Nigeria in 1min: Economic, Business & Financial Headlines - 161116


November 16, 2016 6:20 AM / Proshare News

FG owes oil firms N2.6tn in cash calls -
The cash call arrears owed oil companies by the Federal Government have swollen to over $8.5bn (N2.6tn), a development that has seen the government making moves to exit the Joint Venture cash call system. Source Punch
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FG to recover N450bn from CBN, PTDA, SEC, others - The Federal Ministry of Finance on Tuesday announced the constitution of a committee to recover about N450bn unremitted operating surpluses from some agencies of the government. Source Punch Read More

Demand for automobiles drops by 37.5% – NADDC - The current economic crisis facing the country has led to a decline of 37.5 per cent in demand for new and used automobiles from 400,000 annually to 250,000. Source Punch Read More

Still Waiting for Policy Direction - The major highlights of the Monthly Economic and Financial Market Outlook report are: The Organization of Petroleum Exporting Countries (OPEC) asserts that global economic growth is expected at 2.9% and 3.1% in 2016 and 2017, respectively. Source Proshare Read More  

State House Has Received 70% Of 2016 Budget – Perm Sec - The permanent secretary, State House, Jalal Arabi has said that out of a total allocation of N3.84 billion for the recurrent expenditure in 2016, the State House has received N2.71 billion to date, representing 70.69 per cent. Source Leadership Read More 

FG To Spend $150m On Rural Electrification - The Federal Government has announced plans to spend an estimated $150million on its intended rural electrification programme in the country using 44 tertiary institutions and the small hydro dams in the rural areas of the country as anchors for the programme. Source Leadership Read More 

Seme Customs Generates N994.8m In October - Seme Area Command of the Nigeria Customs Service (NSC) has generated a total sum of N994, 813,647.06 for the month ended October 2016. The Command also made 68 seizures with a Duty Paid Value of N35, 302,957.90 in the same period, the Command said in a statement. Source Leadership Read More 

MFIs contribution to rural financing hits N30b - The Rural Finance Institution Building Programme (RUFIN) said financial contributions from microfinance institutions to active borrowers in rural communities in the 12 participating states of the programme had reached N30 billion. Source THE NATION Read More 

Forex scarcity: Textile industry on verge of extinction – Manufacturers - The Nigerian Textile Manufacturers’ Association (NTMA) has warned that the industry would face extinction unless the Central Bank of Nigeria (CBN) would allow manufacturers access to foreign exchange. Source Daily Trust Read More 

Forex Scarcity Hampering Execution of Water Projects - The forex scarcity is taking a toll on water scheme projects as the federal government said that between 60-70 percent of such projects needs foreign exchange to be successfully executed. Source Thisday Read More 

NAC Disburses N13bn to Automotive Companies - Director General, National Automotive Design and Development Council (NADDC), Mr. Aminu Jagal yesterday disclosed that a total sum of N13 billion had so far been approved and disbursed to 32 companies under the Auto Development Fund scheme. Source Thisday Read More 

Nigerian Cocoa Grinder FTN Says Naira Drop Is Hurting Output - Nigeria’s FTN Cocoa Processors Plc is grinding beans at just 4 percent of capacity as a weaker naira boosts cocoa prices and makes it harder for the firm to buy the chocolate ingredient. Source Bloomberg Read More 


SEC Chair Mary Jo White Announces Departure Plans - SEC Chair Mary Jo White, after nearly four years as the agency’s head, yesterday announced that she intends to leave at the end of the Obama Administration.  Under Chair White’s leadership, the Commission strengthened protections for investors and the markets through transformative rulemakings that addressed major issues highlighted by the financial crisis. Source Proshare Read More 

CBN: Banks are strong to survive economic downturn - The Central Bank of Nigeria has said the banking system remains resilient enough to weather the current economic downturn. Source Daily Trust Read More  

Stocks on free fall, investors book N448.50billion loss in 11days - The equities market closed today on a negative note, as NSE ASI depreciated by 0.50% to close at 25,857.06basis points, compared with the 0.70% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -9.72%. Source Proshare Read More  

Foreign Investment in Equities Falls to Nine – Year Low - The foreign investment in Nigerian equities in the third quarter of 2016 fell to nine – year low as investors seek safety in less risky and high yielding fixed income securities. Source Thisday Read More 

NNPC fixes January 1 to exit cash call arrangement - Beginning from January 1, 2017, the NNPC will be exploring alternative funding mechanisms that allow the joint venture business finance itself by retaining its operating costs and capital allowances. Source BUSINESSDAY Read More 

Avengers blow up Nembe trunk line, disrupt supply of 300,000bpd to Bonny Export Terminal - Niger Delta Avengers, NDA, yesterday blew up the Nembe 1, 2 and 3 trunk line jointly operated by Agip, Oando and Shell Petroleum Development Company, SPDC, disrupting the supply of 300,000 barrels of crude per day to Bonny Export Terminal in Rivers State. Source Vanguard Read More 

Lagos to get oil derivation fund from Dec - The Lagos State Governor, Mr. Akinwunmi Ambode, has said that the state expects to get its first derivation fund next month following the first export from the Aje oil field located offshore Lagos. Source Punch Read More

NNPC’s cash calls debit hits $2.5b - The  Group Managing Director said cash call underfunding had hit $2.5 billion. Besides, vandalism has contributed to the biting recession, according to him. Source THE NATION Read More

NUPENG rejects sale of NNPC assets - The Nigeria Union of Petroleum and Natural Gas Workers says it will not support the sale of NNPC’s assets without proper consultation with labour unions in the petroleum sector. Source THE NATION Read More

OPEC's Bearish Report Provides Little Hope For Oil Markets - Just one day after the IEA warned the world could drown in oil if production does not fall beneath demand sometime soon, OPEC released a new market whammy, offering up the cartel's production figures, which largely jive with figures reported by the IEA yesterday: OPEC has increased its oil production. Source Proshare Read More 

North to get N183bn solar power plants - A consortium of German renewable energy companies led by Nigus has concluded plans with the Federal Government to build five solar power plants worth N183bn ($600m) in some North-Eastern states Source Punch Read More 


IMF lifts censures against Zimbabwe but new loan hurdles remain - The International Monetary Fund has removed remedial measures against Zimbabwe after the country settled its overdue financial obligation to the Fund's Poverty Reduction and Growth Trust last month, the IMF said on Monday. Source Reuters Read More 

Zimbabwe's October consumer prices fall 0.95 percent y/y -  Zimbabwe's consumer prices declined 0.95 percent year-on-year in October, after contracting 1.33 percent in September, data from the national statistics agency showed on Tuesday. Source Reuters Read More 

Botswana inflation slows to 2.7 percent y/y in October - Botswana's consumer inflation slowed to 2.7 percent year-on-year in October from 2.8 percent in September, data from the statistics office showed on Tuesday. Source Reuters Read More 

Exxon in Negotiations With Chad About $74 Billion Penalty - Exxon Mobil Corp. is negotiating with Chad’s government about a record $74 billion fine the oil company was told to pay last month by a court in the central African nation because of a dispute over royalties. Source Bloomberg Read More 

OPEC Has ‘All Hands on Deck’ as Deadline to Complete Deal Looms - OPEC members are focused on a "common objective" as a deadline approaches to finalize an agreement to limit the group’s production for the first time in eight years. Source Bloomberg Read More 

Fed Rate-Hike Odds Approach 100% in Anticipation of Trumpenomics - Analysts spent early November warning a Trump victory in the U.S. presidential election would make the Federal Reserve less likely to raise interest rates. What happened instead is that it made a December increase almost a certainty. Source Bloomberg Read More 

Asian Stocks Rebound Amid Dollar Retreat as Trump Shock Fades - Asian stocks rose for the first time in four days and the dollar weakened versus most peers as investors questioned whether financial markets may have overreacted over the past week to Donald Trump’s shock U.S. election victory. Source Bloomberg Read More


SETL, Deloitte And Metro Bank Put Sterling Onto The Blockchain For Consumer Payments - SETL, Deloitte and Metro Bank completed a series of firsts this week in London.  SETL provided a contactless smartcard enabled blockchain allowing digitised payments, Deloitte exercised its blockchain ID system known as Smart Identity and Metro Bank hosted a connected client account. Source Proshare Read More  

Budget US Android smartphones found secretly sending personal data to China - Commercial firmware pre-installed on some Android smartphone models sold in the US has been found to be secretly sending highly sensitive data to a third party company based in China, according to analysis by security firm Kryptowire. Source TECHCRUNCH Read More 


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