Nigeria in 1min: Economic, Business & Financial Headlines – 311215

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December 31, 2015 7:00 AM / Proshare News

 

NIGERIAN ECONOMY
Nigeria's top newsmakers of the year 2015 - We took a look at the Influential's, Executives and Political news-makers whose actions and thought have contributed to the corporate existence of our great nation in 2015. Source Proshare Read More
 

The optimism of the Nigerian consumer on sampling new products - The slowdown in GDP growth, the rising pressure on household budgets and the narrative of listed companies would suggest dull prospects for consumer goods companies in Nigeria. Source Proshare Read More
 

FG allocates N6.9bn for Villa zoo, presidential fleet, others - The Presidency is proposing to spend a total sum of N6.94bn on wildlife conservation, fuel and lubricants, purchase of C-Caution triangles for vehicles, fire extinguishers, construction of recreational facilities at the State House and maintain the presidential fleet. Source Punch Read More
 

Plateau gets N154b budget, Borno to spend N155b - Plateau State Governor Simon Lalong yesterday presented a budget of over N154 billion to the State House of Assembly for 2016 tagged “Budget of Rescue and Hope.” The budget was presented to the House of Assembly for deliberation. Source Guardian Read More
 

Nigeria To Start Local Production Of Pencils In 2 Years – Onu - The minister of science and technology, Dr Ogbonnaya Onu, has said that the country will begin local production of pencils in the next two years. Source Leadership Read More
 

Govt votes N165.3b for new projects - OF the Ministry of Power, Works and Housing’s N282.4 billion capital budget, N165.3 billion will be spent on new projects, a document has shown. Source THE NATION Read More
 

Kano proposes N14bn for water, rural roads in 2016 - Kano State government is to spend N14 billion for the provision of potable water and construction of rural feeder roads in 2016. Source BUSINESSDAY Read More
 

Delta to invest N326million to boost cassava, palm oil production - The Delta State government has proposed to spend the sum of N326million in the production of cassava, rice and oil palm in the 2016 fiscal year. The state governor, Ifeanyi Okowa made the disclosure in his 2016 budget estimate to the state house of assembly. Source BUSINESSDAY Read More
 

Fed Govt plans to revive depots - Plans are underway to fix depots that are under the management of the Pipeline and Product Marketing Company (PPMC), The Nation has learnt. Source THE NATION Read More
 


 

POWER
FG, states, LGs owe electricity firms N45bn - The debt owed the 11 power distribution companies by the three tiers of government has risen to N45bn, according to the latest data compiled by the Association of Nigerian Electricity Distributors. Source Punch Read More
 

FG to resolve 141mw Aba power delay soon - NERC - The Nigerian Electricity Regulatory Commission (NERC) has said the federal government is resolving the prolonged issues between operators of the 141megawatts Aba power plant and other parties to enable it take off soon. Source Daily Trust Read More


Abuja Disco welcomes new electricity tariff review - THE Abuja Electricity Distribution Company (AEDC) yesterday backed the new tariff review and fixed charge removal announced last week by the Nigerian Electricity Regulatory Commission (NERC), saying on its part, it assured customers of improved services. Source Guardian Read More
 

Egbin to invest in Katsina, others  - In line with the Federal Government’s decision to boost power supply via generating 33,000 gigawatts (Gwh) of electricity through renewable energy sources, Egbin Power Company is planning to explore opportunities in renewable energy sources in Katsina, Adamawa, Borno  and other states in the Northeastern and Northcentral parts of the country. Source THE NATION Read More
 

 

CAPITAL MARKET
BIG CAPs lift stocks, NSE-ASI reclaims 27,000bpts - The equities market closed today on a positive note, as NSE ASI appreciated by 3.79% to close at 27,777.83basis points, compared with the 0.40% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -19.85% Source Proshare Read More
 

Top 10 Capital Market Events in 2015 - TNI Q4/E13 - The Nigerian Stock Exchange through its latest circular to the market reiterated its decision to go ahead with the implementation of the “Minimum Operation Standards” (MOS) for Dealing Member Firms of The Exchange with effect from 2015. Source Proshare Read More
 


 

MONEY MARKET
Naira drops to 262 against dollar - The naira weakened against the United States dollar at the parallel market on Wednesday. The local currency closed at 262 against the greenback two days after it rose from 265 to 260. Source Punch Read More
 

Bank costs threaten push for lower lending rates - Nigerian banks are currently grappling with the biggest surge in the cost of operation seen by some analysts as the highest in the category of emerging markets, BusinessDay analysis of the performance of lenders in the outgoing year has shown. Source BUSINESSDAY Read More
 

BoI partners FUNAAB to push $3bn investment in sugar industry through credit facilities - Bank of Industry (BoI) has injected $3 billion investment funds into Nigeria’s sugar industry as part of effort to promote the entire value-chain of sugarcane production and processing. Source BUSINESSDAY Read More

 

INVESTORS NEWSBEAT
How key Sectors fared in 2015 - NSE Sectorial Indices performance in 2015 has been negative so far as there has been no clear-cut gainer that has emerged based on YTD performance as at 29th December, 2015. Source Proshare Read More
 

 

CORPORATE EARNINGS
NESF Declares N35.37 mln PAT in 2015 Audited Result,(SP:N552:20k) – Source Proshare Read More


PEOPLE

StanbicIBTC Announces key Appointments and Changes in its Management Structure - Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has announced some key executive appointments and changes in its management structure. Source Proshare Read More
 


TELCOs
Nigeria to acquire two satellites from China for $701m - Nigeria has opened talks with China for the financing and construction of two new communication satellites at a cost of $701m. Source Punch Read More
 

NIGCOMSAT to manage Belarus’ satellite for 15yrs - The Nigerian Communications Satellite (NIGCOMSAT) Limited is to provide a 15-year In-Orbit Test (IOT) and Carrier Spectrum Monitoring (CSM) services for the Belarus satellite, following its emergence as the winner of the bid submitted by many countries, a top management staff of NIGCOMSAT announced in Abuja yesterday. Source Leadership Read More
 

 

POLITICS
"I need to be convinced about devaluing the naira currency"-Buhari - President Muhammadu Buhari has stated that on the internal/external pressures to devalue the Nigerian currency "The Naira", he needs to be convinced before taking such action. Source E&P Read More
 

‘NASS unaware of fuel subsidy removal, electricity tariff hike’ - Leader of the House of Representatives, Mr Femi Gbajabiamila has said that the National Assembly is not aware of the fuel subsidy removal and the hike in electricity tariff, noting that the Federal Government is yet to communicate its decision to the Assembly. Source Vanguard Read More

COMMODITIES
$10 Trillion Investment Needed To Avoid Massive Oil Price Spike Says OPEC -  OPEC says that $10 trillion worth of investment will need to flow into oil and gas through 2040 in order to meet the world’s energy needs. Source Proshare Read More
 

Oil prices slide by one per cent on 2016 weak outlook - Crude oil futures fell around half a dollar yesterday as the market remained under pressure from slowing demand and high supplies, while forecasts that a cold snap in Europe and the United States would be short-lived also hurt prices. Source Guardian Read More
 

NCAA Lifts Sanctions On Lubcon - The Nigerian Civil Aviation Authority (NCAA) has lifted the sanction it imposed on Lubcon from supplying aviation fuel to domestic and foreign airlines at airports in Nigeria with immediate effect. Source Leadership Read More
 

Bleak outlook for Nigeria’s crude oil sales to Asiain 2016 - Asia uses half the world’s oil and has become a hotspot for a price war among producers who are offering steep discounts to lock in buyers in the face of bulging global supplies, slowing demand and crumbling prices. Source BUSINESSDAY Read More
 

Oil Prices Become a Problem for U.S. Steelmakers - U.S. steelmakers battered by plunging prices have been quick to blame a flood of cheap Chinese shipments. But with imports nearing four-year lows, another culprit is emerging: the energy collapse. Source Bloomberg Read More
 

 

GLOBAL MARKET
Oil, Asia shares see subdued end to year dominated by Fed, China - Asian share markets looked set to end a rough, volatile year on a subdued note on Thursday as a renewed slide in oil prices sapped sentiment, a baleful trend that shows every sign of lingering into 2016 Source Reuters Read More

 
European shares pushed down by weak commodity prices - European stock markets fell on Wednesday as weak commodity prices hit the shares of mining and energy companies. Source Reuters Read More
 

U.S. Stocks Drop With Global Equities as Oil Falls, Dollar Gains - Global stocks extended their first annual slide in four years as oil resumed a retreat amid data showing an increase in American inventories. The dollar gained versus commodity currencies. Source Bloomberg Read More

 
Ghana says has fixed power deficit that caused years of blackouts - Ghana's government said on Wednesday it had fixed an electricity supply deficit that caused years of frequent blackouts that hurt businesses and angered voters ahead of an election next year. Source Reuters Read More

 
Kenya's economy grows 5.8 pct in third quarter - statistics office - Kenya's economy grew 5.8 percent in the third quarter of this year, driven by construction and agriculture and helped by a more gradual decline in tourism compared to last year, the statistics office said on Wednesday. Source Reuters Read More

 
Gold inches up in thin trade; poised for 3rd annual loss - Gold ticked higher on Wednesday, with gains capped by a firmer dollar and weaker oil, although the metal remained on track to close the year lower for a third time in a row. Source Reuters Read More

 

 
Kenya inflation 8.01 pct in year to December - stats office - Kenya's inflation rose to 8.01 percent year-on-year in December, from 7.32 percent the previous month, the statistics office said on Wednesday. Source Reuters Read More

 
The World Economy's Winners and Losers in 2015 - When the final numbers are tallied, 2015 will probably count as another disappointing year for global growth. Source Bloomberg Read More
 

 

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