Nigeria in 1min: Economic, Business & Financial Headlines - 301016


November 30, 2016 7:10 AM / Proshare News   

Senate approves Buhari’s N213bn virement - The National Assembly yesterday approved the virement of N213 billion from the 2016 Appropriation Act. Source Vanguard Read More 

Budget 2017: Ambode presents N812.9bl to House of Assembly - Lagos State Governor Mr Akinwunmi Ambode on Tuesday presented the 2017  appropriation bill to the State house of Assembly, for approval for  the next fiscal year. Source Proshare Read More 

Nigeria’s Forex Reserves Increase By $657m - Nigeria’s forex exchange reserve recorded a geometric increase in the last four weeks as it rose by $658million within November alone, a dependable source at the Central Bank of Nigeria (CBN) Source Leadership Read More 

Dangote to invest $3b in energy sector - Chief Strategy Officer, Dangote Group, Dr. Abdul Muktar has disclosed the group’s intention to embark on $3 billion project for a 540-kilometre pipeline from Niger Delta to the Lekki free trade zone in Lagos. Source Guardian Read More 

Nigeria generated over $1.1bn from tourism sector in 2015 - The Director-General of the Nigerian Tourism Development Corporation (NTDC), Mrs Sally Mbanefo yesterday said that the tourism sector generated over $1.1 billion in 2015. Source Vanguard Read More

Budget/MTEF Document Inaccuracies: Time to Reverse this Trend - One of the challenges facing the Muhammadu Buhari led administration in the area of its fiscal policy plan has been the recent trend of setbacks in the approval of critical proposals and documents by the National Assembly. Source Proshare Read More 

2018 census to cost N222 billion - The Chairman of the National Population Commission (NPC), Chief Eze Duruiheoma, says the 2018 national population census is to cost N222 billion. Source Guardian Read More 

‘13.4million Nigerians in tax net’ - State tax authorities have added 3, 414, 496 million new taxpayers to the national tax register under six months, bringing the total number of individual taxpayers in the country to 13.4 million, the Federal Inland Revenue Service (FIRS) said yesterday. Source THE NATION Read More 

Law Union & Rock offers 23% equity to new strategic investors - Law Union & Rock Insurance Plc plans to raise about N722 million in new equity funds from strategic investors in the latest round of capital raising by insurance companies. Source THE NATION Read More 

Domestic and Foreign Portfolio Participation in Equity Trading – October 2016 - On a monthly basis, The Nigerian Stock Exchange polls trading figures from major custodians and market operators on their foreign portfolio investments (FPI). Source Proshare Read More 

Only right fiscal policies can take Nigeria out of recession- CBN - The Central Bank of Nigeria (CBN) has said the Nigerian government must change its fiscal policy responses to fighting recession if Nigeria must exit recession. Source Vanguard Read More

Most motgage banks can’t pay premium, says NDIC - Nigeria Deposit Insurance Corporation (NDIC) said its planned Differential Premium Assessment System (DPAS) will further sustain growth and development for insured institutions. Source Guardian Read More 

Nigeria’ll begin rice export next year, says CBN - Before the end of 2017, Nigeria will begin to export rice to other countries, the Central Bank of Nigeria has said. Source Punch Read More 

Nigeria’s $976bn monthly import bill unsustainable, CBN warns - …As local market boot government borrowing request The Central Bank of Nigeria (CBN) has again warned  that the country’s import bill presently at $976 billion is not sustainable especially with depleting reserves and low foreign exchange earnings. Moses Tule, CBN Director of Monetary Policy raised the concerns on Tuesday. Source BUSINESSDAY Read More  


Forte Oil Plc leads market selloffs as ASI YTD loss hits 11.90% - The equities market closed today on a negative note, as NSE ASI depreciated by 0.34% to close at 25,233.42 basis points, compared with the 0.06% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.90%. Source Proshare Read More  

UAC of Nigeria Q3 2016 Results Review - Outperfom Rating Maintained - UAC of Nigeria’s (UACN) Q3 2016 results were quite encouraging following a run of very difficult quarters. The group posted sales and PBT growth of 20% y/y and 231% y/y to N20.9bn and N2.4bn resp. and were ahead of our estimates by 19% and 28%. Sales for UACN’s food & beverage segment performed better than expected and were complemented by a positive surprise in UPDC’s (UACN’s real estate business) topline. Source Proshare Read More 

Nipco Investment Files Formal Application with SEC for An Authority to Proceed with the Acquisition  - Further to our communication of October 19, 2016, where we disclosed that ExxonMobil Oil Corporation (EMOC) our majority shareholder, had executed a sale and purchase agreement with NIPCO Investment Limited for the acquisition of EMOC’s entire 60% equity ownership in Mobil Oil Nigeria Plc Source Proshare Read More 

A Hint of Investor Fatigue - The DMO sought to raise N95bn from its most recent monthly auction of FGN bonds yet registered sales of just N39bn (US$130m). Monthly sales are generally steady and the rare dips can be explained by the DMO’s determination to halt upward pressure on yields by setting marginal rates that reject the majority of bids. Source Proshare Read More  

NSE CEO Re-elected President of ASEA - The Chief Executive Officer of The Nigerian Stock Exchange (NSE), Mr. Oscar N. Onyema, OON, has been re-elected President of the African Securities Exchanges Association(ASEA)for another two-year term. Source Proshare Read More 

Naira Dips To N480/$ At Parallel Market On Forex Scarcity - As the scarcity of foreign exchange gets stronger at the parallel market, the value of the naira dipped further selling at N480 to the dollar yesterday while the value remained stable at the interbank market. Source Leadership Read More 

FG spent $1bn on kerosene subsidy in 2015 – Osinbajo - Against the backdrop of skyrocketing price of kerosene in the country, Vice President Yemi Osinbajo, yesterday, disclosed that the Federal Government spent $1billion (about N310 billion) on kerosene subsidy in 2015. Source Vanguard Read More 

NLNG: We paid $5bn tax in six years - The Managing Director and CEO of Nigeria Liquified Natural Gas, (NLNG) Mr Tony Attah said his company is the highest tax payer in Nigeria and in sub-saharan Africa. Source Vanguard Read More

Oil Prices May See Little Growth Before 2018 - High inventories and the potential for US shale production to respond quickly to any market tightening mean oil prices may flatline in 2017 before gradually moving higher over the next few years, Fitch Ratings says. Source Proshare Read More 

Niger–Kaduna crude oil pipeline to cost $1bn - An estimated $1 billion would be required to construct the proposed 1,000-kilometre crude oil pipeline from Agadam in Niger Republic to Nigeria’s Kaduna Refinery and Petrochemical Company in Kaduna State. Source BUSINESSDAY Read More 

Fuel subsidy stoppage saves FG $15.4bn – Kachikwu - Nigeria has saved $15.4bn as a result of the elimination of subsidy on petroleum products since May this year, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said. Source Punch Read More 

Crude Near Two-Week Low as OPEC Deal Stalls; Dollar Resumes Gain - Oil held below $46 a barrel ahead of a make-or-break OPEC meeting on stabilizing the crude market, while the dollar headed for its steepest monthly advance since May as U.S. yields rose. Source Bloomberg Read More 

Power generation at Egbin drops by 84% to 172MW - The nation’s electricity woes have worsened as generation from its biggest power station, Egbin, plunged to a record low of 172 megawatts on Tuesday, down from 1,085MW on March 15. Source Punch Read More 


Regional partners pledge billions in help for Tunisia - Qatar said it would provide $1.25 billion in aid to shore up Tunisia's post-revolution economy as regional and Western partners pledged extensive financial backing at an investment conference on Tuesday. Source Reuters Read More 

South Africa's 2015/16 tax revenue grows 8.5 pct to $77 billion - South Africa's tax revenue increased by 83.7 billion rand ($6 billion)to over a trillion rand, the tax collection agency said on Tuesday, as taxes on personal incomes compensated for a dip in company taxes. Source Reuters Read More

IMF team to hold Mozambique funding talks in early Dec - Mozambique has implemented sound economic policies and allowed an audit of $2 billion of controversial foreign borrowing, paving the way for talks with the International Monetary Fund (IMF) about more government funding, the IMF said. Source Reuters Read More

South Africa's October credit growth slows to 6.31 pct y/y - Growth in credit demand by South Africa's private sector slowed to 6.31 percent year-on-year in October from 7.19 percent in September, central bank data showed on Tuesday. Source Reuters Read More 

Brexit Duty Could Lift Car Price 1,500 Pounds, Trade Group Says - Brexit could lift the average price of imported cars in the U.K. by as much as 1,500 pounds ($1,873) if the country loses tariff-free access to the European Union, a trade group said. Source Bloomberg Read More 

The World Is Feeling the Might of China’s Commodity Traders - The Chinese speculators shaking up global commodity markets are switched-on, flush with cash and probably not getting enough sleep. Source Bloomberg Read More  

Recession and Where to Invest Your Small Money - As a low-income earner, deciding where to invest your little money in a recessionary environment is not an easy task, particularly when you are limited by lack of experience and knowledge. Just imagine, how would you invest your N100,000? Source Proshare Read More 

Bhart Airtel pays $127m to acquire Econet’s stake in Nigerian Unit - After paying $127 million, Bharti Airtel International (Netherlands), a wholly owned subsidiary of Bharti Airtel, has completed the acquisition of Econet Wireless Limited’s entire 4.2 per cent shareholding in Airtel Nigeria, according to a statement on its website. Source Guardian Read More  

NCC Plans Spectrum Trading Framework To Attract More Telecom Investments - The Nigerian Communications Commission (NCC) has commenced moves to develop a clear-cut framework and guidelines that will usher in a secondary market for spectrum trading in the country Source Leadership Read More    






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