Nigeria in 1min: Economic, Business & Financial Headlines - 180216

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February 18, 2016 7:30 AM / Proshare News

 NIGERIAN ECONOMY
Naira weakness to spur inflation in February - FDC - The inflation data released 3 days ago by the NBS showed that headline inflation in January 2016 came in flat at 9.6%. Analysts’ consensus was for a marginal decline in the CPI (headline inflation). Source Proshare Read More

Govt directs agencies to commercialise research efforts - A new era is set to unfold in the nation’s science, technology and innovation sector, as the Federal Government has directed its research agencies to henceforth commercialise at least one of its research results, every year. Source Guardian Read More

Local raw materials sourcing to stimulate backward integration, says NACCIMA - The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has hinged the growth of the nation’s manufacturing sector and backward integration drive on improved local raw materials sourcing. Source Guardian Read More

Ghana bans goods from Nigeria, other countries - Ghana has prohibited some items from entry into its domain, following Nigeria’s foot steps that restricted 41 items from access to foreign exchange. Source Vanguard Read More

Kano injects N2bn in 37 failing microfinance banks - Kano State government has revealed plans to inject N2billion into about 37 microfinance banks it inherited, as part of attempt to establish an enabling business environment for Small and Medium Enterprises (SMEs) to operate. Source Daily Trust Read More

Medview acquires 463-capacity aircraft - Medview Airline, on Tuesday, entered into an agreement with Air Atlanta of Iceland for the acquisition of a Boeing 747-400 aircraft. Source Daily Trust Read More

Solid Minerals Devt: Reps To Probe Natural Resources Fund - The House of Representatives has ordered its Standing Committees on Steel and Solid Minerals to investigate the utilisation of the Natural Resources Fund against the intended support for the solid minerals sector development. Source Leadership Read More

FG Determined To Encourage Private Sector Investments – Udoma - The minister of budget and national planning, Senator Udoma Udo Udoma, has re-emphasised the federal government’s determination to create an enabling infrastructure for private sector participation in growing the country’s economy. Source Leadership Read More

N5tr pension funds: Reps, PenCom, PFAs to discuss infrastructure investment - The House of Representatives  has mandated its committees on Pensions, Finance and Capital Market institutions to interface with the Nigerian Pensions Commission (PenCom) and other stakeholders  on the viability of investing part of the N5trillion idle  pension funds in infrastructural facilities. Source THE NATION Read More

Pension contributors up 1.76 per cent - Contributors under the Contributory Pension Scheme (CPS) rose from 6,581,031 at the end of the first quarter of last year to 6,696,793 in the second quarter, indicating a 1.76 per cent growth in the pension scheme membership. Source THE NATION Read More

Ogun demands N100b from Fed Govt - Ogun State Commissioner for Works and Infrastructure, Mr. Olamilekan Adegbite has urged  the Federal Government to pay the state government N100 billion it is owing the state. Source THE NATION Read More

Nigeria’s value addition potential strengthened by N800bn local input - Nigeria’s local raw materials sourcing between June and August 2015, which is estimated at N800.10 billion,  highlights the processing and value-addition potential of the country. Source BUSINESSDAY Read More

Investors left confused as govt keeps mum over auto policy, NIRP, ATA - Real sector investors have been left guessing the direction of the Federal Government, as President Muhammadu Buhari remains silent on key policy issues such as the Automotive Policy, the National Industrial Revolution Plan (NIRP) and the Agricultural Transformation Agenda (ATA). Source BUSINESSDAY Read More

Nigeria to benefit from Sterling and Wilson 500MW solar power scheme - Nigeria is set to benefit from a 500 megawatts Solar power initiative slated to be built across Africa by Sterling and Wilson, one of the top global solar equipment procurement and construction EPC solution providers within the next three year. Source BUSINESSDAY Read More

KPMG urges tax relief for SMEs - Granting tax relief to new businesses will improve the economy, the Associate Director, Tax, Regulatory, & People Services, KPMG,Mrs Ehile Adetola Aibangbee, has said. Source THE NATION Read More

Food prices soar despite global prices hitting 7 year low - Food prices in Nigeria have been on upward trajectory despite the fall in global prices to almost a seven-year low at the start of the year on the back of sharp declines in commodities, particularly sugar. Source BUSINESSDAY Read More

An old-fashioned expansionary budget - The FGN has submitted an expansionary budget for 2016 in an effort to reverse the slowdown in the economy, unlike its counterparts in Ghana and Kenya. Source Proshare Read More
 


POWER
Suspending new electricity tariff will lead to darkness, say DISCOs - THE umbrella body of the 11 electricity distribution companies (discos), Association of Nigerian Electricity Distributors (ANED), yesterday reacted to the directive from the Senate ‘suspending’ the new electricity tariff. Source Guardian Read More

New electricity tariff’ll not be effective – Omotola - The Group Managing Director/Chief Executive Officer, CFL Group of Companies, Mr. Lai Omotola, has faulted the increase in electricity tariff and the process leading to the handover of power firms to private investors. Source Punch Read More

Electricity Must Be Priced Rightly, NERC Insists - In the wake of the protests over the recent hike in electricity tariff, the acting head of the Nigerian Electricity Regulatory Commission (NERC), Dr Anthony Akah, has said that electricity must be priced rightly in order to sustain the Nigerian Electricity Supply Industry (NESI). Source Leadership Read More
 

CAPITAL MARKET
Stocks tumble in 2nd straight session as speculators raise supply - The equities market closed today on a negative note, as NSE ASI depreciated by 1.87% to close at 24,056.12basis points, compared with the 1.26% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.10% Source Proshare Read More
 

MONEY MARKET
Naira falls to N370 per dollar, foreign reserves down by $1.14b - The fall in the value of the naira is yet to abate as the local currency exchanged for N370 to a dollar yesterday at the parallel market. Source Guardian Read More
 

FOREX
Airline operators groan over dollar scarcity - Airline Operators in Nigeria (AON) have expressed concern over difficulty in accessing dollars for ease of their business. Source Daily Trust Read More


MOBILE BANKING
FirstBank achieves 100million e-banking transactions per month - Nigeria’s leading retail and most valuable bank brand, FirstBank has been officially recognized as the first financial institution in the country to achieve a transaction volume of 100 million transactions in a month by Interswitch Transnational -Africa’s leading integrated payment and transaction processing company. Source Proshare Read More
 

TELCOs
LASG introduces online planning permit - The Lagos State Government says it has introduced an online system to accelerate planning permit processing in the state Source Punch Read More
 

PEOPLE
Mr. Allan Christopher Michael Low Resigns as a Non-Executive Director of Diamond Bank Plc - Diamond Bank Plc notifies that Mr. Allan Christopher Michael Low, a Non-Executive Director, has resigned his appointment from the Board of the Bank. Source Proshare Read More
 

TIGERBRANDS Appoints Ms Halima Dangote as an Executive Director - We notify you of the appointment of Ms. Halima Dangote as an Executive Director of Tiger Branded Consumer Goods Plc with effect from 15th February, 2016. Source Proshare Read More


POLITICS
INEC to conduct 22 rerun elections Saturday - The Independent National Electoral Commission (INEC) will on Saturday conduct 22 re-run elections across eight states of the federation. Source Daily Trust Read More

Confusion as sacked heads of agencies defy handover - Five of the 26 heads of government agencies sacked by President Muhammadu Buhari Monday have failed to vacate office 48 hours since the directive was issued, Daily Trust has learnt. Source Daily Trust Read More
 


COMMODITIES
Nigeria, four oil exporters hit by falling currency value, says OPEC - Five oil exporting countries, including Nigeria,  Angola, Venezula,  Azerbaijan, and Russia are mostly affected by falling  currency value,  Organisation of Petroleum Exporting Countries (OPEC) has said. Source THE NATION Read More

 
Crude Swap Contracts were Back-dated to Cover Period without Agreements - A former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Joseph Dawha, has revealed that the contracts for the two major firms involved in the crude oil swap deal were backdated to the period when the initial contracts expired, after both firms had lifted crude oil without formal agreements between 2011 and 2014. Source Thisday Read More

 
FG Asks UK for Lloyd’s Assistance on Vessel Owners Operating in Nigeria - President Muhammadu Buhari has requested the United Kingdom to help get Lloyd’s of London, the world’s specialist insurance market, to divulge the names of the owners of Lloyd’s insured vessels that engage in “illegal practices” in the Nigerian oil industry. Source Thisday Read More
 

‘Petroleum depot owners sabotaging oil pipelines’ - An Ijaw group, Eye of Niger Delta (END), has accused the Petroleum Depot and Tank Farm Owners Association of sabotaging oil pipelines in the Niger Delta, saying this has contributed to polluting the environment and destroying aquatic life. Source THE NATION Read More


Encourage modular refineries, Fed Govt advised - The Federal Government has been advised to fast-track the take-off of modular refineries  to complement the four refineries in Port Harcourt (Rivers State), Kaduna and Warri, Delta State. Source THE NATION Read More

 
Indigenous firm to build N25.8bn new refinery in Lagos - An indigenous company, Integrated Oil and Gas Ltd., has been given initial license to commence preliminary work for a 20,000 capacity modular refinery in one of the islands on the coast of Lagos. Source Vanguard Read More

Iran supports oil freeze deal but yet to commit - Iran says it supports the effort by the world’s biggest oil producers — including Saudi Arabia and Russia — to stabilise prices, but fell short of saying it would curb its own output. Source BUSINESSDAY Read More

NNPC’s crude lifting drops 57 million barrels in 2015 - A low price regime amongst other factors has led Nigeria’s share of crude oil lifted to decline by about 57 million barrels in 2015 from the corresponding period a year earlier. Source BUSINESSDAY Read More

Tanker drivers’ row disrupts fuel supply to Lagos - The dispute within the Petroleum Tanker Drivers Union has caused a hitch in the supply of petroleum products in the Lagos area, the Nigerian National Petroleum Corporation has said. Source Punch Read More

Oil projects in Nigeria, others face longer delays - Nigeria and its counterparts in the West African region may continue to see delays in investment even after a rebound in the global oil markets, where low prices have forced firms to put major projects on hold. Source Punch Read More

Gas: Seven Energy secures $100m fresh capital - Seven Energy International Limited, an integrated gas company in the country with oil and gas interests in the South East region, on Wednesday said it had secured $100m of new equity capital to boost gas delivery to the domestic market. Source Punch Read More

Nigeria To Send Troops To Protect Niger Delta Oil Assets - In the wake of a series of attacks on Niger Delta oil installations and an increase in oil theft in recent weeks, Nigerian President Muhammadu Buhari has announced that military and special task forces will be deployed to protect key assets in the area. Source Daily Independent Read More

No improvement in vessel waiting time – NSC - The Nigerian Shippers’ Council has said that there has not been any significant improvement in vessel waiting time between 2014 and 2015. Source Punch Read More

Oil rises as output talks turn to Iran - Oil prices rose on Wednesday as efforts led by Russia and Saudi Arabia to broker a deal to freeze production levels and ease a global glut turned to Iran, which signaled a tough line. Source Daily Trust Read More
 


GLOBAL MARKET
World Bank sees risk of recession in South Africa -  South Africa is at risk of slipping into recession this year while growth should recover slightly in 2017 as the weaker rand helps to boost exports, the World Bank said on Wednesday. Source Reuters Read More
 

Tunisia's economic growth 0.8 pct in 2015 vs 2.3 pct in 2014 -  Tunisia's economy expanded 0.8 percent in 2015, falling from 2.3 percent growth in 2014, the state statistics institute said on Wednesday. Source Reuters Read More

 
South Africa seeks $250 mln from BRICS bank to build power transmission lines - South Africa has asked the BRICS New Development Bank for $250 million of funding to connect new power plants to the national grid, Economic Development Minister Ebrahim Patel said on Wednesday. Source Reuters Read More

 
Mauritius central bank holds key repo rate at 4.40 pct -  Mauritius' central bank held its key repo rate at 4.40 percent on Wednesday, the bank's governor said. Source Reuters Read More
 


 

 

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