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Nigeria in 1min: Economic, Business & Financial Headlines – 091216



December 9, 2016 6:30 AM / Proshare News 


Gross Official Reserves Picked Up by US$820m in November 2016 - CBN data show that gross official reserves picked up by US$820m in November on a 30-day moving average basis to US$24.8bn. The monthly average movement has been an outflow of US$430m over the past 12 months. Source Proshare Read More 

November Inflation Rate to Increase Further to 18.45% - We expect the November 2016 inflation rate (year-on-year) to increase further to 18.45% from 18.33% recorded in the month of October 2016. Source Proshare Read More 

Budget: FG cuts Customs projected revenue by N49bn - The ban on vehicle importation through the land borders as well as the review of other fiscal items may have forced the Federal Government to reduce the projected revenue from the Nigeria Customs Service by N48.8bn in the 2017 fiscal period. Source Punch Read More 

Yuletide: Tin-Can Customs Generates N25.7bn In November - Despite the fact that the Nigeria economy has gone into recession, the Tin-Can Island Command of the Nigeria Customs Service (NCS) generated N25.7 billion in the month of November, 2016, as disclosed by the customs area comptroller (CAC), Bashar Yusuf, during a session with some stakeholders in his office recently. Source Leadership Read More 

FG’s borrowings targeted at infrastructure projects – Udoma - The Minister of Budget and National Planning, Senator Udo Udoma, on Thursday said that the borrowings of the Federal Government would be used to fund critical infrastructure projects across the country. Source Punch Read More 

FG Gives Airlines January Deadline to Automate Payment Charges to Agencies - In order to stem the frequent indebtedness of Nigerian airlines to aviation, the federal government had given January 1, 2017 as deadline for the automation of payment system of the airlines. Source Thisday Read More 

Cross River targets 500,000MT annual cocoa production - The Cross River State Government says it is set to boost its revenue profile with 500,000 metric tonnes of cocoa production annually. Source Punch Read More 

Senate proposes N1.4tr for constituency projects - A bill seeking to set aside 20 percent of the country’s annual budget for constituency projects scaled through second reading at the Senateyesterday. Source Daily Trust Read More 

Lagos to sell rice N13,000 from next Thursday - The Lagos State Government on Thursday said it was ready to roll out Lake Rice on Dec. 15 to Lagosians at N13,000 per 50 kg towards the Yuletide celebrations. Source Daily Trust Read More 

Ogun Ministry of Agriculture to spend N5.7bn on capital projects in 2017 - Ronke Onadeko, the Consultant to the Governor on Agriculture, on Thursday said that the ministry had proposed to spend N5.7 billion on capital expenditure in 2017 to improve agricultural production in the state. Source BUSINESSDAY Read More

Music industry loses $1bn to infringement on public performance license - Due to unchecked infringements on music content and copyright related issues by many establishments across the country, the Nigerian music industry is losing an average of US$1 billion annually. Source BUSINESSDAY Read More 

‘Nigeria’s GDP will get $88b boost with digital financial services’ - With improved and consistent adoption of digital financial services in the country’s payment system, about $88 billion will be added to Nigeria’s Gross Domestic Product (GDP) by 2025. Source Guardian Read More 

DMO raises N1.18tr to fund economy - The Debt Management Office (DMO) says it has raised the entire N1.18 trillion domestic component of the 2016 approved borrowing to fund the economy this fiscal year. Source THE NATION Read More 

UN Report: Africa Lost $580bn in Six Years to Gender Inequality - The pervasive gender gap in economic activities is constraining the African continent from achieving its full economic potential, averaging a loss of about $95 billion annually or $580 billion in sub-Saharan Africa since 2010. Source Thisday Read More 


Credit to corporate sector to increase in 2017 — CBN - The Central Bank of Nigeria has said the overall availability of credit to the corporate sector is expected to increase further in the first quarter of 2017. Source Punch Read More 


Nigerian stocks get lift from bellwethers, NSE-ASI extends uptrend - The equities market closed today on a positive note, as NSE ASI appreciated by 0.25% to close at 25,739.18 basis points, compared with the 0.01% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.14%. Source Proshare Read More

Total Nigeria Q3 2016 Results Review - Underperform Rating Maintained - In Q3 2016, Total Nigeria’s (Total) sales were up 58% y/y to N74.7bn while PAT grew faster. Similar to the trend observed for peers, key P&L lines declined q/q, driven by a -415bp q/q gross margin contraction. Source Proshare Read More 

Mobil Oil Nigeria Q3 2016 Results Review - Event Driven Rally for Mobil Shares - In Q3 2016, Mobil Oil Nigeria (Mobil) delivered stellar y/y earnings growth. However, the q/q trend, which showed declines for key P&L line items, provides a better pointer for Q4. Q3 sales and earnings both declined by 22% q/q and 49% q/q respectively, reflective of lower product volume sales following petroleum product price increases in Q2. Source Proshare Read More 

Nigeria's naira seen steady from diaspora dollar inflows - Nigeria's naira is likely to tread water next week on dollar inflows from Nigerians visiting home during the holidays against waning demand, while the Kenyan shilling could weaken as the flow of greenbacks dries up. Source Reuters Read More 

India Seeks to Import 11m Metric Tonnes of Nigerian Crude in 2017 - Barely one month after the Minister of State for Petroleum, Dr. Ibe Kachikwu, negotiated a $15 billion crude-for-cash swap deal with India that would see the Indian government making an upfront payment to Nigeria for crude purchases Source Thisday Read More 

Nigeria Loses $200bn Investments - Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) says Nigeria has lost 200 billion dollars of investments due to its inability to legislate the proposed reform in oil and gas. Source Leadership Read More 

GENCOs, DISCOs Lose N809.8bn To Forex Crisis - Power generation companies and distribution companies (GENCOs and DISCOs) have recorded a shortfall of N809.8 billion as at November due to scarcity of foreign exchange. Source Leadership Read More 

Electricity suppliers say operating at loss - The Association of Nigerian Electricity Distributors (ANED) has said the 11 Distribution Companies (DisCos) are losing over N10 for every kilowatt hour of electricity they supply to customers Source Daily Trust Read More 

Nigeria has over 22 million unregistered electricity consumers - Nigeria currently has over 22 million unregistered electricity consumers, Director General of the National Power Training Institute of Nigeria, Engr. Rueben Okeke, said on Thursday. Source Punch Read More 

NERC fines TCN N47.6m for infractions - The Nigerian Electricity Regulatory Commission has slammed a N47.6m fine on the Transmission Company of Nigeria for various regulatory breaches. Source Punch Read More 



Namibia's economic growth to slow sharply in 2016 - IMF - Namibia's economy growth will slow to 1.6 percent this year from more than 5 percent in 2015 after a contraction in the mining sector and reduced government spending, the International Monetary Fund said on Thursday. Source Reuters Read More 

Zimbabwe sees 2016 budget deficit nearly 800 pct higher than forecast - Zimbabwe expects its 2016 fiscal budget deficit to widen to $1.18 billion, nearly eight times more than it forecast a year ago, Finance Minister Patrick Chinamasa said in a budget speech on Thursday. Source Reuters Read More 

Tunisia's foreign loan needs to rise to $3.71 bln in 2017 -minister- Tunisia will need $3.7 billion in foreign loans in 2017, its finance minister said on Thursday, $1 billion more than anticipated two months ago, to offset declining tax revenues and increasing spending. Source Reuters Read More 

Tanzania aims for debut Eurobond in 2017/18 - ministry- Tanzania aims to issue its first Eurobond in fiscal 2017/18 to fund new infrastructure, the Finance and Planning Ministry said on Thursday, after repeated delays in the launch as it sought a credit rating. Source Reuters Read More 

Egypt's core inflation jumps to 20.73 pct in Nov from 15.72 pct in Oct -Egypt's annualised core inflation jumped to 20.73 percent in November from 15.72 percent in October, the central bank said on Thursday. Source Reuters Read More 

Oil Climbs With Dollar as Gold and Won Slip; Asian Stocks Swing - Crude oil rose a second day before a meeting between OPEC and other major producers on output cuts, as gold slumped. Asian stocks fluctuated at the end of their best week since September, while bonds and the Korean won declined as the dollar strengthened. Source Bloomberg Read More 

China Factory Prices Jump 3.3%, Lifting Global Inflation Outlook - China’s factory-gate inflation rose to the highest since late 2011, helping to sustain prices around the world. Consumer prices picked up on rising food costs. Source Bloomberg Read More 


Islamic Development Bank Lists USD$1.25Bn Sukuk On Nasdaq Dubai - The Islamic Development Bank (IDB) listed a 1.25 billion US dollar Sukuk today on Nasdaq Dubai, the region’s international financial exchange. Source Proshare Read More 


NCC settles N10.5bn interconnect indebtedness - Communications Commission (NCC), has said that about N10.5 billion has been paid through the agency’s intervention on interconnect indebtedness. Danbatta made the fact known  at the ”Telecoms Executives and Regulator Forum (TERF)”, organised by the Association of Telecommunications Companies of Nigeria (ATCON) in Lagos on Thursday. Source BUSINESSDAY Read More 






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