Nigeria in 1min: Economic, Business & Financial Headlines - 190517


May 19, 2017 7:00 AM / Proshare News  

FG merges operations of agencies at airports, seaports - The Federal Government has directed all relevant ministries, departments and agencies operating at the nation’s airports and seaports to harmonise their operations into a single interface station. Source Punch Read More


Foreign investors target Nigeria’s mining industry - Nigeria’s fast growing mining industry has become a target for global experts, the organisers of the three-day National Mining Summit and Construction and Mining Machinery Exhibition, which begins on June 13, have said. Source Punch Read More

FG seeks IDB support for economic recovery plan - The Federal Government on Thursday called on the Islamic Development Bank to provide funding support for the implementation of the country’s Economic Recovery and Growth Plan. Source Punch Read More

Osinbajo Signs Executive Order to Aid Budget Submission by Agencies - In a swift response to the ultimatum given by the Senate asking the presidency to submit the budgets of revenue generating agencies within the next two weeks, acting President Yemi Osinbajo Thursday signed three executive orders aimed at revolutionising government operations. Source Thisday Read More

Nigeria aims to unlock credit for small firms with new development bank - Development Bank of Nigeria, a new state-backed lender, aims to make up to 20,000 new loans to small firms within its first year of operation as part of efforts to help unlock credit to the recession-hit economy, its chief executive Tony Okpanachi said. Source Reuters Read More 

Nigeria should be technically out of recession by Q3 – Kyari -Nigeria should technically be out of recession by the end of the third quarter of this year, Chairman of the Board of the Nigerian Economic Summit Group (NESG) Mr. Kyari A. Bukar has said. Source Daily Trust Read More 

Nigeria’s forex system ‘a disaster waiting to happen’, says CBN ex-governor Soludo - The foreign exchange regime in Nigeria is a recipe for disaster. This is the view of Charles Chukwuma Soludo, a former governor of the Central Bank of Nigeria (CBN). CNBC Africa’s Onyi Sunday caught up with him at the recently concluded AFC infrastructure summit to discuss Nigeria’s economy and its forex policy. Source Guardian Read More 

Work begins on $1.5b Lagos-Ibadan rail line - The Minister of Transportation,  Rotimi Amaechi yesterday said work has commenced on the $1.5 billion Lagos-Ibadan rail line. Source THE NATION Read More 

Reps summon CBN governor, Magu, IGP over N12bn virtual currency scheme - The House of Representatives on Thursday invited Godwin Emefiele, Governor of Central Bank of Nigeria (CBN), Ibrahim Magu, acting Chairman of Economic and Financial Crimes Commission (EFCC) over N12 billion virtual currency scheme involving 60,000 Nigerian investors. Source BUSINESSDAY Read More 

Nigeria, Others Lag Behind in $16trn Global Merchandise Trade - As seaborne trade surpasses 10 billion tons and continues to represent the overwhelming majority of the more than $16trillion in global merchandise trade by volume and value, Nigeria and other African countries have continued to perform poorly, the Country Manager of APM Terminals Nigeria, Mr. David Skov has said. Source Thisday Read More 


CBN Lists 36 Items Valid For FX in the Nigerian Foreign Exchange Markets - Following misconceptions and enquiries across the market, this is to clarify to the Authorized Dealers, Nigeria Customs Service and the General Public that the following items with their related HS Codes remain “Valid for Foreign Exchange”. Source Proshare Read More  

Market Extends Two-Day Gaining Streak as NSEASI Records +0.72% Gain - Equities market closed today on a positive note, as NSE ASI appreciated by +0.72% to close at 28,101.63 basis points, as against +1.05% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +4.57%. Source Proshare Read More


Dangote Cement Q1 2017 Results Review - Maintaining Outperform Rating - The variance relative to our forecasts was driven by (i) slightly higher pricing and unit volume in Nigeria which were around 5% and 6% higher than what we had modelled and (ii) a positive surprise of 608bps in gross margin.  Source Proshare Read More  

Shareholders approve new capital raising for Med-View Airline - Shareholders of Med-View Airline Plc have mandated the board to raise additional capital to support its expansion programme. Source THE NATION Read More 

Ecobank, OiLibya Seal Deal on Digital Financial Services - Ecobank Transnational Incorporated (ETI), the parent company of Ecobank, the Pan-African banking group has signed an agreement with OiLibya, a Pan-African oil and gas downstream company, for the distribution of digital financial services. Source Thisday Read More 

Bank Customers To Pay N17.54bn As Card Maintenance Charges - Bank customers in Nigeria will pay not less than N1.462 billion to banks as card maintenance charges every month totaling N17.544 billion in a year beginning from May 2017, as the revised Guide to Bank Charges take effect from this month. Source Leadership Read More 

Domestic Commodity Prices Remain Sticky Downwards as Crop Diseases Keep Prices Elevated - Oil stabilised at $52pb due to an unexpected decline in US crude inventories. All eyes are on OPEC’s meeting scheduled for May 25th. Investors remain cautious as US politics undermine market confidence. Source Proshare Read More  

Mixed Outlook for Petroleum Marketers - This shows the average monthly price for PMS (petrol/gasoline) paid by households across the country. In April it averaged N149.9/litre (l) for the 36 states of the federation and the FCT, and so above the fixed upper price limit for the retail pump price of N145/l set by the authorities. Source Proshare Read More 

Nigeria's NNPC finalising $6 bln worth of oil-for-product swaps - Nigeria's state oil company is in the final stage of signing $6 billion worth of deals to exchange more than 300,000 barrels per day (bpd) of crude oil for imported gasoline and diesel, sources with direct knowledge of the process told Reuters. Source Reuters Read More 

Shareholders approve 15k per share dividend for AshakaCem - Shareholders of AshakaCem Plc, a subsidiary of Lafarge Africa Plc, have unanimously endorsed a dividend payment of 15 kobo on every ordinary share in issue for the 2016 financial year, totalling N336 million. Source Daily Trust Read More 

NNPC re-opens Kano depot 3 years after - Petroleum products supply to the northern part of the country received a boost on Tuesday following the re-commissioning of the Nigerian National Petroleum Corporation (NNPC) depot in Kano. Source Daily Trust Read More 

NNDC spends N86.34bn on projects in Edo - The Niger Delta Development Commission (NDDC) said a total of 708 projects valued at N86.3bn had been awarded in Edo State since the inception of the commission. Source Daily Trust Read More 

GE to assemble gas turbines in Nigeria next year - General Electric (GE) plans to launch a gas turbine assembly plant in Nigeria next year and has invested over $100 million as it seeks to tap growing demand for gas-fired power plants in Africa’s biggest economy, its local CEO said on Thursday. Source Daily Trust Read More 

DisCos’ monthly remittance hits 35% as TCN mulls penalties - The monthly remittance of the 11 electricity Distribution Companies (DisCos) is now at 35 per cent just as the Market Operator (MO) section of the Transmission Company of Nigeria (TCN) has vowed to enforce compliance and penalties for defaulters. Source Daily Trust Read More 


Teaching Ethics to MBAs - This may have been true in the past. But for several years now, most MBA programs have included diverse modules on business ethics and social responsibility. Furthermore, the most relevant international agencies in business education, such EQUIS, AACSB, or AMBA, require that business schools deliver specific courses and sessions on this matter in order to award accreditation. Source Proshare Read More 


Germany-Wide Blacklist Is Coming - On March 29 2017 the Federal Cabinet adopted a draft law for the introduction of a so-called 'competition register'. As far as the Ministry of Economics is concerned, the act should be passed before the federal election in September 2017. Source Proshare Read More

First Bank Introduces Salary Overdraft Facility - For over 120 years, the Bank has consistently met growing market demands for financial services, through a process of continuous re-invention and focusing on the fundamentals of good corporate governance, strong liquidity and risk management. Source Proshare Read More 

IMF raises South Africa's growth forecast for 2017 to 1 percent - The International Monetary Fund has raised South Africa's growth forecast for this year after recoveries in the agriculture and mining sectors, but perceptions of policy uncertainty pose a downside risk, a senior official said on Thursday. Source Reuters Read More 

GM will cut operations in India, South Africa -  General Motors Co plans to quit selling vehicles in India by the end of this year and will sell operations in South Africa, the latest steps in a strategy of focusing cash and engineering effort on fewer, more profitable markets. Source Reuters Read More 

Malawi's economic growth seen at 7 percent in 2017 - Malawi's economic growth is forecast at 7 percent this year from 5.1 percent in 2016, helped by a recovery in the agriculture sector, Finance Minister Goodall Gondwe said on Thursday. Source Reuters Read More 

Shell seeking $500 mln in sale of Tunisian gas assets: sources - Royal Dutch Shell is seeking to sell its gas fields in Tunisia for some $500 million, sources said, as the Anglo-Dutch company pushes forward with its vast disposal programme. Source Reuters Read More 

Volvo says to start assembling trucks in Kenya - Swedish truck maker AB Volvo is to start assembling vehicles in Kenya, part of a series of investments aimed at boosting the company's presence in the region, the company said on Thursday. Source Reuters Read More 

Angola's Sonangol cancels auction for eight oil blocks - Angola's state oil company Sonangol has cancelled an auction of oil exploration licences for eight blocks, blaming the drop in oil prices since the bidding opened. Source Reuters Read More 

Brazil's Biggest Fortunes Plunge $6.2 Billion in Temer Crisis - Reports of fresh political corruption crushed asset values in Brazil and cost the country’s 16 richest people $6.2 billion Thursday, according to the Bloomberg Billionaires Index. Source Bloomberg Read More 





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