Nigeria in 1min: Economic, Business & Financial Headlines - 020617


 June 2, 2017 8:10 AM / Proshare News 

Manufacturing PMI Stands at 52.5% in May 2017 from 51.1% in April 2017 - CBN - The Manufacturing and Non-Manufacturing PMI Report on businesses is based on data compiled from purchasing and supply executives. Source Proshare Read More   

PMI Reading No 50 - Lower But Still Above Water - Our manufacturing Purchasing Managers’ Index (PMI), the first of its kind in Nigeria, shows a decline from 58.9 in April to 54.0 in May. Our partner, NOI Polls, has gathered and compiled the data. Source Proshare Read More 

Minimum Wage Review - Temporary Relief With a Funding Gap - A common thread to the introduction and increase of a minimum wage across the globe is the desire to compensate for a loss of purchasing power due to inflation. Nigeria shares this objective, fuelled by frequent requests from labor unions for an upward re-view. Source Proshare Read More  


Lagos Airport Accounted for 76.5% of International Passengers in Q1 2017 - NBS - In the first quarter of 2017, the performance of the different parts of the Nigerian Aviation sector varied. Both passenger numbers and aircraft movement declined, relative to both the previous quarter and the first quarter of 2016.  Source Proshare Read More  

Edo Assembly approves N11bn loan for Obaseki - EDO State  House of Assembly has  approved a loan of N11 billion sought by the state governor, Mr Godwin Obasski, for the development of the  agricultural sector, wealth and  jobs creation in the state. Source Vanguard Read More 

Budget delay, low investment, input cost take toll on food prices - Slow passage of annual budgets, low investment in agriculture and high cost of farm inputs are the major causes of rising food prices, making it increasingly hard for Nigerian households to buy tomatoes, rice, beans and other staple foods. Source BUSINESSDAY Read More 

Edo fertiliser plant to begin production June 15 - The Edo State Government on Thursday said that the revamped state-owned fertiliser blending plant in Auchi, Estako West Local Government Area would begin commercial production in June this year. Source Punch Read More

FG seeks N2.98bn to fight army worm infestation - The invasion of army worm and its resultant destruction of crops in farmlands across the country is a major national catastrophe, the Federal Government has said. Source Punch Read More


NSEASI Inches Up by +2.77% to Extend Six-Day Gaining Streak - Equities market closed today on a positive note, as NSE ASI appreciated by +2.77% to close at 30,314.14 basis points, as against +0.76% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +12.80%. Source Proshare Read More   

Dangote consolidates African operations with $300 million Congo cement plant - To further consolidate its pan-African operations, Dangote Cement Plc has concluded plans to commence production at its $300 million cement grinding plant in Congo this month. Source Guardian Read More 

Insight on Mergers and Acquisitions - The process involved in M&A is usually lengthy and comes with decisions that are far reaching in determining the future of the surviving organization(s) after the transaction. Source Proshare Read More  

The Cartel Is Fighting Not Just Shale Producers But The Futures Market - Borrowing three words from Mario Draghi, the central banker who helped save the euro zone, Khalid al-Falih, Saudi Arabia’s energy minister, and his Russian counterpart, Alexander Novak, on May 15th promised to do “whatever it takes” to curb the glut in the global oil markets. Source Proshare Read More  

Why Do Consumer Prices Continue To Rise So Dramatically In Nigeria? - In the current economic climate, it would be perfectly reasonable for a Nigerian to expect prices to come down. Source Proshare Read More  


OPEC - Between A Rock and A Hard Place - Six months ago, a marriage of convenience was brokered between the Organization of the Petroleum Exporting Countries (OPEC) – led by the Saudis – and a group of 11 Non-OPEC oil producers led by the Russians. Source Proshare Read More 

Nigeria's Refining Revolution - Over the last four decades, Nigeria has consistently struggled to keep its refineries functioning optimally. Despite having a nameplate refining capacity that exceeds demand, Nigeria ranks as the 3rd highest importer of petroleum products in Africa. Source Proshare Read More 

PIB: Reps propose 63% royalties on oil, gas exploration - The House of Representatives in the proposed Petroleum Industry Governance bill is proposing upward review of royalties accrued from oil and gas from 55 percent to 63 percent, as part of efforts geared to boost Federal Government’s revenue. Source BUSINESSDAY Read More 

Oil production to see boost as Forcados pipeline returns - Nigeria’s Trans Forcados Pipeline (TFP) is back on stream after more than a year of closure, following repeated attacks by militants in the oil rich Niger Delta. Source BUSINESSDAY Read More 

Too early for Nigeria to cut oil output –Barkindo - The Secretary-General of the Organisation of Petroleum Exporting Countries, Dr. Mohammed Barkindo, has said it is too early to say when production caps should be imposed on Nigeria and Libya. Source Punch Read More 

TCN to build three transmission sub-stations in Kaduna - The Transmission Company of Nigeria has announced plans to build three power transmission sub-stations in Kaduna State. Source Punch Read More

Heirs Holdings Announces Appointment of Group Chief Executive - The Board of Heirs Holdings today announced the appointment of Emmanuel Nnorom as Group Chief Executive Officer. Mr Nnorom previously served as chief executive of Heirs Holdings’ affiliate Transnational Corporation of Nigeria Plc and will join the Heirs Holdings’ Board, reporting directly to the Group Chairman, Tony Elumelu. Source Proshare Read More 

Senate confirms 15 RECs, petitions stall 12 others - the Senate, on Thursday, confirmed the nomination of 15 out of the 27 Resident Electoral Commissioners of the Independent National Electoral Commission. Source Punch Read More

Getting your people strategy right in the machine age - The idea of having the computer as a colleague that thinks for itself goes back to the roots of modern computing. In spite of the fact that these ‘thinking machines’ now play an integral part in every modern organization, most people still see them as a future threat to the human race. Source Proshare Read More  

Fitch affirms South Africa's "junk" rating, outlook stable - Ratings agency Fitch affirmed South Africa's sub-investment grade rating on Thursday with a stable outlook, warning weak economic growth remained a key risk. Source Reuters Read More 

Central African Republic's economy to grow 4.7 pct in 2017 - IMF - The International Monetary Fund said on Thursday it expects Central African Republic's economy to grow 4.7 percent in 2017, up from 4.5 percent last year, assuming an ongoing government dialogue with armed groups helps to reduce violence. Source Reuters Read More 

Turkcell's MTN lawsuit could go to trial towards end-2018 -lawyer - Turkcell's $4.2 billion lawsuit against South Africa's MTN Group could go to court towards the end of next year, a lawyer for the Turkish mobile phone operator said on Thursday. Source Reuters Read More 

The Charts That Show South Africa's Unemployment Problem - South Africa’s jobless rate rose in the three months through March and is now at a 14-year high. Source Bloomberg Read More 

KKR Amasses $9.3 Billion for Biggest Asian Private Fund Pool - KKR & Co. has raised $9.3 billion for its third Asia fund, amassing the biggest ever pool by a private equity firm in the region, as the firm steps up investments in Japan. Source Bloomberg Read More 

Asia Stocks Gain on Global Growth Optimism as Nikkei Tops 20,000 - Asian equities were set to cap a second week of gains as Japanese stocks advanced to the highest in 21 months, with sentiment boosted by a slew of economic data that was better than expected and after U.S. equity benchmarks closed at record highs. Source Bloomberg Read More 

S&P, Moody's Downgrade Illinois to Near Junk, Lowest Ever for a U.S. State - Illinois had its bond rating downgraded to one step above junk by Moody’s Investors Service and S&P Global Ratings, the lowest ranking on record for a U.S. state, as the long-running political stalemate over the budget shows no signs of ending. Source Bloomberg Read More 


2017 Global Digital IQ Survey - PwC worked with Oxford Economics in late 2016 to survey more than 2,200 senior business and IT executives from 53 countries and more than 30 industry segments. Source Proshare Read More 


Nigeria Central Switch records N64tr electronic deals - As the Nigeria Electronic Fraud Forum (NeFF) meets to review the 2015 Cybercrime Act, the Central Bank of Nigeria (CBN), the banker of last resort, has charged stakeholders to come up with workable policies to enhance the efficiency of electronic transaction, with a view to reducing fraud. Source Guardian Read More 

Only 24% of Nigerians Have Access to Internet, Says Minister - The Minister of Communication, Adebayo Shittu, has said the size of the country’s population with full access to internet connectivity is just about 20 per cent. Source Thisday Read More






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