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Nigeria in 1min: Economic, Business & Financial Headlines – 121516



December 15, 2016 7:10 AM / Proshare News 


President Buhari’s 2017 Budget Speech – Full Text - It is my pleasure to present the 2017 Budget Proposals to this distinguished Joint Assembly: the Budget of Recovery and Growth. Source Proshare Read More

Remarks by Speaker Dogara at the Presentation of the 2017 Appropriation Bill - It is a great honour and privilege for me on behalf of our colleagues in the National Assembly to also welcome Mr President, Muhammadu Buhari, GCFR, and his entourage to the National Assembly, on the occasion of the presentation of the 2017 Budget estimates. Source Proshare Read More

Address by Bukola Saraki to the Joint Session of the NASS on The Presentation of the 2017 Draft Bill - It is my pleasure on behalf of my Distinguished and Honourable colleagues to warmly welcome you Mr. President and your entourage to this joint session of the National Assembly. Source Proshare Read More 

Nigeria-Morocco fertilizer deal to save Nigeria $200m, N60bn in subsidy – Buhari - President Muhammadu Buhari said on Wednesday that the ambitious collaboration agreement Nigeria signed with Morocco to revive the abandoned Nigerian fertilizer blending plants would create thousands of jobs and save Nigeria $200 million of foreign exchange and over N60 billion in subsidy. Source BUSINESSDAY Read More 

Minister to give breakdown of N7.30trn budget on Monday - The Minister of Budget and National Planning, Udoma Udo Udoma, will give a breakdown of the N7.30 trillion 2017 budget estimates on Monday, according to a statement. Source BUSINESSDAY Read More 

El-Rufai signs N214b 2017 budget into law - Kaduna State Governor, Malam Nasir El-Rufai, on Tuesday, signed into law the 2017 budget of N214 billion for the fiscal year, after its approval by the State House of Assembly. Source Guardian Read More 

TSA: Kebbi recovers over N31m from 260 dormant accounts - Following President Muahmmadu Buhari’s corruption crusade and implementation of the Treasury Single Account (TSA), Kebbi State said analysis of the returns from the banks from December 2015, indicated that 260 out of 334 active accounts were found dormant with over N31million, while 57 held negative balances. Source Guardian Read More 

Unremitted funds: FG recovers N1.44bn from NEPC, RMRDC, NSC - The Federal Government has so far recovered N1.44bn from three of its agencies alleged not to have remitted their operating surpluses as stipulated by the Fiscal Responsibility Act of 2007. Source Punch Read More 

Port users lament drop in cargo, high import duty -  Stakeholders in the maritime sector have blamed the drop in cargo volume and huge loss of revenue by port and terminal operators on the anti-trade policies of the Federal Government. Source Punch Read More 

Korea Donates Milling Complex Worth $1.6M To Nigeria - The Republic of Korea, through its agency, Korea International Cooperation Agency (KOICA) donated a modern integrated rice milling facility, constructed in Bida to Niger State government recently. Source Leadership Read More 

Air passengers stranded as aviation fuel scarcity bites harder nationwide - Air passengers in Nigeria are stranded at airports nationwide, as airline operators jostle for aviation fuel, amidst scarcity that is getting worse. Source Guardian Read More 


CBN to Nigerians: stop investing in MMM - THE Central Bank of Nigeria (CBN) has once again cautioned the citizenry against investing in the ponzi scheme, Mavrodi Mundial Moneybox (MMM. Source THE NATION Read More 


Bargain hunting drives stocks higher, YTD Loss shrinks to 7.80% - The equities market closed today on a positive note, as NSE ASI appreciated by 1.29% to close at 26,407.64 basis points, compared with the 0.98% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.80%. Source Proshare Read More

Wema Funding SPV Bond Lists on the FMDQ OTC Exchange - Coming shortly on the heels of the listing of the Sterling Investment Management SPV PLC Bond and the pioneer memorandum money market fund, the Greenwich plus Money Market Fund.Source Proshare Read More 

NSE Admits By Introduction N6.3billion Fixed Rate Bond Of WEMA Funding SPV PLC - The Nigerian Stock Exchange announced today, the Listing by Introduction of N6,295,000,000 Series 1:7-Year 18.50% Fixed Rate Bond Due (2023) under the N50,000,000,000 Wema Funding SPV Plc Debt Issuance Programme. Source Proshare Read More 

US Raises Rates by 0.25%, Anticipates 3 Increases in 2017 - Information received since the Federal Open Market Committee met in November indicates that the labor market has continued to strengthen and that economic activity has been expanding at a moderate pace since mid-year. Job gains have been solid in recent months and the unemployment rate has declined. Source Proshare Read More 

India pushes Nigeria for more oil term contract volumes - Despite  the dip in oil industry outlook, Indian state-run oil refiners  are eager for Nigeria to increase its total term contract volumes next year, by more than 20% as demand from the South Asian country climbs. Source BUSINESSDAY Read More 

NPDC loses N1.5tr to attacks on assets - The Nigerian Petroleum Development Company (NPDC), the exploration and production subsidiary of the Nigerian National Petroleum Corporation (NNPC), says it lost N1.5 trillion to attacks on its facilities from January to date. Source Proshare Read More 

Fed Govt is owing GenCos over N400b - The Federal Government is owing power generation companies (GenCos) over N400 billion, Association of Power Generation Companies (APGC) Executive Secretary Mrs. Joy Ogaji has said. Source THE NATION Read More 


Steep Drop in Business Confidence in Q4 2016 - In most economies, Small and Medium Enterprises (SMEs) are regarded as the engine for growth. Based on data in the public domain, SMEs contribute over 50% to Nigeria’s GDP. Source Proshare Read More 

Fidelity Bank wins Bank of the Year 2016, GHANA at 17th Global Banking Awards - Fidelity Bank has emerged as Ghana’s bank of the year at the Banker’s seventeenth (17th) annual Bank of the Year awards held at the Hilton London Bankside on December 07, 2016. Source Proshare Read More 

Malawi November inflation slows to 19.9 percent y/y: official data - Malawi's consumer inflation slowed to 19.9 percent year-on-year in November from 20.1 percent in October, official data showed on Wednesday. Source Reuters Read More 

South Africa's CPI edges up to 6.6 percent year-on-year in November - South Africa's headline consumer inflation accelerated to 6.6 percent year-on-year as expected in November from 6.4 percent in October, data from Statistics South Africa showed on Wednesday. Source Reuters Read More 

IMF cuts Mozambique growth, policy adjustments required for aid - The International Monetary Fund (IMF) cut its 2016 growth forecast for Mozambique further on Tuesday, saying it would require fiscal policy adjustments to pave the way for financial assistance and a recovery program. Source Reuters Read More 

Ghana consumer inflation eases to 15.5 pct in November - Ghana's annual consumer price inflation eased to 15.5 percent in November from 15.8 percent the previous month, driven by lower charges for utility and services, the statistics office said on Wednesday. Source Reuters Read More 

Uganda central bank cuts benchmark lending rate to 12 pct - Uganda's central bank cut its main lending rate on Wednesday to 12 percent from 13 percent, saying there was still a need to boost economic growth. Source Reuters Read More 

Rupee Slides With Indian Bonds as Fed Hike Raises Outflow Risk - The rupee headed for its biggest loss in a month on concern outflows from Indian assets will accelerate after the Federal Reserve raised interest rates and forecast a steeper path for borrowing costs in 2017. Source Bloomberg Read More 

Steinhoff, Shoprite Tumble as Deal Leaves Investors in the Dark - Steinhoff International Holdings NV and Shoprite Holdings Ltd. said they’re in talks to combine their African retail businesses in a deal that left some investors complaining about its complexity and a shortage of details. Source Bloomberg Read More 


BoI unveils N10b agro-equipment loan scheme - The Bank of Industry (BoI), in collaboration with its development partners, has unveiled a-N10billion agro-equipment loan for agricultural service providers and farmers. Source THE NATION Read More 


37 Nigerian ISPs share 390,794 subscribers  - Statistics from the Nigerian Communications Commission (NCC) have shown that 37 Internet Service Providers (ISPs) in the country provide services for 390, 794 subscribers. This excludes the Mobile Network Operators (MNOs) including MTN, Globacom, Airtel and Etisalat, which also provide Internet services. Source Guardian Read More 





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