Nigeria in 1min: Economic, Business & Financial Headlines - 230916


September 23, 2016 6:10 AM / Proshare News 

Recession: FG to sell assets - The National Economic Council has approved a federal government plan to sell some national assets and inject the proceeds into the economy. Source Daily Trust Read More

FG disburses N50bn loans to states, Excess Crude now $2.453bn - The Federal Government has so far disbursed N50 billion as a support loan facility to state governments, the Minister of Finance, Kemi Adeosun, disclosed this in her presentation to the National Economic Council (NEC) meeting yesterday. Source Daily Trust Read More 

FG needs $15bn from asset sales, borrowing –Dangote - The country needs $15bn from asset sales and borrowing to revive the slumping economy and boost foreign reserves, according to Africa’s richest man, Aliko Dangote. Source Punch Read More 

‘Current economic policies can’t take Nigeria out of recession’ - The Abuja Chamber of Commerce and Industry has said that the current monetary and fiscal policies being implemented by the Federal Government are not capable of taking the country out of the current recession. Source Punch Read More 

Customs Revenue Drops By N78.3m - The Tin-Can Island Customs Area Command 2, Ijora, Lagos, says it generated N453.51 million revenue for the month of August. Source Leadership Read More

FG inaugurates NPA, NIMASA’s governing boards - The Federal Government on Thursday inaugurated the governing boards of the Nigerian Ports Authority and the Nigerian Maritime Administration and Safety Agency. Source Punch Read More 

FG orders NIMASA to begin full implementation of Cabotage law - Federal Government on Thursday ordered the Nigerian Maritime Administration and Safety Agency (NIMASA) to begin full implementation of the Cabotage law as part of its measure to enthroning efficiency in the maritime system. Source BUSINESSDAY Read More

Nigeria hunts down 700,000 firms in tax crackdown to offset oil slump - Nigeria has hunted down 700,000 firms that have never paid taxes as the country seeks new revenue sources to offset low oil prices that have pushed Africa's biggest economy into its first recession in more than 20 years, its tax chief said. Source Reuters Read More

FIRS targets N5.2b from 10 million new taxpayers, says Fowler - Nigeria plans to raise N5.2 billion from taxes next year, Federal Inland Revenue Service (FIRS) Executive Chairman Babatunde Fowler, said yesterday. Source THE NATION Read More

Nigeria mined over 200trn tonnes of minerals in 6 years – Report - A total of 221.5trn tonnes of coal, metals and other solid minerals from quarrying and other mining activities were mined in Nigeria in the last six years. Source Daily Trust Read More

Canadian company takes over Nigeria gold project - A Vancouver, Canada, based company, Thor Exploration, acquires the Segilola gold project in Nigeria, considered the most advanced gold project in the country. Source Daily Trust Read More

Ekiti Assembly passes N7.5 billion extra budget bill - The Ekiti State House of Assembly has passed the revised 2016 Appropriation Bill into law. Source Guardian Read More

‘N150.8b spent on education projects in nine years’ - The Federal Government yesterday said it spent N150.8 billion on education projects under the Millennium Development Goals (MDGs) from 2006 to 2015. Source THE NATION Read More

Another Downgrade from S&P - Last week Standard and Poor’s (S&P) downgraded its sovereign rating for the FGN’s long-term, foreign currency obligations from B+ to B, and revised its outlook to stable from negative. Source Proshare Read More 

Bukola Saraki - Thinking Out Loud On Recession - In the absence of a robust economic plan that would set out clear engagements, interventions and milestones to take Nigeria out of the current recession; stakeholders have been offering thoughts, opinions, and advice to the executive. Source Proshare Read More 

Reviving Nigeria’s Economy: Experts set agenda for 22nd Nigerian Economic Summit - In the midst of what some analysts describe as the worst economic downturn in decades, Nigerians have spared no effort in making known their discomfort and disappointment at the present economic realities. Source Proshare Read More

Nickel Deposit Can Generate $400bn For Nigeria – Bwari - The federal government has revealed that Nigeria can generate $400 billion from nickel, a new mineral resource recently discovered in Kaduna State. Source Leadership Read More 

Steel makers ahead as investors pump N1.7trn into economy in 3 yrs - Key players in the iron and steel sector are ahead of other manufacturers in terms of investments in the last three years, pumping N1.69 trillion into the Nigerian economy from 2013 to 2015. Those who made these investments within the period were manufacturers in the business of foundry, metal packaging, steel pipe-making, metal manufacturing Source BUSINESSDAY Read More 

1,800 NPA Tenants Face Eviction At Tin Can Port - The Nigerian Ports Authority (NPA) has said that the over 1,800 tenants who are mostly clearing and forwarding agencies operating at the popular container complex at PTML Port, Tin Can, Apapa, Lagos, must leave the facility because they are illegal occupants. Source Leadership Read More 

Sanusi: Nigerian Airlines have World’s Lowest Aircraft Utilisation - The airlines are facing multiple challenges. These challenges include high cost of operation in the country, which is caused by high cost of aviation fuel, high cost of getting foreign exchange and multiple taxes from the parastatals. So if you are going to make the operating environment conducive for airlines, they must address these issues. Source Thisday Read More 


Financial Policy Committee Statement From Bank Of England's Meeting, 200916 - At its meeting on 20 September, the Financial Policy Committee (FPC) reviewed developments since its meeting on 1 July and since the 23 June referendum on the United Kingdom’s membership of the European Union. Source Proshare Read More 

Testimony Of US Treasury Secretary Jacob J. Lew Before The House Financial Services Committee - Chairman Hensarling, Ranking Member Waters, and members of the Committee, thank you for the opportunity to testify today regarding the 2016 annual report of the Financial Stability Oversight Council. Source Proshare Read More

CBN borrows N141bn via TBs at lower yields - The Central Bank of Nigeria borrowed N140.88bn ($448m) via short-dated Treasury bills at an auction on Wednesday, attracting lower yields across the board, except on the three-month debt that was flat, data from the CBN showed on Thursday. Source Punch Read More 

21 banks borrow N4.06tr from CBN in three months - Banks have been frequenting the Central Bank of Nigeria (CBN) Window to borrow cash to boost their liquidity positions, according to the CBN Economic Report for the second quarter, released yesterday. Source THE NATION Read More 

Edo Farmers Get N2 Billion CBN Loan - Farmers in Edo State have become beneficiaries of N2billion loan from the Central Bank of Nigeria (CBN), guaranteed by the state government. Source Thisday Read More 


Mr Maurico Alarcon Appointed as MD of Nestle Nigeria Plc Effective 1st October 2016 - This is to notify the general public of the recent changes to the Board of Directors of Nestle Nigeria Plc. The Managing Director of Nestle Nigeria Plc, Mr Dharnesh Ghordhon, has resigned his appointment as a Director and Managing Director of the Company with effect from 1st October 2016 due to his transfer to Nestle Indonesia. Source Proshare Read More                            

Speculation drives stocks lower as MTD gain stands at 2.06% - The equities market closed today on a negative note, as NSE ASI depreciated by 0.17% to close at 28,166.42 basis points, compared with the +0.02% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.66%. Source Proshare Read More  

Guinness Nigeria Plc - Uphill Battle for Brewer - In line with guidance from parent company Diageo, GUINNESS reported a 14% revenue decline for its financial year ended 30 June 2016. Whilst the brewer continued to shore up volumes in its value segment (up 33% y/y) with strong growth in Satzenbrau, significantly lower volumes from mainstream brands (particularly Orijin and Harp), and underperformance in the premium segment (mostly Guinness Foreign Extra Stout) dragged topline. Source Proshare Read More 

Central Banks act in unison - The limitations of monetary policy tools in driving growth and reducing unemployment have dominated the ideological discourse amongst economists and central banks lately. The unison in keeping benchmark rates unchanged between some central banks especially the Fed, the Nigerian central bank, the South African reserve Bank and the Bank of Ghana confirms the fears of apex banks on the inadequacy of monetary policy to drive growth. Source Proshare Read More

MPC Neutral Stance May Be Accommodative - The fiscalists were strongly of the view that interest rates should be reduced as a stimulus for economic recovery. They were mostly disappointed with the status quo outcome. Source Proshare Read More

Lafarge Africa raises 60 bln naira in bond issues - Lafarge Africa said on Thursday it has raised 60 billion naira ($184 million) by issuing three and five-year bonds through book building. Source Reuters Read More

Naira crashes to 436 as dollar reserves shrink - The naira hit a new record low of 436 against the United States dollar at parallel market on Thursday, down from 428 on Wednesday, as dollar shortages on the official market persist. Source Punch Read More  

FX scarcity shoots orange price up 28% - This may not be the best of times for fruit juice companies and fruit consumers in Nigeria as they grapple with the rise in the price of oranges which has witnessed a 28 percent hike in the past month, owing to the slump in the value of the local currency, the naira Source BUSINESSDAY Read More 

Banking sector profit falls by 28% – Report - The Nigerian banking sector’s profit fell by 28.4 per cent in the 2015 financial year, the just released Afrinvest 2016 Banking Sector Report showed. Source Punch Read More 

ACTIS invests $62 million in Nigeria’s Sigma Pensions - Actis GP LLP (“Actis”), a leading multi-asset, pan-emerging markets investor, with more than $7.6 billion of capital currently under management, has through Actis Golf Nigeria Limited (a special purpose vehicle ultimately controlled by Actis) acquired a total of 984, 539,475 (Nine Hundred and Eight Four Million, Five Hundred and Thirty Nine Thousand, four hundred and seventy five) share capital of Sigma Pensions Limited (“Sigma Pensions”). Source Daily Trust Read More 

Shell resumes Forcados oil exports 7 months after attacks - Exports of Forcados crude oil stream, one of Nigeria major crude grade, are set to resume at the end of September for the first time since February 2016 when exports were suspended. Source Daily Trust Read More 

Egbin power plant may be shut over rising debt - The nation’s electricity woes may worsen in the coming weeks as liquidity and gas supply issues are threatening the operation of its biggest power station, Egbin. Source Punch Read More

Comply with privatisation agreements, NERC tells power firms - The Nigerian Electricity Regulatory Commission has told power firms carved out of the defunct Power Holding Company of Nigeria to comply with the agreements they entered into with the Bureau of Public Enterprises or be sanctioned. Source Punch Read More  


South Africa holds key rate, hints at end of tightening cycle - South Africa's central bank kept interest rates unchanged at 7 percent for a third consecutive time this year on Thursday, with a weak economic growth outlook balancing out concerns about inflation. Source Reuters Read More  

Uganda to spend $2 bln on power connections, grid: Umeme executive - Uganda plans to spend at least $2 billion in the next five years to connect more people to its electricity grid and raise connection rates, a senior executive at sole power distributor Umeme Ltd said on Thursday. Source Reuters Read More 

Kia Motors to assemble cars in Ethiopia, considers Algeria - South Korea's Kia Motors Corp signed a deal with a local company on Thursday to start assembling cars in Ethiopia and is thinking of similar operations elsewhere in Africa. Source Reuters Read More 

Asian Stocks Pare Weekly Gain Amid Dollar Rebound; Bonds Advance - A rebound in global equities sputtered in Asian trading as the dollar strengthened and oil retreated from a two-week high. Bonds extended gains, buoyed by central bank commitments to keep monetary policies loose. Source Bloomberg Read More

Brexit Haunts EU Trade Plans as Nations Push to Keep Pacts Alive - European Union governments will meet in the Slovak capital Bratislava on Friday to discuss the bloc’s flagging trade deals as the forces of populism that triggered Brexit look to claim their next victim. Source Bloomberg Read More

Erdogan to Turkey’s Central Bank: Nice Rate Cut, Do More Please - Turkey’s central bank did the right thing by cutting interest rates this week and it should continue to do so, President Recep Tayyip Erdogan said. Source Bloomberg Read More

OPEC Under Pressure to Act in Algiers as Oil Surplus Triples - As OPEC prepares to meet in Algiers next week, the oil market is reminding the group’s members what’s at stake if they fail to reach a deal. Source Bloomberg Read More 


The FCA's Role In Promoting Innovation / FinTech - Project Innovate's aim has been to provide innovators whether large or small with some support to navigate the regulatory system, to reduce the barriers to innovation whilst maintaining the same standards of regulation and consumer protection. A few days ago, we passed the 300 mark in terms of firms assisted. Source Proshare Read More 

MultiChoice introduces account suspension when not in use - Leading video entertainment provider, MultiChoice Nigeria, has reiterated its commitment to better service delivery to its subscribers. Source Daily Trust Read More


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