Nigeria in 1min: Economic, Business & Financial Headlines – 271216



December 27, 2016 6:50 AM / Proshare News 


External reserves rise further, now $25.4bn - The nation’s foreign exchange reserves have risen further to $25.4bn, according to the latest data obtained from the website of the Central Bank of Nigeria.Source Punch Read More 

MDAs services to be available in multilingual call centres - The Federal Government has concluded plans to make the services of its Ministries, Departments and Agencies available through multilingual call centres located in Lagos, Abuja and Enugu.Source Punch Read More 

FG To Establish ICT University In 2017 - The Federal Government has disclosed that it will establish an Information Communication Technology, ICT, University in the first quarter of 2017. Source Leadership Read More 

Manual clearing raises cost of importation by 50% say importers - Shippers and manufacturers say manual processes of clearing goods at the nation’s ports are causing long delays and raising their cost of operations by about 50 percent Source BUSINESSDAY Read More 

FIRS to support Nigerians in Diaspora willing to invest in Nigeria- Fowler - The Federal Inland Revenue Services (FIRS) says it will provide the required information, guide and answer the questions on tax matters of Nigerians in the Diaspora interested in investing in the country. Source BUSINESSDAY Read More 


Financial Services Sector – NESF Records 47.42 EPS Ratio as Banking Stocks Dominate Gainers List - The financial services sector which houses the banking and the insurance sub-sectors is another major and critical sector of the Nigerian economy and duly represented on the NSE. Source Proshare Read More 

CBN sells N40bn treasury bills - The Central Bank of Nigeria said it had raised N39.72bn ($130.57m) at a Treasury bill sale, with yields at 14 percent, same as the previous auction. Source Daily Trust Read More 

Nigeria’s Crude Oil Reserves Rise to 37bbls - The relative peace in the Niger Delta has begun to yield dividends as the nation’s crude oil reserves, which had plummeted to 28.2 billion barrels (bbls) at the height of militant attacks on oil infrastructures, have now risen back to 37 billion barrels. Source Thisday Read More 

Renegotiated Business Contracts Earned NNPC 35% Discount in 2016 - The Nigerian National Petroleum Corporation (NNPC) has said that in 2016, it renegotiated and got substantial discounts of between five and 30 per cent in all of its existing business contracts. Source Thisday Read More 

Nigeria imports 18bn litres of PMS in one year - ABOUT 18.126 billion litres, an equivalent of 13.517 million metric tonnes of Premium Motor Spirit, PMS, also known as petrol, was imported into the country in 2015, according to a report from the Department of Petroleum Resources, DPR. Source Vanguard Read More 

Nigeria loses N94bn to gas flaring in four months- The country lost at least N94bn in four months as oil and gas companies flared a total of 87.03 billion standard cubic feet of natural gas in that period.Source Punch Read More 

Commercial quantity of coal discovered in Sokoto - Sokoto – Gov. Aminu tambuwal of Sokoto State has said that coal in commercial deposits had been discovered in the state. Source Vanguard Read More 

Power generating firms perform below 30% – Report - The combined performance of all the privatised thermal power generating stations in the country was less than 30 per cent in the third quarter of 2016 despite being managed by private investors.Source Punch Read More 

Afam, Eko DisCo get N66.6m fines over audit reports - The Nigerian Electricity Regulatory Commission (NERC) has slammed a fine of N66.6 million on Afam Power and Eko Electricity Distribution Company (EKEDC) for not submitting two years audited financial reports. Source Daily Trust Read More 


World Bank sets aside $517m to boost oil production in Ghana - THE World Bank Group has said it would provide $517 million to Ghana in debt and guarantees to support the $7.7 billion Sankofa oil and gas project being developed by Italy’s oil giant ENI and upstream trader Vitol Ghana. Source Vanguard Read More 

Congo central bank cuts 2016 GDP growth forecast to 2.5 pct - Democratic Republic of Congo's central bank cut its 2016 GDP growth estimate to 2.5 percent from an earlier forecast of 4.3 percent due to low commodity prices, it said in a report on its website. Source Reuters Read More 

Algeria to boost drilling in 2017 to increase output -Sonatrach official - Algeria's Sonatrach will drill 290 wells in 2017 in comparison with 265 in 2016, the head of the oil and gas giant's drilling division told Reuters late on Friday. Source Reuters Read More 

Oil Extends Longest Run of Gains Since August Before OPEC Cuts - Oil extended the longest winning streak in more than four months before OPEC and other producing nations start reducing output to stabilize the market. Source Bloomberg Read More 

Yen Breaks Winning Streak While Oil Extends Rally: Markets Wrap -The yen halted a four-day advance, while oil continued its longest winning streak in four months as some major financial markets reopened after a long holiday weekend. Source Bloomberg Read More 

China Industrial Profits Climb 14.5%, Led by Coal And Metals - Profits at industrial firms in China accelerated in November, with raw material producers leading gains, as prices of products such as coal and metals continued to advance. Source Bloomberg Read More 

Congo central bank cuts 2016 GDP growth forecast to 2.5% - Democratic Republic of Congo’s central bank cut its 2016 GDP growth estimate to 2.5 percent from an earlier forecast of 4.3 percent due to low commodity prices, it said in a report on its website. Source BUSINESSDAY Read More


Reduction of MTN’s N1.04tr Fine in Good Fate, Says Shittu - The Minister of Communications, Mr. Adebayo Shittu, has said that the reduction of MTN’s fine from N1.04 trillion to N330 billion by the federal government, was done in good fate to save MTN’s business from total collapse and to also protect the jobs of thousands of Nigerians that are on MTN’s payroll. Source Thisday Read More

MTN pays N80bn of N330bn fine — FG - The Federal Government says MTN had paid N80 billion of the N330 billion fine imposed on it for failing to deactivate more than five million unregistered SIM cards. Source Daily Trust Read More 






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