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Nigeria in 1min: Economic, Business & Financial Headlines - 090217


February 9, 2017 7:30 AM / Proshare News  

19,833 Vessels Berthed At Nigerian Ports Between 2013 and 2016 - NBS - The ship traffic statistics at Nigerian ports has reflected that a total number of 19,833 vessels berthed at the various ports between 2013 and 2016. Similarly 543,842,425 tonnages were registered within the period under review. Source Proshare Read More  

4,296 Applications Were Received by NAFDAC for New Products Registration in 2016 - NBS - Registered products 2016 data revealed that 4,296 applications were received for new products registration, 7,679 products were presented for registration approval, 7,444 products were granted registration; 235 products registration were rejected and Zero number was withdrawn while fake and sub-standard products worth ₦1,035,000,000 were impounded during the year. Source Proshare Read More 

RMAFC endorses new national tax policy - The Revenue Mobilization Allocation and Fiscal Commission has endorsed the new National Tax Policy recently announced by the Federal Government to shore up Nigeria’s dwindling revenue base which suffered decline as a result of the shortfall in international oil prices and activities of militant and vandals in the Niger Delta. Source Daily Trust Read More

Budget funding: FG set to borrow another N110bn via local bond issue - As part of its fiscal funding plans, the Federal Government, through the Debt Management Office, DMO, is set to raise another bond amounting to N110 billion for budgetary deficit funding next week. Source Vanguard Read More

Foreign investors seek 7% yield on Nigeria’s Eurobond - Foreign investors attending the federal government’s international road show on the upcoming $1 billion Eurobond are seeking interest rate (yield) of above seven percent on the bond. Source Vanguard Read More 

FG Begins Disbursement Of N140bn Micro-credit Fund - The federal government indicated yesterday that it has commenced disbursement of N140 billion interest-free loans to the latest accredited beneficiaries of MarketMoni, the government enterprise and empowerment programme (GEEP) which targets market women, traders, artisans, youths and farmers. Source Leadership Read More 

Fed Govt inaugurates committee for fuel supply - The  Federal Government has set up a committee to provide a framework for the importation and supply of petroleum products, the National President, Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr. Chinedu Okoronkwo, has said. Source THE NATION Read More 

FG Launches Nationwide Subsoils Atlas, to Benefit Planners - The federal government, through the Nigerian Building and Road Research Institute (NBRRI), an agency under the Ministry of Science and Technology, has launched the country’s first edition of a nationwide engineering subsoils atlas. Source Thisday Read More 

Agriculture production in Borno Liberated Communities Receive Boost - As internally displaced persons return to their homelands in Borno State, concerted efforts have been put in place to boost agricultural production and clear farmlands of landmines. Source Thisday Read More 

Food Crisis: FG, Foreign Partners Target 150,000 Poor Farmers in N’Delta - To resolve the food crisis in the country and empower poor farmers in the Niger Delta, the federal government, in collaboration with the Department for International Development (DFID) plan to empower 150,000 farmers in the nine states of the region in the next two years. Source Thisday Read More 

Stop Granting Tax Holidays, Waivers to Power Sector Operators, Govt Urged - The Federal Government has been urged to stop further granting of incentive, tax holidays or waivers to the operators of the power sector. Source Thisday Read More 

BEDC to Provide Free Pre-paid meters to Electricity Consumers - Relief has come the way of electricity consumers in Delta and neighbouring states as Benin Electricity Distribution company (BEDC) is set to distribute pre-paid meters free of charge to consumers in its coverage areas. Source Thisday Read More 

Abuja airport closure; Foreign airlines’ refusal to codeshare, to cost passengers N3bn - Passengers flying international routes with Abuja as destination will have to spend an extra N3 billion as a result of the refusal of foreign airlines to fly to Kaduna airport, or even codeshare with domestic airlines to drop off passengers in Kaduna airport, BusinessDay’s findings show. Source BUSISINESSDAY Read More 

Poultry farmers hit as feed prices, other inputs rise steeply - . . . Exchange rate differential entices maize, soya farmers to export amid scarcity. Source BUSISINESSDAY Read More 

Arik suspends flights to New York - Arik Air has temporarily suspended its flight operations to the John F. Kennedy International Airport, New York, United States. Source Punch Read More

Equities Market Records +0.05% Marginal Gain; Halts Three-day Losing Streak  -
Equities market closed today on a positive note, as NSE ASI appreciated by 0.05% to close at 25,460.45 basis points, as against 0.55% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.26%.  Source Proshare
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Drawbacks of Capital Control Measures Under the Proposed Forex Amendment Bill - Nigeria has maintained a liberalized foreign exchange market since the enactment of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act in 1995. The Act established an autonomous foreign exchange market and guaranteed the unconditional transferability of capital in any convertible currency by end users. Source Proshare Read More  


Silvertree Acquires Nigeria’s TopCheck, Forming Africa’s Largest Price Comparison Group - Silvertree Internet Holdings, Africa’s leading Internet platform, has acquired Nigerian price comparison site TopCheck for an undisclosed amount. Source Proshare Read More 

JAIZ Bank to list on NSE today - JAIZ Bank Plc will be listing on the Nigerian Stock Exchange today (Thursday) following a confirmation by the bourse in the late hours of Wednesday. Source Punch Read More 

Non-performing Bank Loans Rise To N2.3trn - The volume of non-performing loans (NPL) in the Nigerian banking industry is expected to rise to as high as N2.3 trillion when the banks begin to release their full year 2016 financial statement as the NPL ratio is expected to rise above 15 per cent. Source Leadership Read More  

Inside a Bond Roadshow: Nice Pitch, But What About Naira? - Nigeria’s finance officials have done a lot of talking this past week as they looked to entice investors to buy the country’s first Eurobonds in almost four years. Source Bloomberg Read More 

Power sector is in bad shape – NERC boss - The Nigerian power sector is in a bad shape and the Nigerian Electricity Regulatory Commission (NERC) must do the right thing in the interest of the sector. Source Daily Trust Read More 

Power generation rises to 3,730MW as vandalism declines - The gradual decline in the spate of gas pipeline vandalism seems to be rubbing off on the power sector as the latest industry data obtained on Wednesday in Abuja showed that electricity generation peaked at 3,730.5 megawatts on Tuesday. Source Punch Read More

Manufacturers eye alternative power supply as outage bites - Frustrated by the nation’s power crisis with no end in sight, manufacturers are poised to develop power plants in parts of the country to ensure regular power supply in their factories. Source Punch Read More 

2017 Tax & Fiscal Policy Prospects - We often have new hopes and high expectations at the turn of new events including the turn of a new year regardless of past experiences and notwithstanding our current reality. Source Proshare Read More 

How the US Regulatory Environment is Holding Back the Fintech Industry - A Report - Despite having one of the largest fintech industries in the world, the US is noticeably behind other regions when it comes to one factor crucial to the future growth of this burgeoning sector — regulation. Source Proshare Read More  

IOSCO Analyzes Potential Of Tech-Driven Change In The Securities Market Industry - A new report published today highlights the increasingly important intersection between financial technology (Fintech) and securities market regulation, and describes the impact it has on investors and financial services. Source Proshare Read More

Blockchain Technology:Nigeria must align with International best practices-Prof Segun Ajibola - As the debate over the impact of Block Chain technology on the financial markets ensues across the globe, Nigerian scholar Professor Segun Ajibola has called on the country’s monetary authorities to align themselves with international best practices. Source Proshare Read More 

China's central bank is going after Bitcoin - China’s central bank, battling to curb capital outflows due to persistent fears over continued weakness in the Chinese yuan, has issued a blunt warning to Bitcoin exchanges that they risked closure should they seriously violate the country’s regulations. Source Business Insider Read More 

Nigeria fine to push South Africa's MTN to 2016 loss, shares fall - South Africa-based MTN Group expects to report a full-year loss due to a $1 billion regulatory fine in Nigeria and underperformance there and at home, it said on Wednesday, sending its shares to a two-month low. Source Reuters Read More 

An Open Letter to Central Bank of Nigeria Governor, Godwin Emefiele, Requesting His Resignation - All the metrics released over the last two years by the Nigerian Bureau of Statistics (NBS) have shown a consistent decline, with negative growth of -2.24% by Q3 2016. Inflation had also risen to 18.55% by December 2016, evidently felt in the streets as the prices of commodities soar. Source Proshare Read More  

Nigeria’s president is missing in action - For two weeks, Muhammadu Buhari, Nigeria’s septuagenarian president, has been out of action, receiving medical treatment in London for an undisclosed illness. Source FT Read More 

U.S. Stocks Little Changed as Utility-Stock Rally Offsets Banks -U.S stocks were little changed after paring earlier losses, as investors continued to study company earnings for clues on the health of corporate America and as energy companies staged a rebound. Source Bloomberg Read More

European Stocks Rise as Investors’ Focus Turns Back to Earnings - European stocks advanced for a second day, following a gain in real estate companies and raft of corporate results from bellwethers including Sanofi. Source Bloomberg Read More 

Dollar Pares Drop After Weak 10-Year Treasury Auction - The dollar pared losses after a 10-year Treasury auction was poorly received, with traders still apprehensive about the Trump administration’s currency and trade policies. Source Bloomberg Read More

Gold Nears Three-Month High as Buyers Flock Back to Top ETF - Gold climbed to the highest in almost three months as investors purchased metal through the biggest exchange-traded fund for a fifth day, the longest buying spree since June. Source Bloomberg Read More

Brexit Bill Passed by Lower House of Parliament, Heads to Lords - The U.K.’s lower house of Parliament gave the government its approval to begin the formal process of leaving the European Union in a vote that brings Prime Minister Theresa May a step closer to triggering Brexit. Source Bloomberg Read More

OPEC Ministers Say the Market Might Need More Oil Cuts - OPEC and other major crude-producing nations may need to extend output cuts into the second half of the year to re-balance the market, oil ministers for Iran and fellow group member Qatar said. Source Bloomberg Read More






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