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Nigeria in 1min: Economic, Business & Financial Headlines - 110417


April 11, 2017 7:00 AM / Proshare News 


FGN deficit 50% higher in 2016; Widened from N1.50trn to N2.35trn - The FGN deficit widened from N1.50trn to N2.35trn (US$930m) in 2016, and so was comfortably within the 3% of GDP threshold set in the Fiscal Responsibility Act of 2007. Retained revenue was 10.1% lower than the previous year at N2.97trn, and total spending 10.7% higher at N5.32trn.  Source Proshare Read More 

IMF Revises Nigeria’s Growth Outlook Upwards - The International Monetary Fund has revised upwards its economic outlook for Nigeria from 0.2 per cent and 0.7 per cent growth for 2017 and 2018 to 0.8 per cent and 2.3 per cents respectively on increased oil production and improved security in the country. Source Leadership Read More 

FIRS raises N3.3tr in tax revenue - The Federal Inland Revenue Service (FIRS) realised N3.3 trillion in- tax revenue in 2016, the Executive Chairman, Tunde Fowler, has said. Source THE NATION Read More 

FG to Pump N3trn into Bank of Agriculture - The federal government plans to pump N3trillion into the Bank of Agriculture (BoA) with the aim of making farmers have access to fund at an affordable interest rate. Source Thisday Read More 

FG pays power debts as Abuja DisCo gets N374.5m - The Federal Government has commenced payment for electricity bills owed by Ministries, Departments and Agencies (MDAs) as Abuja Distribution Company gets N374.5million. Source Daily Trust Read More 

Nigeria loses N10bn monthly to lack of activity at Tin Can Port II - The Association of Nigerian Licensed Customs Agents (ANLCA), says the Federal Government loses more than N10 billion monthly because of inactivity at Tin Can Port Area two, Lily Pond, Ijora, Lagos. Source Guardian Read More

Stock Market Opens The Week Negative as NSEASI Dips -0.47% - Equities market closed today on a negative note, as NSE ASI depreciated by -0.47% to close at 25,626.37 basis points, as against -0.03% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.64%. Source Proshare Read More 

Invest in FGN Monthly Bond Auction – April 2017 - 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 Source Proshare Read More 

FIDELITYBK declares N9.73 billion PAT in 2016 Audited Results; Proposes 14k Dividend, (SP:N0.84k) - Source Proshare Read More  

Mobil Oil Nigeria Plc - Another IOC Exits Downstream - In Q4 2016, Mobil Oil Nigeria’s (Mobil) results in came in better than expected, boosted by gross margin expansion and improved real estate income which grew 40% y/y to N6.0bn.  Source Proshare Read More 

Fidelity Bank Plc Records Marked Reductions in Loan Loss Provisions in Q4 2016 Results - Late on Friday of last week, the NSE published Fidelity Bank’s (Fidelity) Q4 2016 results which showed that PBT grew markedly by 422% y/y to N1.2bn. However, PAT declined by -53% y/y to N1.5bn mainly due to base effects on the tax line; an income tax charge of -N245m in Q4 2016 compared with a tax credit of N2.2bn in Q4 2015.  Source Proshare Read More 

Dangote To List Refinery, Petrochemical, Fertiliser Plants, Others On NSE - As part of his 60th birthday celebration, yesterday, the past council president of the Nigerian Stock Exchange (NSE), Alhaji Aliko Dangote promised to ensure the listing of Refinery, Petrochemical, Fertiliser Plants, other companies coming up under the Dangote Group of Companies on the Exchange. Source Leadership Read More 

BDCs To CBN: Increase Weekly Allocation To $50,000 - Having received $20,000 allocation in two dollar auctions last week, bureau de change operators in Nigeria are calling on the Central Bank of Nigeria (CBN) to increase their profit margin as well as the volume of dollars they are allocated on a weekly basis. Source Leadership Read More 

Currency Pair to Watch: USDCHF - USD: The Non-Farm Payroll (NFP) figure for March released last week was shocking, as the data was unexpectedly weak and below expectation at 98,000 (vs. forecast of 180,000). The data is surprising, given that the economic data released during the week were strong and also signaled a strong NFP. However, the unemployment level dropped to 4.5% (vs. forecast of 4.7%). Source Proshare Read More 

Forex: CBN opens window for SMEs to buy $20,000 per quarter - The Central Bank of Nigeria, CBN, yesterday, opened a special foreign exchange window for Small and Medium Enterprises, SMEs, to enable SMEs import eligible finished and semi-finished items not exceeding $20,000 for an enterprise per quarter. Source Vanguard Read More 

Nigeria, others to export 1.48m barrels of oil to China - CHINA has concluded plans to import 1.48 million barrels of oil from Nigeria, Angola and other West African nations this month. According to loading programs, overall Asian imports of West African crude are poised to reach 2.4 million barrels a day this month. Source Vanguard Read More 

NNPC Resumes Product Loading At Mosimi Depot - The Nigerian National Petroleum Corporation (NNPC) announced yesterday that loading of petroleum products resumed over the weekend at its Mosimi Area depot in Ogun State, leading to a boost in supply and distribution of products nationwide. Source Leadership Read More 

No import licences for debtor oil marketers – FG - The Federal Government on Monday stated that it would not issue petroleum product import licences to oil marketers who failed to clear their outstanding statutory financial obligations to the Petroleum Equalisation Fund. Source Punch Read More 

MRS opens 120,000mt Tin Can terminal - MRS Oil Nigeria Plc has inaugurated a berthing terminal – Dantata Jetty  – with capacity to berth vessels of 80,000 – 120,000 metric tonnes at the Tin Can Island Port in Lagos. Source THE NATION Read More 

Oil price rises to $56 on Libya, Syria crises - Oil rose toward $56 a barrel yesterday, supported by another shutdown at Libya’s largest oilfield over the weekend and geopolitical tensions following last week’s United States (U.S.) missile strike on Syria. Source THE NATION Read More 

Nigeria’s Local Refining Capacity Grew By 29% In December 2016 – NNPC - The Nigerian National Petroleum Corporation (NNPC) in its latest Monthly Financial and Operations Report for January released in Abuja yesterday revealed that the capacity utilization of its refineries rose to 36.73 per cent in January, 2017, as against 7.55 percent in the previous month of December, 2016. Source Leadership Read More 

FG Sets Three-year Deadline to Reduce Equity in NNPC’s Refineries - The federal government has disclosed that it would in the next three years, tactically cut down its overall equity share in the three of the oil refineries operated by the Nigerian National Petroleum Corporation (NNPC). Source Thisday Read More 

Power Supply Drops Consistently for Two Weeks - Electricity generation has dropped consistently for two weeks, averaging 3,400MW despite the fact that the Niger Delta militants have ceased to attack gas pipelines in recent months, THISDAY’s investigation has revealed. Source Thisday Read More 


NSE Celebrates Dangote as he clocks diamond age of 60 - It was a day full of tributes, best wishes and goodwill messages for Global Industrialist of African descent, Alhaji Aliko Dangote, President, Dangote Industries at the Nigeria stock exchange. Source Proshare Read More 


SEC targets fake stock news on financial websites - The U.S. Securities and Exchange Commission on Monday announced a crackdown on alleged stock promotion schemes in which writers were secretly paid to post hundreds of bullish articles about public companies on financial websites. Source Reuters Read More

Mozambique's central bank cuts key lending rate by 50 basis points to 22.75% - Mozambique's central bank cut its benchmark lending rate by 50 basis points to 22.75 percent, it said on Monday. Source Reuters Read More 

Egypt's inflation surge begins to slow in March - Egypt's urban consumer inflation rose at a slower pace in March and core inflation dipped, the first signs of stabilising prices after the shock from a huge currency depreciation. Source Reuters Read More 

Etisalat Nigeria yet to agree debt deal with lenders - The Nigerian arm of Abu Dhabi telecom group Etisalat is yet to agree a deal on restructuring a $1.2 billion loan with local banks after it missed a payment, a company source told Reuters. Source Reuters Read More 

Australian Business Conditions Jump to 2008 High in Show of Strength - Australian business conditions jumped to the highest level since February 2008, signaling the economy could be set to strengthen. Source Bloomberg Read More 

Tesla Just Passed GM to Become America’s Most Valuable Carmaker - Elon Musk’s Tesla Inc. surpassed General Motors Co. to become America’s most valuable carmaker, eclipsing a company whose well-being was once viewed as interdependent with the nation’s. Source Bloomberg Read More 

Rand Goes From World's Best to Worst on Zuma, Junk Status - South Africa’s rand, which had been the world’s best-performing currency in 2017, gave up all its gains in just a week after President Jacob Zuma recalled Pravin Gordhan from meeting investors in London Source Bloomberg Read More 

Libya Halts Sharara Oil Loadings as Biggest Field Shuts Down - Libya’s biggest oil field stopped producing just one week after it reopened, forcing the OPEC member to declare force majeure at a key export terminal, the latest disruptions to the country’s output and shipments of crude. Source Bloomberg Read More 

Saudis to Seek Bids for 700-Megawatt Wind and Solar Projects - Saudi Arabia will begin seeking bids next week from renewable-energy companies to build wind and solar plants with a combined capacity of 700 megawatts as part of the kingdom’s $50 billion program to boost power generation and cut its oil consumption. Source Bloomberg Read More 

7.49m Nigerians Are Registered Under the National Pension Scheme As At Q1 2017 - NBS - The retirement savings account (RSA) membership distribution data for Q1 2017 reflected that 7,493,590 workers are registered under the pension scheme compared to 7,348,028 registered workers in Q4 2016 out of a total working population of 69,470,901(data for Q1 2017 will be updated as soon as it is available) recorded as at Q4 2016. Source Proshare Read More 


28.6m bank users have BVN - A total of 28,667,139 users of deposit money bank (DBM) accounts in the Nigerian banking system now have their Bank Verification Numbers (BVN) issued by the system. Source Daily Trust Read More


Tax process automation’ll be concluded before Dec – FIRS - Following the commencement of the deployment of the Integrated Tax Administration System in key tax offices in 2016, the Federal Inland Revenue Service said on Monday that it would extend the initiative to all its offices nationwide. Source Punch Read More

ISO Announces New Standards for mBanking - International standards body, ISO has rolled out a new set of specifications for mobile banking aimed at promoting financial inclusion. Source Proshare Read More 

Innovating For The Future: The Next Phase Of Project Innovate - Like all good journeys, let's start at the beginning. The FCA has a strategic objective in law to make markets in financial services work well. Source Proshare Read More  



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