Nigeria in 1min: Economic, Business & Financial Headlines - 010816


  August 01, 2016 6:50 AM / Proshare News  

Local debt servicing gulps N1tn in one year - According to statistics obtained from the DMO, the Federal Government spent N1.02tn to service its domestic debt last year. This comprises of N25bn spent on repayment of the principal and N993.13bn on interest payment within the year. Source Punch Read More

FG targets N10.2tn increase in GDP - The Federal Government plans to increase the country’s Gross Domestic Product by N10.2tn next year from the 2016 figure of N98.5tn to N108.7tn. Source Punch Read More 

FG remitted workers’ pension last in September- PenOp - President of the Pension Fund Operators Association of Nigeria, PenOp, Mr. Eguarekhide Longe has said that compliance to remittances of pension contributions from the public sector on both the Federal and State levels have lagged notably. Source Vanguard Read More 

FG Bans Distribution of Souvenirs at Govt Events - The federal government has banned the procurement and distribution of bags, T-shirts and other souvenirs at events such as conferences and seminars funded by federal ministries, departments and agencies (MDAs). Source Thisday Read More 

FG Got N2.2tr from Federation Account in One Year - Facts have emerged that the federal government under President Muhammadu Buhari got a total N2,203,573,573,563.25 from the Federation Account as allocation between June 2015 and May 2016. Source Thisday Read More 

Govt plans automation of insurance premium - If plans by the Minister of Finance, Mrs Kemi Adeosun, to deplore the use of technology to monitor vehicles in the country succeeds, motorist will be automatically charged insurance premium for third party motor policy Source THENATION Read More 

Nigeria to get $1bn AfDB facility to fund budget - Nigeria’s Federal Government is presently in talks with the African Development Bank (AfDB) for a $1 billion loan that would enable the country finance its record N6.06 trillion 2016 budget. Source BUSINESSDAY Read More 

Kwara to launch N4.2b infrastructure fund - The Kwara State Government is set to launch its Infrastructure Development Fund ‘InfraFund Kwara’ (IF-K) in the energy sector in the fourth quarter of 2016 with an initial investment of N4.2 billion. Source THENATION Read More 

Nigeria Strategy Report H2 2016 - Brexit Dust Blurs Outlook for Portfolio Flows - We commence the publication of ARM securities’ core strategy document “Nigeria Strategy Report H2 2016” with excerpts of the review assessing the movement in FPI flows to emerging markets over H1 2016, and the outlook on the same for the rest of the year. Source Proshare Read More 

N3.9tn lost annually to illegal non-oil exports – NEPC - The country is losing $12bn (N3.9tn) annually to informal or illegal non-oil exports, the Nigeria Export Promotion Council has said. Source Punch Read More  


CBN to mop up N245bn as cost of funds falls by 50% - The Central Bank of Nigeria (CBN) will this week mop up N245 billion from the interbank money market in a bid to reduce money supply in the economy. Source Vanguard Read More 

CBN Appeals For Calm As Non-performing Loans Rise To 12.5% - The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has urged the banking public not to panic about the banking system, assuring them that their deposits are safe. Source Leadership Read More 

CBN begins enforcement of dollar sales to BDCs - To increase the volume of dollar in the market and stabilise the naira, the Central Bank of Nigeria (CBN) may compel banks to sell foreign currency proceeds of international money transfers to Bureaux De Change (BDCs). Source THE NATION Read More 

CBN Sold $1.13bn Forex to Banks, Others in May - The Central Bank of Nigeria has said its foreign exchange sales to the authorised dealers, including banks and others, amounted to US$1.13 billion in May 2016, representing 2.6 per cent decline compared to the level in April 2016. Source Thisday Read More 

Sentiment Analysis Report – W/E July 29, 2016 - Analysis of the market activity in the week ended July 29, 2016 technically revealed mixed sentiments amid modest demand while investors cautiously displayed increased risk appetite towards equities in the week Source Proshare Read More

Stocks end volatile week positive, post 1.27% gain WoW - The equities market closed today on a negative note, as NSE ASI depreciated by 0.13% to close at 28,009.93basis points, compared with the 0.56% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.21%. Source Proshare Read More 

Oil Market on the Brink of Stability? - In the continuing review of ARM securities’ core strategy document “Nigeria Strategy Report H2 2016”,  we publish below the review on developments in the global crude oil market over H1 16 and outlook for H2 16. Source Proshare Read More 

Nigeria's Skye says received 100 billion naira from central bank - Nigeria's Skye Bank has received more than 100 billion naira in liquidity from the central bank since July 4 to shore up its operations, its new managing director said on Friday. Source Reuters Read More

Excess charges: Refund N1.5bn to Bauchi, CPC orders FCMB - The Consumer Protection Council has directed the management of First City Monument Bank to refund a total of N1.54bn to the Bauchi State Government, being the amount said to be illegally deducted by the bank from the state’s loan account. Source Punch Read More 

Darkness looms as GENCO’s collapse imminent - Nigerian Bulk Electricity Trading Plc, NBET weekend said it has paid N186.7billion to Electricity Generating Companies GENCOs saying it is only owing them about N156 billion. Source Vanguard Read More 

Naira to weaken further on dollar shortage -
The naira is expected to continue to weaken this week on limited dollar supply as foreign portfolio investors stay on the sidelines until the Nigeria economy shows signs of recovering from the impact of currency controls, foreign exchange traders have said. Source Punch
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Nigeria’s oil faces threat as S’Arabia cut prices - Saudi Arabia, the world’s largest crude oil exporter, has cut all official selling prices for its crude sales to Asian and the United States clients in August, signalling mounting competition for Nigeria and others. Source Punch Read More 

Nigeria Takes Over Management Of TCN - Manitoba Hydro International (MHI), the foreign company that has been handling management of the Transmission Company of Nigeria (TCN), has handed over the management of the company to their Nigerian counterpart. This follows the expiration of MHI’s contract at the power transmission company. Source Leadership Read More 

FG pays 70 construction companies N63.12bn, says Fashola - The Minister of Power, Works and Housing, Mr. Babatunde Fashola, on Friday said the Federal Government had paid 70 construction companies the sum of N63.12bn for works done in the first quarter of 2016. Source Punch Read More 

NERC fines four power firms N24.56m for breaches - The Nigerian Electricity Regulatory Commission has penalised four power distribution companies as a result of their failure to treat various customer complaints levelled against them as well as their inability to submit statutory quarterly reports. Source Punch Read More 

National Theatre in darkness for unpaid N9m debt - The Eko Electricity Distribution Company Plc (EKEDC) yesterday said electricity supply to the National Arts Theatre in Lagos was disconnected because its management was owing over N9 million debt. Source THE NATION Read More 

GENCOs threaten to shut operations over N140b debt - The power sector is under threat as generation company (GENCOs’) operators have warned they will shut  down over huge debts of about N140 billion and shut-in of about 5,000megawatts (Mw) of electricity, following lack of gas supply. Source THE NATION Read More 

Tariff reversal, a threat to power sector reformsNERC boss - The ultimate destination of a commercialised electricity market is to achieve stability and adequacy in the supply of electricity to satisfy the yearnings of Nigerians for adequate, safe and reliable electricity supply. Source Punch Read More 

Lagos begins first crude oil export August - All is now set for the first crude oil lifting for export from the Aje field, offshore Lagos, Nigeria, by the end of August following the commissioning of a production and storage vessel for the crude. Source Daily Trust Read More 

Manufacturers groan over high exchange rate, epileptic power - The National President of the Manufacturers Association of Nigeria, Dr. Udemba Jacobs, and the Chairman of its Ogun State Chapter, Dr. Wale Adegbite, have identified high exchange rate, epileptic power supply among others, as being responsible for the nation’s stunted economic growth. Source Punch Read More 

Sugar industry can generate 400mw of electricity for Nigeria - Samuel Kwabe - Mr Samuel Kwabe is the acting executive secretary of the Nigerian Sugar Development Council (NSDC). In this interview he said the sugar industry is playing a key role in President Muhammadu Buhari’s efforts at diversifying the economy. Source Daily Trust Read More 


Malawi's central bank leaves benchmark lending rate unchanged at 27 pct - Malawi's central bank has left the benchmark lending rate unchanged at 27 percent, the bank said on Friday, citing weak growth and lower agricultural production due to a severe drought. Source Reuters Read More 

Ghana 91-day bill yield rises to 22.8173 percent - The Bank of Ghana said the yield on its weekly 91-day bill rose to 22.8173 percent at an auction on Friday from 22.8009 percent at the last sale on July 22. Source Reuters Read More 

Mauritius sees 2016/17 GDP growth at 4.1 pct, fiscal deficit narrowing - Mauritius expects economic growth to climb to 4.1 percent in 2016/17 and sees its fiscal deficit narrowing over the same July-June period, the finance minister said in his budget speech on Friday. Source Reuters Read More 

Global Earnings Tumble as Companies Dig Deeper for Cost Savings - Corporate earnings are heading for a fifth straight quarter of declines, dragged down mostly by energy companies’ struggles with low oil prices and a tepid global economy that threatens to throttle sales growth in many industries. Source Bloomberg Read More 

Uber Said to Merge China Business With Didi in $35 Billion Deal - Uber Technologies Inc. will merge its China business with Didi Chuxing, the dominant ride-hailing service in the country, according to people familiar with the matter. Source Bloomberg Read More 

Saudi Arabia Said to Have Offered $4 Billion to Banks - Saudi Arabia’s central bank offered lenders short-term loans in late June to help ease liquidity constraints, according to five people familiar with the matter. Source Bloomberg Read More  


No More Ransom: Law Enforcement and IT Security Companies Join Forces to Fight Ransomware - The Dutch National Police, Europol, Intel Security and Kaspersky Lab have joined forces to launch an initiative called No More Ransom, a new step in the cooperation between law enforcement and the private sector to fight ransomware together. Source Proshare Read More 

Lagos to disburse N25bn employment fund in Sept. - Lagos State Government has said that the disbursement of N6.25billion being the first tranche of N25 billion, Employment Trust Fund, ETF, to beneficiaries would finally commence in September, 2016, aimed at stimulating the Small and Medium-sized Enterprises of the state economy. Source Vanguard Read More 


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