Nigeria in 1min: Economic, Business & Financial Headlines - 030117


January 3, 2017 7:00 AM / Proshare News   

Nigeria: Economic Strategic Report – Q4 2016 Highlights and Outlook 2017 - FX liquidity risk will remain high due to weak FDI inflows, low oil prices (sub-USD100/b), ongoing ban on importers of 41 goods and services, robust import demand, and tightening global financing conditions. Source Proshare Read More   

Government raises import duties on consumable, luxury goods - The Federal Government has raised duties on luxury goods such as yachts and Sport Utility Vehicles (SUVs) imported into the country.But also affected are some food items such as rice, salt and sugarcane that have local alternatives. Source Guardian Read More 

FG spends N14.35bn on ex-presidents, VPs in 12 yrs - By the end of this year, the Federal Government would have spent, at least, N14.35 billion on the up-keep of former presidents, vice presidents and their families, over a period of 12 years Source Vanguard Read More 

Presidency begins payment of N5,000 monthly stipend to poor Nigerians in 9 States - More than one year after it came on board, the president Mohammadu Buhari led administration has commenced payment of N5,000 monthly stipends it promised to poor Nigerians. Source Vanguard Read More 

PANDEF Expresses Displeasure over N29bn Budgeted to Fight Militancy in 2017 - The Pan-Niger Delta Forum (PANDEF), an umbrella body of traditional rulers, elders, leaders and critical stakeholders of the ethnic nationalities that make up the Niger Delta region, has lambasted the federal government for earmarking N29 billion to fight the militancy in the Niger Delta in the 2017 budget, instead of embracing dialogue. Source Thisday Read More 

Ikpeazu presents N102.55b 2017 appropriation bill - Abia State Governor, Dr Okezie Ikpeazu, has presented a budget estimate of N102.55 billion to the state House of Assembly for the 2017 fiscal year. Source Guardian Read More

Obaseki terminates contract of private revenue collectors - Edo State Governor Godwin Obaseki has in his New Year message announced the termination of the contract of private revenue collectors in the state. Source BUSINESSDAY Read More

Hope rises as reserves rebound to $25.8b in New Year - With persistent and gradual gains in the last three months, the nation’s foreign exchange (forex) reserves ended 2016 at $25.78 billion, after gaining $420 million in seven days. Source Guardian Read More 

Ecobank Research Revealed Africa's Five Hot Spots for Investment in May 2016  - Ecobank Research identified the top 5 destinations in Sub-Saharan Africa which, despite market volatility and the fall in commodity prices, provide good opportunities for investment; viz - Côte d’Ivoire, Kenya, Ghana, Senegal and Ethiopia. Source Proshare Read More 

Abuja airport repair: FG opens talks on alternative route - The Minister of State for Aviation, Senator Hadi Sirika, will on Thursday in Abuja engage aviation industry stakeholders on issues arising from the proposed closure of Abuja airport. Source Daily Trust Read More

Buhari's economic recovery plan inadequate - MAN, LCCI - Stakeholders and economic experts, including the Manufacturers Association of Nigeria and the Lagos Chamber of Commerce and Industry, have advised the President Muhammadu Buhari-led administration should expand its economic recovery plan as it is currently inadequate to lift the nation out of recession. Source Punch Read More

Economic crises force 300% rise in food prices - The prices of staple food items in the country increased considerably between January and December 2016, with many selling at triple their prices at the end of the year. Source Punch Read More 

Nigeria Moves To Level 3 In Global Aviation Ranking- Nigeria has attained another high level safety rating which places it amongst the world leaders in aviation safety by climbing to Level 3 State Safety Programme (SSP) Implementation Process. Source Leadership Read More

Oil And Gas Key To Nigeria’s Economic Recovery In 2017 – Moody’s - One of the world’s leading credit rating agencies, Moody’s, has said that though Nigeria’s capital markets remain a reliable and captive source of liquidity and funding for the government, the oil and gas sector would play a significant role in getting Nigeria out of recession this year. Source Leadership Read More 

Premium commercial property rents to drop 30% in 2017 - The impact of foreign exchange scarcity on the property market will continue in 2017 as experts say the premium end of the commercial market will be witnessing more than a 30 percent drop in rent for new Grade A office developments on the Lagos Island. Source BUSINESSDAY Read More


CBN extends stamp duty collection to savings accounts - Banks are no longer restricting the deduction of stamp duty on deposits made into currents accounts, but now apply it to deposits made into savings accounts. Source Punch Read More  

CBN: new e-payment pricing policy coming - The Central Bank of Nigeria (CBN) has deregulated the Merchant Service Charge (MSC) and will be implementing a new pricing regime on electronic transactions by the second quarter of this year. Source THE NATION Read More  

Sentiment Analysis Report - WE December 30, 2016 - Analysis of the market activity in the week ended December 30, 2016 technically revealed improved optimistic trading pattern while investors displayed active value investing approach in the week. Source Proshare Read More 

Chevron Appoints Jeffrey Ewing MD for Nigerian Operation - Chevron Nigeria Limited (CNL), operator of the joint venture between the Nigerian National Petroleum Corporation (NNPC)and CNL, has announced the appointment of Jeffrey Ewing to the position of chairman and managing director (MD) of Chevron companies in Nigeria, effective January 1, 2017. Source Thisday Read More

Otakikpo Field Offshore Pipeline 80% Completed, Says Lekoil - Africa focused oil and gas exploration and production company with interests in Nigeria and Namibia, Lekoil Limited has announced that the offshore pipeline leading from the storage tanks to the tanker offloading manifold in the Otakikpo oil field is 80 per cent completed. Source Thisday Read More

NNPC, PPMC earned N981bn from petroleum products in 10 months - Nigerian National Petroleum Corporation, NNPC, through its subsidiary, the Pipeline and Product Marketing Company, PPMC, earned N981.35 billion from the sale of white petroleum products between January and October 2016. Source Vanguard Read More 

Oil Starts New Year Higher as Kuwait Delivers on OPEC Output Cut - Oil advanced after the biggest annual gain since 2009 as output cuts by Kuwait signaled OPEC and other producing nations started trimming production to stabilize the market. Source Bloomberg Read More 


Libya's oil production rises to 685,000 bpd - National Oil Corp - Libya was producing 685,000 barrels of oil per day (bpd) on Sunday, up from around 600,000 a day last month, an official from the National Oil Corporation (NOC) said. Source Reuters Read More 

Tanzania's economy grows 6.2 pct in third quarter - Tanzania's economy grew 6.2 percent in the third quarter of 2016, compared with 6.3 percent in the same period the previous year, Finance and Planning Minister Philip Mpango said on Monday. Source Reuters Read More 

Surprise Cut in Government Borrowing Extends India’s Bond Rally - Indian sovereign bonds extended Monday’s biggest rally in six weeks after the government unexpectedly lowered its borrowing target for the financial year. Source Bloomberg Read More 

China Gets Strict on Forex Transactions to Stop Money Exiting Abroad - At risk of capital flight, China marked the new year with extra requirements for citizens converting yuan into foreign currencies. Source Bloomberg Read More 

Australian House Prices Rise Most in Seven Years on Low Rates - Australian house values increased at the fastest pace in seven years in 2016, as record-low interest rates helped fuel demand for property despite warnings such price increases may be unsustainable. Source Bloomberg Read More 

Indonesia Ends JPMorgan Partnerships on Downgrade, Okezone Says - Indonesia’s government terminated all business partnerships with JPMorgan Chase & Co. after the U.S. bank downgraded its assessment of Southeast Asia’s largest economy following Donald Trump’s surprise U.S. election win, according to a report on the Okezone news portal. Source Bloomberg Read More 

Dollar Retreats, While Stocks Advance With Crude: Markets Wrap - The dollar fell against most of its peers on the first full trading day of the New Year, unwinding some gains that have been spurred by the prospect of higher U.S. interest rates. Shares advanced in much of Asia and crude oil climbed. Source Bloomberg Read More 

Paris Eyes Luring 20,000 Bankers From London Amid Brexit Rupture - Paris could lure as many as 20,000 workers from Britain’s finance industry with the exodus potentially starting within weeks as the U.K. begins its withdrawal from the European Union, according to Europlace, the French capital’s lobby group. Source Bloomberg Read More 

Oman Said to Invite Banks to Arrange Potential Dollar Debt Sale - Oman is preparing an international bond sale, two people with knowledge of the deal said, as the country seeks to plug a budget deficit caused by low oil prices. Source Bloomberg Read More 

Singapore's Economy Expands More Than Economists Estimated - Singapore, among Asia’s most-export dependent nations, is seeking new growth engines to boost incomes as its population ages and trade falters. With global growth under pressure and the U.S. threatening to turn more protectionist under Donald Trump, the outlook remains cloudy. Source Bloomberg Read More 


‘Nigeria loses N127b yearly to cybercrimes’ - A cyber security group, Cyber Security Experts Association of Nigeria (CSEAN) has estimated that Nigeria loses about N127 billion to cybercrimes yearly. Source Guardian Read More   

BoI to boost SMEs with N310b cash - The Acting Managing Director, Bank of Industry (BoI), Waheed Olagunju has said the bank is committed to its five-year plan of growing the small and medium-scale enterprises (SMEs) by pumping N310 billion into the sector. Source THE NATION Read More   






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