Nigeria in 1min: Economic, Business & Financial Headlines – 300117



January 30, 2017 7:20 AM / Proshare News 


Banking Sector Records 910.18m Volume of Transaction in 2016 on Electronic Payment Channels - NBS - A total volume of 910,186,115 transactions valued at N65.16 trn were recorded in 2016 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed. ATM transactions dominated the volume of transactions recorded. 590, 238, 934 volume of ATM transactions valued at N4.98 trn were recorded in 2016. Source Proshare Read More 

Daily Energy Generation Attained a Peak of 3,859.59MW in Q4 2016 - NBS - The power generation statistics for Q4 2016 reflected that a total average of 2,548GWH of energy was generated by power stations as Egbin Power Plant contributed about 12.47% share of the average energy generated which represents the highest generation among the twenty (25) power plants within the period under review. Source Proshare Read More 

FG Approves Right of Way for Lagos Red Line Project - The Lagos State Government at the weekend disclosed that the federal government had finally approved right of way for the construction of another light rail (red line) project. Source Thisday Read More 

FG earns N1.2bn by investing 25% of stabilisation fund - The federal government has earned N1.22 billion by investing 25 percent of the funds accruing to the stabilisation account with the Nigeria Sovereign Investment Authority (NSIA). Source Daily Trust Read More 

FG appoints Stanbic IBTC, Goldman Sachs as financial advisers for $300m Diaspora Bond - Nigeria’s Federal Government has appointed Stanbic IBTC and Goldman Sachs as financial advisers for the $300 million Diaspora Bond which will now be floated before the second half of the year, as against the initial March 2017 scheduled date. Source BUSINESSDAY Read More 

FG approves modern internal audit process for MDAs - The Federal Government has given approval to the Office of the Accountant General of the Federation to commence the modernisation of the internal audit process in its Ministries, Departments and Agencies. Source Punch Read More 

China Exim bank approves N408bn for Lagos-Ibadan rail project - About a week after the Federal Government announced the release of N72bn as its counterpart fund for the construction of the Lagos-Ibadan standard gauge rail line, the Export-Import Bank of China has approved $1.275bn (about N408bn) loan for the project on behalf of the Chinese government. Source Punch Read More 

Nigeria, Chad Seek $50bn Aid To Recharge Shrinking Lake Chad - Nigeria and the Republic of Chad are seeking a $50 billion aid for the recharging and refilling of the drying Lake Chad. Source Leadership Read More 

Kano textile market gets face lift with N5bn investment - Prior to the British conquest of the ancient city of Kano in early 1903, and till date, one of the dominant economic activities associated with the city, and it people is commerce. Source BUSINESSDAY Read More 

Nigeria Strategy Report H1 2017 (15) - Yields Set to Succumb to Gravity  - Today’s portion of the cut-out from our core strategy document – the Nigeria Strategy Report—assesses movements in the fixed income markets over H2 2016 and posits our outlook for same over 2017. Source Proshare Read More 

Nigeria 2017 Outlook: Economists and Financial Analysts harp on pro-growth policies - 1 - As Nigeria hopes to recover fully from the current recession, leading economists and financial analysts in the country have tasked the Federal Government to pursue pro-growth economic policies. Source Proshare Read More 

China Emerges Nigeria’s Leading Source of Imports with $1.6bn - It emerged at the weekend that China is now Nigeria’s leading source of imported goods with an import value of $1.6 billion (N478 billion) equivalent to 20 per cent of Nigeria’s total imports. Source Thisday Read More 


CBN clarifies alleged wrong FOREX purchase figures - Following media reports alleging irregularities in the rates at which foreign exchange was obtained by some individuals and companies from different Deposit Money Banks (DMBs) under the new [60:40] Foreign Exchange Policy by the Central Bank of Nigeria (CBN), which prioritises FOREX sales to manufacturers, agriculture, plant and machinery, critical raw materials, among others, we wish to make the following clarifications Source Proshare Read More 

Nigeria’s Current Economic Situation: Our Case – CBN - The Central Bank of Nigeria (CBN) has observed with great concern the continued and unwarranted attack on its policies by a group of Nigerians, whose real interests, findings have shown, are anything near altruistic but rather self-serving and unpatriotic. Source Proshare Read More


Market Sustains Three-day Gaining Streak to End The Week Positive - Equities market closed today on a positive note, as NSE ASI appreciated by 0.15% to close at 26,328.22 basis points, compared with the 0.19% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.03%. Source Proshare Read More 

Corporate Earnings for the Week Ending January 27, 2017 - Source Proshare Read More 

Medview Airline to list on NSE - Medview Airline, one of Nigeria’s fastest growing flag carriers, will be listed by introduction on the Nigerian Stock Exchange on Jan. 31, a senior official said on Sunday in Lagos. Source Punch Read More

Interbank 6.5 per cent on capital injection -  The nation interbank lending rate dropped by 6.5 per cent to five per cent on Friday, as the money market was awash with cash from budgetary disbursal and coupon payment on matured bonds. Source Daily Trust Read More 

Cost of Funds Ease on Liquidity Injection - The Nigerian Interbank Offered Rate (NIBOR) dropped 6.5 percentage points to five percent on average last Friday as the money market was awash with cash from budgetary disbursal and coupon payment on matured bonds. Source Thisday Read More 

Backlog of transport claims, importation cause of petrol scarcity—IPMAN - The Independent Petroleum Marketers Association of Nigeria (IPMAN),says the bane of the recurring fuel scarcity in Nigeria was the backlog of unpaid transport claims and importation. Source Daily Trust Read More 

Fuel price hits N160 as marketer hoard products in Yobe - The price of petroleum product, also known as premium motor spirit has increased as long queue resurfaces in filling stations across Yobe state. Source Daily Trust Read More 

Petrol Scarcity Looms as Product Sells for N142 per Litre in Depots - Despite the pledge by oil marketers to support the federal government’s efforts in ensuring sustained and stable supply of petrol at the official pump price of N145 per litre, there are indications of imminent scarcity as some depot owners have jerked the ex-depot price to N142 per litre, against government’s approved N123.28 –N133.28 per litre ex-depot price band. Source Thisday Read More 

PENGASSAN Rejects House Bid to Amend NLNG Act - Senior oil workers under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) have opposed the proposed plan by the House of Representatives to amend the Nigeria Liguefied Natural Gas (NLNG) (Fiscal Incentives, Guarantees and Assurances) Act, describing the proposed amendment as unnecessary. Source Thisday Read More 

Eko Distribution Company loses N1b to energy theft - Eko Electricity Distribution Company Plc (EKEDC) has lost over N1billion to various forms of energy theft, including meter bye-pass by customers and equipment vandalism in the past three years, its Chief Operating Officer (COO), Mr. Sam Nwaire has said. Source THE NATION ReadMore 


The BoI Turnaround - Perspectives, Insights and Lessons on Development - That the Bank of Industry (BoI) Nigeria has become a veritable vehicle of/for business and industrial development across the country is a fact acknowledged by all and this feat is traceable to the surgical overhaul of the bank under the Rasheed Olaoluwa led management from May 2014 to February 2016. Source Proshare Read More 

Dangote Explores Investment Opportunities In Zambia, Other African Countries - Nigerian multi-billionaire investor, Aliko Dangote, has expressed the desire of his group to further consolidate on his existing investments in Zambia and other African countries by exploring opportunities in the energy and agriculture sectors. Source Leadership Read More 

Savings protection limit raised - Savings of up to £85,000 will be safe if a bank or building society collapses from now - following a £10,000 rise in the protection level. Source BBC Read More 

South Africa's petrol pump price to rise by 2 percent in February - The retail price of petrol in South Africa will rise by 2 percent from Feb. 1, and the price of wholesale diesel will go up by 1.8 percent, the energy department said on Friday. Source Reuters Read More 

IMF's Lagarde says Uganda needs to rely less on credit for infrastructure - Uganda needs to tap more of its domestic revenues to fund infrastructure development, because reliance on borrowed funds is "unworkable" and could lead to a spike in debt, IMF Managing Director Christine Lagarde said on Friday. Source Reuters Read More 

Dollar Slips After Trump Move, Asia Stocks Decline: Markets Wrap - The dollar headed lower and Asian stocks declined as traders digested the tensions sparked by Donald Trump’s order halting some immigration, a move that’s ignited opposition from world leaders. Bonds rose with gold. Source Bloomberg Read More 

Saudi Aramco Said to Weigh Up to $5 Billion of Renewable Deals - Saudi Aramco, the world’s largest oil company, is considering as much as $5 billion of investments in renewable energy firms as part of plans to diversify from crude production, according to people with knowledge of the matter. Source Bloomberg Read More 

Telecom: NCC Reads Riot Acts to Operators, to Apply Stiffer Sanctions - As part of efforts to ensure  that Nigerians get values for their money, the  Nigerian Communications Commission (NCC) has  advised telecommunication providers to improve the quality of their services. Source Thisday Read More 





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