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Nigeria in 1min: Economic, Business & Financial Headlines - 061216

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 December 6, 2016 6:10 AM / Proshare News   

PROSHARE ECONOMY
Issues in Governance: The SLS Paper and Nigeria's Economic Policy Debate - Here are the slides from Emir Sanusi's lecture titled 'Nigeria: A Plan to Restore Confidence, Direction & Growth'. Source Proshare Read More  

FG bans importation of vehicles through land borders - The federal government Monday said the importation of vehicles into Nigeria through the land borders have been banned. Source Vanguard Read More 

AfDB to invest $24bn in agriculture— Adesina - The African Development Bank, AfDB, is to invest $24 billion in agriculture and agribusiness on the continent in the next 10 years. Source Vanguard Read More 

FG needs N4.5bn to relocate Abuja airport control tower - The faulty design of the new international terminal, under construction, at the Nnamdi Azikiwe International Airport Abuja (NAIAA), has caused a partial blockage of the control tower and it will cost the federal government between N3billion to N4.5 billion to replace the facility. Source Daily Trust Read More 

‘Govt has N2.66trn credit balance in TSA account’ - The federal government’s account balance is in excess of N2.66 trillion at the Central Bank of Nigeria (CBN), document received by Daily Trust has shown. Source Daily Trust Read More

FG won’t stop grains export to Niger, Chad – Ogbeh - The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, has said there is no basis to stop farmers exporting their grains after harvest because that is creating more market for them. Source Daily Trust Read More   

IITA Unveils Five-year Agric Devt Plan - Director General of the International Institute of Tropical Agriculture (IITA), Dr. Nteranya Sanginga, has laid out the Institute’s priorities for his second term, saying that the move is necessary to correct the imbalance resulting from the influx of projects, funds, staff, and partners from 2011 to 2016. Source Thisday Read More 

Nigeria retains 60% stakes in national shipping line - The Singaporean shipping firm, Pacific International Lines (PIL), has got 40 per cent equity in the Nigerian national shipping line (national carrier) that would soon berth. Source Daily Trust Read More 

Evaluation of the Economics of NYSC for Sustainable Development in Nigeria - The post here is designed to redirect interested persons in the critical discussion about the fate and value of the NYSC scheme in today;s Nigeria, given the many challenges and distortions to the original intent of the scheme and its relevance in todays society. Source Proshare Read More 

Time Needed to Transform Non-oil Revenue - Gross federally collectible non-oil revenue of N3.1trn in 2015 amounted to just 3.3% of GDP. This compares poorly with most frontier, let alone emerging markets. Source Proshare Read More 

Adeosun, Emefiele back BoI scrapping, bank kicks - The Bank of Industry has kicked against the current move by the Senate to scrap it and establish the National Development Bank in its place. Source Punch R­­ead More 

Fashola Opposes Senate Move to Scrap FERMA - The Minister of Power, Works and Housing, Mr. Babatunde Fashola, monday voiced his opposition to the current move by the Senate to scrap Federal Road Maintenance Agency (FERMA) and replace it with a new maintenance agency. Source Thisday R­­ead More 

 

PROSHARE REGULATORS
CBN conducts special forex auction to meet demand for fuel imports - The Central Bank of Nigeria, CBN, yesterday conducted special foreign exchange auction aimed at meeting backlog of demand by fuel importers. Source Vanguard Read More  

PROSHARE MARKETS
Forte Oil Plc leads gainers as stocks start week positive - The equities market closed today on a positive note, as NSE ASI appreciated by 0.01% to close at 25,743.03 basis points, compared with the 1.88% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.12%. Source Proshare Read More 

GTI 5 Weekly Stock Picks -051216 - The Nigerian equity market on Friday gained 1.88% to extend uptrend to the third day in a row. Lately, the market has shown a buying momentum. Source Proshare Read More 

Honeywell Invests N64bn To Boost Food Production - As federal government deepens its public private sector initiative in the agriculture sector toward achieving food sufficiency, Honeywell Plc said it is investing about N64 billion in food processing. Source Leadership Read More 

UBA, Moroccan Bank Sign MoU on Trade Finance - Pan-African banking groups, Attijariwafa Bank and United Bank for Africa (UBA) Plc, in the present of President Muhammadu Buhari and His Majesty King Mohammed VI signed a Memorandum of Understanding (MoU) to strengthen their collaborative efforts in correspondent banking, investment funding, trade finance and project finance on the African continent. Source Thisday Read More

Nigeria oil output at 1.9 million barrels per day: minister - Nigeria will maintain oil output at 1.9 million barrels per day (bpd) with all three of its main fields on line, the country's oil minister Emmanuel Ibe Kachikwu said on the sidelines of India's Petrotech energy conference on Monday. Source Reuters Read More 

Rebound in Oil Exports Fails to Prevent Trade Deficit - Naira depreciation buoyed Nigeria’s international trade statistics as total trade in goods rose 17% y/y (Q2’16: -7%) and 16% q/q. Median official exchange rate increased from NGN199/USD in Q2’16 to NGN312/USD in Q3’16 whilst the parallel market rate increased from NGN324/USD to NGN395/USD in the same period. Source Proshare Read More 

OPEC Deal: A Big Step Towards Market Rebalancing – Fitch - OPEC's agreement to cut production by 1.2 million barrels of oil per day, and the potential agreement to cut with non-OPEC countries, should help accelerate market re-balancing and increases the chances of more rapid oil price recovery than previously expected, says Fitch Ratings. Source Proshare Read More 

NLNG Forecasts 32% Annual Growth for Nigeria’s LPG Market - A market study conducted by the Nigeria LNG Limited has showed that given the right conditions, the Liquefied Petroleum Gas (LPG) market in Nigeria can grow its penetration and market share by 32 per cent from 400,000 metric tonnes per annum (MTPA) to 3 million MTPA within five years. Source Thisday Read More 

Nigeria’s eurobond prospect lifted on back of rising oil price - Nigeria is close to appointing banks to help underwrite the country’s first international bond since 2013 as the government deals with the worst fiscal crisis in 25 years. Source BUSINESSDAY Read More 

Expect N165 petrol price by January 2017, Nigerians told - The retail price for petrol may rise by at least 13.7 percent to N165 per litre by January 2017 from the current price of N145, industry experts say. Source BUSINESSDAY Read More 

Crude Oil Tops $55 for First Time in 16 Months - Brent crude rose to over $55 per barrel monday, hitting a 16-month high on rising prospects of a tightening market after the Organisation of Petroleum Exporting Countries (OPEC) agreed on a landmark deal to cut production last week. Source Thisday Read More 

Kachikwu: FG Saves $15.4bn from Removal of Petrol Subsidy - The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has said the federal government has so far saved up to $15.4 billion from its withdrawal of subsidy on petrol. Source Thisday Read More 

Studies, settlements gulp N1.8bn at Mambilla hydro site - The federal government may have allocated well over N1.857 billion to prepare documents and studies before the actual construction of the 3,050 megawatts (mw) Mambilla Hydro Electric Power Project (HEPP) in Taraba State since 2010, budgetary data have shown. Source Daily Trust Read More 

 

PROSHARE BUSINESS
Court of Appeal says No Stamp Duties on Bank Deposits, Overrules Federal High Court - Sometime in 2013, the Nigerian Postal Agency [NIPOST] entered into an agreement with an agent to collect from banks, the sum of N50 as stamp duty on all receipts including electronic bank transfers and teller deposits of N1,000 or more. Source Proshare Read More  

Opeyemi Agbaje elected Representative-at-Large for Strategy Practice Interest Group of SMS - The Management of RTC Advisory Services Limited is pleased to announce that our Founder/CEO Mr Opeyemi Agbaje has been elected Representative-at-Large for the Strategy Practice Interest Group (IG) of the global Strategic Management Society (SMS) for a two-year term. Source Proshare Read More 

Egypt's non-oil business activity falls to 40-month low as costs rise: PMI - Business activity in Egypt shrank in November, with the deterioration picking up pace for the fourth consecutive month, as weakness in the pound currency raised costs and hit output, a survey showed on Monday. 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 

European Stocks Rise as Traders Unfazed by Italian Vote Outcome - After a tepid week marked by thin trading ahead of the Italian referendum, European equities shrugged off the outcome to climb the most in more than two weeks. Source Bloomberg Read More 

OPEC Target Gets Harder as African Members Boost November Output - OPEC’s mission to implement last week’s historic deal to curb production for the first time in eight years just got a little bit harder after three of its African members increased output in November. Source Bloomberg Read More 

 

PROSHARE TECHNOLOGY
E-Commerce: "PayU" simplified payment system debuts in Nigeria - A global online payment service provider "PayU" has been introduced in Nigeria with innovations that will continue to make the market more competitive. Source Proshare Read More  

SimbaPay Launches Mobile Money Transfer Service to Ghana and Uganda - SimbaPay, a London based digital money transfer provider – today announced the launch of its money transfer service to Ghana and Uganda. Source Proshare Read More  

PROSHARE FINANCE
Distance Learning Programs on Islamic Banking and Finance - AlHuda CIBE is a well-established name in Islamic Banking and Finance market focusing on Awareness, Education, Training, Promotion, Advisory and Publications on Islamic Banking and Finance around the globe from last ten years to serve the Islamic Banking and Finance. Source Proshare Read More  

PROSHARE STARTUP
200 Beneficiaries Enlisted For BoI’s N140bn Micro-credit Scheme - The Bank of Industry (BoI) yesterday in Kano  enlisted 200 beneficiaries under the federal government’s N140billion Government Enterprise and Empowerment Programme(GEED). Source Leadership Read More 

 

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