Nigeria in 1min: Economic, Business & Financial Headlines - 160316



March 16, 2016 7:00 AM / Proshare News 

Nigeria's Inflation Rate Rises to Double Digit; Increases by 11.4% YoY in February 2016 - In February, the Consumer Price Index (CPI) which measures inflation recorded a significant uptick. The headline index increased by 11.4% (year-on-year) in February, roughly 1.76% points higher from rates recorded in January (9.6%). Source Proshare Read More 

Average Petrol Price drops to N99.76 from N109.59 in Jan '16 - NBS publishes PMS/petrol price watch for February 2016. Average Price consumers actually paid for petrol in February drops to N99.7 from Jan 2016-N109.5, Dec 2015-N119.6, Nov 2015-N115.3 & N93 in Feb 2015 Source Proshare Read More 

Fed Govt budgets N50b for retirees - The Federal Government has  budgeted N50 billion for  retirees for this year.This is N41billion short of the N91billion requested from the Federal Government by the National Pension Commission (PenCom) Source THE NATION Read More 

Nigeria Needs To Create 40 To 50M Jobs Before 2030 To Reduce Poverty – World Bank - The World Bank stated that with the high population rate, Nigeria needs to create 40 million to 50 million additional jobs between 2010 and 2030 in order to reduce poverty and promote more inclusive growth. Source Proshare Read More 

Power biggest problem for businesses, says World Bank - The World Bank has identified inadequate electric power supply as the biggest problem facing Nigeria’s private sector operators. Source THE NATION Read More 

Chinese firm invests $200million in Nigeria - Chinese company, the Lee Group, has invested some $200 million in Nigeria in the last five years. Source THE NATION Read More 

Fed Govt inaugurates $1m investment, technology partnership with UNIDO  - In collaboration with the United Nations International Developemnt Organisation (UNIDO), the Federal Government yesterday launched the first N300million Investment and Technology Promotion Office (ITPO) in Nigeria. Source THE NATION Read More 

Ghana to restrict cement imports from Nigeria, China - Africa’s leading cement manufacturer, Dangote Company and other cement importers are in for tougher times in Ghana, following plans by government to restrict cement imports into the country. Source Daily Trust Read More 



Stocks sustain correction pattern as investors increase supply  - The equities market closed today on a negative note, as NSE ASI depreciated by 0.42% to close at 25,745.13basis points, compared with the 0.52% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.11% Source Proshare Read More 

European shares led lower by commodity stocks, gloomy BoJ view -  European shares retreated on Tuesday, led lower by commodity stocks, after the Bank of Japan left policy unchanged but presented a bleaker view of the country's economy. Source Reuters Read More 

ETI Announces that Full Year 2015 Profit Will be Materially Lower than Expected - Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group expects to report materially lower profit for the year ended 2015, driven by a number of factors: Source Proshare Read More 

ZENITHBANK Proposes 155kobo per share Dividend in 2015 Audited Result,(SP:N12.83k) – Source Proshare Read More

UBA Proposes 40kobo per share Dividend in 2015 Audited Result,(SP:N3.41k) – Source Proshare Read More 

Dangote Opens Tomato Factory to Vie With Chinese Imports - The Dangote Group, owned by Africa’s richest man, Aliko Dangote, has opened a tomato-processing factory near Nigeria’s northern city of Kano aimed at vying for the local market with imports from China. Source Punch Read More 

Nigeria, Iraq cut OPEC’s output by 175,000bpd -
Total crude oil production of the Organisation of Petroleum Exporting Countries (OPEC) fell by 175,000 barrels per day (bpd) to 32.38 million bpd in February, courtesy of output slide from Nigeria, Iraq and some other member countries. Source Guardian
Read More 

Govt to add 1206Mw to national grid - The Minister of Works, Power and Housing, Babatunde Fashola yesterday said plans have reached final stage to add extra 1,206 megawatts (Mw) of electricity to the national grid. Source THE NATION Read More 

Egypt devaluation, rising inflation to test CBN resolve on naira - After Egypt abandoned its longstanding struggle to hold the value of its currency against the dollar, all eyes will be on the Central Bank of Nigeria (CBN) and President Muhammadu Buhari, to see their next move. Source THE NATION Read More 

97 million Internet users depend on GSM operators - More than 97 million subscribers who surf the Internet in the country depend on digital mobile operators deploying the Global System for Mobile communications technology, the Nigerian Communications Commission has said. Source Punch Read More 


CBN Offers N3m Credit Incentive to Boost Youth Entrepreneurship - The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, on Tuesday launched the Youth Innovative Entrepreneurship Development Programme (YIED-P), an initiative designed to unlock the ingenuity and resourcefulness of youths to drive the economy. Source Thisday Read More

‘SMEs to access shared infrastructure through cluster initiative’ - To promote operational efficiency and profitability, Workplace Plus Limited, operators of the Regus franchise in West Africa, has unveiled an initiative for Small and Medium Enterprises (SMEs) to access shared facilities under a cluster initiative. Source Guardian Read More

BoI shortlists 311 for N600.5million facility under GEF scheme - Following the completion of its appraisal exercise for applications under the Graduate Entrepreneurship Fund (GEF) Programme, the Bank of Industry (BoI) has shortlisted 311 business proposals for funding. Source Guardian Read More 

3rd MAN Expo:FG,MAN pledge stronger cooperation to promote Nigerian products - The prospects for the growth and development of the manufacturing sector in Nigeria including “made in Nigeria goods”, received a boost with a renewed commitment of strong partnership between the Federal government and the Manufacturing Association of Nigeria(M.A.N). Source Proshare WebTV Read More  


3rd MAN Expo: Shareholders share optimism on Nigerian Manufacturing Sector.


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