Nigeria in 1min: Economic, Business & Financial Headlines - 130117


January 13, 2017 7:30 AM / Proshare News     

$1.3b development bank of Nigeria set to take off - The Development Bank of Nigeria (DBN) is set to take off as the Federal Government has concluded the selection process of the executive management team of the development financing institution and has equally applied for an operating license from the Central Bank of Nigeria (CBN). Source Guardian Read More  

‘Nigeria loses N25bn annually to importation of foreign lottery technology’ - The operators of lottery business in Nigeria annually spend N25 billion to acquire, deploy and maintain foreign lottery technology. Source Daily Trust Read More 

2017 budget: PenCom, PTAD to spend N992.89m on constructions, research - The federal government has appropriated a total of N992.89 million for the National Pension Commission (PenCom) and the Pension Transitional Arrangement Directorate (PTAD) to carry out capital projects in the 2017 fiscal year. Source Daily Trust Read More 

Govt to appoint transaction advisers for national carrier - The Federal Government says it has budgeted the sum of N5.8bn for the repair of the runway at the Nnamdi Azikiwe International Airport, Abuja. Source Punch Read More 

Abuja Airport Runway Repairs To Gulp N5.8bn – FG - The Minister of State for Aviation, Sen. Hadi Sirika, has said the proposed repair of the Nnamdi Azikiwe International Airport, Abuja, runway will cost N5.8 billion. Source Leadership Read More 

FG Loses N43. 48bn Foreign Airlines BASA Remittances - The federal government may have lost over N43.48 billion ($144 million) remittances paid by international airlines as reciprocity charges in the Bilateral Air Service Agreement (BASA) from 2014 to the end of 2016 due to the decision of the Ministry of Transport to stop collecting the charges without providing alternative payment platform for the airlines. Source Thisday Read More 

Tin-can Island Customs Generates N266bn in One Year - The Nigerian Custom Service (NCS), Tin Can Island Port command has announced that it generated a total N256.41 billion from January to December 31, 2016. Source Thisday Read More

Kano’s rice production up by 95 per cent, says Ganduje - Rice produced by farmers in Kano State rose from 692, 481 tonnes to 1, 551, 720 tonnes last year, representing an increase of about 95.2 percent, Governor Abdullahi Umar Ganduje, has said. Source THE NATION Read More

‘Fertiliser blending plants’ll save $200m in forex, N60b in subsidy’ - The revival of abandoned  fertiliser blending plants will save Nigeria about $200 million in Foreign Exchange (forex) and over N60 billion in subsidy. It will also create thousands of jobs. Source THE NATION Read More 

Cost of healthcare doubles as drug prices jump 100% - Falling ill in Nigeria has become twice more expensive than it was a year ago, as the prices of many essential drugs have risen by more than a 100% in the last one year. Source BUSINESSDAY Read More 


SEC Publishes Rules on Capital Market Holding Companies, Others for Exposure - The following are proposed rules/amendments for exposure to stakeholders/general public for comments and input.  Source Proshare Read More  

SEC Warns Against Investments in Cryptocurrencies and other Virtual or Digital Currencies - The attention of the Securities and Exchange Commission, (the Commission) has been drawn to radio advertisements and other modes of solicitations of the public to invest in cryptocurrencies such as Swisscoin, OneCoin, Bitcoin and such other virtual or digital currencies. Source Proshare Read More 

CBN to resume dollar sales to BDCs next week - THE Central Bank of Nigeria (CBN) will resume sales of dollar proceeds of international money transfer (IMT) to bureaux de change (BDC) operators next week. Source Vanguard Read More 

CBN, Sokoto Govt. spends N 1.12bn on wheat farming - The Central Bank of Nigeria (CBN) and the Sokoto State Government has spent over N 1.12 billion on the 2016/2017 Anchor Borrowers Wheat Farming Programme, an Official said in Sokoto on Thursday. Source BUSINESSDAY Read More 

Central Bank tells FX traders it won't devalue naira - Nigeria's central bank has told Bureau de Change operators it does not intend to devalue the naira and will support it at current levels, especially with a recent rise in oil prices, the head of their association said on Thursday. Source Reuters Read More  

Stocks erase gains as speculations deepen price volatility - The equities market closed today on a negative note, as NSE ASI depreciated by 0.21% to close at 26,330.39 basis points, compared with the 0.15% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.03%.  Source Proshare Read More  

NSE Expects Revival of Supplementary Listings in 2017 - The Nigeria stock exchange is optimistic that in 2017, there will be a revival of supplementary listings in the market coupled with the return of new issuance market and potentially one Initial Public Offer (IPO). Source Proshare Read More

Services Sector – INTERLINK, NSLTECH and 1 Other Record Above Market Standard PE Ratio - The services sector has twenty-three (23) companies listed on the floor of the Nigerian Stock Exchange. Source Proshare Read More 

NSE 2016 Market Recap and Outlook for 2017 - The global economy remained sluggish in 2016 with a forecast of 3.1% in global GDP growth according to the International Monetary Fund (IMF), compared to 3.4% originally projected, and 3.2%1 achieved in 2015. Source Proshare Read More 

...approves Jaiz Bank to list N37bn shares - Jaiz Bank Plc, Nigeria’s first non-interest commercial bank, has secured the approval of the council of the Nigerian Stock Exchange (NSE) to list its entire issued share capital on the exchange. Source Daily Trust Read More 

Electricity grid loses 728mw in 12 days, down to 3,432mw - The national electricity grid has lost 728 megawatts in first 12 days of 2017, after peak power generation dropped to 3,432mw on Thursday, the Daily Trust checks have shown. Source Daily Trust Read More 

Oil Prices Running Out Of Reasons To Rally - Oil prices faltered at the start of the second week of the year, as fears set in about a rapid rebound in U.S. shale production. Source Proshare Read More

Saudi Oil Output Drops Under OPEC Quota Close to Two-Year Low - Saudi Arabia has reduced oil production to less than 10 million barrels a day, below its targeted level, and will consider renewing its pledge to cut crude output in six months, Energy Minister Khalid Al-Falih said. Source Bloomberg Read More

Oil Posts Biggest Two-Day Gain in 6 Weeks as Saudis Make Cuts - Oil climbed, posting the biggest two-day gain in almost six weeks, after Saudi Arabia said it cut production even more than required by an OPEC deal. Source Bloomberg Read More 


IMF says plans to meet new Ghana government over aid programme - The International Monetary Fund (IMF) plans to visit Ghana to hear the new government's plans for implementing the country's $918 million aid deal, the Fund said on Thursday. Source Reuters Read More  

Zimbabwe telecoms hike draws charges of social media crackdown - Zimbabwe's biggest mobile telephone company has pushed up data charges by a multiple of 25 in line with new regulations, prompting critics to complain that President Robert Mugabe's government is trying to throttle the use of social media. Source Reuters Read More 

Nigeria stock exchange says working with MTN to list its shares in 2017 -  Nigeria's stock exchange NSE is working "very closely" with South African cell operator MTN on a listing of its shares this year, the head of the bourse said on Thursday. Source Reuters Read More 

U.S. Stocks Decline With Banks as Nasdaq Ends Seven-Day Streak - U.S. stocks declined as investors assessed President-elect Donald Trump’s comments on healthcare and imports during his first press conference since the election. Source Bloomberg Read More

Emerging-Market Currencies Climb as Lira Rebounds From Lows - Emerging-market currencies rose the most in 10 months as the Turkish lira rebounded from record lows on speculation the central bank will take steps to support it. Source Bloomberg Read More

Europe Stocks Fall to 2-Week Low as Drugmakers, Carmakers Plunge - European shares closed at the lowest level since the end of 2016 as automakers dropped the most since July and drugmakers fell on concern they could face more price pressures in the U.S. under Donald Trump’s presidency. Source Bloomberg Read More

Turkey's Central Bank Said to Tighten Liquidity to Prop Up Lira - Turkey’s central bank finally gained traction in its efforts to prop up the lira. Source Bloomberg Read More

South African Rand Heads for Best Yearly Start Since 2008 - The rand’s 1.4 percent rally against the dollar on Thursday put the currency on course for its best start to a year since 2008. Analysts are turning bullish on the currency because of improvements in the country’s external balance, economic growth, inflation and productivity. Source Bloomberg Read More 

Andreas M. Antonopoulos educates Senate of Canada about Bitcoin (Oct 8, ENG)- In Canada, the public debate surrounding Bitcoin and cryptocurrencies is currently being formalized as the official “Study on the use of digital currency”, a consultative exercise conducted at the initiative of the Senate of Canada’s Banking, Trade and Commerce committee. Source Bitcoin Embassy Read More



Marginal Drop in Internet Subscriptions; Contracts by 5.5% in November 2016 - The latest data released by the NCC, the industry regulator, show that internet subscriptions stood at 92.4 million in November, representing a y/y contraction of -5.5%. Source Proshare Read More    






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