Nigeria in 1min: Economic, Business & Financial Headlines - 160117


January 16, 2017 7:20 AM / Proshare News   

CPI Rises to 18.55% in December, 0.07% Higher Than 18.48% November Rate - The Consumer Price Index (CPI) which measures inflation increased by 18.55 percent (year-on-year) in December 2016, 0.07 percent points higher from the rate recorded in November (18.48 percent). Increases were recorded in all COICOP divisions that yield the Headline Index Source Proshare Read More  

Forex challenge heightens Nigeria’s inflation, says IMF - The International Monetary Fund (IMF) has blamed the double digit inflation rate in Nigeria on the challenges around foreign exchange (forex), adding that efforts of the Central Bank of Nigeria (CBN) to defend the naira by forex rationing crumbled like soap bubbles. Source THE NATION Read More 

FG to spend N12bn on agric value chain development - The Federal Government is proposing to spend a total of N12 billion for the promotion and development of the value chain of some specific crops in 2017, according to the breakdown of the proposed budgetary allocation for the agricultural sector seen by BusinessDay. Source BUSINESSDAY Read More­ 

Kaduna State Govt. generates N17bn in 2016, targets N50.2bn in 2017 - Muktar Ahmed, the Chairman of the Kaduna State Internal Revenue Service (KDIRS) said the state government generated more than N17 billion as Internally Generated Revenue (IGR) in 2016. Source BUSINESSDAY Read More 

Nigeria Strategy Report H1 2017 (5) - Broadly Bearish Twist For Soft Commodities  - We continue discussions on the commodity section of our core strategy document – the Nigeria Strategy Report. In today’s piece, we review developments in the global soft commodities market over H2 16 and delineate our outlook for 2017. Source Proshare Read More 

2017 Budget: Reps Meet CBN, NNPC, Customs, FIRS Over Funding - The House of Representatives will today hold a meeting with the Central Bank governor, Godwin Emefiele, and chief executives of all revenue generating agencies in the country over the funding of the proposed 2017 budget. Source Leadership Read More 

Senate Gets Down To Some Serious Work - Addresses MTEF, Aviation Crisis, CAMA, Ports Bill,  IDPs This Week - The passage of the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) preparatory to working on the 2017 budget, amendment of the Company and Allied Matters Act (CAMA) and the Universal Basic Education Act as well as the continuation of the Ministerial Briefing on the proposed closure of the Nnamdi Azikiwe Airport, Abuja, will dominate discussion at the three day plenary sittings of the Senate this week. Source Proshare Read More 

New Investors To Float Domestic Airlines In 2017 - There are indications that more airlines, especially domestic carriers, may join Nigeria’s aviation industry in 2017. Source Leadership Read More 

58% of domestic flights delayed in 2016 - Eight Nigerian airlines delayed 32,121 (equivalent to 58%) of 54, 682 flights operated between January and December, 2016 and cancelled 1,207 flights, findings by Daily Trust have shown. Source Daily Trust Read More 

N458bn Lagos-Ibadan new rail project to begin Feb - The Federal Government will commence the construction of a standard gauge rail line from Lagos to Ibadan next month, the Managing Director, Nigerian Railway Corporation, Mr. Fidet Okheria, has said. Source Punch Read More

Jos dry port to be completed in June - The Jos Dry Port (Inland Container freight station) under construction at Heipang should be completed in June this year, the Executive Secretary, Nigerian Shippers Council, (NSC), Barrister Hassan Bello has said. Source Daily Trust Read More


CBN resumes dollar sales to BDCs - The Central Bank of Nigeria (CBN) will resume sales of dollar proceeds of international money transfer (IMT) to bureaux de change (BDCs) operators this week even as manufacturers kick against the move. Source Daily Trust Read More  

Sentiment Analysis Report – W/E January 13, 2017 - Analysis of the market activity in the week ended January 13, 2017 technically revealed a sustained cautious trading pattern while investors remained value-driven in the week. Source Proshare Read More  

Stocks end volatile week positive, add N25.6billion gain  - The equities market closed today on a negative note, as NSE ASI depreciated by 0.02% to close at 26,325.93 basis points, compared with the 0.21% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.04%. Source Proshare Read More 

Dangote sets up $100m Truck Assembly Plant In Lagos... To Provide 3,000 Jobs - Determined the tap into the opportunity provided by the scarcity of forex in the country to create jobs, foremost entrepreneur, Aliko Dangote has embarked on the establishment of multi-million dollar vehicle assembly plant project in Lagos  Source Proshare Read More 

48% Of Bank Accounts Still Without BVN - More than 48 per cent of deposit money bank (DMB) accounts in the country are still without Bank Verification Number (BVN) with 32.2 per cent of the bank accounts being dormant, as total Number of BVN issued stands at 27.511 million. Source Leadership Read More 

Banks’ deposit declines by N213bn - BANKS’ deposit fell by N213 billion in December, reflecting impact of the economic recession on individuals and businesses. Meanwhile, Federal Government’s Bonds, FGB, recorded significant sell off last week leading to a fall in prices in both the OTC platform and the Eurobond market. Source Vanguard Read More 

Nigeria’s Forex Earnings Hit $24 Billion in Third Quarter 2016 - The federal government aggregate foreign exchange (forex) inflow as at the third quarter of 2016 moved up remarkably to $24 billion, a member of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), Dr. Doyin Salami, has revealed. Source Thisday Read More 

Investors Await N196bn Maturing Treasury Bills - Treasury bills valued at a total of N196billion are expected to mature this week. However, the impact of the maturing bills on liquidity level in the market is expected to be tapered by a rollover of the same amount in a treasury bills auction this Wednesday. Source Thisday Read More 

50 firms bid for NNPC’s 2-yr boat supply term contract - THE Nigeria National Petroleum Corporation, NNPC,  has said that  50 companies have submitted bids to take part in the provision of sea worthy tug boats on charter time basis for it’s maritime operational requirements in Lagos, Warri and Port Harcourt. Source Vanguard Read More 

Average Kerosene Price Drops to N231.85 in Dec’16 from N282.86 in Nov'16 - NBS publishes NHK/kerosene price watch for December 2016. Average price actually paid for NHK/kerosene by consumers in December 2016 stood at N231.85 from N282.86 in November 2016.Source Proshare Read More 

Average Diesel Price Increases to N196.25 in Dec'16 from N195.67 in Nov'16  - NBS publishes AGO/Diesel price watch for December 2016. Average price actually paid for AGO/Diesel by consumers in December 2016 stood at N196.25 from N195.67 paid in November 2016. Source Proshare Read More 

Average Petrol Price Stands at N146.7 in Dec'16; Same Figure Recorded in Nov'16 - NBS publishes December 2016 PMS/Petrol Price Watch. Actual price paid by consumers for petrol in December 2016 stood at N146.7 just as N146.7 was paid in November 2016 and lower than N119.7 paid in December 2015. Source Proshare Read More 

NNPC to partner Schlumberger on oil search in northern Nigeria - The Nigerian National Petroleum Corporation (NNPC) has stepped up collaboration with multinational oil service company, Schlumberger, in the deployment of state-of-the-art technology in the ongoing search for commercial hydrocarbon deposits in the Chad basin and other parts of the inland sedimentary basins. Source Daily Trust Read More 

Renewed Oil Search Pushes NNPC’s Deficits to N19bn - The renewed search for crude oil in the frontier inland basins has started impacting the monthly trading financials of the Nigerian National Petroleum Corporation (NNPC), its monthly financial and operations report for November 2016 has disclosed. Source Thisday Read More 

NUPENG strike, refineries’ closure caused products scarcity – NNPC - The current hiccups in the supply of petroleum products is due to the recent one-day industrial action by the Nigeria Union of Petroleum and Natural Gas Workers and the shutdown of the nation’s refineries, the Nigerian National Petroleum Corporation has said. Source Punch Read More

N900b liquidity gap: power firms cut costs - Investors in the power sector are cutting costs to stay afloat as the sector groans under huge debts of over N100billion and liquidity gap of N950billion, The Nation has learnt. Source THE NATION Read More 

Seven power plants down, 1,899MW lost - The shutdown of seven power plants across the country has led to a total electricity load loss of 1,899.7 megawatts. Source Punch Read More 


Egypt's $12 bln IMF loan carries interest rate of 1.5-1.75 pct -fin min - Egypt's $12 billion three-year loan programme from the International Monetary Fund carries an interest rate of 1.5 to 1.75 percent, Finance Minister Amr El Garhy said on Sunday. Source Reuters Read More  

Egypt says foreign investment in treasuries set to reach $10-11 bln in one year - Foreign investment in Egyptian treasury instruments could rise to $10-$11 billion in a year's time as economic reforms buoy investor confidence, Finance Minister Amr El Garhy said on Sunday. Source Reuters Read More 

Congo central bank doubles rates to 14 pct to tackle inflation - The Democratic Repubic of Congo's central bank doubled its base interest rate to 14 percent, from 7 percent previously, the bank said on Saturday, an effort to contain inflation currently running in double digits. Source Reuters Read More 

Libya's oil production drops to 655,000 bpd, weather and storage blamed - NOC - Libya's oil production has dropped to 655,000 barrels a day due to difficulties including a lack of storage capacity and poor weather, the head of the National Oil Corporation said on Saturday. Source Reuters Read More 

As OPEC Acts on New Year’s Resolution, U.S. Shale Pumps Away - U.S. shale is getting in the way of a New Year’s resolution by OPEC to cut production and boost the market. Source Bloomberg Read More

Foreign Purchases of Local Egypt Debt May Reach $11 Billion - Egypt sees foreigners buying as much as $10 billion to $11 billion in local Treasury bills and bonds in the coming period, Finance Minister Amr El-Garhy told reporters Sunday. Source Bloomberg Read More

Crackdown Improved Australian Banks' Mortgage Lending Standards, Regulator Says -Australian banks have “appreciably improved” their mortgage-lending standards, the nation’s regulator said, as it left the amount of additional capital banks are required to hold as a buffer against the build-up of credit risk at zero. Source Bloomberg Read More 







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