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Nigeria in 1min: Economic, Business & Financial Headlines - 071016

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December 7, 2016 6:10 AM / Proshare News   

 

PROSHARE ECONOMY
The Edo State Economy in 2017 and Beyond: Exclusive Interview with Gov. Obaseki - Recently the Edo State Governor Mr. Godwin Obaseki granted Proshare WebTV audience in his first exclusive interview, to share thoughts on his economic plans and strategies for Edo State. Here are excerpts from the exclusive interview. Source Proshare Read More 

Nigeria's Buhari to submit 2017 budget to lawmakers on Dec.14 - Nigeria's President Muhammadu Buhari plans to submit next year's spending plan to lawmakers on Dec. 14, according to a letter read to parliament on Tuesday, with government sources saying the 2017 budget would be 7.2 trillion naira ($23.65 billion). Source Reuters Read More 

Fayose presents N93.4bn ‘Budget of Higher Height’ - GOVERNOR Ayodele Fayose of Ekiti State, yesterday  presented a N93.4 billion budget for 2017 tagged, “Budget of Higher Height” to the state House of Assembly in Ado Ekiti, the state capital. Source Vanguard Read More 

Anambra budgets N115bn for 2017 - Governor Willie Obiano of Anambra State, yesterday, presented to the House of Assembly, a budget of N115.5 billion tagged “Budget of Economic Recovery and Inclusive Growth” for 2017 fiscal year. Source Vanguard Read More 

Edo govt approves waivers for tax defaulters - Edo State Government has approved several categories of waivers to tax debtors in the state, saying that the waivers will only be beneficial to those who paid their outstanding tax liabilities in the next 90 days effective December 2, 2016. Source Vanguard Read More 

Gas Not the Only Solution - The sabotage of the Forcados pipeline in February had a dramatic impact on electricity generation and also highlights why the FGN has a policy of encouraging diverse energy supplies. Source Proshare Read More 

FG Secures EU’s Commitment on Rebuilding of North East, Niger Delta - The European Union (EU) on Monday pledged its support for the ongoing efforts of the Federal Government to rebuild some parts of the North East and Niger Delta regions by earmarking 20 million Euros for the reconstruction of markets and warehouses in Borno and Delta States. Source Proshare Read More 

Debt: FG directs airlines to automate payment systems - The federal government has given domestic and foreign airlines operating in the country a January 1, 2017 deadline to automate their remittance/payment systems. Source Daily Trust Read More 

Manufacturers form own power company as energy cost hits N59bn - Faced with rising cost of power, the Manufacturers Association of Nigeria (MAN) has formed a new power company called the Manufacturers Power Development Company Limited, to reduce the impact of energy cost on their operations. “We are making efforts to reduce the impact of energy cost on our margins. Source BUSINESSDAY Read More 

FG, CBN move to divert N220bn MSMEs fund to finance Agriculture in 2017 - Having recorded less than 36% performance and accessibility in the last three years of establishment, the Federal Government and Central Bank of Nigeria are making frantic moves to ditch Micro, Small and Medium-scale Enterprises credit scheme and divert its allocation to finance Agriculture in 2017 and beyond. Source BUSINESSDAY Read More 

Outstanding claims for SIWES now N8.8bn – ITF DG - The Director-General, Industrial Training Fund, Joseph Ari, on Tuesday lamented the huge funding gap for the implementation of the Student Industrial Work Experience Scheme. Source Punch Read More 

Nigeria spends $1 billion on outsourcing yearly - About $1billion (N305billion) is estimated to be spent annually on the Nigerian domestic Business Processing Outsourcing (BPO) market, by both the public and the private sector, but less than two percent of this goes to local entities. Source Guardian Read More 

 

PROSHARE REGULATORS
Availability of Credit to the Corporate Sector Increases in Q4 2016 - CBN - The availability of secured credit to households increased in Q4, 2016 and was expected to increase in the next quarter. Changing economic outlook remained a major factor behind the increase.  Source Proshare Read More  

PROSHARE MARKETS
Stocks halt 4days rally as Big CAPs hit, post 1.70%MTD gain - The equities market closed today on a negative note, as NSE ASI depreciated by 0.28% to close at 25,671.23 basis points, compared with the 0.01% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.37%. Source Proshare Read More

Invest in FGN Monthly Bond Auction - December 2016 - The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications for. Source Proshare Read More

Banks demand more collateral as loan defaults rise - Banks are demanding more collateral from firms seeking loans as default rates have worsened, a new report from the Central Bank of Nigeria has revealed. Source Punch Read More

FCMB disburses N3.6bn CBN support fund to MSMEs - first City Monument Bank Limited has given out over N3.6bn to small businesses and women entrepreneurs from the Central Bank of Nigeria’s N220bn support for Micro, Small and Medium Enterprises. Source Punch Read More 

Guinness Nigeria in Dire Need of Equity Financing - When Guinness Nigeria Plc recorded a loss of N2.347 billion for the year ended June 30, 2016 for the first time in 30 years, the Managing Director/CEO of the company, Mr. Peter Ndegwa, had attributed the loss to tough economic environment and challenges with naira devaluation. Source Thisday Read More 

Sokoto plant to generate power at N178/kilowatt - The Sokoto State power plant will generate electricity at N178 per kilowatt, more than three times its current price in the region, Daily Trust investigations have shown. Source Daily Trust Read More 

 

PROSHARE BUSINESS
Africa Rising: 3rd Edition of AWR Executive Summit on Africa Holds January 16, 2017, Switzerland. - The African Wealth Report (AWR) has announced the 3rd edition of AWR Executive Summit on Africa which takes place on the 16th January 2017 at the Beau Rivage Palace, Lausanne Switzerland. Source Proshare Read More

FirstBank Mobile Banking App: FirstMobile Hits 1m Users, Transactions reach N1.3Tr Mark - FirstMobile, FirstBank’s mobile banking platform has recorded a milestone in its user numbers with the attainment of 1million active users. The mobile banking platform has also reached N1.3trillion transactions mark in its short period of launch. Source Proshare Read More 

S.Africa's economy barely grows in Q3 renewing downgrade fears - South Africa's economy barely grew in the third quarter of the year as the manufacturing sector contracted sharply, renewing fears that the reprieve from ratings downgrades will only be temporary. Source Reuters Read More 

China signs 3-yr 18 bln yuan bilateral currency swap with Egypt - China and Egypt on Tuesday concluded an 18 billion yuan ($2.62 billion) three-year bilateral currency swap, a move that importers and economists said would facilitate trade and improve foreign currency liquidity in cash-strapped Egypt. Source Reuters Read More 

Nigeria Plans $3.2 Billion Capitalization for Farming Lender - Nigeria plans to capitalize its state-owned Bank of Agriculture with 1 trillion naira ($3.2 billion) and will authorize the lender to take deposits as Africa’s most populous nation seeks to boost farming output and reduce food imports. Source Bloomberg Read More 

Tanzania Says It May Draw $9.2 Billion in Cement Investment - Three companies plan to invest as much as 20 trillion shillings ($9.2 billion) in Tanzanian cement production in projects that could double the nation’s installed capacity, Trade and Industry Minister Charles Mwijage said. Source Bloomberg Read More 

Egypt’s Upside-Down Bond Market Vindicates Shock 50% Devaluation  - A bond-market quirk is vindicating Egypt’s decision to undertake the world’s biggest currency devaluation in at least two years. Source Bloomberg Read More 

Africa Is OPEC's Biggest Danger - Through compromise and arm-twisting, OPEC oil ministers managed to put flesh on the bones of the output cut they announced in Algeria in September. But their hard work might be undermined by the countries exempted from the deal: Libya and Nigeria. Source Bloomberg Read More 

Oil Falls From 16-Month High as OPEC Production Keeps on Rising - Crude dropped 1.7 percent in New York after rising 15 percent over the previous four sessions. OPEC boosted production to 34.16 million barrels a day last month, according to a Bloomberg News survey. Source Bloomberg Read More 

 

PROSHARE TECHNOLOGY
NCC auctions slots in 5.4GHz spectrum - The Nigerian Communications Commission (NCC) has earned N55.5 million from the auction of two slots of 25MHz in the 5.4GHz spectrum. Source Daily Trust Read More 

Telecoms tariffs dip by 67%, says MTN - MTN yesterday lamented that telecoms tariffs have declined significantly  by over 67 per cent between 2007 and this year while data prices in Nigeria are among the lowest on the continent. Source THE NATION Read More    

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