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Nigeria in 1min: Economic, Business & Financial Headlines – 010517



May 01, 2017 7:00 AM / Proshare News 

What To Expect From The Markets This Week - 010517 - On May 4, 2017 there will be an auction of Federal Government Treasury bills, which has tenors for 91 days, 182 days and 364 days; with maturity of 45.17 billion, 23.42 billion and 82 billion naira, respectively. We expect this to cause liquidity strains in the money market in the week ahead. Source Proshare  Read More 

Low cost carrier, decongested ports vital to economic revival – Quest - Popular anchor of CNN International Business round up, Quest Means Business, Richard Quest has said  revamping the Nigerian economy goes beyond relying on oil prices. He said the government needs to provide the enabling environment that can trigger real investment. Source Daily Trust  Read More 

Adeosun: With Growing Confidence in Our Economy, Foreign Investors Have  Signalled Interest in Aviation, Power - The 2017 Spring Meetings of the IMF/World Bank ended  last Sunday in Washington DC, United States of America.  At the meetings, various economic challenges facing the country such as   how investment in infrastructure can aid economic growth, government’s committed to affordable housing,  the need for collaboration between the executive and legislature to curb leakages, prevent illicit financial flows,  power sector recovery, crackdown on tax evasion and commitment to drive and increase domestic revenue were discussed. Source Guardian  Read More 

Kebbi recovers N1b from CBN’s anchor borrowers’ defaulters - Following the establishment of CBN Anchor Borrowers recovery loan committee by the Kebbi State Government, yesterday about one Billion Naira have been realized as a payback loan by the Rice farmers who applied for the loan. Source Guardian  Read More 

Foreigners Rob Nigeria, Other African Countries Of N2trn Annually - Nigeria and other West African nations have been losing a whooping N2 trillion annually to the pillage of African fishing grounds by Asian and European countries. Source leadership Read More 

Waiver policy: FIRS rakes in N27b, says Fowler - The Federal Inland Revenue Service (FIRS) raked in N27billion over three years from its waiver of interest and penalty policy for tax defaulters, the Executive Chairman, Tunde Fowler, has said. Source THE NATION Read More 

Kaduna Int’l Airport records 189,734 passengers traffic in six weeks - The Federal Airport Authority of Nigeria (FAAN), says a total of 189,734 passengers and 3,273 aircraft movements were processed at the Kaduna International Airport between March 8 and April 17. Source THE NATION Read More 

FG to delay N20bn green bond sale until 2017 budget is passed - Delay in the passage of the 2017 budget is stalling the floating of Nigeria’s Sovereign Green Bond, which was to be floated early this month. Source BUSINESSDAY Read More 

Nigeria’s agric institutes lag peers as poor funding hurts output - Research institutes are proving to be the weak link in Nigeria’s drive to diversify into agriculture and make exponential gains by way of earnings, employment and other spin-offs, experts say. Source BUSINESSDAY Read More 

Consumer good firms debts rise 71% to N543bn on weaker naira - Fast Moving Consumable Goods Firms (FMCGs) have seen their debt and other obligations spike up by 71 percent in one year, due to a weaker naira and rising operating costs, BusinessDay analysis of the financial statements of some of the big players in the sector has shown. Source BUSINESSDAY Read More 


Currency in circulation rises to N2.2 trillion in last quarter 2016 - Currency-in-circulation rose by 21.5 percent to N2.2 trillion in the last quarter of 2016, relative to the level in the third quarter of 2016, according to the Central Bank of Nigeria (CBN). The development was due, largely, to the increase in its currency outside banks component. Source BUSINESSDAY Read More 

Infractions: CBN, SEC fine three banks - The Central Bank of Nigeria and the Securities and Exchange Commission have slammed various fines on three banks for committing 16 regulatory infractions, OYETUNJI ABIOYE writes Source Punch Read More 


Corporate Earnings for the Week Ending 280417 - DANGCEM Declares N70.6bn PAT in Q1 2017 - During the week ending April 28th 2017, twenty-eight quoted firms declared their results. Source Proshare  Read More 

FMDQ holds 5th AGM, Records $5bl OTC FX Futures worth of Contracts in 2016 - The FMDQ OTC Nigeria’s now preferred Debt Securities Exchange, recorded a total value of $5bl in OTC FX Futures worth of contracts for the financial year 2016. Source Proshare  Read More 

Dangote Sugar targets N106bn investment in 4 yrs - The chairman of Dangote Sugar Refinery, DSR Plc, Alhaji Aliko Dangote, has said that the company will invest up to N106 billion in the next four years to bolster its operations. Source Vanguard  Read More 

Dangote Cement’s offshore plants boost revenue by 74% - Sales recorded by Dangote Cement Plc plants across Africa significantly impacted on the revenue of the company for the first quarter ended March 31, 2017 by 74 per cent to N208.2bn. Source Punch Read More 

Bank Of Industry Posts 44% Increase In Profit Before Tax In 2016 - The Bank of Industry (BOI) posted an operating profit before tax of N17bn in 2016 which represents a 44% increase over the N11.9bn that was recorded in 2015. Source leadership Read More 

Forex: CBN’s intervention to hit $4.6bn amidst apprehension over investors’ window - THE intervention of the Central Bank of Nigeria (CBN) in the foreign exchange market will this week rise to $4.6 billion, with foreign exchange (forex) operators apprehensive over the new forex window for investors and exporters. Source Vanguard  Read More 

Currency Speculators Powering the Black Market, Says CBN - The acting Director Corporate Communication, Central Bank of Nigeria (CBN), Mr. Isaac Okorafor, has stated that currency speculators and corruption money have been powering the black market and not demand, stressing that this was discovered after an intelligence survey on the market. Source Thisday Read More 

Gas flaring: Nigeria loses $850m, 3,500MW of electricity — DPR - Despite  priding itself to have reduced gas flaring by 26 percent in the last 10 years, Nigeria is said to have lost $850 million to gas flaring in 2015, the Department of Petroleum Resources, DPR, has stated. Source Vanguard  Read More 

FG Considers Further  Review of Petrol Pricing Template - The Federal Government has said it would further review its pricing template for petrol with the aim of removing several multi-layered charges and costs that affect the pump price of petrol at service stations across the country. Source Thisday Read More 

Discos: We Buy Electricity at N305 Per Dollar, Sell at N198.98 -The electricity distribution companies in the country have blamed the liquidity crisis in the power sector to the inadequate payment made by consumers for power distributed. They claimed they buy electricity from the generation companies based on the exchange rate of N305 per dollar and sell at the exchange rate of N198.98 per dollar. Source Thisday Read More 

Power system collapsed twice in April – Report - Nigeria’s power grid collapsed again on April 26, 2017, making it the second time the system crashed last month. Source Punch Read More 


IMF team in Cairo to review second instalment of $12-billion loan - An International Monetary Fund (IMF) delegation will arrive in Cairo on Sunday to review Egypt's progress on economic reforms before it disburses the second instalment of a $12-billion loan programme, the Finance Ministry said. Source Reuters  Read More 

Egypt considering $1.5-2 bln Eurobond in coming weeks -finance minister - Egypt is considering a $1.5-2 billion Eurobond offering in the coming weeks, finance minister Amr El Garhy said in a telephone interview with private television channel CBC on Saturday Source Reuters  Read More 

Namibia’s foreign reserves dragged to 7-month low by South Africa's woes - Namibia's foreign currency reserves fell to a seventh-month low in March as a sharp slide in neighbouring South Africa's rand caused the central bank to purchase less of the currency to which it is pegged.Source Reuters  Read More 

Chinese Investment in Australia Surges 11.7% as Deals Hit Record - Chinese investment in Australia surged 11.7 percent last year to A$15.4 billion ($11.5 billion) amid booming demand for agricultural assets and infrastructure, according to a report released Monday. Source Bloomberg Read More 

Libya Oil Output Rebounds as Sharara, Feel Fields Restarted -Libya’s crude production rebounded to more than 700,000 barrels a day as the OPEC member’s biggest oil field and another deposit in its western region resumed pumping after a halt. Source Bloomberg Read More 

May Promises No Increase in VAT, Hints at Other Tax Rises - U.K. Prime Minister Theresa May pledged there will be no increase in Value Added Tax after the June 8 general election, but suggested she will ditch her Conservative Party’s promise not to raise other taxes when it publishes its program for government. Source Bloomberg Read More 

Sony Sees Highest Profit Since 1998 - Sony Corp.’s recovery is nearly complete, with the electronics maker targeting its highest annual operating profit in two decades. Source Bloomberg Read More 

Afreximbank offers Egypt $300m industrialisation grant - The African Export-Import Bank (Afreximbank) has granted a $300-million financing facility to the National Bank of Egypt (NBE) to support Egypt’s industrialisation efforts. Source Guardian Read More






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