Nigeria in 1min: Economic, Business & Financial Headlines - 110116

Proshare

January 11, 2016 7:00 AM / Proshare News

NIGERIAN ECONOMY
External Reserves Hit 12-year Low, Down To $28bn - Nigeria’s external reserves continued to decline reaching a 12-year low as it crossed the $29 billion mark to a 30-day moving average of $28.931 billion as at Friday January 7, 2016. This brings the total decline of the reserves from the beginning of December 2015 to 3.17 per cent. Source Leadership
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FG, states, LGs to share N5.7tn this year - A total sum of N5.7tn is being planned to be distributed among the three tiers of government as allocations for the 2016 fiscal year, figures obtained from the Medium Term Expenditure Framework have revealed. Source Punch
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2016 Budget: 17 Northern Govs To Spend Over N300bn On Education - Without doubt, there is a correlation between illiteracy and insecurity and when the former is adequately addressed, it has a positive multiplier effect on the latter. Source Leadership
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N820bn oil revenue under threat as exports drop -The proposed oil revenue in the 2016 budget presented by President Muhammadu Buhari to the National Assembly about three weeks ago is facing a setback as the nation’s crude exports begin to fall amid further slide in global oil prices. Source Punch
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BUA Divests From Flour Milling Business In $275m Deal - BUA Group has announced the divestment of its flour business to Olam International in a deal worth $275million. Source Leadership
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Nigeria lags behind S/Africa in ease of registering property, doing business - Though by virtue of its GDP size valued at $510 billion, Nigeria is adjudged the largest economy in Africa, South Africa, another economic giant in the continent, is ahead of the country in a number of economic growth indices or parameters including ease of registering property. Source BUSINESSDAY
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POWER
‘Nigeria has over 155Gw power generation deficit’ - The nation’s electricity generation should be 160 gigawatts (Gw) or 160,000 megawatts (Mw), but the highest generation it has attained is about 4,600Mw, which is less than 5Gw, experts have said. Source THE NATION
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Nigerians to pay additional N101bn electricity tariff annually - The current tariff  increment by the Nigerian Electricity Regulatory  Commission (NERC) may create more problems than it is meant to solve, as undiscerning  consumers are made to pay additional annual electricity tariff of N101 billion going  by the assumptions on which the tariff is predicated. Source BUSINESSDAY
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RULES & REGULATION
SEC Invites BGL Securities,BGL Assets Mgmt &their Sponsored Individuals to Appear before the SEC APC -The Securities and Exchange Commission (SEC) has invited BGL Securities Limited, BGL Assets Management Limited and their sponsored individuals to appear before the SEC Administrative Proceedings Committee (SEC APC). This follows the receipt of ten (10) new complaints, with total monetary value of over N2.9 billion, against them, received between 20th May, 2015 and 10th November 2015 from various investors. Source Punch Read More

Emefiele: We are Still Weighing Options on Forex - As pressure continues to mount on the Central Bank of Nigeria (CBN) to reverse some aspects of its policy on foreign exchange, the apex bank governor, Godwin Emefiele, Saturday said no decision had been taken on the foreign exchange controls put in place last year as authorities were still weighing all options. Source Thisday
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Dangote refinery’ll fetch $6bn forex yearly —CBN - The Central Bank of Nigeria has expressed its readiness to support the refinery, fertiliser and petrochemical complex being built by Dangote Industries Limited in Lagos by providing foreign exchange for the importation of equipment. Source Punch Read More



CAPITAL MARKET
Sentiment Analysis Report - W/E January - Analysis of the market activity in the week ended January 08, 2016 technically revealed a significant surge in pessimistic activities as market atmosphere remained bearish and volatile. Source Proshare
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No January effect, Nigerian Stocks post 5.63% - The equities market closed today on a negative note, as NSE ASI depreciated by 0.87% to close at 27,028.39basis points, compared with the 0.31% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.63% Source Proshare
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PRODUCTS & SERVICES
FirstBank Expands African Footprint: Unveils FBNBank Senegal - First Bank of Nigeria Limited, a subsidiary of FBN Holdings Plc and Nigeria’s most valuable bank brand today unveils FBNBank Senegal, formerly registered as International Commercial Bank (ICB). Source Thisday proshare
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POLITICS
Dickson wins Bayelsa guber polls - IT was a huge relief for the residents of Bayelsa State yesterday.The state governorship election which kept them on edge since December 5, 2016, leading to the loss of lives came to an end. Governor Seriake Dickson of the Peoples Democratic Party (PDP) emerged winner, defeating his closest rival, Timipre Sylva of the All progressives Congress (APC). Source Guardian
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COMMODITIES
Signs of life at the NNPC refineries as daily output of PMS reach 6.7 mln litres - The NNPC reported on Tuesday that output at its four refineries had reached 6.7 million litres (l) of premium motor spirit (PMS, petrol) per day, and that it hoped to reach 10.0m l/day by the end of this month. Source Proshare
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78% Q1 Allocation: NNPC Earned It From Marketers’ Past Failures, Says PPPRA - The Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Mr. Farouk Ahmed, at the weekend explained why the agency decided to allocate 78 per cent of the total volume of 3.1 million metric tons of petrol to be imported into the country in the first quarter of 2016 (Q1, 2016) to the Nigerian National Petroleum Corporation (NNPC). Source Thisday
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Saudi’s show urgency with Aramco deal as Nigeria dithers - Saudi Arabia which has twenty times the foreign currency reserves of Nigeria is remarkably showing more urgency in tackling the negative economic fallout from tumbling oil prices by embarking on structural reforms even as Nigeria dithers. Source BUSINESSDAY
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NECA lauds FG on fuel subsidy, urges sale of refineries - Federal Government’s resolve to end the fuel subsidy regime has been commended by the Nigeria Employers’ Consultative Association (NECA). The association believes this will also end decades of corruption associated with the subsidy policy. Source BUSINESSDAY
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GLOBAL MARKET
Asia shares fall sharply amid China confusion - Asian share markets swept lower Monday after Wall Street suffered its worst starting week in history and doubts over Beijing's economic competence sent investors into the arms of the safe-haven yen and sovereign bonds. Source Reuters
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European stocks suffer worst week of losses in more than four years - European shares fell on Friday, with lingering worries about China causing a major regional equity index to suffer its worst weekly loss since August 2011. Source Reuters Read More

China’s forex reserves drop by record $108bn in December - China’s foreign exchange reserves fell by the most on record in December, a sign of accelerating capital outflows and spending by the central bank to boost the Renminbi. Source BUSINESSDAY
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World's Richest Lose $194 Billion In First Trading Week of 2016 - The world’s 400 richest people lost almost $194 billion this week as world stock markets began the year with a shudder on poor economic data in China and falling oil prices. Source Bloomberg
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Israel’s Best-Performing Tech Stock Hasn’t Sold a Single Product- Occupying a small, second-floor space in the same office park as 3D printing giant Stratasys, a tiny Israeli upstart is trying to sell investors on a future in which physical objects materialize with the press of a button. Source Bloomberg
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U.S. Stocks Cap Worst Week Since '11 as Oil Drops to 12-Year Low - U.S. stocks capped the worst week since September 2011 and crude tumbled to a 12-year low as the effects of China’s attempts to shore up financial markets faded. Treasuries posted the biggest weekly advance since October. Source Bloomberg
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Rwanda inflation edges down to 4.5 pct in December - Rwanda's year-on-year inflation eased to 4.5 percent in December from 4.8 percent in the previous month, its statistics office said on Sunday. Source Proshare
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Egypt's annual core inflation eases to 7.23 pct in December - Egypt's annual core inflation eased to 7.23 percent in December from 7.44 percent in November, the central bank said in a statement on Sunday. Source Proshare
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