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Nigeria in 1min: Economic, Business & Financial Headlines – 091116



November 9, 2016 7:00 AM / Proshare News 


Govs demand share of ecological, excess crude fund - State governors yesterday met with finance minister Mrs Kemi Adeosun and the governor of the Central Bank of Nigeria (CBN) Mr Godwin Emefiele over issues related to the release of the ecological fund, stabilisation and the excess crude account. Source Daily Trust Read More 

FG names Deutsche Bank, CitiGroup as advisers for $1bn eurobond issue - Baring any last minute changes, the Federal Government will likely name Deutsche Bank and CitiGroup as the lead international advisers for the proposed $1bn eurobond about to be issued in the international capital market this month, BusinessDay has been told. Source BUSINESSDAY Read More

Slowdown in Accommodation and Food Services; Sector Contracts by -6.4% YoY in Q2’16 - Today we turn our attention to Nigeria’s hotel, restaurant and quick service meal industry (also referred to as accommodation and food services). Given the macro challenges which have affected the broader economy, the sector has contracted steadily since Q2 2015. Source Proshare Read More 

Trade Between ECOWAS member states hits $15bn - The President of the Commission of the Economic Community of West African States (ECOWAS),  Marcel Alain de Souza, has disclosed that trade between the 15-member countries of the regional bloc has jumped to $15 billion  in recent years. Source BUSINESSDAY Read More 

Unemployment rises, government fails to create one million jobs in 2016 - As the number of the unemployed in the country continues to rise due to downsizing in the productive and services’ sectors, the Federal Government may find it difficult to meet its target of creating one million jobs by the end of the year. Source Guardian Read More 

FRC: Nigeria earned N54.25trn in 7 years - The federal government collected a total of N54.25 trillion from both oil and non-oil revenues in seven years. Source Daily Trust Read More 

Nwankwo: Nigeria’s Public Debt Service Mgt is One of the Most Respected Globally - he federal government’s plan to borrow $29.96 billion under its 2016-2018 External Borrowing (Rolling) Plan has generated intense controversy. Many arguments against the move centre around whether or not it is not another attempt to plunge the country into a fresh debt trap while some see the amount as humongous. SourceThisday Read More 

The Un-Enforceability of the Nigerian FRC’s Code of Corporate Governance - The Financial Reporting Council of Nigeria (“FRC”) recently issued its Code of Corporate Governance (“The Code”) for the Public Sector, the Private Sector and for Not-for Profit Organizations which became applicable from 17th October 2016. Source Proshare Read More 

CBN licenses 21 new money transfer firms - The Central Bank of Nigeria (CBN) yesterday released 21 new list of licensed International Money Transfer Operators (IMTOS) to join 14 it previously approved. This brings the total number of organisations licensed to 35. Source THE NATION Read More 


Flour Mills of Nigeria Plc - ₦9 billion FX Losses Debase Strong Topline growth - Buoyed by the strongest quarterly revenue performance on record, FLOURMILL reported a 44% y/y topline growth in its H1’17 period ended 30 September 2016. Amidst a challenging operating landscape, the company’s outperformance can be tied to gradual increases in selling prices (ranging between 10% and 25% as at Q1) as well as strong volume growth. Source Proshare Read More 

Unilever Nigeria Plc - Expensive! SELL! - Despite significant revenue and EBIT growth in Q3, UNILEVER recorded y/y and q/q PBT contractions, and would have posted a loss after tax, save for a tax credit (N449.8 million). Source Proshare Read More

Stocks gap-down as Investors increase sell momentum - The equities market closed today on a negative note, as NSE ASI depreciated by 1.95% to close at 26,364.27basis points, compared with the 0.35% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.95%. Source Proshare Read More 

Flour Mills of Nigeria Plc - Minutes from Meeting with Management - We met with the management of FLOURMILL earlier today ahead of our update following the release of second quarter result (July to September 2016). Summary of the feedback is that while Q3-17 performance is expected to be affected by the impact of seasonality, there is strong conviction that the company would close 2017F on an impressive note. Specific guidance for revenue and earnings growth was not provided, but both are expected to grow in line with H1-17. Source Proshare Read More 

Naira Recovers on Interbank FX Market - The naira fell briefly to a new low against the dollar on the official market on Tuesday but rebounded after the central bank pumped $1.5 million into the market to stabilise the battered currency. Source Thisday Read More 

Contributory pension scheme enrollees hit 7.2 million - WORKERS that have enlisted into the Contributory Pension Scheme, CPS, have hit 7.2 million, even as no fewer than 170,000 pensioners now receive monthly pensions from the scheme. Source Vanguard Read More 

Dangote plans $20bn investment in Nigeria - The Dangote Group has announced plans to invest $20bn in Nigeria over the next five years.The investment, according to the group, is expected to generate 250,000 jobs over the next five to 10 years. Source Punch Read More 

Dangote refinery to start operation in 2018 - Dangote Group said its 650,000 barrels per day capacity refinery currently under construction in Lagos would come on stream by the end of 2018. Source Punch Read More 

Nigeria agrees to pay $5bn debt to oil companies - Nigeria has reached an outline settlement to resolve a protracted dispute with western energy companies, under which the groups will be paid $5bn to cover exploration and production costs in Africa’s biggest oil-producing nation. Source BUSINESSDAY Read More 

NUPENG warns FG against fuel price hike - An oil workers union, NUPENG, says the Federal Government should not succumb to pressure from some groups to increase pump price of petrol for now. Source Daily Trust Read More 

BoI gives market women soft loan - The Bank of Industry (BoI)  has introduced a soft loan window, termed Marketmoni, through which market women, traders, artisans, enterprising youths, small scale farmers and agriculture workers can access fund to support their business. Source Daily Trust Read More 



ICT contributes 12.6% to GDP in second quarter - As at the end of the second quarter, the Information and Communications Technology (ICT) sector increased its contribution to the country’s nominal GDP by 0.37 per cent, moving from 12.25 per cent in first quarter to 12.62 per cent. Source Guardian Read More 


South Africa's big four banks to see rise in problem loans: Moody's - South Africa's big four banks will see a rise in problem loans in the next 12 to 18 months as the economy struggles to grow, but this poses only a moderate risk to profits, ratings agency Moody's said on Tuesday. Source Reuters Read More 

Egyptian stock index surges to highest since June 2008 - Egypt's blue chip stock index surged in early trade on Tuesday to its highest level since June 2008, buoyed by hopes for inflows of foreign capital after the Egyptian pound was devalued at the end of last week. Source Reuters Read More 

Mozambique's consumer inflation edges up to 25.53 percent in October - Mozambique's consumer inflation edged higher to 25.53 percent year-on-year in October, from 24.92 percent in September, data from the statistics agency showed on Tuesday. Source Reuters Read More 

Ghana, Zambia to adopt Nigeria’s BVN scheme - GHANA’s apex bank, the Bank of Ghana and Bank of Zambia are currently understudying Nigeria’s bank verification number, BVN initiative in order to introduce it into their banking system. Source Vanguard Read More 

Tanzania inflation at 4.5 pct in year to October: stats office - Tanzania inflation was 4.5 percent year-on-year in October, unchanged from September, the statistics office said on Tuesday. Source Reuters Read More 

Global Markets Rocked as Traders See Pathway for Trump Victory - Global markets were thrown into disarray as early results from the U.S. election raised the possibility that Donald Trump will prevail over Hillary Clinton in the race for the presidency, shocking traders who had focused on polls in recent days showing the opposite. Source Bloomberg Read More 

India Abolishes 500 and 1,000 Rupee Notes to Fight Corruption - India will withdraw high-denomination banknotes in the nation’s biggest crackdown against corruption in almost four decades. Source Bloomberg Read More 

Banks in U.K. Paid $42 Billion in Tax Last Year, BBA Study Finds - Banks in the U.K. paid 34.2 billion pounds ($42 billion) in tax in the latest fiscal year, 9 percent more than a year earlier, reflecting an increase in the levy on balance sheets and changes to corporation tax, a report from the British Bankers’ Association showed. Source Bloomberg Read More 

Gold is skyrocketing as Donald Trump closes in on the US presidency - Gold is taking off as the results from the presidential election show the strong possibility that Donald Trump will be the next president of the US. Source Business Insider Read More 


SMEs groan over high cost of doing business - The nation’s bad economic situation and high price of Premium Motor Spirit (PMS), otherwise known as petrol, continue to take their toll on emerging entrepreneurs nationwide, the Daily Trust has learnt. Source Daily Trust Read More 





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