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Nigeria in 1min: Economic, Business & Financial Headlines – 051216



December 05, 2016 7:50 AM / Proshare News 


States Meet to Consider Fresh Revenues Sources - Determined to find a way to augment the shortfall in revenues accruing to them from the Federation Account, some states gathered in Enugu and considered creative ways to boost their revenue base. Source Thisday Read More

Lagos to borrow N60b this week, plans another N100b in 2017 - The Lagos State government has concluded an arrangement to return to the capital market this week to float a N60 billion bond from its pool of N500 billion approved by the state House of Assembly recently.It also plans another tranche of N100 billion for next year. Source Guardian Read More

FG slashes 2017 independent revenue by N298bn - The harsh economic climate, which has resulted in the slowdown of business activities, may have forced the Federal Government to reduce its projected independent revenue from N1.5tn in 2016 to N1.2tn. Source Punch Read More 

Senate Begins Final Work on Economic Recovery Bills Today - The Senate will this week inch towards passing half of its historic and the much needed economic reform package as six of the 11 priority economic growth and reform bills have been scheduled for public hearings between today and Thursday. Source Thisday Read More 

ICT University  officially takes off first quarter 2017 - The Federal Government has assured  that its proposed University of ICT will officially take off by the first quarter of 2017, which is expected to build capacity of ICT professionals, while enhancing digital literacy in the versatile areas of ICT. Source BUSINESSDAY Read More 

Benue to publish monthly revenue allocation - Benue State Governor Samuel Ortom has promised to publish details of monthly federal allocation and other monies that accrue to the state in the spirit of transparency and accountability. Source BUSINESSDAY Read More 

Nigeria’s steel imports to hit $15.11bn annually - Nigeria imports of steel will soon hit $15.11bn per annum, the Group Deputy Managing Director, Kam Industries Nigeria Limited, Mr. Bola Awojobi, has said. Source Punch Read More 


CBN reduces money in circulation over inflation - The Central Bank of Nigeria (CBN) has reduced the money in circulation due to the current inflation.Last week, the revenue shared among the three tiers of government could not boost the quantity of money in circulation, because the financial system regulators had sold debt instruments to mop up the cash. Source Guardian Read More 

40% of Nigerians have no access to financial services – CBN - The Governor of Central Bank of Nigeria (CBN), Godwin Emiefele, says about 40 percent of Nigerians do not have access to financial services. Source Daily Trust Read More 

Global cybercrime loss to hit $1.5tr by 2019 – Emefiele - The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emwfiele has stated that global cybercrime losses will be about $2 trillion dollars before the end of 2019. Source Vanguard Read More 


Sentiment Analysis Report – W/E December 02, 2016 - Analysis of the market activity in the week ended December 02, 2016 technically revealed renewed optimism while investors displayed active bargain hunting towards weathered stocks. Source Proshare Read More 

NASD OTC Joins as Full Member of the African Securities Exchanges Association - We are pleased to announce that the African Securities Exchanges Association accepted NASD OTC as a “Full Member” Exchange during the Annual General Meeting and 20th annual conference which took place on November, 2016. Source Proshare Read More 

SF Markets - November 2016 Index Highlights - Monthly overview of the Nigerian financial markets as reflected through SF Markets equity and fixed income indices. SF Markets is a provider of innovative benchmark and tradable indices focused on the Sub-Saharan African region. Source Proshare Read More 

NCDMB visits Nigerdock, targets 30% local content attainment - Mr Wabote who is just a month old in the office on, after taking a tour of Nigerdock described the company as a testament to the local content policy development in Nigeria. Source Proshare Read More 

Dangote commits $2.5bn in fertilizer plant - Deposit Money  banks under the aegis of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) have decried what they describe as “excessive  punitive charge” by the Central Bank of Nigeria (CBN). Source Daily Trust Read More 

Dangote shuts down Tanzania cement plant over energy cost - Africa’s richest man Aliko Dangote has shut down his cement plant in Tanzania due to high energy costs and a technical glitch at the $500 million factory, according to a government source, who confirmed reports in Tanzanian media. Source Daily Trust Read More 

Forex, govt dwindling revenue affect auto industry, says Toyota chief - The Managing Director of Toyota Nigeria Limited (TNL), Mr Kunle Ade-Ojo, has said that government dwindling revenue and forex have greatly affected the auto industry. Source THE NATION Read More 

NNPC / Total JV commences gas supply to Alaoji power plant - The Nigerian National Petroleum Corporation (NNPC) / Total Exploration and Production Nigeria Limited (TEPNG) Joint Venture has commenced supply of gas to the Alaoji Power Plant owned by the Niger Delta Power Holding Company within the Eastern grid domestic gas market. Source Daily Trust Read More 

Geometric Power will Generate 1,140 Megawatts in Six Months, Says Nnaji - Former Minister of Power, Prof Bath Nnaji, yesterday said in Enugu that his company, Geometric Power, was working in partnership with foreign firms to generate 1,140 megawatts in Aba, Abia State to boost power supply to South-east geo-political zone of the country. Source Thisday Read More 

Eko Disco Announces Planned Power Outage in Ajah, Lekki, Alagbon - Eko Electricity Distribution Company (EKEDC) yesterday announced that there would be power outage in Lekki, Ajah and part of Alagbon in Lagos on December 8. Source Thisday Read More 

Subsidy back, as oil price rally makes N145 petrol price unsustainable - Fuel subsidy is effectively back on the books of the Nigerian National Petroleum Corporation (NNPC) following the sharp rise in crude oil prices after the Organisation of Petroleum Exporting Countries (OPEC) agreed to cut production by 1.2 million barrels per day, on November 30. Source BUSINESSDAY Read More 

Oil lifting: Nigeria lost $6.2bn in 2015 to foreign shippers - Group Managing Director, Nigerian National Petroleum Corporation, NNPC,  Dr Maikanti Baru, said Nigeria lost about $6.2 billion in 2015v alone as a result of absence of a national shipping line that could lift petroleum products. Source Vanguard Read More 

Lagos oilfield investors row over cash call deal - Several weeks after the sharing of the income from the first export from the Aje oil field, located offshore Lagos, a disagreement has emerged among the joint venture partners over cash call. Source Punch Read More 

Gencos are choking – Mainstream MD, Engr Audu - The nation’s power sector privatisation, is in jeopardy, with a looming major power crisis as investors have threatened to shut power generation plants over unpaid invoices. Source Vanguard Read More 


Egypt sharply increases customs duties as it seeks to curb imports - Egypt has sharply raised customs duties on more than 300 goods, to 60 percent for many items, to encourage domestic production and curb a ballooning trade deficit, part of a broader government effort to reform the ailing economy. Source Reuters Read More 

South Africa's petrol price to drop by 1.5 percent next week - The retail price of petrol in South Africa will fall by 1.5 percent from Dec. 7, while the price of wholesale diesel will drop by 2.8 percent, the energy department said on Saturday. Source Reuters Read More 

S&P holds South Africa's rating at BBB-, downgrades local debt - Standard & Poor's downgraded South Africa's local debt by one notch to BBB on Friday but kept its sovereign credit rating unchanged at BBB-, one level above "junk" status, while saying the economy was still struggling. Source Reuters Read More 

U.K. Outlines $634 Billion Infrastructure Investment Pipeline - The U.K. government published its infrastructure-investment pipeline, detailing a record 500 billion pounds ($634 billion) of projects scheduled to be undertaken in the coming years. Source Bloomberg Read More 

$38 Billion Finnish Fund Moves Assets to U.S. as Europe Founders - One of the Nordic region’s biggest asset managers is adjusting its portfolio to reflect a lack of confidence in Europe and a growing faith in the prospects of a U.S. boom. Source Bloomberg Read More 

Zimbabwe Demands Industries Pay in Advance for Imported Power - Zimbabwe’s state electricity distribution company has asked industrial customers to pay in advance in foreign currency for power imported from South Africa and Mozambique as generation from the Kariba South hydro power plant slumps and because of a dollar shortage in the country. Source Bloomberg Read More 

Panasonic Said to Discuss Acquiring Headlight Manufacturer ZKW - Panasonic Corp. is in discussions to buy Austrian headlight manufacturer ZKW Group GmbH, a person familiar with the matter said, becoming the latest major electronics manufacturer to branch out into auto parts. Source Bloomberg Read More 


‘40m Nigerians lack access to telecom services’ - The Nigerian Communications Commission, (NCC), has said about 40 million Nigerians do not have access to telecommunication services. Source Daily Trust Read More 






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