Nigeria in 1min: Economic, Business & Financial Headlines - 210416


April 21, 2016 7:10 AM / Proshare News  


Naira/Yuan Currency Swap: The Mother of all Deals - Nothing to Cheer - As the high powered presidential delegation returned from China and the post-summit euphoria dissipated. Nigerians are coming to terms with the reality or otherwise of the mega swap transaction. Source Proshare Read More  

NBS Publishes General Household Survey 2014 - The NBS General Household Survey (GHS) is implemented in collaboration with the World Bank Living Standards Measurement Study (LSMS) team as part of the Integrated Surveys on Agriculture (ISA) program and was revised in 2010 to include a panel component (HS-Panel). Source Proshare Read More 

FG: No decision yet on budget - The Federal Government has declared that it has not yet reached any decision on the 2016 national budget. Source Daily Trust Read More 

No currency swap deal with China – FG - The Minister of Foreign Affairs, Geoffrey Onyeama, yesterday said Nigeria had not entered any currency swap agreement with China. Source Daily Trust Read More 

Nigeria Needs More Than 2.4mbpd To Stabilise Economy – NAEE - Nigeria needs to boost its crude oil production to more than 2.4 million barrels per day (bpd) to stabilise the economy, the President, Nigeria Association for Energy Economics (NAEE), Prof. Wumi Iledare, has said. Source Leadership Read More 

NNPC owes over $300m in taxes, says FIRS - The Nigerian National Petroleum Corporation (NNPC) is owing over $300 million in tax arrears, the Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, has said. Source Daily Trust Read More 

Nigeria’s 2016 tax receipts threatened as company profits sink - Nigeria’s projected 2016 oil and non-oil revenues of N2.27 trillion may be under significant threat as businesses in Africa’s largest economy gasp for breath amid sinking profits and rising costs of production. Source Thisday Read More 

Developers put a hold on new projects over low demand in Q1 - Housing supply in Nigeria will likely stagnate in the days and months ahead, as dwindling demand and price correction which rattled developers in the first quarter (Q1) of this year may continue to discourage new projects. Source Thisday Read More 

FG approves timetable for 2017 budget - The Federal Government has approved a timetable for the 2017 appropriation, while it maintains that talks are still on with the National Assembly for the finalization of the 2016 budget Minister of Budget and National Planning Udo Udoma told newsmen after the Federal Executive Council (FEC) assured that Nigerians would soon have a budget. Source Thisday Read More 

Railway Contracts: Six Firms to Refund over N2.5bn to FG - Six contractors who are among the beneficiaries of the over N1 trillion railway construction and rehabilitation contracts are to refund over N2.5 billion to the federal government. Source Thisday Read More 



NDIC Puts Total Bank Depositors’ Funds at N17.3tn in 2015 - The Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim has disclosed that the total deposit liabilities of all the deposit money banks (DMBs) in the country amounted to N17.3 trillion as at December 2015. Source Thisday Read More

Commodity Trading: SEC Rolls Out Initiatives To Boost Agriculture - In a bid to boost agriculture and promote commodity exchange in Nigeria, the Securities and Exchange Commission (SEC) is set to roll out various initiatives to provide an enabling environment for commodities trading in the country. Source Leadership Read More  


TIGERBRANDS Leads Five Stocks Coming Out of Woods - Nigerian equities experienced a pull-back in recent weeks as stocks continued its constant adjustment to volatility in the economic space and the possibility of Nigeria being delisted from the MSCI’s Frontier Market Index due to illiquidity in the nations FX Market. The market awaits the end of month decision by MSCI with clouded optimism. Source Proshare Read More

Nigerian Stocks add above 120 points to extend gains - The equities market closed today on a positive note, as NSE ASI appreciated by 0.51% to close at 24,784.95basis points, compared with the 0.13% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.47%. Source Proshare Read More

UBA: In-line Q1 2016 results; Outperform Rating Maintained -Following United Bank for Africa’s (UBA) Q1 2016 results which were broadly in line with our expectations, we have made modest changes to our earnings estimates going forward. Given that the Q4 2015 results conference call was only a few weeks ago, we do not expect the bank to have altered any of its guidance. Source Proshare Read More 

Oil Prices Fall by 2.87% as Oil Producers Fail to Reach an Output Agreement - Oil prices fell by 2.87% on Monday after key oil producers failed to reach an output agreement in Doha. A coincidental oil workers strike in Kuwait helped oil markets which lost over 5% in the first hour of trading on Monday. Source Proshare Read More 

UBN declares N4.72 billion PAT in Q1 2016 Result,(SP:N4.54k) - Source Proshare Read More 

NB Declares N10.46bn PAT in Q1 2016 Result,(SP:N103.14k) - Source Proshare Read More 

GUARANTY Declares N25.61 bn PAT in Q1 2016 Result,(SP:N16.16k) - Source Proshare Read More 

TRANSCOHOT Declares N964.79 Million PAT in Q1'16 result,(SP:N4.59k) - Source Proshare Read More 

Dangote Sugar’ Shareholders Approve N6bn Dividend For 2015 - Chairman of Dangote Sugar refinery (DSR) Plc, Alhaji Aliko Dangote has said the company remains committed to delivering superior returns to its shareholders. This commitment, he said informed the recommendation of N6 billion dividend for the year ended December 31, 2015. Source Proshare Read More 

FSDH Merchant Bank Rewards Shareholders with N2.6bn Dividend - The Board of Directors of FSDH Merchant Bank has recommended the sum of N2.6 billion as dividend payment for the year ended December 31 2015 for its shareholders. Source Thisday Read More 

Nigerian Treasury Bills Auction Results for April 20, 2016 - At the NTB auction held today, the apex bank allotted N36.79 billion of the 91-day, N35.00billion of the 182-day and N95.73 billion of the 364-day bills at respective stop rates of 7.8802% (vs. 6.10% at the previous auction), 8.99% (vs. 8.69 % at the previous auction), and 10.2485% (vs. 9.488% at the previous auction). Source Proshare Read More 

Nigeria’s oil output drops further as Agip declares force majeure on Brass River - The pangs of the several production halts may have continued to assail Nigeria’s economy, as the Nigerian Agip Oil Company (NAOC) has shut crude oil production from its Brass River facility. Source Guardian Read More 

More power outage coming as Eko, Ikeja DISCOs receive less megawatts - INDICATION emerged yesterday that the erratic electricity supply in Lagos might worsen following alarm by both Eko Electricity Distribution Company, Eko DISCO and Ikeja Electricity Distribution Company, Ikeja DISCO, over continuous drop in megawatts allotted them by the Transmission Company of Nigeria, TCN. Source Vanguard Read More

Lagos moves closer to first oil well - Commercial oil production is expected to begin soon at Aje field, offshore Lagos, Panoro Energy, one of the joint partners involved in the Aje field development said in an update yesterday. Source Daily Trust Read More 

Fashola: 10,000mw of electricity achievable - The Minister of Power, Works and Housing Babatunde Fashola, has expressed confidence that the target of 10,000 megawatts of electricity by 2019‎ is achievable. Source Daily Trust Read More 

Fuel scarcity will end next week – Kachikwu - The Minister of State for Petroleum Resources, Ibe Kachikwu, yesterday expressed optimism on availability of fuel in every part of the country by the end of next week. Source Daily Trust Read More 

Oil rises to 2016 high on supply disruptions, US gasoline demand - Brent oil price shot to a 2016 high of $45.45 a barrel in late trading yesterday in a week that has seen disruptions in Nigeria and Kuwait Source Thisday Read More 


Asian Stocks Resume Rally as Brent Crude Near $46, Steel Surges - Asian stocks rose to a four-month high as oil recovered to levels last seen in November and Chinese steel prices surged more than 5 percent. Source Bloomberg Read More 

European Stocks Advance as Crude Reverses Loss, Miners Climb - European stocks advanced in late trading, extending a three-month high, as a rebound in oil spurred energy stocks, and miners climbed. Source Bloomberg Read More

U.K. Unemployment Rises, Wages Go Nowhere as Labor Market Cools - U.K. unemployment rose for the first time in seven months and employers added far fewer jobs than forecast, suggesting the labor market is cooling. Source Bloomberg Read More

Saudi Arabia set to secure $10bn loan, first in 25 years - Saudi Arabia is set to secure a $10 billion loan from international banks as the kingdom seeks to address a budget shortfall caused by the fall in oil prices, according to five bankers close to the transaction. Source Daily Trust Read More 

Ivory Coast to seek over $7 bln from donors for development plan - Ivory Coast will seek to raise 4.425 trillion CFA francs ($7.65 billion) during a meeting with donor partners next month to help fund an ambitious 5-year development programme, the government's spokesman said on Wednesday. Source Reuters Read More 

South Africa's March CPI slows to 6.3 percent year/year - South Africa's headline consumer inflation slowed to 6.3 percent year-on-year in March, in line with forecasts, from 7 percent in February, data from Statistics South Africa showed on Wednesday. Source Reuters Read More 

IMF forecasts Mali GDP growth in 2016 at 5.3 pct - Mali's gross domestic product is forecast to grow at 5.3 percent this year, down from 6 percent last year, and inflation will remain at about 1 percent, the International Monetary Fund (IMF) said on Wednesday. Source Reuters Read More 



Paying Taxes 2016 report published, Africa continues tax reforms - Paying Taxes 2016 is a unique joint report by PwC and the World Bank Group. Now in its tenth edition it continues to be a unique study which investigates and compares tax regimes across 189 economies, ranking them according to the relative ease of paying taxes. Source Proshare Read More 


FinTech - New Paper Explores Systemic Advantages Of Larger Firms In Capital Markets - Fidessa Group Plc has today published the second paper in its series on innovation in capital markets in which it introduces the concept of 'Natural Innovation' for the larger firms in this space. Source Proshare Read More   

NCC Shuts Down Enugu Multi-Million Internet Centre - An Enugu-based cyber cafe and business centre with facilities worth several millions of naira, LogOnNigeria has been shut down by the Nigerian Communication Commission (NCC) for allegedly operating an Internet Service Provider (ISP) without approval. Source Thisday Read More 

Bitflux Begins Commercial Rollout of 2.3GHz Services - Bitflux has announced its intention to roll out commercial services on the 2.3GHz spectrum frequency on a wholesale basis. Source Thisday Read More


Ann Makosinski: A Beautiful Mind, Creator of Body Heat Flash Lights - Inventors don’t always make the best entrepreneurs. The skills and attitudes needed to develop new ideas are not the same as those required to turn new ideas into self-sustaining, commercially successful enterprises. Source Proshare Read More  

FG, BoI Explore Strategies for Improved Funding to SMEs - The Minister of Agriculture and Rural Development, Mr. Audu Ogbeh, has tasked the Bank of Industry (BoI) to “shift focus to young people” and evolve strategies for improving financing to youths who are particularly in agro processing business and small and medium enterprises across the country. Source Thisday Read More


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