Nigeria in 1min: Economic, Business & Financial Headlines – 260516




May 26, 2016 6:10 AM / Proshare News 


Addressing the Africa power deficit; 53% of Africans without access to regular electricity - Without adequate power supplies there can be no industrialization, and without industrialization the development of Africa will continue to lag behind other continents. Africa accounts for 16% of the global population but also 53% of the same without access to regular electricity.Source Proshare Read More 

Allocations to FG, states, LGs drop by N18.2bn - The allocations from the Federation Account to the three tiers of government for the month of April declined by N18.2bn to N281.5bn from N299.74bn in March, according to the Federation Account Allocation Committee. Source Punch Read More 

MPC - Shifting Hallowed Grounds? A Year Late - The monetary policy committee of the Central Bank of Nigeria held its third meeting of the year between 23rd and 24th May, 2016 and all committee members unanimously voted to retain rates. Source Proshare Read More 

Nigeria inflation could hit 20% under new liberalized FX regulatory regime - Since August 2014 as Brent oil spot prices have fallen by 60%, Nigeria’s CPI inflation rates have also surged forward by a corresponding 61%.Source Proshare Read More 

AFC, Access Bank JPMorgan to finance N844bn, 38km 4th Mainland Bridge - Aconsortium of investors on Wednesday including the Africa Finance Corporation (AFC), Access Bank and JPMorgan signed to commit about N844 billion as the initial cost of the construction of the long awaited 4th Mainland Bridge, under a Public Private Partnership (PPP) arrangement. Source BUSINESSDAY Read More 

AfDB to invest $12bn in African energy sector - African Development Bank (AfDB) Group has again set an ambitious goal to help the continent achieve universal electricity access by 2025, with a strong focus on encouraging clean and renewable energy solutions. Source BUSINESSDAY Read More 

Senate invites Adeosun, Emefiele over economy - The Senate yesterday resolved to invite the Minister of Finance, Mrs. Kemi Adeosun and Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, to brief it on the state of the economy. Source THE NATION Read More



NSE-ASI gains above 1,000bpts as bargain hunters return to market - The equities market closed today on a positive note, as NSE ASI appreciated by 3.78% to close at 28,260.61basis points, compared with the 0.80% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.33%. Source Proshare Read More

Advantages and Disadvantages of Devaluation - 3 Case Studies - Devaluation is the decision to reduce the value of a currency in a fixed exchange rate. A devaluation means that the value of the currency falls.Source Proshare Read More 

MERI FX traders sidestep FOREX challenge - Rising global Oil prices, continued growth and stability of global economies, and appreciating U.S stock prices, among other favourable global market news flow, have incited retail investors in Nigeria, to long for global markets, in a bid to take advantage of these opportunities.Source Proshare Read More 

Post MPC View: Caught between a rock and a hard place - Confronted with rising inflation and shrinking output, the monetary policy committee (MPC) yesterday left its stance unchanged. We suspect that it was minded to announce a hike to maintain a positive policy rate in real terms until the release of the GDP data. It noted that its options were limited “in a period of stagflation”. Source Proshare Read More

United Capital Gains N1.5bn from Sale of Insurance Firm - United Capital Plc, one of the leading African investment banking and financial services firm, has completed the sale of its 50 per cent holding in United Metropolitan Life, a joint venture established in 2005, to its Joint Venture partner, Metropolitan International Holdings (Proprietary) Limited. Source Thisday Read More 

Union Dicon completes purchase of 2,000ha Cassava farm - The huge potential of the cassava value chain has been further keyed into by Union Dicon plc with the company signing a share subscription agreement to finalise the purchase of Ere Egwa farms, representing an additional 2,000 hectares of cassava farmland. Source BUSINESSDAY Read More 

AMCON Takes Over Assets Of Bulk Pack Services Ltd - Bulk Pack Services Limited, a beverage package manufacturer and supplier owned by Alhaji Sani Dangote, the younger brother of Alhaji Aliko Dangote, has been taken over by the Asset Management Corporation of Nigeria (AMCON) as part of the Corporation’s recovery efforts. Source Leadership Read More 

Value of electronic transactions hit N48.9tr in Nigeria - Although, it is still plagued by inadequate levels of awareness, poor banking culture, lack of trust and a love for the status quo, the value of e-transactions recorded in 2015 hit N48.93 trillion, up by 11.6 per cent from 2014 in Nigeria. Source Guardian Read More 

FGN Bond Yields Drop On Flexible FOREX Policy - Yields on Nigeria’s government bond fell across maturities yesterday as traders bought debt to cover their positions, a day after the Central Bank of Nigeria (CBN) kept interest rates on hold but pledged a flexible currency policy to lure back foreign investors. Source Leadership Read More 

Dangote contributes 53% of govt revenue in mineral resources sector
  - An agency of the Federal Government, the Nigeria Extractive Industries Transparency Initiative (NEITI), has revealed that Dangote Industries Limited generates more mineral resource revenue for the government than the rest of the nation put together. Source Vanguard
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Cummins launches 1,540KW gas generator in Nigeria - Cummins Energy Solutions Nigeria, the official Cummins Nigeria Gas Product distributor and after-market dealer, has officially launched the new 1,540KW high-efficiency Osprey gas generator in the country. Source Punch Read More 

Reps stop NNPC’s bid to sell 3 refineries - THE House of Representatives Committee on Privatisation, yesterday, stopped the proposed sale of the nation’s three refineries by Nigerian National Petroleum Corporation, NNPC. Source Vanguard Read More 

Brent Trades Above $50 for 1st Time in 6 Months as Supplies Drop - Brent crude rose above $50 a barrel for the first time in more than six months as a drop in U.S. stockpiles accelerated a rebound from a 12-year low after global disruptions trimmed the market’s glut. Source Bloomberg Read More

Shell Cuts 2,200 More Jobs to Withstand Lower-for-Longer Oil - Royal Dutch Shell Plc will cut 2,200 more jobs, taking the tally of losses to 12,500 from 2015 to 2016 as Europe’s biggest oil producer continues to adjust to the slump in prices. Source Bloomberg Read More 


Uber Kenya and Sidian Bank launch $100m Vehicle Solutions Programme - Uber and Sidian Bank announced today that they have partnered to launch an innovative Uber Vehicle Solutions Programme that will give driver-partners and business investors convenient and affordable access to the quality vehicles they need to start or grow their Uber-based businesses. This comes shortly after Uber celebrated 1 million rides taken in Kenya since its launch just 15 months ago. Source Proshare Read More 

Greece Wins Pledge for Debt Relief as IMF Bows to Euro Plan - Greece’s creditors reached a preliminary accord to ease the country’s debt burden but left the important details to be hammered out after Germany’s federal election next year. Source Bloomberg Read More

Toyota invests $390 million to expand production at South African car plant -  Japanese automaker Toyota has invested 6.1 billion rand ($390 million) to expand the production of its Hilux and Fortuner models in South Africa, its country CEO said on Wednesday. Source Reuters Read More

Tanzania plans to invest $1.9 bln in year in energy projects by 2025 -  Tanzania plans to invest $1.9 billion each year by 2025 in energy projects in a bid to end power shortages and boost industrial growth in East Africa's second-biggest economy, its prime minister said. Source Reuters Read More



Foxconn cuts 60,000 factory jobs and replaces them with robots - Foxconn, the largest contract electronics manufacturer in the world, says it has automated away 60,000 jobs in one of its factories, according to the BBC. The cuts are part of an ongoing process to replace humans responsible for "many of the manufacturing tasks associated with our operations" with robots, the company said in a statement. Source THE VERGE Read More

White Paper of Jumia on Mobile Trends in Africa for 2016  - Jumia has today released its second white paper on Mobile Trends in Africa for 2016. Source Proshare Read More 

MTN utilises N34bn 700MHz spectrum licence - MTN Nigeria has concluded plans to play in Nigeria’s cable TV market using its 700MHz frequency licence acquired from the Nigerian Broadcasting Commission (NBC) for N34 billion last year Source BUSINESDAY Read More 


BoI commissions 24kw off-grid solar power in Kaduna - The Bank of Industry has commissioned a 24kw micro-grid solar system in Charwa/Chakun, an off-grid community in Markafi Local Government Area of Kaduna State. Source Vanguard Read More 



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