Nigeria in 1min: Economic, Business & Financial Headlines – 261216



December 26, 2016 6:10 AM / Proshare News 


2017 Budget - Too little or too large? - The 2017 draft budget submitted to the Joint Assembly falls in line with the countercyclical fiscal policy stance of the present administration. Source Proshare Read More 

Solid minerals sector yields only N2bn in 2016 - The minerals and mines sector has contributed N2bn to the Federation Account in 2016, according to information obtained from the Ministry of Mines and Steel Development. Source Punch Read More 

FG budgets N5.6bn for Aso Rock repairs - The presidency plans to spend N5.6 billion for rehabilitation and repairs of residential buildings in Aso Rock next year. Source Daily Trust Read More 

Nigeria’s Economic Indicators in 2016 - Nigeria’s GDP figure which was at 2.11% in Q4’15 and is now currently at -2.26% as at Q3’16. Also, latest unemployment rate figure from the NBS shows it moved from 10.40% in Q4’15 to 13.95 in Q3’16. Source Proshare Read More 

Nigeria Recorded N104Billion Negative Trade Balance in Q3 - The National Bureau of Statistics (NBS) has disclosed that Nigeria recorded a negative trade balance of N104 billion in third quarter of this year. Source Thisday Read More 

NBS Publishes 2015 Social Statistics Report  - The need for credible and timely socio-economic data for development has continued to surge by the ever-increasing need for development and growing interest in Nigeria as destination for investment. Source Proshare Read More 


SEC suspends Heritage Capital over shares sale - The Securities and Exchange Commission has suspended Heritage Capital Markets Limited and its directors as well as sponsored individuals over the alleged unauthorised sale of shares belonging to an investor and the company’s refusal to comply with the commission’s directives over the matter. Source Punch Read More 

CBN releases $1bn for raw materials, others - The Central Bank of Nigeria (CBN) has once again given access to requests for foreign exchange valued at N1,003,373,891.75 through the inter-bank window to enable respective industries procure industrial raw materials and machine spare-parts. Source Daily Trust Read More 


Conglomerates Sector – TRANSCORP Records Negative EPS as AGLEVENT Records +35.48% Gain - The conglomerates sector, as one of the NSE Sector category, currently has six (6) listed stocks.  Source Proshare Read More 

Market Movements in 2016 - Forex Reserves Drops by 12.87%  - Movement in market indicators in the year 2016 has been with mixed outcome. Source Proshare Read More 

Stocks post 0.88% loss WoW as speculation dictates pace - The equities market closed today on a positive note, as NSE ASI appreciated by 0.08% to close at 26,471.78 basis points, compared with the 0.18% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.58%. Source Proshare Read More 

Corporate Earnings for the Week Ending December 23, 2016 – Source Proshare Read More 

Naira records gain, now N485/dollar - The naira has recorded a major gain against the United States dollar at the parallel market as Christmas celebration weighs on the demand for the greenback across the foreign exchange markets. Source Punch Read More 

Kachikwu: FG Mulls Saving Oil Revenue in SWF - Minister for State for Petroleum Resources, Dr. Ibe Kachikwu, has said the Federal Government is considering plans to ‘lock up’ revenues realised from the oil sector and save them in the Sovereign Wealth Fund (SWF). Source Thisday Read More 

NNPC gets 30% discount on contracts after renegotiations -  The Nigerian National Petroleum Corporation on Sunday said it realised between five per cent and 30 per cent discounts on existing contracts after several renegotiations. Source Punch Read More 

Nigeria loses N115bn to crude terminal shutdown - With global oil prices trading above the $50 per barrel mark since November 30, the shutdown of the Forcados terminal, through which the nation’s largest crude oil grade is exported, has led to a loss of at least N115bn in 24 days. Source Punch Read More 

We don’t have forex to import aviation fuel — Marketers - The scarcity of aviation fuel in Nigeria may be far from being over as oil marketers have said they do not have enough foreign exchange to import the product. Source Punch Read More 


Fairfax Seeking $1 Billion in IPO for Africa Investments - Fairfax Financial Holdings Ltd., the Canadian insurer that made its largest acquisition this week, is selling shares in an initial public offering for a fund that will make investments in Africa. Source Bloomberg Read More

China Slaps GM With $29 Million Fine Amid Growing Tensions - China slapped a $29 million fine on General Motors Co. for antitrust violations, a sign of the growing tensions between the U.S. and the Asian nation Source Bloomberg Read More

China, Japan Shares Fall in Thin Holiday Trading: Markets Wrap - Japanese shares fell as the yen gained against the dollar, while Chinese equities extended losses on a day when many major global markets are closed for a holiday. Source Bloomberg Read More

Islamic Development Bank Sets 2017 Budget at $5.2 Billion: SPA - The bank also agreed to fund development projects in some member countries with total of $863 million, state-run Saudi Press Agency reports, citing a bank statement. Source Bloomberg Read More 

Mauritius economy expanded by estimated 3.6 pct in 2016 - stats office -The economy of Mauritius grew by an estimated 3.6 percent in 2016, down from the forecast 3.7 percent in September, official data showed on Friday. Source Reuters Read More

OPEC monitoring committee to meet first half of Jan -Kuwaiti oil minister - An OPEC committee responsible for monitoring compliance with a global agreement to reduce oil output will meet in the first half of January, Kuwait's oil minister said on Thursday. Source Reuters Read More 


Telecoms Sector To Attract N799bn New Investments In 2017 - With anticipated new investments to deepen broadband Infrastructure in the next few months, the Nigerian telecommunications sector which already has about $68 billion total investments so far, is set to add N799 billion (about $2.6 billion) through telecoms licences and capital investments in the year 2017.Source Leadership Read More 






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