Nigeria in 1min: Economic, Business & Financial Headlines - 270416

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April 27, 2016 7:20 AM / Proshare News  

PROSHARE ECONOMY
Telecoms Sector Contributes 8.88% to GDP in Q4 2015 - In real terms, the telecommunications sector contributed N 1,645,82 billion to GDP in the final quarter of 2015, or 8.88%, a slight increase relative to the 8.76% contribution recorded in the same quarter of the previous year. Source Proshare Read More 

Modest Fiscal Relief for State Governments as FG Delays Debt Service Costs Deductions - The federal finance minister, Kemi Adeosun, announced on Thursday that the Federation Account Allocation Committee (FAAC) would not be deducting debt service costs from its payout to state governments in its distribution of March revenues. Source Proshare Read More 

Nigeria gets EU’s N5.6b for diversification - The Head, Trade and Economics Section of the European Union (EU) Delegation to Nigeria and the Economic Community of West African States (ECOWAS), Filippo Amato, said the EU has provided 19million pounds (about N5.6billion) grants to Nigeria through the National Planning Commission (NPC) to drive the diversification of the economy from oil to non-oil. Source THE NATION Read More 

Nigeria earns N12b from solid minerals - The solid minerals sector contributed N12 billion revenue into the Federation Account for the first time last year, the Acting Chairman, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Alhaji Shetima Umar Abba Gana, has said. Source THE NATION Read More 

Herdsmen attacks, FX scarcity compound manufacturers’ woes - Prolonged attacks by rampaging herdsmen, along with foreign exchange scarcity, have worsened the plight of Nigerian manufacturers who are already facing a myriad of crises. Source BUSINESSDAY Read More 

FX shortage spikes local sourcing of agro inputs - Agro-allied manufacturers are increasingly sourcing raw materials locally as foreign exchange hiccups deal blow on their capacity to import inputs.  Source BUSINESSDAY Read More 

We’ll Rationalise, Not Reduce Nigeria’s Foreign Offices, Says Minister - The Minister of Foreign Affairs, Mr. Geoffrey Onyeama has said the federal government will “rationalise’’ and not reduce the country’s foreign missions and embassies. Source Thisday Read More 

World Bank Raises 2016 Oil Price Forecast to $41 per Barrel - Amid improving market sentiment and a weakening dollar, the World Bank has raised its 2016 forecast for crude oil prices to $41 per barrel from $37 per barrel in its latest Commodity Markets Outlook, stating that oversupply in markets is expected to recede. Source Thisday Read More 

PROSHARE REGULATOR
PenCom to unveil micro pension for celebrities, tailors, others - It is time to bring on board the self-employed including celebrities,  artisans, traders, plumbers, hairdressers, tailors, vulcanizers, food vendors, Okada/Keke riders, among others into the Contributory Pension Scheme (CPS) through micro pension, Director-General of the National Pension Commission (PenCom), Mrs. Chinelo Anohu-Amazu has said. Source THE NATION Read More 

PROSHARE MARKETS
Fresh demand lifts stocks, strengthens market breadth  - The equities market closed today on a positive note, as NSE ASI appreciated by 0.24% to close at 24,823.86basis points, compared with the 0.34% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.33%. Source Proshare Read More 

Asian Stocks, Nasdaq Futures Slide on Apple; Aussie Sinks on CPI - Asian shares fell for a fourth day, led by technology stocks, and U.S. stock index futures declined after Apple Inc. reported its first quarterly sales drop in more than a decade. Australia’s dollar sank by the most since February, while oil climbed to a five-month high. Source Bloomberg Read More

UACN Records 21.61% Profit Decline in Q1 2016 Result,(SP:N19:00k) - Source Proshare Read More

UAC-PROP declares N127.75 million Loss in Q1 2016 Results,(SP:N4.45k)- Source Proshare Read More 

FBNH Releases Q4'15 and Q1'16 Results; Records 82% PAT decline in Q4,(SP:N3.31k) - Source Proshare Read More 

AG Leventis Nigeria Plc Enters into a JV Agreement with Pick n Pay Retailers Ltd - This is to notify that AG Leventis (Nigeria) Plc has entered into a Joint Venture Agreement with Pick n Pay Retailers (Pty) Limited, a South African Company. Source Proshare Read More 

90 power turbines not working, says Fashola - The Minister of Power, Works and Housing, Babatunde Fashola, stated on Tuesday that only 50 out of the 140 power generating turbines in the country were currently functional. Source Punch Read More 

OPEC requires $10tr to bridge investment gap in oil, gas business - The Organisation of Petroleum Exporting Countries (OPEC) has said that the global oil and gas sector would need additional $10 trillion investment to save the industry from total collapse due to the present investment cut, occasioned by low oil prices. Source Guardian Read More 

Oil's Magic Number Becomes $50 a Barrel for Promise of Recovery - BP Plc, rig-owner Nabors Industries Ltd. and explorer Pioneer Natural Resources Co. all said in the past 24 hours that prices above $50 will encourage more drilling or provide the needed boost to cash flow. Source Bloomberg Read More 

Low oil price pushes BP to $485m loss - BP has sunk to a $485m (£334m) loss for the three months to March as low oil prices took their toll. The loss, on the replacement cost measure, compared with a $2.1bn profit for the same period last year, but was lower than the $2.2bn loss for the three months to December. Source Daily trust Read More 

Again, Nationwide Power Generation Drops by 1,585.7MW -Frequent system collapse raises concern over integrity of transmission networkFashola: Only 50 of Nigeria’s 140 turbines generating powerEjiofor Alike in Lagos and Chineme Okafor in Abuja Again, Nationwide Power Generation Drops by 1,585.7MW Source Thisday Read More 

Light sweet crude rises to $43.35 a barrel - The price of Nigeria’s blend of crude oil – Light, sweet crude for June delivery rose by 71 cents yesterday, or 1.7 per cent, to $43.35 a barrel on the New York Mercantile Exchange, while Brent, the global benchmark, was up by 70 cents, or 1.6 per cent, to $45.18 a barrel in ICE Futures Europe. Source Guardian Read More             

 

 


30-day fuel imports can build 15 modular refineries — Don - A university don has argued that the cost of importing petroleum products for 30 days is capable of building up to 15 modular refineries in the country, even as he urged the federal government to tap from the technology of illegal refineries instead of destroying them. Source Vanguard Read More

Kaduna refinery pumps 2m liters of PMS daily - Kaduna Refining and Petrochemical Company (KRPC) will today commence pumping of 2 million liters of Premium Motor Spirit (PMS) to the system after long period of inactive. Source Daily Trust Read More
 

PROSHARE BUSINESS
The Truth about Costs - Change is hard – and difficult to execute. Cost initiatives are often poorly designed and badly implemented. Many business leaders don’t recognise the underlying challenge and are over reliant on the organisation to deliver the results. Source Proshare Read More 

Maruti Suzuki eyes Africa investment after quarterly profit fall - India's biggest carmaker Maruti Suzuki India is conducting a feasibility study for a new assembly plant in Africa, a top executive said after the company posted its first fall in quarterly net profit in two years. Source Reuters Read More 

South Africa's Solidarity union says 58,549 jobs at risk across sectors - South Africa's Solidarity union said on Tuesday that 58,549 workers could lose their jobs this year, with more than 29,000 jobs on the line in the mining sector and 8,000 in the metal and engineering industry. Source Reuters Read More  

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