Nigeria in 1min: Economic, Business & Financial Headlines - 230516



May 23, 2016 8:00 AM / Proshare News  

Unemployment Rises to 12.1% in Q1’16 from 10.4% in Q4’15 - NBS - In computing the unemployment rate, the total population is divided into labour force (currently active) and non-labour force (not currently active). Source Proshare Read More 

External reserves record modest decline - The nation’s external reserves recorded a modest decline last week, contrary to speculations that Federal Government’s new policy on downstream oil sector liberalization would extend its foreign exchange-related pressures on the reserve Source Vanguard Read More 

Nigeria's GDP Declines to -0.36% Negative Growth Rate in Q1'16 from 2.11% in Q4'15 - In the First Quarter of 2016, the nation’s Gross Domestic Product (GDP) slowed by -0.36% (year-on-year) in real terms. This was lower by 2.47% points from growth recorded in the preceding quarter and also lower by 4.32% points from growth recorded in the corresponding quarter of 2015. Source Proshare Read More 

SMEDAN to create 1.5m jobs in six months – DG - The Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dr Dikko Umaru Radda, has said the agency will  create 1.5 million jobs in the next six months. Source Daily trust Read More


FG plans economic strategy review to avert recession - The Federal Government will soon commence a review of its economic strategies following the poor growth, which the economy recorded in the first quarter of the year. Source Punch Read More

N40tn mortgage finance needed for housing – FMBN - The country needs over N40tn in mortgage finance to address the present housing shortage, the Federal Mortgage Bank of Nigeria has said. Source Punch Read More 

‘There Is A Great Deal Of Ruin In A Nation’ - Nigeria’s GDP figures were released yesterday. For people who like to watch horror movies, the numbers were like a dream come true. There was blood everywhere. Source medium Read More 

How Quoted firms fared in Q1’2016 amid economic challenges  - A cursory review of earnings report presented so far in Q1'16 revealed a weak performance across board in terms of revenue and profitability, which further reflects a sustained tough/challenged business environment in the face of falling microeconomic fundamentals, just as we had experienced in 2015. Source Proshare Read More 

‘75 pct of tomatoes grown in Nigeria wasted due to low investment’ - Over 75 percent of tomatoes grown in Nigeria is wasted annually due to poor storage and lack of investment in the tomato value-chain, Chief Executive Officer of Erisco Foods Ltd, Chief Eric Umeofia has said. Source Daily trust Read More 

NLC calls off strike - The Nigeria Labour Congress (NLC) yesterday suspended the nationwide strike it embarked upon last Wednesday to protest the hike in the price of petrol by the Federal Government. Source Daily trust Read More


CBN disburses additional N55.5bn to stabilize electricity -  The Central Bank of Nigeria (CBN) has disbursed an additional N55.5 billion as part of the Nigerian Electricity Market Stabilization Facility (CBN-NEMSF) aimed at improving power supply and settling legacy gas debt. Source Daily trust Read More

Personal Statements by Members at the 106 Monetary Policy Committee Meeting of March 21-22, 2016  - The challenges in both the domestic and global macroeconomic environments since the latter half of 2014 appear somehow intensified. The global economic landscape is grappling with slow recovery with global growth projected at 3.0 per cent in 2016, a somewhat flat trend relative to 2015. Source Proshare Read More 

Access Bank anticipates the MPC will retain the existing FX policy regime  - The Monetary Policy Committee (MPC) of the Central Bank of Nigeria will hold its two-day meeting on Monday and Tuesday May 23 and 24, 2016. Source Proshare Read More 

Sentiment Analysis Report – W/E May 20, 2016  - Analysis of the market activity in the week ended May 20, 2016 technically revealed sustained optimistic activities amid weak market breadth while investors displayed fresh speculative tendency. Source Proshare Read More 

Corporate Earnings for the Week Ending May 20, 2016 – Source Proshare Read More 

Bond Yields Rise as Investors Await MPC Decision - Ahead of the monetary policy committee (MPC) meeting expected to commence today, sovereign bond yields have been on the rise as investors expect a possible upward re-pricing of the benchmark monetary policy rate (MPR) on the back of the rising inflationary pressures. Source Thisday Read More 

Dangote stakes N10 billion in flour mills’ buy-back deal - Following a re-acquisition exercise that saw a buy back of 65.7 per cent stake in Dangote Flour Mills, the President of Dangote Group, Aliko Dangote, has staked N10 billion to restructure the firm for profitability, as well as to align with the group’s investments strategy. Source Guardian Read More 

GTBank redeems $500 million Eurobond note -
Guaranty Trust Bank Plc (GTBank) said it has redeemed the outstanding portion of the $500 million Eurobond notes that were due by May 19. Source Guardian
Read More 

FirstBank Leads in Forex Allocation as CBN Sells $143m to Banks - The Central Bank of Nigeria (CBN) sold $142,646,892.01 to 15 commercial banks and three merchant banks last week, as it sought to meet the huge demand for foreign exchange (forex) in the economy. Source Thisday Read More

Militants blow up pipeline, vandals damage NNPC facilities - Suspected militants have attacked and set ablaze a pipeline belonging to the Nigerian Agip Oil Company (NAOC) at Ikienghenbiri community in Southern Ijaw Local Council of Bayelsa State . A five-kilometre Nigerian National Petroleum Corporation (NNPC) Premuim Motor Spirit (PMS) pipeline that serves the Machiver jetty in Calabar, Cross River State, has also been vandalised. Source Guardian Read More 

Kaduna Refinery Shut Down Over Non-supply Of Crude Oil - The Kaduna Refining and Petrochemical Company (KRPC) has stop production following renewed activities of Niger Delta militants. Source Leadership Read More 

NNPC’s cash call debts hit $7b - Nigerian National Petroleum Corporation’s  (NNPC’s ) debt overhang in cash calls to  multinational and indigenous oil companies it operates Joint Venture (JV) project with, has reached about $7billion, it was learnt at the weekend. Source THE NATION Read More 

Kachikwu: FG to Revoke Unused Refinery Licences - About 25 licences that were given to private operators between 2002 and 2014 to build refinery complexes in Nigeria will be revewed at again and those that have remained inactive will be  revoked, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said. Source Thisday Read More 



FG Suspends Talks with MTN - Nigeria has reportedly suspended discussions with MTN over the record US$3.9billion fine imposed on the mobile operator’s subsidiary there while the country’s parliament investigates the size of the penalty and the way in which it was imposed. Source Thisday Read More  


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