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Nigeria in 1min: Economic, Business & Financial Headlines – 120417


April 12, 2017 7:00 AM / Proshare News 

#TheBullionLecture2017: Stakeholders explore financing Nigeria’s economic recovery - Exactly a week after the launch of the Economic Recovery and Growth Plan (ERGP) by President Muhammadu Buhari, stakeholders in the financial market and economy explored ways of financing Nigeria’s economic recovery from the current recession, at the 2nd annual lecture at the Centre for Financial Journalism in Lagos. Source Proshare Read More 

External Reserves Rise By $95.9m In 7 Days - The Nation’s external reserves appreciated by $95.9 million in seven days amid increase in global oil price that has climb above $56 per barrel as at yesterday as well as the inflows from the International Money Transfer Operations (IMTOs). Source Leadership Read More 

FG to block N52bn annual leakage with tomato policy - The Ministry of Industry, Trade and Investment (MITI) has announced a new policy for tomato aimed at reducing the N52 billion ($170 million) spent annually on importing 150,000 metric tons of tomato concentrate per annum into the country. Source Daily Trust Read More 

World Bank to establish logistics parks along inter-state roads, railways in Southwest - As part of measures to ensure effective and sustainable maintenance culture in Nigeria and among Nigerians, World Bank has pledged to establish logistics parks that will undertake routine maintenance of road and rail infrastructures which connect states in the Southwest, especially Lagos-Ibadan expressway and other major economic roads and railways. Source BUSINESSDAY Read More 

Gov. Obiano inaugurates $2bn international cargo airport - Gov. Willie Obiano of Anambra has inaugurated an airport city project worth over two billio dollars (N800bn) at Ifite-Umueri in Anambra East Local Government Area of the state. Source BUSINESSDAY Read More 

AFC issues $500m Eurobond - The Africa Finance Corporation (AFC) has issued a $500 million seven-year Eurobond. The senior, unsecured Eurobond which carries a coupon of 3.875 per cent was priced to yield 4.000 per cent and matures in April 2024. Source THE NATION Read More 

2017 budget passage on hold as lawmakers go on Easter Break - Nigeria’s already delayed 2017 budget will see further drawbacks, as the National Assembly goes on a two-week Easter break with the said budget still pending. Source BUSINESSDAY Read More 

11 Companies Default on the filing of 2016 Audited Financial Statements - The Nigerian Stock Exchange (“The Exchange”) hereby informs the general public that the companies listed below have missed the deadline to file their Audited Financial Statements (“AFS”) for the year ended 31 December 2016. Source Proshare Read More 

CBN directs banks to remit 5% of PAT into Agro/SME investment scheme - THE Central Bank of Nigeria (CBN) has directed banks to remit five per cent of their profit after tax (PAT) for investment in the Agricultural/Small and Medium Enterprises Investment Scheme. Source Vanguard Read More 

Forex: CBN opens special window for SMEs - The Central Bank of Nigeria (CBN) has opened a special Forex 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 Proshare Read More

Equities Market Maintains Downtrend as NSEASI Dips Further by-0.58% - Equities market closed today on a negative note, as NSE ASI depreciated by -0.58% to close at 25,478.06 basis points, as against -0.47% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.20%. Source Proshare Read More 

Dangote Sugar Refinery Plc - Update After Speaking with Management - The management of Dangote Sugar Refinery Plc (DANGSUGAR) hosted earnings call with analysts last week to discuss the company’s performance in 2016, update on recent developments, and provide guidance for 2017. Source Proshare Read More  

Restructuring Of REITs And Closed End Funds Listed On The Nigerian Stock Exchange - The Nigerian Stock Exchange (“The Exchange” or “NSE”) is pleased to notify the market about its proposed changes to the framework regarding the trading of Real Estate Investment Trusts (REITs); and Closed End Funds listed on The Exchange. Source Proshare Read More  

NNPC reduces trade deficit by 16% - The Nigeria National Petroleum Corporation (NNPC) has reduced its trading deficit to ₦14.26 billion by January end, down from ₦17.01billion recorded in December 2016, representing about 16 per cent improvement. Source Guardian Read More 

Pipeline vandalism up by 233%, says NNPC - The rate of pipeline vandalism in the country increased by 233 per cent in January this year compared to December 2016, the Nigerian National Petroleum Corporation has said. Source Punch Read More 

Oil in Biggest Rally Since December as Saudis Seen Backing Curbs - Oil is riding the longest winning streak since December on optimism Saudi Arabia will support an extension to OPEC-led output cuts just as U.S. stockpiles show signs of shrinking. Source Bloomberg Read More 

Saudi Arabia Said to Cut Oil Output to Lowest Since January - Saudi Arabia pared its oil production last month to the lowest since January, staying below the output level it pledged to maintain as part of a global deal to reduce crude supplies, according to a person with knowledge of the data Source Bloomberg Read More 

Malabu Oil Asks Court to Stop FG from Signing FID on $13.5bn Oil Project - In a bid to protect its stake in the disputed Oil Prospecting Licence (OPL) 245, Malubu Oil and Gas Limited on Tuesday approached a Federal High Court in Abuja for an order of the court preventing the federal government, Shell Nigeria Ultra-Deep Limited, Shell Nigeria Exploration and Production Company Limited Source Thisday Read More 

Nigeria sold $6.7bn less crude in 2016 - Report - The total value of crude oil sold by Nigeria between January and December 2016 dropped by $6.7 billion from $40.5 billion in 2015 to $33.8 billion; a comparative analysis of official crude oil lifting values published by the Nigerian National Petroleum Corporation (NNPC) has shown. Source Daily Trust Read More  

FG to sue IOCs over $17bn undeclared crude- The Federal Government is considering criminal charges against some international oil companies (IOCs) over billions of dollars from undeclared crude oil proceeds, the Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami, said yesterday. Source Daily Trust Read More 

FG, two firms sign pact on 120mw solar power - The Federal Government has signed a Put and Call Option Agreement (PCOA) with two solar power firms from the 14 firms working to build 1,125megawatts (mw) solar plants in Nigeria. Source Daily Trust Read More 


S.Africa's manufacturing output contracts in February as recession looms - South Africa's manufacturing output plunged in February as a sustained slump in consumer and business confidence hit the economy's second biggest sector, raising worries of a recession. Source Reuters Read More 

Tanzania's economic growth slowed by policy uncertainty, credit squeeze: World Bank - Uncertainty over government policies and a slowdown in the private sector cut Tanzania's gross domestic product growth to an estimated 6.9 percent in 2016 from 7.2 percent the previous year, the World Bank said on Tuesday. Source Reuters Read More 

Ivory Coast consumer inflation falls to 0.4 pct yr/yr in March -  Consumer price inflation in Ivory Coast, the world's top cocoa producer, fell to 0.4 percent year-on-year in March from 1.5 percent in February, data from the National Statistics Institute showed on Tuesday. Source Reuters Read More 

World Bank Cuts Kenya Growth Forecast to 5.5% on Drought, Credit - The World Bank cut its economic growth forecast for Kenya due to a slowdown in the expansion of loans to the private sector and a drought that may hurt output. Source Bloomberg Read More 

New Law to Compel Zimbabwe Banks to Accept Cattle as Collateral - Commercial banks in Zimbabwe will soon be compelled to accept livestock such as cattle, goats and sheep as collateral for cash loans to informal businesses under a new law presented to Parliament Tuesday. Source Bloomberg Read More 

Wal-Mart to Discount 1 Million Online Items Picked Up in Stores - Wal-Mart Stores Inc. will offer discounts on more than a million online-only items that customers then pick up at stores, part of an effort by the world’s largest retailer to challenge Inc. Source Bloomberg Read More 

Stimulating National Savings - National Savings Ratio Estimated at 13.10% in 2016 - According to the U.S Central Intelligence Agency (CIA), National Savings Ratio (NSR) in Nigeria was estimated at 13.10% in 2016. Source Proshare Read More 

Time surely to revisit non-oil tax rates - Gross federally collectible revenue from oil declined by - 28.2% in 2016 to N2.70trn, and that from the non-oil economy by -0.3% to N2.35trn. The fall in oil revenue can be explained by the supply disruptions in the delta and, to a lesser extent, by a modest easing in the average annual oil price. Source Proshare Read More






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