Nigeria in 1min: Economic, Business & Financial Headlines - 140217


February 14, 2017 6:30 AM / Proshare News 

The Dawn Of Medical Marijuana In Israel - Israeli innovation continues at a break-neck speed. The following articles below are just some of the interesting developments about politics, science, the environment, and technology coming from Israel. Source Proshare Read More  

A-Ibom realised only 37% of budget projection in 2016 —Speaker - DUE to the shortfall in income, Akwa Ibom State only realised 37 percent of what it projected to earn from a combination of the state’s statutory allocation, Internally Generated Revenue and derivation for the 2016 fiscal year. Source Vanguard Read More 

A-Ibom loses N180bn revenue from non-compliance with Local Content Law - Akwa Ibom Local Content Compliance Monitoring Committee, LCCMC, has alleged that the state government lost N180 billion revenue due to non-compliance of oil firms with Local Content Act 2010. Source Vanguard Read More 

KPMG to audit Arik Air’s finances - Five days after the Federal Government took over the distressed Arik Air, the new management has appointed KPMG, a world-class auditor, to undertake a forensic and diagnostic audit of the finances of the airline to ascertain the true status of its finances. Source Daily Trust Read More 

FG, Private Sector To Raise $50bn Equity Fund For Biofuels Industry - The federal government is working on a public and private sector equity funding arrangement to the tune of $50 billion for the development of the biofuel industry in the country. Source Leadership Read More 

Fed Govt eyes $16.4b from assets sale - The Federal Government plans to generate as much as $16.4 billion through assets sale in the next four years to reduce the burden on the public budget, a Budget Ministry document, has  shown. Source THE NATION Read More 

Aquaculture production increases 43% in 5 years - Nigeria’s target of achieving self-sufficiency in fish production is gaining traction as the country’s aquaculture production increased by 43 percent in five years, data from the recent National Bureau of Statistics (NBS) fish production report show. Source BUSINESSDAY Read More 

Nigerian consumers pay heavy price for collapse of 1980s industries - Nigerian consumers are now feeling the crunch of the collapse of 1970s and 1980s industries more severely, as prices of imported products soar increasingly above their heads, amid dollar scarcity. Source BUSINESSDAY Read More 

‘Domestic airlines pay 40% of ticket revenue as tax’ - The Airline Operators of Nigeria has said the domestic carriers in the country are being stifled by the manipulation, feasting and pushing of their finances through multiple taxes, charges and levies to the extent that the airlines are now groaning under the pressure and some are going bankrupt. Source Punch Read More 

Nigerian Stock Market Records -0.38% Loss to Open The Week Negative - Equities market closed today on a negative note, as NSE ASI depreciated by 0.38% to close at 25,244.65 basis points, as against 0.07% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.07%.  Source Proshare Read More  

CIS to introduce new certification policy for stockbrokers - THE Chartered Institute of Stockbrokers, (CIS) has concluded arrangement to commence a new certification policy that would enable aspiring stockbrokers to specialize in a particular branch of trading. Source Vanguard Read More 

20% Of Naira In Circulation Fake – Ex-CBN Dep Gov - The former deputy governor of the Central Bank of Nigeria (CBN), Obadiah Mailafiya, has disclosed that 20 per cent of the naira in circulation in Nigeria is fake. Source Leadership Read More

Why Invest in TSL REIT - The Top Services Limited Real Estate Investment Trust (TSL REIT) which is currently open for subscription is an investment opportunity one should consider especially as investors seek avenues to diversify their investment and make good use of their funds beyond investing in the equities market. Source Proshare Read More 

Perspectives of The Capital Market on Nigeria's Growth - In recognition of the pronounced effect the Federal Government Budget has on Nigeria’s rate of growth and the effectiveness of the capital market in supporting such growth; Capital market operators conferenced  to review the implications of the 2017 Budget. Source Proshare Read More 

NNPC raises February fuel import by 222,000 tonnes - The Nigerian National Petroleum Corporation, NNPC, yesterday, said it had increased the February supply of Premium Motor Spirit into the country for February by six cargoes, totaling 222,000 tonnes. Source Vanguard Read More 

Investments in Oil & Gas Free Zones to grow 50% in 3yrs - AHEAD of Nigeria’s recovery from economic recession, the new management at the Oil and Gas Free Zones Authority (OGFZA) Source Vanguard Read More 

Again, Angola Overtakes Nigeria As Africa’s Largest Oil Producer - The Organisation of Petroleum Exporting Countries (OPEC), yesterday revealed that Agola now leads the continent in oil production, despite perceived growth in the Nigerian managers’ index. Source Leadership Read More 

Oil, Gas to add 60% of global energy mix supplies - EXXONMOBIL Corporation, an international oil and gas company, has forecast that oil and natural gas will form 60 percent of global energy supplies in 2040, while nuclear energy and renewables will grow about 50 percent and be approaching a 25 percent share of the world’s energy mix. Source Vanguard Read More 

NNPC to convert $144m petrol forex to diesel - The Nigerian National Petroleum Corporation (NNPC) yesterday said it would convert the  $144 million Premium Motor Spirit (PMS) or petrol foreign exchange (forex) intervention to Automative Gas Oil (AGO) or diesel. Source THE NATION Read More 

OPEC members pump less oil in January - The Organisation of Petroleum Exporting Countries (OPEC) members more than fulfilled their plan to lower oil output in January, a report published by the group of major producers yesterday has said. Source Daily Trust Read More  

Oil Slips Most in 3 Weeks as OPEC Cuts Face Rising U.S. Output - Oil declined in New York as OPEC’s supply cuts are tempered by a revival of shale drilling in the U.S. Source Bloomberg Read More 

Oil and gas discoveries fall to lowest for 60 years - Discoveries of new oil and gas fields have dropped to a fresh 60-year low, as companies put a brake on exploration and large fields have become harder to find. Source BUSINESSDAY Read More 

Osinbajo: FG Secures $1bn from Shell to Develop Niger Delta - The federal government has secured funding of over $1 billion from Shell Petroleum Development Company (SPDC) to develop the Niger Delta region, acting President Yemi Osinbajo said monday. Source Thisday Read More 

Discos Given 15 Days to Submit Accurate, Verifiable Records on MDA Debts - The federal government monday gave seven of the 11 electricity distribution companies (Discos) which are yet to submit accurate records of the debts allegedly owed to them by its Ministries, Departments and Agencies (MDAs), 15 days to turn in their records for verification. Source Thisday Read More 

Fashola: Nigeria Loses 3,000MW to Attacks on Gas Pipelines - The Minister of Power, Works and Housing, Mr Babatunde Fashola, on Monday stated that the sabotage of gas assets and pipelines has decommissioned power generating plants and their ability to provide additional 3,000 megawatts of power to the national grid. Source Thisday Read More 

Internet Subscriptions Slip by -5.3percent on GSM Platforms - The latest data released by the NCC, the industry regulator, show that internet subscriptions stood at 91.9 million in December, representing a y/y contraction of -5.3%. Source Proshare Read More 

EquiChain Says The Hype Phase of Blockchain Is Over, Launches Platform Built by Capital Market Pract - EquiChain, a London-based Fintech company with an Asia regional office in Hong Kong, announces its working prototype for capital markets.  The company plans to implement a full end-to-end ‘execution to custody’ (E2C) pilot in 2017, positioning EquiChain to deliver the full potential of distributed ledger technology (DLT). Source Proshare Read More 

Dubai FSA Launches 2nd Consultation Into Crowdfunding Framework To Support SME Financing - The Dubai Financial Services Authority (DFSA) has today launched the next phase of consultations on its proposed framework for regulating crowdfunding platforms in the Dubai International Financial Centre (DIFC), with a paper detailing its approach to investment-based crowdfunding. Source Proshare Read More 

Egypt making good progress in IMF programme, Lagarde says - Egypt is making good progress in its $12 billion loan programme with the International Monetary Fund and its currency may be stabilising after plunging to record lows, IMF Managing Director Christine Lagarde said on Monday. Source Reuters Read More  

Mozambique leaves key lending rate unchanged at 23.25 percent - Mozambique's central bank left its benchmark lending rate unchanged at 23.25 percent, it said on Monday. Source Reuters Read More 

Angola inflation slows to 40.4 percent year/year in January - Angola's inflation slowed to 40.39 percent year-on-year in January from 41.95 percent in December, data from the national statistics agency showed on Monday. Source Reuters Read More 

Automakers seen investing $615 mln in South Africa this year: NAAMSA -  South Africa's automotive sector capital expenditure is projected to rise to 8.2 billion rand ($615 million) this year from 6.4 billion rand in 2016, the auto industry body said in a document seen by Reuters. Source Reuters Read More 

Templeton Sees Dollar Near 125 Yen in Year of Political Boredom - The dollar is set to strengthen toward 125 yen and approach parity with the euro in what is likely to be a year of “political boredom” compared with the shocks of 2016, according to Franklin Templeton Investments. Source Bloomberg Read More 

Dollar Pares Gain From February High Ahead of Yellen Testimony - The dollar retreated from its strongest level of the month Monday while Treasuries pared losses as markets awaited Fed chair Janet Yellen’s testimony to Congress Tuesday for hints about the path of interest rates. Source Bloomberg Read More 

U.S. Equities Add to Records as Financial Shares Lead Advance - U.S. stocks climbed, following fresh record highs for benchmark indexes on Friday, as banks rallied and investors continued to assess corporate earnings that are posting the best growth since 2014. Source Bloomberg Read More 

Apple Shares Hit Record Close on Optimism for Next iPhone - Apple Inc. shares hit a record on optimism the next iPhone will drive a resurgence in sales and help the company’s services businesses grow. Source Bloomberg Read More








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