Nigeria in 1min: Economic, Business & Financial Headlines – 260517



May 26, 2017 7:30 AM / Proshare News 

Five Best Performing Sectors - Transport by Far the Best Performer - Although the economy was still contracting in Q1, we are covering the better performers because we see that a modest recovery is underway. Source Proshare Read More

FG receives N1.2bn housing loan for workers - The Executive Secretary Federal Government Staff Housing Loans Board (FGSHLB) Dr Hannatu Adamu Fika has confirmed the receipt of about N1.2bn from the Federal Mortgage Bank (FMBN) for federal public workers to renovate their houses. Source Daily Trust
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FG to close five foreign missions - Nigerian Federal Government is about to close five of its foreign missions, pushed by low revenues that had necessitied cost-cutting measures. Source BUSINESSDAY Read More 

FG inaugurates Solid Minerals Development Fund board - The Federal Government on Thursday inaugurated the Board of the Solid Minerals Development Fund, signifying the take-off of the fund for which President Muhammadu Buhari had in December 2016 approved N30bn. Source Punch Read More

Plateau realise N2.5bn as IGR in Q1 - The Plateau State Government yesterday said it realised N2.5bn as Internally Generated Revenue (IGR), in the first quarter of 2017. Source Daily Trust Read More

Senate Passed Petroleum Industry Governance Bill - More jobs for Nigerians - as it will become illegal to emply foreigners for certain skills that can be sorced locally Source Proshare
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Kano government signs $3.98 billion MoUs - The Kano State Government has signed 10 Memoranda of Understanding (MoU) with different companies within and outside the country, as part of the outcomes of the two days Kano Economic and Investment Summit. Source Guardian Read More

Nigeria loses N1trn yearly to erosion related crisis - The House of Representatives on Thursday expressed support for the passage of the bill for the establishment of Erosion Control and Prevention Commission, with the view to reverse the over N1 trillion damages caused by erosion related challenges yearly. Source BUSINESSDAY Read More

World Bank earmarks $200m for Fadama III financing in Nigeria - The World Bank says it has earmarked 200 million dollars or N7.2 billion for Fadama III Additional Financing of projects in Nigeria. The World Bank Consultant on the project, Dr Idris Badiru, made the disclosure on Thursday in Calabar at the opening of the Fadama III Additional Financing Mid-Term Review Mission to Cross River. Source BUSINESSDAY Read More

Domestic Airlines Airlift 1.5m in Q1, 2017 - Nigerian airlines airlifted about 1, 514,616 passengers in the first quarter of 2017, reports from the Nigerian Civil Aviation Authority (NCAA) revealed. Source Thisday Read More

NSEASI Sustains Uptrend With +0.64% Gain; Extends Two-Day Gaining Streak - Equities market closed today on a positive note, as NSE ASI appreciated by +0.64% to close at 28,467.61 basis points, as against +0.69% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +5.93%. Source Proshare Read More

Mr. Ike Onyia Appointed as CEO of FBN Capital Asset Management Business - Mr. Ike Onyia has been appointed Managing Director/CEO of FBN Capital Asset Management, a part of FBN Holdings Plc’s Merchant Banking & Asset Management Group. Source Proshare Read More

Niger-Delta stability,key to Nigeria’s recovery from recession-Ugo Obi-Chukwu - Nigeria’s economic recovery from the current recession, will depend largely on the stability in the oil-rich Niger-Delta region of the country. Source Proshare Read More 

BIRS seals 4 banks over N1.5bn unremitted tax - The Benue State Board of Internal Revenue Service (BIRS) yesterday sealed off four banks in Makurdi metropolis over un-remitted Personal Income Tax of N1.5billion. Source Daily Trust Read More 

3 Insurance Firms To Raise N6bn Ahead Of Recapitalisation - Three of the 26 listed insurance companies on the floor of Nigerian Stock Exchange (NSE) have initiated plans to approach their respective shareholders to raise N6 billion in a bid to recapitalise and become stronger to play active roles in insurance market by the time the new supervision model, that is, Risk Based Supervision(RBS) kicks off in the country before year end Source Leadership Read More 

Naira Appreciates To N380/$ As External Reserves Hit $30.5bn - The Naira appreciated to N380 to a Dollar yesterday as the nation’s external reserves dropped to $30.5 billion. The naira appreciated by N1.00 from N381 per dollar in the parallel market as the Central Bank of Nigeria (CBN) continued to inject fresh capital to boost liquidity. Source Leadership Read More 

Kaduna, Chinese Firm Sign Pact For New Kaduna Refinery - Kaduna State government delegation’s visit to China led by Governor Nasir El-Rufai, has brightened prospects for the development of a new 50,000 barrels per day refinery in Kaduna. Source Leadership Read More 

NNPC To Boost Egbin Power Plant With 500mn Scf Gas Station - The Nigerian National Petroleum Corporation (NNPC) said it will build 500million standard cubic feet of gas per day metering plant to serve the planned capacity expansion of Egbin Power Plant from its installed capacity of 1,320 Megawatts to 2670MW. Source Leadership Read More 

Nigeria, Morocco seal deal on pipeline, fertilizer cooperation - Nigeria and Morocco have signed agreements relating to the Nigeria-Morocco Gazoduc (pipeline) Project and the Moroccan-Nigerian cooperation in the field of fertilizers. Source Daily Trust Read More 

Five power turbines, four plants shut - Between Monday and Thursday this week, five power generating turbines and four plants were shut down. Source Punch Read More 

OPEC extends oil supply curbs as glut persists - OPEC and key producers including Russia agreed Thursday to extend curbs on oil output to the end of March 2018. Source CNN Money Read More 

South Africa's Zwane Seeks 30% Minimum Black Mine Ownership - South African Mines Minister Mosebenzi Zwane has proposed raising the mandatory black ownership of mining assets to 30 percent from 26 percent, drawing opposition from some ruling party officials who fear it will deter investment, two people familiar with the situation said. Source Bloomberg Read More 

South Africa Rates Stay Unchanged as SARB Warns of Risks to Rand - The South African Reserve Bank left its key rate unchanged for a seventh straight meeting as policy makers warned politics and ratings downgrades could still knock the rand and scupper an improving inflation outlook. Source Bloomberg Read More 

Egypt Saw Uptick in Foreign Demand for Debt After Rate Rise - Egypt’s government sold more Treasury bills than it targeted on Thursday to accommodate increased demand from foreigners following the central bank’s interest rate increase this week. Source Bloomberg Read More 

China’s PBOC Said to Plan Change in Yuan's Fixing Formula - China plans to change the way it calculates the yuan’s daily reference rate against the dollar, adding a “counter-cyclical adjustment factor” that may blunt the impact of big market swings, according to people familiar with the matter. Source Bloomberg Read More 

China's GSR Nears $1 Billion Deal for Nissan Battery Unit - GSR Capital, a Chinese private equity firm with backing from the Hubei provincial government, is nearing a deal to acquire control of a Nissan Motor Co. rechargeable battery unit for about $1 billion, according to people with knowledge of the matter. Source Bloomberg Read More

Banking Sector Records 304.31 mln Volume of Transaction in Q1 2017 - NBS - A total volume of 304,307,931 transactions valued at N22.01 trn were recorded in Q1 2017 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed. ATM transactions dominated the volume of transactions recorded. Source Proshare Read More 

Bitcoin Twice as Expensive as Gold as Buying Frenzy Bites - The bitcoin frenzy just got crazier. The cryptocurrency is now worth almost double an ounce of gold, with a single coin priced at about $2,450. Source Bloomberg Read More 





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