Nigeria in 1min: Economic, Business & Financial Headlines – 290116



January 29, 2016 7:30 AM / Proshare News

FG moves to boost export, introduces one state, one product - THE Federal government has announced the introduction of one-state-one-product initiative as part of efforts to boost export and diversify the economy. Source Guardian Read More

FG projects 20% increase in VAT collection for 2016 - Federal Government anticipates a 20% increase in the collection of Value Added Tax (VAT) this year, to plug the country’s revenue gap due to the impact of falling crude oil prices, Minister of Budget and National Planning,Udoma Udo Udoma said Thursday. Source BUSINESSDAY Read More

USDNGN: Calm in-between storms? - Coming after a topsy-turvy 2014, when a 44% drop in oil prices culminated in a 14% weakening in the USDNGN over the year, the ‘stable’ trend in the naira since the 8% de-facto devaluation in February 2015 contrasts with continued deterioration in the fundamental picture. Source Proshare Read More

#AskProshareDay 4: Mr. Tunji calls for a state of emergency on infrastructure - It is not news that Nigeria is still trying to find its foot, as so many challenges happen to be facing it at the same time. The issues we are faced with and how it affects both businesses and individuals were the key focus of the #AskProshare tweetmeet on the Nigerian economy today with Mr. Tunji Andrews, Lead Economist at TTAC AFRICA. Source WebTV Read More

Another low payout from December 2015 revenues by FAAC - The total monthly payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government in January (from December revenues) picked up marginally to N388bn (US$1.97bn) from N370bn the previous month. Source Proshare Read More

Enugu owes local council, primary school pensioners N25b - The fate of about 8000 Local Council pensioners in Enugu State hangs in the balance, following the state government’s inability to settle arrears of their gratuities for 14 years. Source Guardian Read More

NEPC targets $30 billion earning from non-oil export  - NIGERIAN Export Promotion Council (NEPC) has put in place some plans that will help increase the country’s earnings on non-oil export to $30billion from the $2.7billion it currently stands even as the Council and the Ministry of Agriculture have evolve ways to transform the nation’s economy. Source Vanguard Read More

Nigeria to benefit from $200bn foreign investment - A group of international investors, under the aegis of Greenstone Capital International Africa and Tacnero Global, have disclosed plans to invest $200bn in five African countries, including Nigeria. Source Punch Read More

We won’t increase taxes, FG assures Nigerians - The Federal Government on Thursday assured Nigerians that it would not increase taxes despite the dwindling crude oil revenue. Source Punch Read More

Property prices rise 20% in Lagos Mainland, drop 25% on Island to close 2015 - Lagos property market in 2015 was a tale of two twists, as average asking price on houses saw a sharp increase in the mainland market and the converse on the island market Source BUSINESSDAY Read More

Nigeria lags as world accelerates with 4th Industrial Revolution - Nigeria is lagging behind the growth in the global knowledge industry or Fourth Industrial Revolution, mainly as a result of its obsolete university education system. Source BUSINESSDAY Read More

Miners reject govt’s ‘stop work’ order - LAGOS State sand miners have rejected the government’s stop work order, claiming that it is in bad faith. Source THE NATION Read More

BPP sets December deadline for e-procurement registration - The Bureau of Public Procurement (BPP) on Tuesday directed contractors doing business with the Federal Government to register on the e-procurement database by Decem-ber. Source THE NATION Read More

Economy: No respite for pressured prices as familiar fears re-emerge - Over 2015, headline inflation rates trended upward, rising from 8.2% in January to 9.6% in December, as supply-side pressures saw increases in general price level exceed 9% upper band of CBN’s inflation target as early as mid-year, even as average core and food inflation expanded 125bps and 31bps YoY to 8.2% and 9.8% respectively. Source Proshare Read More

ANLCA Moves To Check Influx Of Foreigners Into Cargo Clearing - As part of efforts to stop the current influx of foreign nationals into the cargo clearing and freight forwarding business in the country, the Association of Nigeria Licensed Customs Agents (ANLCA) said it has presented a draft bill for indigenisation of the customs brokerage in the country to the National Assembly and is currently working to ensure its passage by the legislature. Source Leadership Read More

Akwa Ibom NLC disagrees with govt on promotion without arrears - The Nigeria Labour Congress (NLC), Akwa Ibom State Council has cleared the air on its position on the recent approval and release of promotion of workers in the state. Source THE NATION Read More



New electricity tariffs take effect on Monday – NERC - The new tariffs approved for electricity consumers across the country will become effective on Monday and will enable the power distribution, generation and transmission companies to acquire needed infrastructure, the acting Chairman of the Nigerian Electricity Regulatory Commission, Dr. Anthony Akah, has said. Source Punch Read More


CBN Injects N350bn Into NEXIM Bank - The Central Bank of Nigeria (CBN) has injected the sum of N350billion into NEXIM bank as intervention to keep the bank alive, managing director, Mr Robert Orya told the Senate committee on Banking, Currency and Financial Institutions yesterday. Source Leadership Read More

Nigeria’s economic prospects high, CBN insists - The Central Bank of Nigeria (CBN) has said that despite the faltering earnings’ capacity of the economy at the moment, its fundamentals based on assessed opportunities would still bring it back to track soonest. Source Guardian Read More


Equities market oscillates on moderate bargain appetite - The equities market closed today on a positive note, as NSE ASI appreciated by 1.14% to close at 23,598.85basis points, compared with the 2.09% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -17.61% Source Proshare Read More


Nigeria's Buhari against devaluing naira, sees recovery soon -  Nigeria's President Muhammadu Buhari is against devaluing the naira, his office said on Thursday, backing the central bank's stance of keeping rates unchanged in the face of sharp falls against the dollar on the black market. Source Reuters Read More

Naira to weaken further on dollar demand - The naira will weaken further on the back of rising dollar demand in the coming week, it has been learnt.Other African currencies including the Kenyan’s shilling and Zambia’s kwacha are also seen weaker due to rising dollar demand from importers settling end of month payments, Reuters reports. Source Punch Read More

‘NIPOST deceived CBN to impose stamp duty on Nigerians’ - NECA - The organised labour under the Nigeria Employers Consultative Association (NECA) says the Nigerian Postal Service(NIPOST) sneaked through the back door using the Central Bank of Nigeria(CBN) to impose an illegal stamp duty on Nigerians. Source Daily Trust Read More

N50 stamp duty on N1,000 online transactions threatens cashless policy - The N50 stamp duty being charged customers for monies received into their accounts by electronic transfers, cash and cheques, will defeat the purpose of government’s cashless policy, analysts say. Source BUSINESSDAY Read More

BDC’s now a scam and drain to Nigeria – Buhari - President Muhammadu Buhari has rejected calls for the resumption of the sale of foreign exchange to Bureaux de Change (BDCs), describing the Bureau de Change business as a “scam and a drain on the economy”. Source BUSINESSDAY Read More



GLAXOSMITH Receives an Offer from Suntory Beverage & Food Ltd to Divest - Today, the Board of Directors of GlaxoSmith Kline Consumer Nigeria Plcannounces that it has received a non-binding offer from Suntory Beverage & Food Ltd for the divestment of its drink bottling and distribution business. The Board has therefore granted Suntory access to certain due diligence information in GSK. Source Proshare Read More

Forte Oil Board Recommends N3.45k Dividend per share; Subject to Shareholders' Approval - We are pleased to notify the Exchange that at the Board of Directors meeting held today, January 28, 2016; the following resolutions were passed; Source Proshare Read More

Willing to buck the trend? Finding bright spots in the market - It is no longer news that emerging market equities performed poorly in 2015 and that the capitulation has continued into 2016 - with the Nigerian All-Share Index down 18.54% in just few weeks. Source Proshare Read More

7UP Records 50.9% PAT Decline in Q3'16 Result, (SP:N196.00k) - Source Proshare Read More

TOURIST declares N307.01 million loss in Q2'16 Result,(SP:N3.51k) - Source Proshare Read More

UPL declares N132.7 million PAT in Q3'16 result,(SP:N6.00k) - Source Proshare Read More


HONYFLOUR Declares N1.48 billion PAT in Q3'16 Result,(SP:N1.45k) - Source Proshare Read More


$470m CCTV contract award didn’t follow due process —BPP - THE Bureau of Public Procurement, BPP, yesterday said  the $470 million contract awarded by the late President Musa Yar’Adua’s administration for the procurement and installation of Close Circuit Television, CCTV, in Lagos and Abuja did not follow due process. Source Vanguard Read More


Telcos May Shut Down Sites Over Arbitrary Taxes By States, LGAs - Telecommunication operators in the country yesterday said they may have to shut down their base transceiver station (BTS) sites in some states of the federation over arbitrary imposition of taxes and levies by agencies of some states and local governments around the country. Source Leadership Read More


26 FIRS directors redeployed - The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has approved the redeployment of 26 directors in the service and introduced the state coordinator structure in the system. Source THE NATION Read More


Nigeria seeks buyers for 15 oil cargoes - As the country is preparing to load about 62 crude oil cargoes for March 2016 delivery, over 15 cargoes of February-loading are still looking for buyers, according to trade sources. Source Guardian Read More

Ghana wants more gas supply from Nigeria - Ghana has unfolded plans to forbid improved supply of liquefied natural gas from Nigeria through the West African Gas Pipeline (WAPG) scheme. Source Guardian Read More

Oil rises to $34 on production cut talks - Global benchmark, Brent crude, extended its gains on Thursday, trading around $34 per barrel after falling to a 12-year low of $27 last week. Source Punch Read More

Supreme Court rules today on Chevron’s OMLs 52, 53, 55 asset sale - The supreme Court will today deliver judgment in a suit involving  Brittania-U Nigeria Ltd , oil giant Chevron Nigeria and Seplat Petroleum Development Company, on the disputed sale of three oil blocks – Oil Mining Leases (OMLs) 52, 53 and 55. Source BUSINESSDAY Read More

Significant decline in share price of oil majors dampens NESF profit - The significant drop in the share price of oil majors in Africa’s largest economy, stoked by a sharp fall in crude oil prices, has dampened the profit of Nigeria Energy Sector Fund (NESF) in the period under review. Source BUSINESSDAY Read More

Nigeria’s parliament orders tax payments from oil traders - Nigeria’s parliament ordered three local oil traders to pay taxes it says they owe the country for crude swap deals and it asked tax authorities to assess Swiss-based trader Trafigura’s tax liability for similar deals, lawmakers said. Source BUSINESSDAY Read More

Trafigura owes taxes for Nigeria oil deals, says tax chief - Nigeria’s revenue agency said trading giant Trafigura Beheer BV owes back taxes for handling 12.5 million metric tons of crude oil through swap contracts with the government between between 2011 and 2014. Source BUSINESSDAY Read More


Asia stocks jump, yen weakens as BOJ stuns with negative rates - Asian shares jumped on Friday and the yen swooned after the Bank of Japan stunned markets by adopting negative interest rates in its boldest step yet to reinflate the long-languishing economy. Source Reuters Read More

European shares fall, hit by weak earnings and banks - European shares fell on Thursday as disappointing earnings from Roche weighed on the healthcare sector and euro zone banks also came under pressure. Source Reuters Read More

South African reserve bank raises repo rate as inflation outlook worsens - South Africa's Reserve Bank raised its benchmark repo rate by half a percentage point as expected on Thursday, saying the outlook for inflation had deteriorated significantly even as economic growth slowed. Source Reuters Read More

Iran Buys Airbus A380s, Seals Peugeot Deal at Paris Signing - Iran placed an outline order 118 Airbus Group SE jetliners including 12 A380 superjumbos and secured an accord with PSA Peugeot Citroen for the modernization of a Tehran car plant as President Hassan Rouhani’s post-sanctions European shopping trip reached Paris. Source Bloomberg Read More

U.S. Stocks Rally on Busy Earnings Day as Crude Extends Rebound - U.S. stocks climbed as a rally in oil bolstered energy shares and investors digested earnings from Facebook Inc. to Under Armour Inc. Developing-nation equities rose on speculation the Federal Reserve will hold off on more policy tightening anytime soon. Source Bloomberg Read More

Euro-Area Economic Confidence Drops to Lowest in Five Months - Euro-area economic confidence slumped more than analysts predicted in January, strengthening the European Central Bank’s case for increasing stimulus. Source Bloomberg Read More

Orders for U.S. Business Equipment Drop by Most in 10 Months - Orders for business equipment fell in December by the most in 10 months, a sign U.S. companies were slashing capital investment even before the turmoil in global financial markets. Source Bloomberg Read More

Moody's says yuan use may benefit Zimbabwe, sees limitations - Moody's said on Thursday plans by Zimbabwe to increase the circulation of the Chinese yuan could lift investment from the world's second largest economy but may not be enough to strengthen investor confidence and improve competitiveness. Source Reuters Read More



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