Nigeria in 1min: Economic, Business & Financial Headlines – 260716



July 26, 2016 7:20 AM / Proshare News 


Deepening the Nigerian Capital Market - A Case for Exchange Traded Funds - While market volatility has made many investors nervous, there are a few investment vehicles that have continued to grow. Exchange Traded Funds (ETFs) are pooled investment vehicles with shares that can be purchased or sold on a stock exchange at a Market determined price. Source Proshare Read More 

2016 Budget: FG records revenue deficit of N1.06 trillion - The expected revenue of the federal government to finance the 2016 budget fell short by N1.064 trillion as at June 2016. Source Daily Trust Read More 

Fed Govt to channel 1% GDP to innovation fund - The Federal Government will soon start allocating one per cent of Gross Domestic Product ( GDP) to the Science, Technology and Innovation Fund. Source THE NATION Read More 

Nigeria: Technically in Recession? - Nigeria is technically in recession…a direct reflection of the lull in economic activities. We are of the view that several factors have contributed to the contraction in economic growth which we split into: demand side factors and supply side factors. Demand side factors influence growth of aggregate demand while the supply side incorporates factors such as the cost of doing business. Source Proshare Read More  

70% of June allocation from non-oil sector – Fowler - About 70 per cent of over N500bn raised from the Federal Accounts Allocation Committee in June came from the non-oil sector, the Executive Chairman, Federal Inland Revenue Service, Mr. Tunde Fowler, has said. Source Punch Read More 

Nigeria, S’Africa, others need $600b to meet SDGs - African governments have been charged to seek alternative ways of addressing the increasing debts accruing to them due to global economic recession. Source Guardian Read More 

AfDB approves $56bn industrialisation package for Nigeria, others - THE Board of African Development Bank, AfDB, yesterday, approved $56 billion to scale up industrialisation in Nigeria and other countries on the content over the next ten years under its Industrialisation Strategy for Africa 2016-2025. Source Vanguard Read More 

Nigeria spends N1b daily on rice imports, says Onu - The Minister for Science and Technology, Dr. Ogbonanya Onu has said the country spends over N1 billion daily on the importation of rice. Source THE NATION Read More 

Kogi loses N213bn to ghost workers - Kogi State Government has lost N213,036 billion to ghost workers in 16 years, according to its audit committee. Source Vanguard Read More 



Sales of Foreign Currency Proceeds of International Money Transfers to BDC Operators - In the continued effort to ensure the stability of the exchange rate and to encourage participation of all critical stakeholders in the foreign exchange market, Authorized Dealers who are agents to approved International Money Transfers Operators are hereby directed to sell foreign currency accruing from inward money remittances to licensed Bureaux De Change Operators (BDCs) with effect from the date of this circular. Source Proshare Read More

MPC Likely to Favour a Holding Operation - FBNQuestThe monetary policy committee (MPC) meets today and tomorrow in Abuja, and has a similar dilemma to two months ago. In May members faced a surge in inflation and a contraction in the economy.  Source Proshare Read More


Oando Plc leads gainers as stocks start week bearish - The equities market closed today on a negative note, as NSE ASI depreciated by 0.11% to close at 27,629.90basis points, compared with the 1.21% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.53%. Source Proshare Read More 

Nigeria Half Year 2016 Outlook: Clear Picture; Dim Outlook - Cordros Capital - The available data indicates that the global macroeconomic conditions remain fragile thus far in 2016. Specifically, economic activities in the developed economies, excluding a few large members, have been largely subdued while several large emerging markets and developing economies have not shown any sign of recovery from their economic challenges of 2015. Source Proshare Read More

Nigerian Breweries Plc Hit by Difficult Operating Environment - Nigerian Breweries Plc (NB) improved its top line performance in HY1, June 2016. However, the difficult operating business environment hindered the company’s bottom line performance. NB’s Turnover (T/O) increased marginally by 3.76% to N157.37bn in HY1 2016, compared with N151.67bn recorded in the corresponding period of 2015.. Source Proshare Read More 

The Nigeria Bond Watch - Review and Outlook @072516 - During the week under review, activities in the domestic fixed income market were influenced by: 1) Treasury and OMO bills auctions and redemption by the CBN; and 2) The release of June inflation figure (16.50%) by the National Bureau of Statistics (NBS). Source Proshare Read More 

Flour Mills of Nigeria Plc: UNICEM Sale Masks Earnings Challenge - Despite a second consecutive quarterly decline in topline growth (Q4: -8%, Q3: -10%), FLOURMILL reported an 11% y/y revenue growth in its FY’16 period ended 31 March, above Vetiva’s 9% growth estimate. This growth was supported by the strong performance recorded in the first half of the year wherein Q2’16 delivered the strongest quarterly topline performance since Q3’13.  Source Proshare Read More 

Afreximbank grants Heritage Bank $150m facility - African Export Import Bank(Afreximbank) has provided a $150 million support for Heritage Bank Limited. Source THE NATION Read More 

UBA, MasterCard seal five-year deal for 19 African markets - United Bank for Africa (UBA) and MasterCard have sealed a partnership deal, which will see UBA act as the issuer for MasterCard in 18 new markets in Africa. Source Guardian Read More 

Ashakacem, Lafarge Africa seal N11b power plant deal - To boost electricity supply in the North-Eastern part of Nigeria, Lafarge Africa Plc at the weekend, signed an N11 billion deal to build a captive power plant at its Ashaka cement plant in Gombe State. Source Guardian Read More 

Anambra govt signs $47.25m MoU for 40MW power - Anambra State  Government has signed a Memorandum of Understandings, MOU, with Zolts Energy Limited, for the construction of a 40-Megawatt embedded power generating plant in Ogbaru Local Government Area of the state. Source Vanguard Read More 

Nigeria to lose N131.13bn to Qua Iboe shut-in
- EXXONMOBIL the operators of Qua Iboe terminal, which is expected to remain shut in for another month, will see Nigeria losing more than N131.13 billion. Source Vanguard
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NNPC To Fast-track Oil Exploration In Chad Basin - The group managing director of Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has stated that the Corporation will fast-track its hydrocarbon exploration efforts within the Chad Basin and Kolmani River in the northern part of the country. Source Leadership Read More 

We’ve been paying bridging claims to marketers - PEF - The Petroleum Equalisation Fund (Management) says there is no subsisting issue between it and the National Association of Road Transport Owners (NARTO) that can affect the transportation of petroleum products nationwide. Source Daily Trust Read More 

Explosion rocks NNPC pipeline in A/Ibom - A gas pipeline belonging to the Nigerian National Petroleum Corporation (NNPC) at Obotim Ikot Ekong village in Nsit Ibom local government area of Akwa Ibom State has been hit by explosion allegedly caused by militants. Source Daily Trust Read More 


Britain Needs a New Bank Regulator, Report Says - Britain needs a new financial watchdog to punish wrongdoing in order to win public confidence, further reshaping a regulatory structure that was overhauled just three years ago, the U.K. Parliament’s Treasury Committee said. Source Bloomberg Read More

Japan Stocks Sink on Stronger Yen as Dollar Slides; Gold Climbs - Japanese stocks slid and the yen climbed to the strongest level in more than a week against the dollar as investors looked for signals on the magnitude of any economic stimulus. The U.S. currency fell, while gold climbed. Source Bloomberg Read More

WTI Drops Below Key Technical Level as Oil Loses Appeal - Expanding gasoline inventory and increased drilling in the U.S. are bad news for the oil market. West Texas Intermediate crude extended declines to slump to a three-month low and close below the 100-day moving average for the first time since April. Source Bloomberg Read More

Kenya central bank holds main lending rate at 10.50 pct - Kenya's central bank held its benchmark lending rate at 10.5 percent on Monday due to recent increases in fuel taxes that would temporarily put upward pressure on inflation, the bank's monetary policy committee said. Source Reuters Read More 

Ghana lowers estimate for 2016 oil revenues, deficit unaffected - Ghana's crude oil revenues will be 1.4 billion cedis this year, lower than a previous estimate of 2 billion cedis, the finance minister said in a budget review. Source Reuters Read More 

South African bourse published incorrect data on equities trading: - South Africa's Johannesburg Stock Exchange (JSE) published incorrect data on foreigners trading of equities from May 31 to July 20 due to a programming error, the central bank said on Monday. Source Reuters Read More 


Nigeria’s broadband penetration now 14 - Nigeria’s broadband penetration appreciated within the last six months, growing from 10 per cent as at December 2015 to 14 per cent in June. Source Guardian Read More 

Nigeria’s ATM deficit hits 45,000, says CWG - The Central Bank of Nigeria’s (CBN’s) automated teller machine (ATM) national requirement pegged at 60,000 has only been met with about 15,000, thereby leading to congestion at various points where they are available, the Computer Warehouse Group (CWG) has said. Source THE NATION Read More 

NCDMB, BoI launch $100m fund for petroleum operators - THE Nigerian Content Development and Monitoring Board, NCDMB, and the Bank of Industry, BOI, have launched a $100 million Nigerian Content Intervention Fund, NCI Fund. Source Vanguard Read More 



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