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Nigeria in 1min: Economic, Business & Financial Headlines – 060117


January 6, 2017 7:10 AM / Proshare News 

Made in Nigeria and Make in Nigeria - Strategic Steps to Grow The Economy  - The debate started a long way back, from the early indigenization policy shift by the government through the decision to deploy dual rates and up through the self-sufficiency and diversification commentaries we had and still engage in. Source Proshare Read More

Nigeria and 2017 - The Limit of Expectations - It’s the beginning of a new year and 2016 will be a year the country as a collective will be in a hurry to forget. Source Proshare Read More 

Pres. Buhari Approves 2016 Fiscal Policy Measures; Reduces Import Duty Rates on 91 Items - President Muhammadu Buhari has approved the implementation of the 2016 Fiscal Policy Measures which is made up of the Supplementary Protection Measures together with the ECOWAS CET 2015 – 2019 effective from 17th October, 2016.Source Proshare Read More 

FG procures 500 rice harvesters, threshers to boost production - The Federal Government has procured no fewer than 500 rice harvesters and threshers to reduce post harvest losses and achieve self sufficiency in rice production by 2018. Source BUSINESSDAY Read More 

FG sets aside N177bn to retire maturing bonds - The Federal Government has set aside a total of N177.46bn in the 2017 budget as a sinking fund to retire maturing bond obligations. Source Punch Read More 

Akwa Ibom receives N14.5bn Paris debt relief fund - Akwa Ibom State government has disclosed that it got N14.5 billion from the Federal Government as its share of refunds from the over-deductions on Paris debt relief. Source BUSINESSDAY Read More 

Green Shoots Start to Sprout as External Reserves Hit $26.1bn - The accretion of Nigeria’s foreign exchange (forex) reserves, which started about two months ago, continued in the new year, when figures released yesterday by the Central Bank of Nigeria (CBN) showed that reserves had grown to $26.094 billion, signifying a slow but steady improvement in the country’s current account balance. Source Thisday Read More 

Companies export N22.3bn raw materials in 9 months- Nigerian export companies shipped out raw materials worth N22.23 billion between January and September 2016, according to the latest report by the National Bureau of Statistics (NBS). Source BUSINESSDAY Read More 

Customs generates in N1.3b in December - The Nigeria Customs Service, Federal Operations Unit, Zone ‘A’ Ikeja, Lagos, has earned about N1.3 billion through its anti-smuggling operations in December 2016. Source Guardian Read More 

OGFZA to establish free trade zone in Akwa Ibom - The Federal Government is to partner with the Akwa Ibom State Government towards establishing an Oil and Gas Free Zone in the State. Source Guardian Read More 

ILO: Global youth unemployment rose by 13.1% in 2016 - Global youth unemployment last year rose by 13.1 per cent, an increase from 12.9 per cent recorded at the end of 2015, the International Labour Organisation (ILO) has said. Source THE NATION Read More 

Domestic and Foreign Portfolio Participation in Equity Trading - November 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 

CBN sells N173b T-Bills, fixed income securities’ yields rise - The Central Bank of Nigeria (CBN) has sold N172.85 billion ($550 million) at its first treasury bill (T-Bills) auction of the year with yields unchanged from the previous auction, held on December 21. Source THE NATION Read More 

Stocks shed N227.96billion in 3days as investors stay bearish - The equities market closed today on a negative note, as NSE ASI depreciated by 1.07% to close at 26,212.09 basis points, compared with the 0.46% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.47%. Source Proshare Read More 

FMDQ quotes Access Bank's N35bn commercial paper notes - FMDQ OTC Securities Exchange has admitted and quoted Access Bank Plc's N8.45bn series 1, N4.22bn series 2 and N22.33bn series 3 commercial paper notes under its N100bn CP programme on the OTC Exchange. Source Punch Read More 

Vitafoam Recommends N125m Dividend for Shareholders - The Board of Directors of Vitafoam Nigeria Plc has recommended a dividend of N125 million for the shareholders for the year ended September 30, 2016. The dividend translates to 12 kobo per share. Source Thisday Read More

Banks’ asset quality to improve on higher oil price, production in 2017 - The asset quality of Nigerian banks will benefit from rising crude oil price in the international market this year. Source BUSINESSDAY Read More 

16 ships laden with petroleum products, food items, to arrive Lagos - Sixteen ships laden with petroleum products, food items and other goods are expected to arrive Apapa and Tin-Can Island ports in Lagos from Jan. 4 to Jan. 12. Source BUSINESSDAY Read More 

Oil ends up as Saudi output cuts offset U.S. products build - Oil prices rose on Thursday in an up-and-down session, lifted by news that Saudi Arabia had cut production to meet OPEC's agreement to reduce output after prices fell on data showing a surprisingly large increase in U.S. gasoline and distillate inventories. Source Reuters Read More


FG Initiates Investor Match-Making Platform to Drive FDI, Commends Saraki's effort on #MadeinNIGERIA - The Federal Government has mulled the establishment of a match-making database to aid international business interconnectivity and stress-free investments into the country. Source Proshare Read More 

Minutes Of The Federal Open Market Committee of Dec 13-14, 2016 - The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the minutes of the Committee meeting held on December 13-14, 2016 yesterday. Source Proshare Read More 

Another Initiative Against the Economic Recession - On Monday, the Senate President, Dr. Abubakar  Bukola Saraki, announced the “Made-in-Nigeria Challenge” - an offshoot of his campaign to stimulate the public’s appeal for Nigerian-made goods. Source Proshare Read More 

UK, China, South Africa downgrade calls loom for Moody's - Moody's is likely to make key rating calls on Britain, China and South Africa among others this year as rising political risk and debt levels push the number of countries on a downgrade warning back to a record high. Source Reuters Read More 

Ethiopia inflation falls to 6.7 pct in December - Ethiopia's year-on-year inflation dropped to 6.7 percent in December from 7.0 percent the previous month, the statistics office said on Thursday. Source Reuters Read More 

Egypt's foreign reserves rise to $24.265 bln at end-December - Egypt's net foreign reserves rose to $24.265 billion at the end of December from $23.058 billion at the end of November, the central bank said on Thursday, cash that economists said would cover imports for more than five months. Source Reuters Read More 

Tanzania cuts diesel and kerosene prices, petrol edges up - Tanzania's energy regulator lowered maximum retail prices for diesel and kerosene on Thursday but marginally raised the limit for petrol to reflect changes in global energy costs. Source Reuters Read More 

Dollar Retreats as Treasuries Jump With Gold - The dollar fell and Treasuries rallied with gold as asset moves sparked by Donald Trump’s election showed signs of faltering ahead of Friday’s U.S. jobs report. Source Bloomberg Read More

Japan Suspends Forex Swap Talks With South Korea Over Statue - Japan has suspended talks with South Korea over a foreign currency swap arrangement and temporarily recalled its ambassador to the country in protest against the installation of a statue symbolizing so-called comfort women in the South Korean city of Busan. Source Bloomberg Read More

Lira Drops to Record Low as Central Bank Seen Unwilling to Act - The Turkish lira slid to a new record low as investors bet political pressures will constrain the central bank from lifting rates aggressively. Source Bloomberg Read More

Bitcoin Plunges as Much as 23% From Wednesday’s Record High - Bitcoin prices plunged as much as 23 percent from Wednesday’s all-time high, according to Bloomberg data, as some traders took gains and investors celebrated a rally in the yuan. Source Bloomberg Read More

Shell Pipeline Fire Threatens to Deepen Nigerian Oil Output Drop - Royal Dutch Shell Plc shut the Trans Niger oil pipeline after a fire, threatening to worsen a drop in Nigerian output due to unplanned disruptions. Source Bloomberg Read More 





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