Nigeria in 1min: Economic, Business & Financial Headlines - 181016


October 18, 2016 7:20 AM / Proshare News   

Nigeria to launch development bank by January – Finance minister - Nigeria plans to launch a development bank by January to support smaller-scale businesses, the finance minister said on Monday, as the country seeks a way out of its worst economic crisis in decades. Source Daily Trust Read More  

98% of Nigeria’s dairy products imported — Dangote - Dangote made this assertion in lagos on Monday while addressing some students of the Executive MBA class of the Lagos Business School who visited the Dangote Petrochemical Refinery. Source Daily Trust Read More 

FG to Strengthen Textile, Garment Sector as BoI Approves N50bn Loans - The Minister of State for Industry, Trade and Investment, Hajia Aisha Abubakar has reiterated the federal government’s determination to revive the cotton, textile and garment (CTG) sector of the economy to attract the patronage it deserves from Nigerians. Source Thisday Read More 

FIRS shuts cement, engineering firms for tax evasion - Enforcement officers from the Federal Inland Revenue Service from Abuja stormed Rivers State on Monday and sealed off Lafarge in Onne and IGPES in Port Harcourt for  alleged tax evasion. Source Punch Read More 

Emirate Airline Sets To Suspend Operations In Nigeria - Barring any last minute change, international airline, the Emirate will suspend its operations in Nigeria from October, 22nd due to irregularities in foreign currency repatriation policy. Source Leadership Read More 

World Bank intervention in Nigeria’s agriculture hits $1.5bn - The World Bank says the worth of its running projects in the Agriculture sector in Nigeria is 1.5 billion dollars. Source Punch Read More 


Remittance: CBN raises BDC exchange rate to N385/$ - IN a bid to encourage Nigerians in  diaspora to use official channels to transfer earnings back home, the Central bank of Nigeria (CBN) yesterday raised the exchange rate for Bureaux De Change (BDC)  to N385 per dollar.         Source Vanguard Read More 

Managing an economy in recession difficult, says Emefiele - Managing an economy in recession is a difficult task but also presents challenges that are surmountable, the Governor, Central Bank of Nigeria, Godwin Emefiele, has said. Source Punch Read More 

CBN to license 20 more money transfer operators - The Central Bank of Nigeria (CBN) will, in the coming weeks, license 20 new International Money Transfer Operators (IMTOs) to handle an estimated $21 billion annual Diaspora remittances into the country Source THE NATION Read More  

New week starts bearish as overwhelming supply hits stocks - The equities market closed today on a negative note, as NSE ASI depreciated by 0.81% to close at 27,634.99basis points, compared with the 0.02% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.52%. Source Proshare Read More 

Q3 2016 Earnings Season to Mirror Q2 2016 - The Q3 2016 earnings season kicked off with UBA last week. The bank reported results that were generally encouraging, especially given the challenging macroeconomic backdrop. Source Proshare Read More                                    

Trading global markets now accessible in Naira through CloudTrade
- Traders and investors, both retail and institutional in the Nigerian finance space, have for long craved an indigenous platform that can provide and combine world class functionality into a user friendly interface. Source Proshare
Read More 

Most Banks Limits/Suspend Intl' Usage of Naira Cards; FBN Remains Only Bank Able to Sell FX to BDCs - As the foreign exchange liquidity issue continues to linger, banks have continue to review and modify their international usage of naira debit cards. Source Proshare Read More 

GTI 5 Weekly Stock Picks - 171016 - In summary, lead indicator, NSE-ASI gained 6.25 absolute points, representing a growth of 0.02% to close at 27,861.03 points. Source Proshare Read More 

Access Bank Ghana launches IPO to raise $26.2 mln - Access Bank Ghana launched an initial public share offer on Monday, aimed at raising at least 104 million cedis ($26 million) for the lender, which is a subsidiary of Access Bank of Nigeria. Source Reuters Read More 

Dangote Targets 2m Metric Tons Of Sugar Annually - The Dangote Sugar Refinery Plc, a member of Dangote Group, on Monday said it plans to produce between 1.5 and 2 million metric tons of refined sugar annually from locally produced sugarcane. Source Leadership Read More 

Banking Sector Update - Suspension of International Card services to affect E- banking revenue in Q4 - Last week, Nigerian banks suspended their international card services following CBN's directive that all banks (except First Bank) should sell dollar remittances from Nigerians in the diaspora only to Travelex. Source Proshare Read More 

Naira Extends Gain on Parallel Market as Overnight NIBOR Spikes - The naira continued on the path of appreciation on the parallel foreign exchange (FX) market monday as it closed at N455 to the dollar, higher than the N460 to the dollar it closed last Friday. Source Thisday Read More 

ATM card suspension: Banks reject naira for visa payment - Thousands of United Kingdom and Canadian visa applicants and intending travellers wanting to book hotels online were stranded on Monday as Deposit Money Banks stopped their naira debit cards from being used for dollar and other foreign currency-denominated transactions. Source Punch Read More 

Interbank lending rate jumps to record high - The overnight interbank lending rate soared to a record high of 128 per cent on Monday on naira cash shortages after commercial banks  funded their account with the Central Bank of Nigeria to participate in last Friday’s currency forward auction. Source Punch Read More 

Nigeria seals $15 billion oil, gas deal with India - The negotiated deal would require the Indian government to make an upfront payment for crude purchase to Nigeria, to be repaid on the basis of firm term crude contracts over some years. Source Guardian Read More 

Oando Marketing changes name to OVH Energy Marketing - Oando Marketing Limited, Nigeria’s leading oil and marketing retailer, has announced a change of the company’s brand name to OVH Energy Marketing Limited to reflect the recent recapitalisation and corporate restructuring aimed at  admitting new shareholders. Source Vanguard Read More 

China overtakes U.S. again as world’s top crude importer - CHINA imported record volumes of crude oil in September, eclipsing the United States as the world’s top buyer. Source Vanguard Read More 

Crude price: We are aware of traders’ complaints – NNPC - The Nigerian National Petroleum Corporation said it is aware of trader complaints about how high Official Selling Prices (OSPs) are for some of the country’s crude grades. Source Daily Trust Read More 

Crude oil price dips as IEA reports supply increase - GLOBAL crude oil supplies increased by 600,000 barrels per day, primarily due to a rise of half a million barrels a day from Russia and Kazakhstan, the International Energy Agency (IEA) stated in its monthly Oil Market Report for September just released. Source Vanguard Read More 

Oil sector: FG to raise $15bn from India by December - THE Federal Government, yesterday, disclosed that it is eyeing a minimum investment of $15 billion from India by December 2016, for the Nigeria oil and gas industry. Source Vanguard Read More 

Power generation dips to 4,157.8 MW - THE 4,358.2 megawatts (MW) of electricity that was generated on Sunday, dropped further yesterday depleted to 4,157.80MW, resulting in 200.4MW. Source Vanguard Read More 


The Elusive 'Great' Recovery: Causes & Implications for Future Business Cycle Dynamics - Extreme economic events have often challenged existing views of how the economy works and exposed shortcomings in the collective knowledge of economists. To give two well-known examples, both the Great Depression and the stagflation of the 1970s motivated new ways of thinking about economic phenomena. Source Proshare Read More 

Supreme Court Rules on Prior Approval for Prosecution of Public Servants - In its recent judgment in L Narayana Swamy v State of Karnataka (2016(8) SCALE 560), the Supreme Court upheld the view that further investigation of a public servant under Section 156(3) of the Code of Criminal Procedure 1973 cannot be ordered without prior approval. Source Proshare Read More

China’s third-quarter growth falls to 6.6% - China’s growth slipped to a seven-year low of 6.6 percent in the third quarter, according to an AFP survey, despite ample stimulus and a red-hot property market in the world’s second-largest economy. Source Guardian Read More 

Asian Stocks Rise as Mixed U.S. Data Damp Rate Hike Outlook - Asian stocks rose as mixed U.S. economic data supported the case for monetary policy to remain accommodative. Source Bloomberg Read More 

Yuan Trades Near Six-Year Low as U.S. Uncertainties Add Pressure - China’s yuan erased early gains to trade near a six-year low amid concern that uncertainty around elections in the U.S. and a potential Federal Reserve interest-rate increase will pressure the currency lower. Source Bloomberg Read More 

China Corporate Debt Window ‘Closing Quickly,’ IMF Paper Says - China urgently needs a plan to address a build up of corporate debt that is manageable but with a window to address it "closing quickly," said an International Monetary Fund working paper. Source Bloomberg Read More 

Indian Stocks Climb Most in Two Weeks as Industrials Advance - Indian stocks rebounded from a three-month low, led by lenders and industrials, tracking a recovery in Asian equities. Source Bloomberg Read More  


FinTech: New frontiers changing the face of financial services - Buzzwords are all around us, describing the fluidity our current reality and how our future is approaching at a rate faster than we can picture. It’s enough to make us feel paranoid; that we’ll be redundant in our current jobs in the near future, and life, as we know it, will never be the same. Source Proshare Read More 

Phone users spend N315bn monthly on calls, data - Nigerian telecoms sector may have defied recession as the telecommunication companies in the country now rake in N314.921 billion every month courtesy of subscribers’ spending on calls and data, Daily Trust findings have shown. Source Daily Trust Read More 

NCC hikes international termination rate by 525% - THE Nigerian Communications Commission (NCC) has increased International Termination Rate (ITR) from N3.90 per minute to N24.40 per minute, a 525 per cent increase. Source THE NATION Read More 

16 Nigerian Startups Featuring at GITEX 2016, Dubai - GITEX Technology Week 2016, one of the world’s most influential technology events, opens this week with Nigeria showcasing her start-ups and innovative technologies from some of its major ICT firms such as Precise financial Systems (PFS) and Systemspecs, providers of the Remita solutions. Source Proshare Read More  



 Rebuilding the Ruins of Borno State


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