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Nigeria in 1min: Economic, Business & Financial Headlines - 020317


March 02, 2017 7:20 AM / Proshare News  

Nigeria Q4 Report Shows Sign Of Recovery - Min of Budget & Planning - The National Bureau of Statistics (NBS) on Tuesday released the 2016 4th Quarter Gross Domestic Product (GDP) Report which shows a significant improvement in the country’s economic fundamentals and promising signs that things are beginning to turn for the better. Source Proshare Read More 

Gov Bello signs N174. 8b appropriation bill into law - Governor Yahaya Bello of Kogi State on Wednesday signed into law, the N174.8 billion 2017 state's appropriation bill as passed by the State House of Assembly. Source Daily Trust Read More 

FEC okays N701bn to boost power generation as Service chiefs brief Osinbajo - Acting President, Prof. Yemi Osinbajo, was yesterday, briefed on the present security situation in the country by service chiefs. Source Vanguard Read More 

EU, Germany support Nigeria’s energy project with €25m - The European Union and the German government are jointly providing a total of €25m (N8.1bn) as energy support fund for the first phase of the Nigerian Energy Support Programme. Source Punch Read More 

FG sets aside N112.2bn to empower micropreneurs - THE Federal Government has set aside N112.2 billion, under the 2017 budget proposals currently before the National Assembly, for the Government Enterprise and Empowerment Programme (GEEP). Source Vanguard Read More


Adeosun: CBN to channel SMEs’ intervention funds to DBN - The Minister of Finance, Mrs. Kemi Adeosun, has stated that the Development Bank of Nigeria (DBN) will galvanise the Small and Medium Scale Enterprises sector for the overall development of the nation’s economy. Source Daily Trust Read More

Nigerian Power Sector Report - Is there light at the end of the tunnel? - In this report, we initiate a coverage of the Nigerian power sector with reviews and insights into developments in the post-privatization era. Source Proshare Read More 

Government releases N80bn for social intervention programmes  - Over N80 billion has been released for the Federal Government Social Safety Net programme, the Presidency reveals. Source BUSINESSDAY Read More 

Saudi Group to Establish Agric City in Kwara - A Saudi Investment Company, Zain Al-abdin group has concluded arrangement to set up an Agric City in Kwara State. Source Thisday Read More 

Nigeria earns $43m from Gum Arabic export - The Federal Government has earmarked N263m to boost the production and export of Gum Arabic as the country earned more than $43m from the export of the commodity in 2016. Source Punch Read More  

Nigerian Stock Market Maintains Downtrend as NSE ASI Records -0.58% Loss. - Equities market closed today on a negative note, as NSE ASI depreciated by 0.58% to close at 25,183.10 basis points, as against 0.17% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.29%.  Source Proshare Read More

Dangote Ends Nigeria’s Cement Importation In 2016…Exports 0.4m mt Cement To Neighboring Countries - Following continuous increase in its production capacity, foremost cement manufacturer, Dangote Cement Plc has finally ended the era of Nigeria’s dependence on importation as the company exported 0.4 million tons of the product to other countries in 2016. Source Proshare Read More 

Broad Money (M2) - A Leading or An Impaired Indicator? - Leading economic indicators are those economic series that tend to rise or fall in advance of the rest of the economy. They determine the direction of the economy and also suggest the turning point of the economy. Source Proshare Read More 

Goldman Sachs Now Has More Alumni Than Ever Serving In Senior US Government Posts. What Could Possib - In early 2007, the worst financial crisis in almost 80 years began to unfold, coming to a head 18 months later with the collapse of Lehman Brothers and shock waves felt around the world. Source Proshare Read More 

The Street's Response to the CBN - The Tale of Contradictions - On February 20, 2017 the Central Bank of Nigeria (CBN) announced new measures to its foreign exchange policy, which was a response to the demands of Nigerians for a review of the FX policy. Source Proshare Read More 

MTN targets NSE listing in September next year - Africa’s biggest mobile-phone operator is moving closer to a listing on the Nigerian exchange, a move that could help it regain goodwill among Nigerians and make it less vulnerable to regulatory crackdowns, according to analysts including Eurasia Group’s Amaka Anku. Source Daily Trust Read More 

Dangote Cement votes N145bn for dividend - Dangote Cement Plc has declared N144.844 billion as final dividend for its shareholders.The most capitalized company listed on the Nigerian Stock Exchange (NSE) stated this in its consolidated statement of profit or loss for the year ended 31st December, 2016 released to the bourse in Lagos Tuesday. Source Daily Trust Read More 

Travellers can’t get forex as dollar scarcity persists - Despite recent measures by the Central Bank of Nigeria (CBN) to ameliorate the difficulty in sourcing for dollars, the scarcity still persists. Source Daily Trust Read More 

Debts: Reps direct Conoil to pay N3.1bn to PPMC - A House of Representatives adhoc panel yesterday directed Conoil Nigeria to immediately commence the process of paying the sum of N3.182 billion it owes the Petroleum Pipelines Marketing Company (PPMC). Source Daily Trust Read More 

NNPC shuts Warri refinery over power outage - The 125,000 barrel per day (bpd) Warri refinery has been shut down by the Nigeria National Petroleum Corporation (NNPC) after gas turbine generators that supply power to the plant tripped off. Source Daily Trust Read More 

Exploded pipeline cuts gas supply to NLNG - The Nigeria Liquefied Natural Gas (NLNG) said is not receiving gas supply at the moment because of an explosion that hit a pipeline system supplying feedgas to the company’s liquefied natural gas (LNG) export facility in Bonny, Rivers State. Source Daily Trust Read More 

Lekoil to produce 10,000bpd from Otakikpo field - Lekoil said it has continued production from the Otakikpo Marginal Field (“Otakikpo”) in Oil Mining License (OML) 11 in the Niger Delta area of the country. Source Daily Trust Read More 

Next Oil Rally? Futures Say Market Is Tightening - U.S. oil inventories are at record levels, but there are a few glimmers of hope that the glut could be starting to subside. Source Proshare Read More 

Oil Price Climbs As OPEC Members Stick To Production Cut - Oil price edged higher on Wednesday as May Brent crude futures LCOc1 gained 19 cents to $56.70 a barrel at mid-day, while U.S. West Texas Intermediate (WTI) futures for April delivery CLc1 rose 9 cents to $54.10. Source Leadership Read More 

Shale: Nigeria, others must lower costs, says Kachikwu - Members of the Organisation of the Petroleum Exporting Countries must lower production costs to compete better with shale oil producers, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said. Source Punch Read More  

New Alliance To Enhance Professionalism In Financial Services - Three leading Chartered Professional Bodies have joined forces to enhance and sustain the level of professionalism and trust in the financial services sector. Source Proshare Read More 

FG appoints new directors for AIB - The Federal Government has approved the appointment of two new directors for the Accident Investigation Bureau. Source Punch Read More 

Mozambique to seek partial debt restructuring, says prime minister - Mozambique will seek to negotiate a restructuring of part of its debt, its prime minister said on Wednesday. Source Reuters Read More

Namibia's central bank assumes control of SME Bank - Namibia's central bank has assumed control of SME Bank Limited, a lender focused on small businesses in the southern African nation, it said on Wednesday, citing investments that can pose a risk to the bank's stability. Source Reuters Read More

China's Sinoma to build $1 bln cement plant in Tanzania - China's state-run Sinoma International Engineering Co. will start work in May to build a $1 billion cement factory in Tanzania, the East African country's prime minister's office said. Source Reuters Read More 

Dow soars 300 points, closes above 21,000 for the first time - The Dow soared 303 points to close above 21,000 for the first time ever on Wednesday. The milestone comes barely a month after the Dow hit 20,000 for the first time. Source CNN Read More 

Natural Disasters Cost $520 Billion a Year, World Bank Says - Global natural disasters cost $520 billion of consumption loss annually, 60 percent larger than asset losses that are commonly reported, the World Bank said in a report. Source Bloomberg Read More

China's New Bank Watchdog Vows to Crack Down on Shadow Lending - The new head of China’s banking regulator pledged to crack down on shadow lending by working more closely with other authorities and drafting rules to rein in risks stemming from the expansion of wealth-management products. Source Bloomberg Read More

Ghana Faces Budget Bind; Unplanned Spending Roils Investors - Ghana’s new finance minister faces having to fulfill election pledges to spend more on education and job creation while trying to raise investor confidence eroded by fears about the nation’s finances. Source Bloomberg Read More

U.K.'s May Loses Brexit Vote on Law to Protect EU Nationals - U.K. Prime Minister Theresa May suffered her first parliamentary defeat on her draft law to begin the withdrawal from the European Union after the House of Lords rebuffed a government plea to leave the Brexit bill intact. Source Bloomberg Read More 

Saudi Arabia Oil Tanker Tracking Shows Exports Slide in February - Saudi Arabia’s shipments of crude oil fell last month, indicating OPEC’s biggest producer is continuing to cut supplies by more than it pledged. Source Bloomberg Read More


Asia's Fastest Growing Economies Have the Fastest Growing Slums - Fast-growing emerging economies in Asia are grappling with the conundrum that a boom brings:  hordes of villagers flocking to cities only for  many of them to end up living in slums. Source Bloomberg Read More

Carlos Slim Is $16 Billion Poorer But a Whole Lot More Popular - On June 15, 2015, the day before Donald Trump launched his presidential bid, Carlos Slim’s personal fortune stood at just under $67 billion. Source Bloomberg Read More

Dubai Islamic Bank Rings Bell To Celebrate Listing USD 1 Billion Sukuk On Nasdaq Dubai - Mr Mohamed Abdulla Al Nahdi, Deputy Chief Executive of Dubai Islamic Bank (DIB), today rang the market-opening bell to celebrate the listing of a 1 billion US dollar Sukuk by DIB on Nasdaq Dubai. Source Proshare Read More

CIBN Breakfast: Stakeholders Explore Prospects For Blockchain Tech in Nigeria - The rise and far-reaching impact of digital currencies which  fall under “BlockChain Technology” is becoming a major phenomenon, that is set to shape the global financial market. Source Proshare Read More


Made-in-Nigeria Policy Dialogue On MSMEs - NESG - Made-in-Nigeria,” a renaissance of local productivity is gathering momentum. In a bid to provide a logical perspective, realistic hypothesis and pragmatic approach that will drive the initiative, the NESG’s policy dialogue series held on the 13th February, 2016 focused on the theme. Source Proshare Read More  




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