Nigeria in 1min: Economic, Business & Financial Headlines - 110117


January 11, 2017 6:48 AM / Proshare News 


Impact of Tariff Reduction Expected To Be Muted In The Near Term - The Federal Government of Nigeria recently approved the 2016 Fiscal Policy Measures which allow the implementation of the Supplementary Protection Measures and the ECOWAS Common External Tariff (CET) 2015-2019. Source Proshare Read More  

External reserve continue increase, hit N26.5bn - The country's external reserve rose to $26.55bn on January 9, from $26.6bn on January 6, the latest data from the central Bank of Nigeria showed on Tuesday Source Punch Read More 

Emerging Markets Still Deprived Of Fit-For-Purpose Financial Systems - The lack of an efficient and resilient financial system is still holding back inclusive and sustainable growth in emerging markets. Policymakers, regulators and financial services organisations should more actively shape a financial system that is fit for purpose. Source Proshare Read More 

FG to roll out $300m Diaspora Bond in March — Adeosun  - Nigerians in the Diaspora, who are desirous of investing in the $300 million Diaspora Bond would have the privilege of doing so in March, when it would be rolled out. Source Vanguard Read More

FG, May & Baker sign MOU on N50bn food supplements - The federal government and May & Baker Nigeria PLC have signed a Memorandum of Understanding which will see them sharing a N50 billion revenue every year through the commercialisation of two therapeutic and nutriceutical food products developed by the Federal Institute of Industrial Research Oshodi (FIIRO). Source Daily Trust Read More 

AfDB, Sokoto to establish agro-industrial park - President, African Development Bank (AFDB), Dr. Akinwumi Adesina, says the bank will collaborate with  Sokoto State government to establish an agro-industrial park for the North West geo-political zone. Source Daily Trust Read More 

Public Relations spending hit N11bn in 2016 – NIPR boss - The total amount spent by corporate organizations and the Federal Government on the use of Public Relations strategies has been pegged at between N9billion and N11billion in 2016 alone. Source Daily Trust Read More 

AfDB to fund agro-industrial park for North West - The African Development Bank, AfDB, will partner with the Sokoto State Government in its plans to establish an agro-industrial park for the North-West geo-political zone, its President, Dr. Akinwumi Adeshina, has said. Source Vanguard Read More 

Government plans N510 billion budget support for states - The Federal Government said it has concluded arrangement to assist states in funding their budgetary plans with a N510 billion fiscal stimulus plan known as ‘Budget Support Programme.’ Source Guardian Read More 

FG Appoints Auditors to Monitor States’ Finances - The federal government has authorised an independent financial audit of the 35 state governments which accessed its N510 billion Budget Support Facility (BSF) in June last year. Source Thisday Read More 

FG Seeks $400m World Bank Loan to Rebuild North East - The federal government tuesday said it was seeking about $400 million World Bank loan to rebuild the North-east of the country, where Boko Haram terrorists had destroyed many of its infrastructure and social system. Source Thisday Read More 

World Bank Forecasts Global Economy Growth By 2.7% In 2017 - Global economic growth is forecast to accelerate moderately to 2.7 percent in 2017 after a post-crisis low last year as obstacles to activity recede among emerging market and developing economy commodity exporters, while domestic demand remains solid among emerging and developing commodity importers, the World Bank said in a report released yesterday. Source Leadership Read More

Pension fund grows by N1.25tr in one year - The  pension fund grew from N4.61 trillion to N5.46 trillion between March 2015 and March 31, 2016 Source THE NATION Read More

Govt hires firms to monitor N510b budget facility - The Federal Government has appointed eight accounting firms to monitor and evaluate the implementation of the 22-point Fiscal Sustainability Plan (FSP) which specified the conditions under which 35 state governments in June last year started accessing the N510 billion Budget Support Facility (BSF). Source THE NATION Read More 

Global air freight demand up 6.8 pct in November – IATA - Demand for global air freight, measured in freight tonne kilometres, grew by 6.8 per cent in November, boosted by robust growth in Europe and Africa. Source BUSINESSDAY Read More

Recession: Senate’s economic recovery bills target 7.5mn jobs, to reduce poverty by 16.4% - Senate President Bukoka Saraki has disclosed that the 11 priority economic reform bills meant to get the country out of recession, will help to create 7.5 million jobs and reduce poverty by 16.4 percent when passed into law. Source BUSINESSDAY Read More

Dollar scarcity dips manufacturing capacity by 44% - Dollar scarcity has forced down capacity utilisation in the Nigerian manufacturing sector to 44 percent in the first six months of 2016, BusinessDay has gathered exclusively. Source BUSINESSDAY Read More

Kia joins Elizade, Cosharis in used car business - Until recently, the used vehicle business in Nigeria used to be a debasing one; the market was mainly for the organised dealers who were considered not financially strong enough to venture into new vehicles business Source Punch Read More


Buhari Approves Adedotun Sulaiman as Chairman of New Financial Reporting Council Board - President Muhammadu Buhari has approved the immediate removal and the replacement of the Executive Secretary and the reconstitution of the board of the Financial Reporting Council of Nigeria (FRN). Source Proshare Read More  

Stocks fall after 2days gain as investors cut exposure to BIG CAPs - The equities market closed today on a negative note, as NSE ASI depreciated by 0.88% to close at 26,346.24 basis points, compared with the 1.25% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.97%.  Source Proshare Read More 

Invest in FGN Monthly Bond Auction – January 2017 - The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications. Source Proshare Read More 

Industrial Goods Sector – DANGCEM, BETAGLAS & 9 Others Record Positive EPS Figure in 2016 - The Industrial Goods sector currently has seventeen (17) companies listed on the NSE bourse. Source Proshare Read More 

BDCs Urge FG to Harmonise Multiple Exchange Rates - The Association of Bureaux De Change Operators of Nigeria (ABCON) has urged Central Bank of Nigeria (CBN) and the federal government to harmonise the multiple exchange rates in the country. Source Thisday Read More 

Privatisation of power sector has failed - Saraki - Senate President Bukola Saraki yesterday said the privatisation of the power sector has failed. Source Daily Trust Read More 

Senate confirm NERC commissioners, reject chairman - The Senate yesterday confirmed six commissioners of the Nigerian Electricity Regulatory Commission (NERC) and asked President Muhammadu Buhari to nominate another person for the  chairmanship of of the commission. Source Daily Trust Read More 

23 ships laden with petroleum products, food items, to arrive Lagos - At least, about 23 ships laden with petroleum products, food items and other goods are expected to arrive Apapa and Tin-Can Island ports in Lagos from January 10 to January 21, 2017. Source Daily Trust Read More 

Nigeria to Begin Tracking of Oil Production, Sales Destination - Nigeria will from this year begin to track the volume of its crude oil production from fields of production and loading bays, to sales destinations in a renewed effort to cut down on prevalent oil theft and loss of revenue, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said. Source Thisday Read More 

NUPENG Declares 3-Day Warning Strike - The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), has declared a three-day warning strike beginning 12 midnight, ahead of their meeting with the federal government on Wednesday. Source Channels TV Read More 


Egypt's cost-of-living soars as currency dives - Annual consumer price inflation in Egypt's cities soared to a second straight eight-year high in December, hitting 23.3 percent on the back of the government's decision to float the pound, effectively halving its value. Source Reuters Read More  

Anglo American leads South African stocks higher, rand flat - South African stocks notched up solid gains on Tuesday, led by Anglo American which rose sharply in the wake of a Chinese-inspired metals rally. Source Reuters Read More 

Gold hits highest in over a month on Brexit, Trump concerns - Gold rallied to its highest level in more than a month on Tuesday as the dollar dipped ahead of a news conference on Wednesday by U.S. President-elect Donald Trump. Source Reuters Read More 

IMF warns Tanzania of downside economic growth risks - The International Monetary Fund has warned Tanzania that the country's economic policies threaten its forecast for growth in fiscal year 2016/17 (July-June) of around 7 percent. Source Reuters Read More 

Rwanda's inflation at 7.3 percent year-on-year in December - Rwandan inflation was 7.3 percent year-on-year in December compared with 6.4 percent the previous month, its statistics office said on Tuesday. Source Reuters Read More 

Seven Things China Needs to Get Right This Year  - Last year turned out pretty well for Chinese President Xi Jinping. The economic slowdown stabilized, relations with neighbors such as the Philippines improved, and Xi strutted the global stage while hosting the Group of 20 for the first time. The year ahead, however, could be more trying as Donald Trump enters the White House and Xi presides over a Communist Party reshuffle. Source Bloomberg Read More

VW Closes in on $4.3 Billion U.S. Accord in Diesel Scandal - Volkswagen AG is closing in on a deal to pay $4.3 billion in criminal and civil penalties to settle a U.S. probe into the rigging of diesel-powered cars to cheat emissions tests. Source Bloomberg Read More

Non-OPEC Delivers More Than a Quarter of Promised Cuts so Far - Russia and Kazakhstan said they’ve met or exceeded their initial goals for trimming oil output, bringing cuts by non-OPEC nations in the first 10 days of this year to more than a quarter of the total pledged a month ago in Vienna. Source Bloomberg Read More

Airbus Wins $3.8 Billion U.S. Deal, Said to Near Saudi Sale - Airbus Group SE won an order for 35 A320-series jets from U.S. leasing firm Aviation Capital Group, marking its first sale of 2017. The European company is also close to securing a major narrow-body deal from Saudi Arabian carrier Flynas, according to people familiar with the plan. Source Bloomberg Read More

Egypt Core Inflation Nears 12-Year High After Pound Slumps - An Egyptian consumer price gauge that strips out volatile items rose the fastest in almost 12 years in December, after the central bank abandoned currency controls and triggered a slump in the pound. Source Bloomberg Read More 



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