Nigeria in 1min: Economic, Business & Financial Headlines - 020916


September 02, 2016 6:20 AM / Proshare News   

PMI Reading No 41 is off the Floor - The latest report for our manufacturing Purchasing Managers’ Index (PMI), the first of its kind in Nigeria, shows an improvement from 51.0 in July to 52.2. Our partner, NOI Polls, has gathered and compiled the data. Source Proshare Read More  

Nigeria Slumps into Recession in Q2 - Nigeria’s recession received the official stamp with real GDP down 2.06% y/y in Q2’16. Whilst a negative growth was expected, the size of the decline is of greater importance with Bloomberg Consensus and Vetiva estimates varying as wide as -1.6% and -2.9% respectively. Source Proshare Read More 

Implications of rising inflation on investment & MPC decision – Dexter - The consumer Price Index (CPI) Report released by the National Bureau of Statistics (NBS) for July 2016 showed that inflation creeped to 17.1% (vs 16.5% in June 2016), the highest in almost eleven (11) years according to data from the Central Bank of Nigeria (CBN). Source Proshare Read More 

FG signs $5.1bn rail contracts with Chinese firm - The Federal Government has signed two contracts valued at $5.1bn with the China Civil Engineering Construction Corporation for the construction and modernisation of rail lines in different parts of the country. Source Punch Read More 

Economic recession: MAN, LCCI, Rewane, others ask CBN to cut interest rate - The Manufacturers Association of Nigeria, the Lagos Chamber of Commerce and Industry, the Abuja Chamber of Commerce and Industry and other organised private sectors on Thursday called on the Federal Government to drastically slash interest rate in order to stimulate economic recovery. Source Punch Read More 

Shippers Council: 80% of imports are under-disclosed - About 80 percent of goods imported through the Nigerian ports are under-disclosed, the Managing Director of the Nigeria Shippers’ Council, Hassan Bello, has said. Source Daily Trust Read More 

FAAN increases access fees at Lagos Airport by 100% - A new parking and access charge is now in place at the cargo terminal of Murtala Mohammed International Airport (MMIA), Lagos, it was learnt yesterday. Source Daily Trust Read More 

First Nation suspends operations, as Aviation unions protest - BARELY 24 hours after Aero Contractors suspended its operations indefinitely and sent its workers on compulsory and indefinite leave, another airline, First Nation, has announced the indefinite suspension of its operations. Source Vanguard Read More 

‘Nigerians spend N3.5tr generating their own electricity yearly’ - Due to irregular supply of public electricity, about N3.5 trillion ($21.9 billion) is spent yearly by businesses, families and others in Nigeria to buy fuel for power generation. Disclosing this yesterday at the ongoing 2016 Huawei Connect conference in Shanghai, China, the Business Leader (Distribution), Sahara Group, the firm with majority stakes in Ikeja Electricity Distribution Company, Rotimi Onanuga, said that in addition to the challenge, “the power infrastructure in Nigeria is aging.” Source Guardian Read More 

Nigeria’s live domestic animal trade hits N950b, says CBN - The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) of the Central Bank of Nigeria (CBN) has estimated the total value of live animal trade between the northern and southern parts of the country to be at  between N850-N950 billion yearly. Source THE NATION Read More 

‘Maritime loses 3,000 jobs to import ban’ - About 3,000 workers, have been sacked by shipping firms, terminal operators and logistics companies, the President-General, Maritime Workers Union of Nigeria (MWUN), Tony Emmanuel, has said. Source THE NATION Read More 

July’s CPI at 17.1% - Feeds on Structural Challenges - Data from the National Bureau of Statistics (NBS) shows that the Consumer Price Index (CPI) or inflation reading for July 2016 has risen to 17.1% year-on-year and remained in the double digit band for the sixth month in a row. Source Proshare Read More 


Manufacturing PMI Declines to 42.1% in August from 44.1% in July 2016 - CBN - The Manufacturing PMI declined to 42.1 index points in August 2016, compared to 44.1 in the preceding month (Fig. 2 and Table 1). This implies that the manufacturing sector declined at a faster rate during the review period. Source Proshare Read More 

CBN borrows N213bn via Treasury bills - The Central Bank of Nigeria borrowed N212.85bn ($654.92m) in an auction of Treasury bills on Wednesday, with yields little changed from previous sales, data from the Debt Management Office showed on Thursday. Source Punch Read More 

Banks To Now Accept Moveable Assets As Collateral – CBN - The Credit Bureau Association of Nigeria (CBAN), Central Bank of Nigeria (CBN) and International Finance Corporation (IFC) are working towards improving access to loan facilities using movable assets as collateral. Source Leadership Read More 


NSE-ASI records 3-day gain, hits above 28,000bpts as bellwethers end bullish  - The equities market closed today on a positive note, as NSE ASI appreciated by 2.97% to close at 28,419.92basis points, compared with the 0.39% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.78%. Source Proshare Read More 

UBA Records Strong YTD Performance; Shares Still Cheap - On the back of UBA’s Q2 2016 results, we have raised our 2016E earnings forecasts substantially to reflect the fx-related gains which boosted the results. However, our 2017E estimates see modest revisions because the underlying results were in line. Source Proshare Read More 

The Governing Board of the Integrity Organisation appoints Mr. Opeyemi Agbaje as Chairman - At the meeting of the Governing Board of Integrity Organisation (consisting of Integrity and The Convention on Business Integrity, CBi) which held on Tuesday, August 23rd, 2016, Mr. Opeyemi Agbaje previously Vice-Chairman, who had in the past year acted as the Acting Chairman of the Board was appointed as the new chairman of The Integrity Organisation; taking over the mantle of Chairmanship from His Excellency, Prof. Yemi Osinbajo, SAN, GCON, Vice-President of the Federal Republic of Nigeria. Source Proshare Read More 

Dangote to invest $170m in rice, sugar production in Nasarawa - The Dangote Group of Company, yesterday in Lafia, says it will invest more than $170m in rice and sugarcane production in Nasarawa State. Source Daily Trust Read More 

Dangote’s tomato factory to resume production in December - Seven months after halting production, Dangote Tomato Processing Factory, located in Kadawa Village in Kura Local Government Area of Kano State, is to resume production in December. Source Punch Read More 

MTN Nigeria targets $1billion IPO - The MTN Group and minority shareholders in its Nigerian business are seeking to raise about US$1 billion in an initial public offering, a condition tied to the settlement of a record fine imposed by the Nigerian government Source Daily Trust Read More

Recession sends bonds to lowest in more than two weeks - Nigeria’s sovereign dollar bonds fell across the curve to their lowest level in more than two weeks after official data showed the economy contracted by 2.06 percent in the second quarter, sending Africa’s biggest economy into its first recession for 25 years. Source Daily Trust Read More 

Power generation rises to 3,523Mw  - The Nigerian Electricity System Operator (SO) yesterday said power generation stood at 3,102megawatts (Mw) on Tuesday, 3,214 Mw on Wednesday and rose to 3,523Mw yesterday. The pwoer generated was sent to the 11 distribution companies (DisCos). Source THE NATION Read More  


Zambia in talks with IMF, plans to cut subsidies - Zambia plans to cut subsidies as agreed with the International monetary Fund, with talks on an aid package at an advanced stage, a presidential spokesman said on Tuesday. Source Guardian Read More  

Asian Stocks Steady Amid Payrolls Countdown as Won, Oil Advance - Moves in financial markets were mostly modest amid the countdown to key American jobs data that’s seen shaping expectations for the timing of the next U.S. interest-rate hike. South Korea’s won strengthened and oil pared this week’s slide. Source Bloomberg Read More

National ID: NCC Approves Data Release to NIMC -The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Professor Umar Garba Danbatta, has approved the release of the Commission’s data from the ongoing Subscriber Identity Module (SIM) cards registration exercise to the National Identity Management Commission (NIMC). Source Thisday Read More


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