Nigeria in 1min: Economic, Business & Financial Headlines - 291116


November 29, 2016 7:10 AM / Proshare News     

Deficit on the Current Account Contained - Nigeria’s balance on the current account is highly correlated with its oil exports. Our chart shows that the trade and current accounts move in tandem other than a blip in Q1 2016. Source Proshare Read More  

Movement in Broad Money Supply - Increases by 8% between March and July 2016 - Broad Money Supply has increased by  N2,382,730.06  mln to move from N20,470,436.00 mln at the end of March 2016 to N22,182,187.60 mln at the of July 2016. Source Proshare Read More 

Nigeria's Economy Needs Visionary Leadership - Africa and the world cannot afford a failing economy in the continent’s most populous nation. Yet that is exactly what Nigeria might be getting: Its economy is on track to shrink by 1.7 percent this year, the official unemployment rate has more than doubled over the last two years, and inflation is at an 11-year high. Source Bloomberg Read More 

FG’s Approach Can’t Take Nigeria out of Economic Recession, Says NLC - The Nigerian Labour Congress (NLC) monday took a swipe at the federal government’s recent approach on remedying the present economic recession, arguing that such strategies cannot take Nigeria out of the current economic doldrums. Source Thisday Read More 

FG to hire foreign consultants to monitor MDAs’ budgets - Concerned about the level of the implementation of capital and recurrent overheads in the budgets of Ministries Departments and Agencies (MDAs), the Federal Government is planning to hire foreign consultants to monitor the financial records of these agencies. Source Guardian Read More 

Fitch doubts Nigeria’s crude-for-loans deals with India, China - Fitch Ratings, a global credit rating agency, has expressed doubt over Nigeria’s multi-billion dollar crude-for-loans prepayment deals with India and China. Source Punch Read More 

Investors commit $4.5bn to fertiliser production - Investments in the production of fertiliser in Nigeria by foreign and indigenous investors in the last two years have grown to about $4.5bn (N1.373tn) despite the constraint in accessing the United States dollars, the African Fertiliser and Agribusiness Partnerships has said. Source Punch Read More 

‘Only 13m individuals, enterprises pay taxes regularly’ - Data from the 36 States Internal Revenue Service (SIRS) as at November 2016 shows that 13,034,222 million individuals and enterprises pay taxes regularly. Source Guardian Read More 

Buhari presents budget to N/Assembly Dec 6 - President Muhammadu Buhari will present the 2017 budget proposal to a joint session of the National Assembly on December 6, Daily Trust learnt last night. Source Daily Trust Read More 

Nigerians to pay VAT on passports –FIRS - The Executive Chairman of the Federal Inland Revenue Service (FIRS) on Monday said Nigerians will soon pay Value Added Tax (VAT) before obtaining their passports. Source Daily Trust Read More

FIRS captures three million new taxpayers in five months - The Federal Inland Revenue Service on Monday said it had been able to increase the total number of taxpayers in the country from 10 million as of June this year to 13.03 million presently. Source Punch Read More 

Pension Directorate Discovers 9,000 Questionable Accounts - The Executive Secretary/Chief Executive Officer of the Pension Transitional Arrangement Directorate (PTAD), Sharon Ikeazor, has said she has discovered 9,000 doubtful accounts being used to defraud the agency, saying she is currently working with the banks and anti-corruption agency, ICPC to weed out pensioners that have died. Source Thisday Read More 

MAN urges apex bank to reduce interest rate - The Manufacturers Association of Nigeria (MAN) yesterday said retaining the Monetary Policy Rate (MPR) at 14 per cent by the apex bank would negate growth of manufacturing sector. Source Vanguard Read More 

Implement 60% forex allocation to manufacturers, FG told - The Federal Government has been urged to ensure the effective implementation of 60 per cent foreign exchange, forex, allocation to manufacturers for raw materials and machinery importation into the country. Source Vanguard Read More 

Dangote Group promises to assist FG out of economic recession - Dangote Group has pledged to support the Federal Government and Kano State in exploring key sectors of the economy to cushion the effect of the recession among Nigerians. Source Guardian Read More  


e-Dividend mandate gets June 30 deadline - Shareholders have until June 30 next year to mandate registrars of quoted companies to pay their dividends using electronic platform. From this date, registrars of companies will stop issuing physical dividend warrants to shareholders. Source Punch Read More  

Stocks post N633.93bn MTD loss as sentiments remain bearish - The equities market closed today on a negative note, as NSE ASI depreciated by 0.06% to close at 25,318.41 basis points, compared with the 0.62% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.60%. Source Proshare Read More  

From The Archives: Rejoinder on What Causes A Currency Crisis - A central bank that adopts a fixed exchange rate signals to investors that they will do whatever it takes to support the value of their domestic currency. Most-times they use their foreign currency reserve to meet local demand for the pegged foreign currency. Source Proshare Read More

GTI 5 Weekly Stock Picks - 281116 - In summary, lead indicator, the All-Share Index (ASI) shed 157.31 absolute points, representing a decline of 0.62% to close at 25,333.39 points. Similarly, the Market Capitalization shed N54.15 billion, representing a dip of 0.62% to close at N8.72 trillion. Source Proshare Read More 

MTN Begins Talks With SEC On Capital Market Listing - MTN Nigeria has started talks with the Securities and Exchange Commission (SEC) on a possible initial public offering and how it wanted to structure the share sale. Source Leadership Read More 

FCMB Group Q3 2016 Results Review - Weak Q3 Driven by Marked Spike in Provisions - FCMB Group’s (FCMB) Q3 2016 results came in well behind our forecasts, largely because of a negative surprise in loan loss provisions. Although non-interest income grew strongly (due to fx gains of N17.0bn) and opex declined marginally, the provisions line was more meaningful. Source Proshare Read More 

Guinness Nigeria is Maintaining Underperform Rating on Weak Q1 2017 Results - Q(GN)’s Q1 2017 (end-Sep) results were disappointing. Consequently, we have cut our earnings estimate for FY 2017E significantly. Source Proshare Read More 

NB investments hit N243b - Nigerian Breweries (NB) Plc has invested N243 billion in the nation’s economy the company’s newsletter the News Agency of Nigeria reported yesterday. Source THE NATION Read More 

ETI Awaits Requisite Approval on the Conversion of Its Preference Shares to Ordinary Shares - Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group, wishes to inform the three stock exchanges on which ETI is listed that holders of 819,424,548 preference shares have indicated their intention to convert their preference shares into ordinary shares. Source Proshare Read More 

Travelex cuts dollar sales to BDCs to US$8000 per week - Travelex has cut the amount of dollars sold to Bureau De Change (BDC) operators in the country from US$15,000 to US$8,000 per week. It is understood that this move is to enable more BDC operators across the country  have access to dollars. Source BUSINESSDAY Read More

Nigeria needs $14bn in new investment to raise oil output – Shoreline MD - Nigeria needs at least $14 billion a year in new investments over the next five years to raise oil output to 2.2 million barrels a day (bpd) which is the national budget output benchmark, the Managing Director of Shoreline Natural Resources, an independent oil producing company Source Vanguard Read More 

FG owes oil marketers $1.7bn - The country may be plunged into another round of excruciating fuel scarcity in the next couple of weeks, as oil marketers disclosed that they are running out of patience over the Federal Government’s refusal to pay its $1.7 billion debt owed oil marketers since May 2015. Source Vanguard Read More

Nigeria loses N```3trn to Niger Delta militancy in 10 months - Nigeria lost 130 million barrels of crude oil worth about N3trillion or almost half the 2016 budget, using estimates of $50 per barrel and exchange rate of N470/$ between January and October 2016 Source BUSINESSDAY Read More  

Chevron Supports Nigeria Local Barite Miners with $1.28m Equipment
- Local miners of Barites in Benue State recently got a boost in their activities as Chevron Nigeria Limited handed over barite earth moving equipment worth $1.284 million in line with the company’s efforts to increase Nigeria capability and provide a strategic framework for increasing the Nigerian content component of good and services that are needed to support operations and capital projects in Nigeria. Source Thisday
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OPEC Said to Remain Split as Saudis Call Cut Not Essential - OPEC officials failed on Monday to bridge their differences on an agreement to cut production and revive oil prices, following comments from Saudi Arabia that output curbs aren’t essential. Source Bloomberg Read More 

Oil prices fall over doubts of planned crude output cut - Oil prices fell on Monday, adding to Friday's steep losses as doubts re-emerged over the ability of major producers to agree output cuts at a planned meeting on Wednesday aimed at reining in global oversupply. Source Reuters Read More 

Fashola: 11 Discos Frustrating NERC’s Regulatory Duties - The Minister of Power, Works and Housing, Mr. Babatunde Fashola has alleged that the 11 electricity distribution companies (Discos) have become stumbling blocks to the smooth regulation of the power sector by the Nigerian Electricity Regulatory Commission (NERC) Source Thisday Read More 

Northern Govs, GE Partner To Build 500MW Power Plants - The Northern States Governors’ Forum (NSGF) and United States firm, General Electric International, yesterday signed a memorandum of understanding for the construction of five solar plants that will generate 500 megawatts of electricity in parts of Northern Nigeria. Source Leadership Read More  

Only 161,640 customers metered in 10 months - Report - An updated metering report in the power sector has said only 161,640 customers got meters between January and October 2016. Source Daily Trust Read More


Segun Aina & Stella Adadevoh bag Tai Solarin University 8th Honorary Degrees - It is my pleasure to address this distinguished audience on the eighth convocation ceremony of the Premier University of Education in Nigeria. Source Proshare Read More  

Proshare migrates its WebTv website to Proshare WebTV on the new hub -Proshare, understanding this as well as the need to ensure users that visit her website have a mix and variety of content to consume including text, images and videos, is pleased to announce the migration of her WebTV Platform to Proshare 10.0 a more robust and mobile friendly hub launched on February 29, 2016. Source Proshare Read More 

Kenya cenbank holds benchmark lending rate at 10.0 percent - Kenya's central bank held its benchmark lending rate at 10.0 percent on Monday, as expected, and said it expected inflation to remain within the government's short-term target of 5 percent. Source Reuters Read More

Gold rises from multi-month lows as dollar weakens - Gold rose over 1 percent on Monday, recovering from 9-1/2 month lows, as the U.S. dollar extended losses after touching a near 14-year high last week. Source Reuters Read More  

Chicago Stock Exchange Reveals Chinese Investors Seeking to Buy Trading Outpost  - The Chicago Stock Exchange, seeking to revitalize its business under new foreign owners, disclosed on Monday the investors who are backing its bid to become a bridge between U.S. and Chinese equity markets. Source WSJ Read More 

NCC orders ‘big’ telcos to hike data tariffs - The Nigerian Communications Commission (NCC) has directed mobile telephone operators in the country to jerk up data tariffs with effect from December 1. Source THE NATION Read More 

Tanzania's Vodacom files prospectus for share offering - Vodacom Tanzania, part of South Africa's Vodacom Group, has filed a prospectus with Tanzania's capital markets regulators for an initial public offering (IPO), the company's managing director told Reuters on Monday. Source Reuters Read More  

South Africa's MTN Group plans expansion in Iran - MTN Group, Africa's biggest mobile phone company, is planning to expand in Iran, from where it has only just managed to begin reptratiating profits. Source Reuters Read More 

Uber begins background collection of rider location data - Imagine you’re on your way to a therapy appointment in a downtown high-rise. You hail an Uber and enter a nearby coffee shop as your destination so you can grab a snack before the appointment. In the car, you scroll through Instagram and check your email. Source TechCrunch Read More    






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