Nigeria in 1min: Economic, Business & Financial Headlines - 030217


February 3, 2017 7:00 AM / Proshare News


Nigeria Strategy Report H1 2017 (17) - Blessed are the Flexible - Over the past few weeks, we have featured daily excerpts from our core strategy document – The Nigeria Strategy Report – detailing our understanding of key happenings in global and domestic financial markets in H2 2016 and providing our outlook on major investment themes for H1 2017.Source Proshare Read More 

Eurobond: Adeosun, Alade meet investors in London, US - The Federal Government will meet investors this week for its first Eurobond sale in more than three years as the country battles an economic contraction and the worst dollar squeeze in almost a decade. Source Punch Read More 

FG gets UN’s approval to streamline export trade procedures - The United Nations Centre for Trade Facilitation and Electronic Business has agreed to assist Nigeria to simplify its national and international transactions by streamlining processes and procedures for export trade. Source Punch Read More 

IITA to launch new agric initiative - The International Institute of Tropical Agriculture has announced plans to roll out a new private sector-led agriculture initiative, tagged Technologies for African Agricultural Transformation, in June. Source Punch Read More 

47% of State House 2016 budget released – Perm sec - Only 47 percent of the capital allocation of the State House 2016 budget has so far been released, the permanent secretary, Mr Jalal Arabi, has said. Source Daily Trust Read More 

Niger Govt. seeks N2.5bn loan from CBN for purchase of grains - Niger Government on Thursday, says it is seeking N2.5 billion loan from the Central Bank of Nigeria (CBN) to purchase grains for sale to the people of the state at subsidised prices. Source BUSINESSDAY Read More  

Aviation Sector Lost $2 Billion Investment in Two Years - THISDAY investigations have revealed that the aviation industry in 2015 and 2016 lost over $2 billion investment from international financiers who wanted a stake in Nigeria air transport sector due to the prevailing economic downturn. Source Thgisday Read More 

We’ve commenced Abuja airport closure process – Minister - The Federal Government said on Thursday that the closure of the Nnamdi Azikiwe International Airport, Abuja would be carried out as scheduled and that was no going back on the decision. Source Punch Read More

Lufthansa to Suspend Flights to Abuja While Airport Is Closed - Deutsche Lufthansa AG became the first airline to announce it will suspend its route to Abuja, Nigeria’s capital, while the airport is closed for six weeks for repairs. Source Bloomberg Read More 

Undeveloped 180 km coastline denies Lagos N7bn annual revenue - While the Lagos State Internal Revenue Service plans to rake in N30 billion monthly internally generated revenue (IGR) in 2017, tourism experts say that the state could earn more, if conscious efforts are made at developing the 180 kilometre coastline which is currently lying fallow. Source BUSINESSDAY Read More 

CBN Issues Circular on the Amendments of S4 Business Rules and Guidelines - Any auction or 2-way quote with CBN must be settled. if is is on queue, it shall be given highest priority and when it fails to settle, the system shall generate automatic Intra-day Liquidity Facility (ILF) backed by collateral to settle transaction. Source Proshare Read More 

CBN Raises N177bn Via Treasury Bills At 18.5% - The Central Bank of Nigeria (CBN) yesterday raised N177.22 billion through the sale of a one-year treasury bill with yields matching the inflation rate in the country to lure investors. With inflation figure for December 2016 put at 18.55 per cent, the apex bank sold the one-year bill yielded 18.54 percent, far higher than the central bank’s benchmark interest rate of 14 percent. Source Leadership Read More


Stock Market Halts Downtrend as NSE ASI Retracts by +0.13% - Equities market closed today on a positive note, as NSE ASI appreciated by 0.13% to close at 25,936.24 basis points, compared with the 0.51% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.49%.  Source Proshare Read More

Domestic and Foreign Portfolio Participation in Equity Trading – December 2016 - On a monthly basis, The Nigerian Stock Exchange polls trading figures from major custodians and market operators on their foreign portfolio investments (FPI). Source Proshare Read More 

FMDQ records N113.67trn market turnover in 2016 - FMDQ Securities Exchange Plc has recorded N113.6 trillion in market turnover for the year ended December 31, 2016. Source Vanguard Read More 

BOE - Bank Rate Held At 0.25%, Govt Bond Purchases At 435bn and Corp. Bond Purchases at up to 10bn - The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. Source Proshare Read More 

Nigeria Saves $500m From Crude Oil Sale, Purchase In 1 Year-NNPC - Barely one year after the introduction of Direct Sale-Direct Purchase (DSDP) strategy for the lifting of crude oil allocated to the Nigerian National Petroleum Corporation (NNPC) instead of crude swap, the nation have saved over $500 million as well as constituent availability of refined products. Source Leadership Read More 

128 firms jostle for NNPC’s crude, products swap - The Nigerian National Petroleum Corporation (NNPC) yesterday opened bids from 128 firms that jostled for this year’s  crude/product swap otherwise known as Direct Sale Direct Purchase (DSDP). Source THE NATION Read More 

Fuel queues return to Lagos, NNPC allays scarcity fear - There was fear of a fresh round of fuel scarcity on Thursday as many filling stations in parts of Lagos and Ogun states  did not sell Premium Motor Spirit, popularly known as petrol, to motorists as they had run out of the product. Source Punch Read More

Consultants to determine minimum data price, says NCC - The Nigerian Communications Commission is in the process of appointing a consultancy firm to determine the minimum price of data services offered by digital mobile operators in the country, investigation has shown. Source Punch Read More


Multi-Level Marketing and Ponzi Schemes Used To Cushion The Effect Of Economic Downturn - Latest public opinion poll results released by NOIPolls Limited have revealed that in quarter 4 2016 Nigerians turned to Multi-level Marketing and Ponziy schemes to cussion the effect of the economic downturn as 68 percent disclosed their participation or that of someone they know in such  schemes. Source Proshare Read More 

Congo's economic growth to average 5 pct in 2017-18: World Bank - The World Bank expects Democratic Republic of Congo's economy to average five percent growth in 2017-18, compared with 2.7 percent in 2016, thanks to stronger commodity prices and expanding agriculture and services sectors, it said in a report. Source Reuters Read More 

Tanzania current account deficit narrows 56.6 pct in year to Nov - Tanzania's current account deficit narrowed 56.6 percent in the year to November, helped by a surge in earnings from tourism and gold exports and a decline in imports, its central bank said on Thursday. Source Reuters Read More 

Tunisia's central bank holds key rate unchanged at 4.25 percent - Tunisia's central bank has kept its key interest rate unchanged at 4.25 percent, the bank said on Thursday. Source Reuters Read More 

Tanzania Said to Pick Mota, Yapi to Build $1.1 Billion Railway - Tanzania chose Turkish construction company Yapi Merkezi and Portuguese building firm Mota-Engil SGPS SA to build a railway at a cost of more than 1 billion euros ($1.1 billion) to connect the East African country with landlocked neighbors, people familiar with the matter said. Source Bloomberg Read More 

Apple Set to Begin Making iPhones in India by April’s End - Apple Inc. will begin assembling iPhones in India by the end of April, a regional minister says, heightening its focus on the world’s fastest-growing major smartphone market as growth slows elsewhere. Source Bloomberg Read More

China Tightens Monetary Policy by Raising Money Market Rates - China’s central bank raised the interest rates it charges in open-market operations in another step to tighten monetary policy as it shifts to reining in asset prices and inflation after past stimulus stabilized growth. Source Bloomberg Read More 






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