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Nigeria in 1min: Economic, Business & Financial Headlines – 060417

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April 06, 2017 7:30 AM / Proshare News 

 

PROSHARE ECONOMY
Lagos Airport Accounted for 69.1% of International Passengers in 2016 - NBS - Throughout 2016, the performance of the different parts of the Nigerian Aviation sector varied. There were large increases in the volume of both cargo and mail, especially in the final quarter.  Source Proshare Read More 

Official Reserves Rise Above US$30bn in March 2017 for the First Time Since November 2015 - March saw the rise of official reserves above US$30bn for the first time since November 2015, closing the month at US$30.3bn. It was, in sporting parlance, a match of two distinct halves, with steady accumulation in the first and marginal depletion in the second. Source Proshare Read More 

The Hard Facts To Rescue The Nigerian Economy - Let me thank the leadership of Vanguard Newspapers for inviting me to lead the discussion on “The Hard Facts to Rescue the Nigerian Economy”. As I reviewed three of my recent interventions on the economy. Source Proshare Read More 

The EGRP Articulates Up To 60 Interventions and Initiatives That Must be Executed and Completed - It is my pleasure to welcome you all to this brief ceremony at which the President, Muhammadu Buhari, will formally launch the Nigeria Economic Recovery and Growth Plan (ERGP: 2017-2020). Source Proshare Read More 

IMF says Nigeria economy needs urgent reform, no FX curbs - The International Monetary Fund (IMF) warned Nigeria its economy needs urgent reform in a report published on Wednesday that highlighted the risks to growth for the recession-hit country and the dangers of a volatile foreign exchange market. Source Reuters Read More 

IMF says Nigeria's naira over-valued by around 10 to 20 percent - Nigeria's naira is over-valued by around 10 to 20 percent, the International Monetary Fund's (IMF's) country head said on Wednesday, when the organisation released a critical report on government efforts to boost growth in Africa's largest economy. Source Reuters Read More 

Nigeria cabinet approves $1.3 billion loan for Development Bank of Nigeria - finance minister - Nigeria's cabinet has approved $1.3 billion of loans from international lenders to fund the newly licensed Development Bank of Nigeria, the finance minister said on Wednesday. Source Reuters Read More 

Buhari releases N54bn to settle pension backlog - The Muhammadu Buhari administration  has released N54 billion to clear part of the backlog of accrued pension rights for the years 2014, 2015 and 2016. The Director of Information, Ministry of Finance, Mr Salisu Danbatta said  on Wednesday that N41.5 billion has already been released to the National Pension Commission (PENCOM). Source BUSINESSDAY Read More 

Six states to benefit from N2bn global fund - Six states, including Edo State, are to benefit from a N2 billion global fund. Rebecca Bassey, country representative of National Elimination Programme (NEP), made the disclosure during a visit to the state governor, Godwin Obaseki, in Benin City, the state capital. Source BUSINESSDAY Read More 

FG’s economic model can’t work, says Sanusi - The Emir of Kano, Muhammadu Sanusi ll, on Wednesday, faulted the present administration’s economic model, saying it would not work. Source Punch Read More 

 

PROSHARE REGULATORS
CBN Publishes 2016 Financial Stability Report - Output growth in the global economy remained slow in 2016 due to uncertainties in some advanced economies, several emerging markets and developing economies. Consequently, global output growth remained at 3.1 per cent in both 2016 and 2015, but lower than the 3.4 and 3.6 per cent projected for 2017 and 2018, respectively. Source Proshare Read More 

Banks’ non-performing loans hit N2tn – CBN - The challenging economic situation in the country made the banking industry’s non-performing loans ratio to rise from N1.678bn in June to N2.084tn in December 2016, the latest Central Bank of Nigeria’s Financial System Stability Report revealed on Wednesday. Source Punch Read More 

 

PROSHARE MARKETS
Market Halts Three-Day Losing Streak as NSEASI Inches Up by +0.81% - Equities market closed today on a positive note, as NSE ASI appreciated by +0.81% to close at 25,471.69 basis points, as against -0.03% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.22%. Source Proshare Read More

 

eTranzact continues profitability trend with N865.1mln PBT in 2016; Proposes 10k dividend Per Share - eTranzact International PLC, Africa’s premier e-payments solution provider has announced a profit before tax of 865.1 million naira and revenue of 10.40 billion naira for the year ended December 2016.Source Proshare Read More

UNITYBNK Declares N2.18 billion PAT in 2016 Audited Result,(SP:N0.64k) - Source Proshare Read More 

CBN to inject another $10,000 to BDCs - The Central Bank of Nigeria (CBN) will inject additional 10,000 dollars proceeds of International Money Transfer Services Operators (IMTSO) to 3135 Bureau De Change Operators nationwide, Alhaji Aminu Gwadabe says. Source Daily Trust Read More 

Dangote to intensify local sourcing of sugarcane for refining - To consolidate its earnings and position in the sugar industry, Dangote Sugar Refinery Plc has concluded plans to intensify its refined sugar from locally grown sugarcane. Source Guardian Read More 

Lawmakers order AMCON to return all wrongly packaged debts to banks - The House of Representatives members has ordered the Asset Management Corporation of Nigeria (AMCON) to return all Non-Performing Loans (NPLs) that were contracted unprofessionally to the banks. Source Guardian Read More 

50 debtors owe banks N5.6tr - The challenge of defaulting credits, which has put the banking system under pressure, may not end soon as financial institutions’ top 50 debtors owe N5.59 trillion (34 per cent) of total industry credit exposure of N16.29 trillion. Source Guardian Read More 

LMC to list 8 NPFL clubs on NSE by October - League Management Company (LMC) of Nigeria says eight Nigeria Professional Football League (NPFL) clubs will be listed on the Nigerian Stock Exchange (NSE) between September and October 2017. Shehu Dikko, chairman, LMC, disclosed this on Wednesday in Abuja, saying the LMC was working hard to meet the target date. “We have done the advertisement Source BUSINESSDAY Read More 

Banks asset quality worst in five years - … Small lenders most hit … analysts point at impact on GDP. The Non-Performing Loan (NPL) ratio of Nigerian banks has risen to a five year high of 14 percent at the end of December 2016, the worst ratio recorded by banks since 2012 when the NPL ratio was just 3.7 percent. Source BUSINESSDAY Read More 

Troubled Discos threaten to unravel Nigeria’s power privatisation - Electricity Distribution Companies (Discos) in Africa’s largest economy are earning less in tariffs than the cost of power they supply to households and businesses, meaning they are technically insolvent, which threatens to unravel the entire power privatisation effort. Source BUSINESSDAY Read More 

Analysing the Petroleum Industry Bill - The passage of the Petroleum Industry Reform Bill (PIRB) was recently listed as a milestone in achieving the policy objective of the 7 Big Wins, a road map of the Nigerian oil and gas industry, which aims at restructuring and repositioning the industry. Source Proshare Read More 

When Will Russia Run Out Of Oil? - On a global level, 2015 and 2016 marked the lowest level of new conventional oil discoveries since 1952. In 2016, only 3.7 billion barrels of conventional oil were discovered, roughly 45 days of global crude consumption or 0.2 percent of global proved reserves. Globally, exploratory drilling fell by almost 20 percent in 2015 and fell even further in 2016.  Source Proshare Read More 

Nigeria’s crude oil production decreases to 1.6mpd - Nigeria’s average daily crude oil and condensate production has dropped from the two million barrels per day (bpd) it recorded as at February to 1.6 million bpd in March. Source Guardian Read More 

US import of Nigerian oil hits 42-month high - The increase in the United States’ imports of Nigeria crude oil has continued, with a record import of 9.78 million barrels in January, the latest report from the US Energy Information Administration has revealed. Source Punch Read More 

Theft: Shell Shut Bonny Light Oil Export Line - The Nigerian subsidiary of Royal Dutch Shell Plc said it had shut down the Nembe Creek Trunk Line, which exports Bonny Light crude oil, in order to remove theft points. Source Leadership Read More 

Agip to begin work on $13.5b Zabazaba deepwater project - The Nigerian Agip Exploration Limited (NAE) is to begin work on its Zabazaba deepwater project estimated to cost $13.5 billion. Source THE NATION Read More 

No Plan To Increase Petrol Price – NNPC - Nigerians have been assured that the federal government has no intension of increasing the pump price of Premium Motor Spirit (PMS), commonly known as petrol from the prevailing price of N145 per litre. Source Leadership Read More 

 

PROSHARE BUSINESS
First Bank of Nigeria – Restructuring CSR to Build Sustainable Communities - First Bank of Nigeria Limited, appreciating its role as the leading financial services provider to stakeholders with varying social stratification, understands that the ability to operate successfully in a multicultural society is factored on building mutually beneficial relationships with its stakeholders and strengthening the communities where it operates.  Source Proshare Read More 

We Are Committed To Delivering On The 3 Key Areas The APC Promised - As we all know this Administration inherited numerous challenges. Our political campaign was based on a recognition of the difficult situation Nigeria was in and the need to bring positive and enduring change. Source Proshare Read More 

South Africa's business confidence falls, outlook gloomy -  Business confidence in South Africa fell in March from February and was likely to decline further due to the rising political tension, a survey showed on Wednesday. Source Reuters Read More 

Saudi Aramco Cuts Oil Pricing for Europe Where Russia Dominates - Saudi Arabia lowered oil pricing for European customers, a sign the world’s biggest crude exporter is seeking to expand market share in the region dominated by Russia. Source Bloomberg Read More 

Foreigners Bought $1 Billion in Egyptian Debt Since Mid-March - Foreign holdings in Egypt debt grew by more than $1 billion in less than a month, a sign that investor confidence isn’t waning five months after authorities floated the pound and secured an IMF loan. Source Bloomberg Read More 

China Binges on African Oil Like Never Before After OPEC Cuts - China is set to import record amounts of crude oil from West Africa this month as OPEC’s supply cuts pave the way for other nations to gain a greater foothold in the fast-growing Asian market. Source Bloomberg Read More 

IMF Sees Nigeria Budget Gap Wider Than State Outlook on Tax - Nigeria’s budget gap will probably be larger than the government estimates this year because the West African nation’s revenue from taxes and state companies will be lower than forecast, the International Monetary Fund said. Source Bloomberg Read More 

JAB Goes After Lunch Crowd With $7.2 Billion Panera Takeover - JAB Holding Co., the sprawling investment firm that owns Krispy Kreme and Keurig Green Mountain, agreed to buy Panera Bread Co. for about $7.2 billion, adding a bakery-cafe chain to a food empire that spans coffee, bagels and doughnuts. Source Bloomberg Read More 

Qatar slashes 2022 FIFA World Cup budget by 40% - Qatar has slashed its budget for hosting the 2022 FIFA World Cup. Hassan Al Thawadi, the Qatari official charged with delivering the tournament, said the original budget had been reduced by between 40% and 50%. Source BUSINESSDAY Read More 

PROSHARE FINANCE
To What Extent Will Nigeria Benefit From The Proposed Luxury Tax? - Whether it seems timely or a little too late, Nigeria seems to be keen on measures to make the “rich” pay more and therefore address redistribution of wealth through taxation of luxury items.  Source Proshare Read More 

 

PROSHARE TECHNOLOGY
Fintech - A Brave New World for the Financial Sector? - From smartphones to cloud computing, technology is rapidly changing virtually every facet of society, including communications, business and government. The financial world is no exception. Source Proshare Read More 

‘Organisations Lose $6.3bn to Fraud Annually’ - About five per cent of losses incured by organisations annually is traceable to fraudulent acts, with an estimated figure of $6.3 billion forfeited to fraud on an annual basis while only 12 percent of victim organisations are fortunate to have recovered all losses. Source Thisday Read More

 

PROSHARE START-UPS
LSETF approves N1.7bn loans to 1,400 beneficiaries - THE Lagos State Employment Trust Fund (LSETF) has so far approved up to N1.7 billion loans for 1,400 beneficiaries who are at different stages of fulfilling requirements for disbursement. Source Vanguard Read More 

 

 

 

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