Nigeria in 1min: Economic, Business & Financial Headlines – 150917



September 15, 2017 7:10 AM / Proshare News 

Nigerian Inflation – A Word on Recent Flood Disaster - In early August, Nigeria awoke to severe flooding in Benue and Katsina states, which has also subsisted into September. According to reports, many properties were damaged and thousands (~100,000) were rendered homeless following the overflow of the Benue river. Source Proshare Read More 

Accountant General: FG saves N11bn monthly through TSA implementation - The Accountant General of the Federation, Alhaji Ahmed Idris, has said as at the last count, the Federal Government has been saving N11 billion every month through implementation of Treasury Single Account (TSA). Source Daily Trust Read More 

Adeosun: Nigerian Economy Not Structured to Meet Demographic Needs - The Minister of Finance, Kemi Adeosun, has said the Nigerian economy is not structured to meet demographic needs of the various sectors of the economy, insisting that the oil model-based economy on which the economy was structured, has failed the country, because it never worked. Source Thisday Read More 

At $33bn, External Reserves Hit 31-month High, Oil Rebounds to Five-month High - Nigeria’s foreign exchange reserves have risen to a 31-month high of $33 billion, the Central Bank of Nigeria (CBN) disclosed Thursday. Source Thisday Read More

FG Lost N70bn to Failed Banks - The federal government disclosed thursday that it lost over N70 billion to failed banks. Source Thisday Read More 

95% of importers under-declare goods – Customs boss - The Comptroller-General of Nigeria Customs Service (NCS), retired Col. Hameed Ali, has described lack of trust by importers and traders as the major bottleneck in fast-tracking the clearing of goods in the ports. Source Daily Trust Read More 

Government secures N30b for exploration of new minerals - The Federal Government has secured a N30 billion loan from the National Resources Intervention Fund to implement the roadmap on mining industry.The Minister of Mines and Steel Development, Dr. Kayode Fayemi, disclosed this yesterday at the National Council on Mining. Source Guardian Read More 

PTML Customs records 38.1% increase in August revenue collection - THE Port Terminal and Multi-purpose limited, PTML command of the Nigeria Customs Service, NCS, generated N10.16 billion for the month of August 2017 as against N6.284billion in the corresponding period of 2016, representing an increase of 38.14 percent. Source Vanguard Read More 

N290bn unpaid arrears: FG, ASCSN set up 7 man committee - A MEETING between officials of the Ministry of Labour and Employment, and leaders of the Association of Senior Civil Servants of Nigeria, ASCSN, has resulted to the setting up of a seven man committee to midwife Source Vanguard Read More 

Nigeria faces talent crisis – World Economic Forum  - Nigeria is not equipping its largely youthful population with the necessary skills to enable them create value in the global economy, the latest Global Human Capital Report by the World Economic Forum (WEF) has shown. Source BUSINESSDAY Read More 

Power generation hits all time high of 7001MW - On September 12 this year (2017) Nigeria’s power production reached an all-time peak of 7,001 MW, indicating that Africa’s largest economy now has the capacity to produce more power than it can distribute. Source BUSINESSDAY Read More 


Market Maintains Uptrend as NSEASI Firms Up by +0.55% - Equities market closed today on a positive note, as NSE ASI appreciated by +0.55% to close at 35,660.04 basis points as against +0.19% appreciation recorded previously. Source Proshare Read More

DANGCEM Board Communicates Interest to Acquire Share Capital of PPC Ltd of South Africa - Dangote Cement Plc. (NSE: DANGCEM, “DCP”), Africa’s largest cement producer, has received information that a potential transaction between it and PPC Limited of South Africa (“PPC”) has been represented in a number of media publications as ongoing. Source Proshare Read More

All You Need to Know About Sovereign Sukuk - The Sovereign Sukuk is a non-interest bearing security. It is an obligation of the Federal Government of Nigeria (FGN). Similar to other FGN Securities, the Sovereign Sukuk is being issued by the Debt Management Office through the FGN Roads Sukuk Company 1 Plc. Source Proshare Read More  

Rare Stability in Domestic Debt Stock - The FGN’s domestic debt stock amounted to N12.03trn (US$39.3bn) at end-June, equivalent to 11.9% of 2016 GDP. We view the modest increase of N60bn in Q2 in the context of the DMO’s slowdown in gross issuance at auction from N535bn over the previous quarter to N315bn. Source Proshare Read More  

Pipeline vandalism costs Nigeria 700,000 barrels of oil per day – NNPC - The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said that an average of 700,000 barrels per day (bpd) of crude oil was deferred in 2016 due to pipeline sabotage. Source Daily Trust Read More 

FG Plans New Model to Equalise Gas Prices across Nigeria - The federal government would work out a new gas pricing and supply model – likely to be the type adopted by it to ensure equal pump price for petrol across Nigeria, to get gas to all parts of Nigeria, especially the northern states, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has disclosed. Source Thisday Read More 

US Congressmen Explore Areas of Intervention in Nigeria’s Power Sector - An eight-member Congressional delegation from the United States led by Senator Christopher Coons (D-Delaware), a member of the Appropriations, Foreign Relations, Judiciary, Small Business and Entrepreneurship, and Ethics committees, recently visited Egbin Power Station in Lagos to explore areas of intervention in Nigeria’s power sector. Source Thisday Read More 


China Unlikely to Ban Fossil-Fuel Cars Within 20 Years - China is not likely to be able to achieve a complete ban of sales of conventional fossil-fuel-powered vehicles within the next 20 years, says Fitch Ratings. Source Proshare Read More 

Traders Are Getting Less Excited by North Korea's Provocations - Traders are getting less excited by North Korean provocations, judging by the diminished reactions in financial markets to the dictatorship’s weapons tests. Source Bloomberg Read More 

Egypt budget deficit at 9.5 pct in Q4 FY 2016-17: president - Egypt’s budget deficit stood at 9.5 percent during the fourth quarter of the 2016-2017 fiscal year that ended in June, down from 11.5 percent during the same quarter last year, President Abdel Fattah al-Sisi said on Thursday. Source Reuters Read More 

Egypt Weighs Debut 1.5 Billion Euro-Denominated Bond Sale - Egyptian policy makers are weighing plans to raise 1.5 billion euros from the country’s first sale of euro-denominated bonds, Finance Minister Amr El-Garhy said. Source Bloomberg Read More 

China Sees $19 Trillion in State Assets Defusing Debt Bomb - China's state researchers say government debt isn't as risky as it might look. Source Bloomberg Read More 

Nestle Said to Pay Up to $500 Million to Buy Blue Bottle Coffee - Nestle SA agreed to acquire a majority stake in coffee brand Blue Bottle Coffee as the Nespresso owner seeks to bolster its U.S. presence amid increasing demand for upscale blends. Source Bloomberg Read More 


Internet, mobile tech critical to Nigeria's adoption of disruptive innovation-Brett King - Internet access and growth in the usage mobile phone technology, have been described as greenfield opportunities for Nigeria to adopt disruptive innovation that will lead to a smart economy. Source Proshare Read More

Bitcoin Crashes After Chinese Exchange Says It Will Halt Trading - Bitcoin fell for a fifth day, the longest losing streak in more than a year, after one of China’s largest online exchanges said it would stop handling trades by the end of the month amid a government crackdown on cryptocurrencies. Source Bloomberg Read More

Alphabet Considers Lyft Investment of About $1 Billion - Alphabet Inc. has held conversations with Lyft Inc. about a potential investment in recent weeks, signalling strong support for Uber Technologies Inc.’s main U.S. competitor, according to people familiar with the matter. Source Bloomberg Read More






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