NNPC, and its subsidiary, the Pipeline and Products Marketing Company, PPMC, earned N933.289 billion from sale of petroleum products in 12 months period, between August 2015 and July 2016. Source Vanguard Read More 

Nigeria gets Africa’s only demo oil rig after repairs - The Petroleum Technology Development Fund (PTDF) has recorded a landmark achievement following the rehabilitation and restoration of the only demonstration land rig in Africa where international oil companies can send their personnel for hands-on training. Source Daily Trust Read More 

2.5m barrels oil production not enough for Nigeria – NAEE - If Nigeria must export oil at all, it should be targeting 4 million barrels oil production per day so as to grow the economy and catch up with the world, the Nigerian Association for Energy Economics (NAEE) has said. Source Daily Trust Read More 

Fuel imports’ll reduce by 60% in 2018 – Kachikwu - The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that the reforms embarked upon by the government are targeted at cutting petroleum products’ importation by at least 60 per cent by 2018 and thereafter position the country for net export by 2019. Source Punch Read More 

Petrol: N145 per litre not sustainable – NNPC - The Group General Manager, Crude Oil Marketing Department of the Nigerian National Petroleum Corporation (NNPC), Mr. Mele Kyari, has said the nation’s difficult business environment may make it difficult to sustain the current pump price of petrol. Source Daily Trust Read More 



The Limits Of The Law Guiding Foreign Exchange Autonomous Market - At Independence from British Colonial Rule in 1960, and until the establishment of the Central Bank of Nigeria (“CBN”), foreign currencies earned by exporters, most of who dealt in agricultural produce, were retained in Foreign Bank Accounts with the Nigerian Pound tied at par to the British Pound Sterling, thus ensuring easy currency convertibility. Source Proshare Read More 

Bankers Quitting Brexit Britain Risk Budget Hole for Hammond - U.K. Chancellor of the Exchequer Philip Hammond is facing a fiscal hit if bankers carry out their threat to quit London to protect their businesses against Brexit. Source Bloomberg Read More 

Asian Stocks Rise With Industrial Metals as Fed Bets Buoy Dollar - Asian stocks rose to a two-week high and industrial metals advanced, buoyed by a generally upbeat corporate earnings season and reports showing manufacturing is picking up in the U.S. and the euro area. The dollar strengthened versus the yen. Source Bloomberg Read More 

Emerging Stocks Retreat With Currencies as Fed Hike Bets Mount - Developing-nation stocks retreated from a two-week high and currencies declined as mounting speculation the Federal Reserve will raise interest rates this year curbed demand for higher-yielding assets. Source Bloomberg Read More 

China Stocks Trade Near Nine-Month High Amid Fiscal Support Bets - China’s stocks traded near a nine-month high after a rally spurred by bets the government will boost spending on infrastructure. The listed unit of Baosteel Group Corp., the steelmaker that’s merging with a local rival to become China’s biggest, jumped on a turnaround in earnings. Source Bloomberg Read More 

China Money Rate Rises to 18-Month High as Yuan Spurs Outflows - China’s overnight money rate climbed to the highest level in 18 months, fueled by capital outflows as the yuan weakened to a six-year low. Source Bloomberg Read More 

Ghana govt says revises 2017 GDP forecast down to 7.0-7.4 pct -Ghana is revising its forecast for gross domestic product growth in 2017 to 7.0-7.4 percent from a previous forecast of above 8 percent, Finance Minister Seth Terkper said on Monday. Source Renters Read More

Egypt launches world's biggest LNG tender for 2017/2018 supply: trade sources - Egypt launched the world's biggest tender for liquefied natural gas (LNG) on Sunday as officials from top trading houses and oil majors converged on Cairo - undeterred by tough new rules forcing them to wait even longer to get paid. Source Renters Read More 

US Sanctions Removal a Positive for Investment in Cote d'Ivoire - Our projection that Côte d'Ivoire will far outpace growth in  the remainder of Sub-Saharan Africa (SSA) is in large part predicated on strongly positive investor sentiment towards  the country,  and we believe that this will have been further bolstered by news that the US is removing the West African country from its sanctions list. Source Proshare Read More 

Domestic Commodity Prices Benefitting from Bountiful Harvests - Domestic commodities mainly maize, sorghum and yam are benefitting from the bountiful harvest. Retail prices are yet to respond as consumers continue to resist higher prices. Source Proshare Read More 

Post-Election Violence in Gabon Will Not Unseat Re-Elected Bongo - Incumbent Gabonese President Ali Bongo has retained his office in the closest run presidential election in the country's history, in line with our pre-election view. Bongo defeated challenger Jean Ping by 49.8% to 48.2% in the vote held on August 27. Source Proshare Read More 

Slow Response to Structural Slowdown in Algeria - Algerian economic activity will face headwinds over the coming years, primarily as a result of the continuing slump in global energy prices – the most influential determinant of the country's growth performance. Source Proshare Read More 

The Egyptian Pound - Much Further to Fall - We expect a further 10% depreciation in the Egyptian pound by the end of the year as the Central Bank runs out of reserves to defend the currency. In addition, the proposed USD12bn IMF deal is dependent on a more competitive exchange rate. Source Proshare Read More 

Political Stability Improving in Morocco; Thanks To Growing FDI - We have upgraded Morocco's long-term political risk score to 68.5 out of 100 in September – compared to 67.8 previously – on the back of large foreign investment inflows which the Moroccan government is channeling towards inclusive growth in the country's poorest regions. Source Proshare Read More 

Morocco’s 2017 Inflation Acceleration Will Be Short-Lived - We expect inflation in Morocco to pick up over the coming quarters, as Brent and food prices increase year-on-year. The removal of fuel and food subsidies over the past few years means that the Moroccan consumer will be hit by rising international commodity prices. Source Proshare Read More 

Libya’s Economic Outlook Weak amid Still-High Political Instability - Political rivalry and weak, fragmented security structures have caused Libya's oil output – accounting for as much as 97.2% of exports and 93.4% of state revenues in 2014, according to the IMF – to decline to a fraction of those levels recorded before the 2011 revolution. Source Proshare Read More 

South Africa - State Mining Company Won't Solve ANC's Problems - The African National Congress (ANC), the country's ruling party, is considering having the State's Public Investment Corporation (PIC) establish a diversified state-owned mining company, in an effort to win back public support after the August 3 municipal elections revealed a sharp deterioration in popularity (see' ANC Election Losses Point To Sclerotic Policymaking Ahead', August 8). Source Proshare Read More 



MTN Q3 better than forecast, despite Nigeria troubles - MTN has announced a lower than expected decline in revenues for the third quarter (Q3) 2016 despite troubles in Nigeria. The telecom giant released its results showing  a 1.2 percent decline in revenue in the third quarter of 2016 when compared to similar period of 2015.  Source BUSINESSDAY Read More 

Banks, MDAs lose N78bn annually to cybercrimes - Minister - Nigeria currently loses about N78 billion annually to the activities of cyber criminals who target financial institutions and government’s Ministries, Departments and Agencies (MDAs), the Minister of Communications, Barrister Adebayo Shittu, has said. Source Daily Trust Read More 

Twitter Planning Hundreds More Job Cuts as Soon as This Week - Twitter Inc. is planning widespread job cuts, to be announced as soon as this week, according to people familiar with the matter. Source Thisday Read More 





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