Nigeria in 1min: Economic, Business & Financial Headlines -160317


March 16, 2017 6:50 AM / Proshare News  




FGN Affirms The Will And Capacity To Implement The ERGP  - The Federal Government has reassured Nigerians that it has both the political will and execution capacity to drive the implementation of the recently released Economic Recovery and Growth Plan (ERGP), to achieve the desired objectives. Source Proshare Read More 

FG set to support local miners from N30bn intervention fund   - The Federal Government, through the ministry of mines and steel development, will soon commit part of its N30 billion Mining Intervention Fund to support local mining operators in the country. Source BUSINESSDAY Read More 

FG cuts fertiliser price by half - President Muhammadu Buhari has approved the payment of the outstanding N22bn that is meant for dealers of agricultural inputs, popularly known as agro-dealers, in order to ensure the seamless distribution of fertilisers at an approved rate of N5,500 for 50kg. Source Punch Read More

Kebbi targets 2.5 mmt rice production to inch Nigeria closer to sufficiency - Dry season farming, a standard practice in northern Nigeria, has kicked off with thousands of excited and optimistic farmers returning to grow rice and hoping to repeat the feat of bountiful harvests recorded last year. In Kebbi State (the pioneer location for the Central Bank of Nigeria’s  Anchor Borrowers’ Programme which supports farmers with loans Source BUSINESSDAY Read More

Shippers to pay more for road haulage as rates rise by 40% - Stakeholders call for quick revival of rail system to cut transport cost Exporters and importers across the country will in the next three weeks start paying more to lift their cleared consignments from the seaports to the importers’ warehouses, following the resolve by association of truck operators to carry out upward review of haulage rates Source BUSINESSDAY Read More

Dealers to continue with duty verifications as customs suspends exercise - The Association of Motor Dealers of Nigeria (AMDON) has insisted that it will ensure its members comply with the exercise compelling payment of duty on uncustomed vehicles in one month even after the Nigeria Customs Service (NCS) suspended it yesterday. Source Daily Trust Read More

Nigeria football clubs to go public 3rd quarter - Nigerian football league clubs are set to list on the on the NASD OTC Securities Exchange latest by the third quarter of 2017. Source Daily Trust Read More 

Just Another Day In The Nigerian Senate; In Plenary - Senate President Bukola Saraki reads a letter from Acting President Yemi Osinbajo for a resolution from National Assembly to secure 500m Eurobond for funding of the#2017budget deficit. Source Proshare Read More 

SEC Proposes New Rule on Fixed Income and Equity Primary Issuance  -  Source Proshare Read More 

Banks increase lending rates in Q1 – CBN - The Central Bank of Nigeria, CBN, yesterday, said the spread between banks’ lending rates and the Monetary Policy Rate, MPR, widened in the first quarter of the year, indicating increase in lending rates during the quarter. Source Vanguard Read More  

Equities Market Records +0.07% Modest Gain to Maintain Uptrend - Equities market closed today on a positive note, as NSE ASI appreciated by 0.07% to close at 25,284.56 basis points, as against 0.59% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.85%. Source Proshare Read More 

Guinness Nigeria announces rights issue price at N58.00, 17% discount to market price - Guinness Nigeria Plc (Guinness) through its stockbroker - Stanbic IBTC Stockbrokers Limited submitted an application to the Nigerian Stock Exchange (NSE) for approval and listing of a rights issue of 684,494,631 Ordinary Shares of 50 Kobo each at N58.00 per share on the basis of 5 new Ordinary Share for every 11 Ordinary Share held (5:11). Source Proshare Read More 

Access Bank Plc: Can Lightning Strike Thrice? - Access Bank Plc (Access) released its audited results last week wherein it reported an 8% YoY increment in post-tax profits to N71 billion. Thus, Access announced a N0.40 final dividend which brings total FY 16 pay-out to N0.65 (+8.3% YoY) and translates to dividend yield of 6%. Source Proshare Read More 

Banks face higher cost of funds as savings bond lures retail customers - Nigerian banks already facing an operating environment characterised by an oil price shock, slow gross domestic product (GDP) growth, pressure on the naira, limited access to foreign currency and policy uncertainty, have one more thing to worry about, the new FGN savings bond. Source BUSINESSDAY Read More 

GTBank Owed $138m by Etisalat - Guaranty Trust Bank Plc (GTBank) is exposed to Etisalat Nigeria to the tune of N42 billion ($138 million) via a secured loan. Source Thisday Read More 

Reduce benchmark interest rate, NECA tells CBN - Employers under the aegis of the Nigeria Employers’ Consultative Association have decried the retention of the nation’s Monetary Policy Rate at 14 per cent, saying it had increased the cost of business financing. Source Punch Read More 

Nigeria’s oil production declines, active rigs rise - Nigeria, which again lost its Africa’s top oil producer status to Angola in January, has recorded further decline in its crude oil production, a new report from the Organisation of Petroleum Exporting Countries has indicated. Source Punch Read More 

N377bn Indebtedness: CBN, NCC, 13 Banks Meet with Etisalat Today - The Central Bank of Nigeria (CBN), the Nigeria Communications Commission (NCC) and the banks, will today, meet with the management of Etisalat to open fresh discussions on a new payment restructuring model that will enable Etisalat resume payment of its indebtedness to 13 consortium of local banks. Source Thisday Read More 

Reps query DPR over loss of $153m signature bonus on OPL 280 - …probe 35,000 missing PMS The House of Representatives on Wednesday queried Department of Petroleum Resources (DPR) over alleged loss of $153 million expected signature bonus from the award of Oil Prospecting License (OPL) 280. Source BUSINESSDAY Read More 


Ruling on Sprite, Fanta Drinks in Nigeria and the Role of NBC and NAFDAC - Recently Justice Adebayo Oyebanji of the Lagos High Court, Igbosere gave a judgement ordering the National Agency for Food and Drug Administration and Control (NAFDAC), to instruct the National Bottling Company, to issue out a warning to Nigerians that drinking either Fanta or Sprite with Vitamin C, is poisonous. Source Proshare Read More  

Rwanda GDP growth at 5.9 percent in 2016 - Rwanda's economy grew by 5.9 percent last year, less than the 6.9 percent growth recorded in 2015, the statistics office said on Wednesday. Source Reuters Read More

IMF delegation to visit Egypt from April 28 to May 8: finance minister - A delegation from the International Monetary Fund will visit Egypt from April 28 to May 8, Egyptian Finance Minister Amr El-Garhy told Reuters on Wednesday. Source Reuters Read More

Namibia inflation retreats from seven-year high in February - Namibia's consumer inflation retreated from a seven-year high in February, helped by a slowdown in price increases for alcoholic beverages and tobacco, the statistics office said on Wednesday. Source Reuters Read More

Ghana February consumer inflation falls to 13.2 pct - Ghana's annual consumer price inflation fell to 13.2 percent in February from 13.3 percent the previous month, the statistics office said on Wednesday. Source Reuters Read More

GT Bank to reduce loan growth to focus on bond investment - Nigeria's Guaranty Trust Bank (GT Bank) plans to reduce loan growth this year to focus on the increased profit to be had from maintaining domestic bond investment levels, its chief executive said on Wednesday. Source Reuters Read More 

Pound Goes From Slumber to Excitement at London Dawn on Fixing - Dull and listless until dawn breaks. And then a sudden burst of activity that decides the currency’s fortunes for the day. Source Bloomberg Read More

Inflation Is Back in Zimbabwe After 2 1/2-Year Hiatus -Consumer prices in Zimbabwe rose on an annual basis for the first time since September 2014 last month. Source Bloomberg Read More

Kenya's Biggest Bank Posts First Profit Drop on Bad Loans - Equity Group Holdings Ltd. posted its first-ever drop in annual profit, missing analysts’ expectations for an increase, as non-performing loans at Kenya’s biggest bank by market value more than doubled. The stock head for it’s biggest fall in six months. Source Bloomberg Read More

Iraq Plans to Boost Crude Oil Production and Exports This Year - Iraq pumped 4.57 million barrels a day of oil in February and plans to boost output later in the year even as the OPEC member reaffirmed its commitment to the group’s decision to cut production to counter a global glut. Source Bloomberg Read More

Saudi Arabia, Three Gulf Central Banks Raise Rates After Fed - The central banks of four Gulf Arab oil-exporting countries followed the U.S. Federal Reserve by raising key interest rates on Wednesday, reaffirming their commitment to the dollar peg even as economic growth slows. Source Bloomberg Read More

Trump Seeks $639 Billion for Defense Department, a 10% Increase - President Donald Trump is proposing a $639 billion Pentagon budget for fiscal 2018 that pledges to accelerate combat against Islamic State terrorists and replenish a U.S. military worn out by 15 years of war operations. Source Bloomberg Read More


Blockchain Collaborative Consortium Membership Reaches 109 Companies And Organizations - The Blockchain Collaborative Consortium (BCCC) was inaugurated on April 25, 2016, with 34 founding member companies. The consortium's Chairman is Yoichiro Hirano, CEO, Infoteria Corporation. Source Proshare Read More  

‘Consumers spending on telecom services to hit N3.5trn December’ - Over 150million telecoms consumers in the country will spend close to N3.5trillion on telecoms services by the end of this year, all things being equal, the Nigerian Communications Commission has. Source Daily Trust Read More 





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