Nigeria in 1min: Economic, Business & Financial Headlines - 250216




February 25, 2016 7:30 AM / Proshare News

Potential Impact of Financial Inclusion on Economic Growth in Nigeria - FDC -At a time when Nigeria’s economic growth is slowing down, financial inclusion could not be more important. Financial inclusion ensures that irrespective of income level, all individuals, households and businesses have access to appropriate financial services products. Source Proshare Read More 

Diversification: From Oil to Tax - FDC - Diversification is used as a technique in risk management, whereby one’s portfolio is made up of a wide range of investments. The reasoning behind this is to minimize risk and reduce sensitivity to market swings. Source Proshare Read More

IMF warns Nigeria, poverty, unemployment could get worse - The International Monetary Fund, (IMF) has warned that unless Nigeria’s government took urgent steps to stem the current economic decline, there could be a worsening of unemployment and widespread poverty in Africa’s largest economy. Source BUSINESSDAY Read More

Earnings from non-oil exports slide to $1.6 billion - Following the inability of Federal Government to revive incentives for non-oil exporters, proceeds from the sector has continued to witness a southward trend, as the nation’s earnings hit $1.6 billion from $3 billion recorded in 2013. Source Guardian Read More

Nigeria saves N188.2b capital flight from technology transfer initiatives - THROUGH various technology transfer initiatives overseen by the National Office for Technology Acquisition and Promotion (NOTAP), Nigeria has been able to save about N188.2 billion from capital flight in four years. Source Guardian Read More

FG Loses N200bn To Diversion Of Vehicle Imports’ - The managing director of Grimaldi Agency Nigeria Limited, Mr Ascanio Russo has said the federal government loses about N200 billion annually to diversion of automobile imports to the Port of Cotonou in Republic of Benin. Source Leadership Read More

Nigeria, German firms sign MoU on Funtua dry port - The Equatorial Marine Oil & Gas (EMOG) and a German firm, GAUFF engineering company  yesterday signed a Memoranda of Understanding (MoU) on the Funtua dry port. Source Daily Trust Read More

Excessive imports crimp Nigeria furniture industry - The dumping of largely illegal imported furniture into the Nigerian market is slowing down the growth of local furniture manufacturers. Source BUSINESSDAY Read More

States Urged To Merge Budget, Planning Ministries - An appeal has been made to state governments to merge their Budget and planning sectors into a Ministry and also improve their statistical data gathering for national development. Source Leadership Read More

26 states owe corps members − NYSC - The National Youth Service Corps has expressed concern over the lack of preparedness of some states for orientation camps, saying about 26 states are currently owing corps members. Source Punch Read More

New electricity tariff ’ll boost investment —NESG - The Nigerian Economic Summit Group has expressed its support for the implementation of the Multi-Year Tariff Order 2015, which took effect on February 1, 2016, saying the new tariff regime would encourage private sector investment in the power sector. Source Punch Read More


SEC Pays N30m to Investors of Failed Market Operators - The Director General, Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo  on Wednesday disclosed that over N30 million had been paid to about 530 investors of failed companies in the capital market under the National Investor Protection Fund (NIPF) scheme. Source Thisday Read More


NSE-ASI slips below 24,000bpts as losing streak extends to 3days - The equities market closed today on a negative note, as NSE ASI depreciated by 0.86% to close at 23,883.34basis points, compared with the 1.40% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.62% Source Proshare Read More


Let exchange rate reflect market forces, IMF tells Nigeria - The International Monetary Fund has called on the Federal Government to let the exchange rate reflect market forces. Source Punch Read More

Naira now 300/dollar as forex supply slows - The naira rose further on Wednesday against the United States dollar at the parallel market to 300 from 310 on Tuesday. Source Punch Read More

Banking industry’s bad loans to exceed N300bn - There are now clear evidence that the banking sector is going through tough times as loan impairment  charges (loan loss provisions) may hit N346 billion in the financial reports for the period ended December 31, 2015. Source Vanguard Read More

PoS transactions dropped by N7bn in January - Transactions recorded across Point of Sale (PoS) terminals in January 2016 dropped by N7billion in Nigeria. Source Daily Trust Read More


International Breweries: from the west to the world -  International Breweries Plc (“The Company” or “IB”) released its Q3 2016 unaudited report for the nine months ended December 31 2015 on January 29 2016. Source Proshare Read More

FBN Holdings Plc Issues Profit Warning for Year Ended 31 December 2015 - Following the preliminary review of the FBN Holdings Plc management account for the year ended 31 December 2015, it is expected that earnings will be materially below that of the prior year. Source Proshare Read More

Making Sense of Reuters' Report on BUA Sugar - Last Thursday (February 18), Reuters reported that the management of BUA Sugar (BUA) is considering shutting its sugar refinery in Lagos next month. Source Proshare Read More


UNIONDICON Declares N87.62 mln Loss in 2014 Audited Result,(SP:N11.84k) - Source Proshare Read More

CUTIX Declares N134.19 mln PAT in Q3'16 Result,(SP:N1.51k) - Source Proshare Read More


MTN Shares Rise on Move to Reach Amicable Resolution on N1.04tn Fine - MTN shares erased declines and rose as much as 3.2 per cent on the Johannesburg Stock Exchange (JSE), trading 1.7 per cent higher at 130.09 rand at the close of business following news yesterday that the telecommunications giant had withdrawn its law suit against the Nigerian government challenging the N1.04 trillion imposed on its Nigerian subsidiary. Source Thisday Read More

China hits highest smartphone shipment ever of 117.3M in Q4 - Not less than 117.3 million Smartphone’s were shipped by Chinese Smartphone makers in the fourth quarter of 2015, the latest figures from research firm, International Data Corporation clearly shows. Source BUSINESSDAY Read More


Nigeria’s survival depends on agric – Buhari - President Muhammadu Buhari has said that with the decline in revenues from crude oil exports, Nigeria’s hope of economic resurgence lies in the rapid development of its agricultural and solid mineral resources. Source Punch Read More

Senate orders CBN to terminate TSA contract - The Senate yesterday ordered the Central Bank of Nigeria (CBN) to terminate the 2013 e-payment contract renewal with SystemSpecs. Source Punch Read More


FG plans increased revenue from deepwater oil production - There are strong indications that the Federal Government is looking to review the commercial terms of deep-water Production Sharing Contracts in order to increase its share of revenue from the PSC production. Source Punch Read More

Kachikwu, others to X-ray Nigeria’s oil industry - The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu and other industry stakeholders will converge on Abuja next month to provide insights into the way forward for the Nigerian oil and gas industry amid the low oil price environment. Source Punch Read More

Fuel scarcity worsens in Enugu, as PMS sells for N120 per litre - Residents and motorists in Enugu State are wearing long faces occasioned by the acute scarcity of petrol which has drastically affected prices of staple food items sold across markets in the state. Source Vanguard Read More

‘Nigeria’s oil industry issues beyond low crude price’ - To players in the oil and gas industry, aside the slump in the global oil price, there are other issues. They include economic insecurity, funding challenges and renewed insecurity in the Niger Delta, as well as low reserve replacement ratio (RRR), high and uncompetitive production cost. Source Punch Read More

90% petrol sold in Abuja is contaminated-experts - Around 90 per cent of premium of motor spirit (PMS) popularly called petrol sold to consumers in the federal capital territory are bad fuel, experts in fuel refining and storage have observed. Source Daily Trust Read More


Asian stocks slip as crude heads south - Asian shares slipped on Thursday as a fragile recovery in volatile crude oil unraveled, reviving anxiety about the health of the global economy, and Chinese shares skidded. Source Reuters Read More

South Africa announces austere budget to trim deficit, avoid downgrades - South Africa announced an austere budget on Wednesday aimed at avoiding cuts in its credit ratings, and vowed to focus spending on priority areas after weak economic growth reduced its revenue. Source Reuters Read More

South Africa to borrow $4.5 bln from global markets over medium term: Treasury - South Africa's government plans to borrow $4.5 billion from global markets over the next three years, with $1 billion worth of paper planned for the current fiscal year ending March if conditions allow, the National Treasury said on Wednesday. Source Reuters Read More

S/Africa, Nigeria and Kenya are seen as the most attractive target countries for M&A activity -  290 deals recorded in 2015 – the highest volume since 2007·         South Africa, Nigeria and Kenya are seen as the most attractive target countries for M & A activity on the continent Source Proshare Read More



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