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Nigeria in 1min: Economic, Business & Financial Headlines - 160217


February 16, 2017 7:30 AM / Proshare News  

Rationale For The Economic Recovery & Growth Plan - After more than a decade of steady progress, economic growth has slowed because of both external and internal challenges. Externally, the global economy has remained fragile and flat since the onset of the global financial and economic crisis in 2008. Source Proshare Read More  

Governing Principles of The Economic Recovery & Growth Plan - Economic growth in Nigeria faces various supply constraints including fuel, power, foreign exchange, and even business unfriendly regulation. This Plan focuses on overcoming and resolving these input challenges Source Proshare Read More

CPI Rises to 18.72% in January 2017, 0.17% Higher Than 18.55% December 2016 Rate - The Consumer Price Index (CPI) which measures inflation increased by 18.72 percent (year-on-year) in January 2017, 0.17 percentage points higher from the rate recorded in December 2016 (18.55) percent. Increases were recorded in all COICOP divisions that yield the Headline Index. Source Proshare Read More 

FEC approves N126bn for reconstruction of 12 roads - The Federal Government has approved N126 billion for the reconstruction of 12 roads across the country. Source Guardian Read More

Fitch revises BoI outlook to negative - GLOBAL rating agency, Fitch, Wednesday, revised Bank of Industry’s (BOI) Outlook to Negative from Stable, due to the health of the country’s economy. Fitch, however, reaffirmed the bank’s  National long-term rating  at AA+, as well as its Long-Term Issuer Default Rating (IDR) at ‘B+’. Source Guardian Read More 

Fitch downgrades FirstBank, GTB, Zenith, Diamond to negative - Global rating agency, Fitch Ratings, has downgraded the rating of four Nigerian banks from “stable” to “negative” Source Punch Read More 

Rice importation costs Nigeria $2bn annually- Dangote - The President of Dangote Groups of Companies, Alhaji Aliko Dangote, says Nigerians consume over 6.5 million tonnes of rice annually, less than half of which is produced locally. Source Punch Read More

Budget will determine World Bank loan size – Udoma - The Minister of Budget and National Planning, Udo Udoma, on Wednesday said the size of the 2017 budget that would be passed by the National Assembly would determine the size of the loan the Federal Government would be seeking from the World Bank. Source Punch Read More

OGP in Nigeria: Bold Action For Transformative Results - Nigeria formally joined the Open Government Partnership (OGP) initiative in July 2016, two months after President Muhammadu Buhari reaffirmed his commitment to strengthen anti-corruption reforms at the Anti-Corruption Summit organized by the government of the United Kingdom. Source Proshare Read More 

AMCON seeks private investors for Arik Air - The Asset Management Corporation of Nigeria (AMCON) is shopping for investors for troubled carrier Arik Air. Source THE NATION Read More 

Ogun partners IFAD on cultivation of 8,000 hectares of rice, cassava - The Ogun Government on Wednesday said it was partnering with  the International Fund  for Agricultural Development (IFAD) to cultivate 8, 000 hectares   of  cassava and rice in  2017. Source BUSINESSDAY Read More  

‘Sokoto records N400 million IGR monthly’ - Sokoto’s  monthly Internally Generated Revenue since the coming of present administration ranges between N340 to N400 million. Source Daily Trust Read More 

FG bans open registration of SIM cards; defaulter to pay N5m fine - It is now illegal for telecom operators or their representatives to do registration of SIM cards in an open or ''uncontrolled environment'', an official has said. Source Daily Trust Read More  

Nigeria to spend N120bn in 3 years importing technologies - Nigeria will spend N120 billion within the next three years importing foreign technologies for use in the local economy, Isa Pantami, director-general, National Information Technology Development Agency (NITDA), says. Source BUSINESSDAY Read More


Equity Market Records +0.39% Gain; Halts Downtrend - Equities market closed today on a positive note, as NSE ASI appreciated by 0.39% to close at 25,130.26 basis points, as against 0.84% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.49%.  Source Proshare Read More  

GTBank Appoints Jubril Mobolaji Lawal as an Executive Director - Kindly be informed that, the Board of Directors of Guaranty Trust Bank Plc (“GTBank”) as approved the appointment of MR. JUBRIL MOBOLAJI LAWAL as an Executive Director of GTBank. Source Proshare Read More 

Summary of Auction Results for February 2017 - Successful bids for the 14.50% FGN JUL 2021, 12.50% FGN JAN 2026 and 12.40% FGN MAR 2036 were allotted at the Marginal Rates of 16.5500%, 16.6120% and 16.7700%, respectively. Source Proshare Read More 

Dangote Rice targets 16,000 outgrowers in Sokoto - A tripartite agreement initiated by Dangote Rice Limited to create jobs for 16,000 outgrower rice farmers in Sokoto was signed yesterday, with a pledge by parties to ensure the success of the scheme to make the country self-sufficient in rice cultivation. Source Vanguard Read More 

Naira exchanges at N510/$ at parallel market - The Naira has continued to depreciate at the parallel market in spite of the steady rise in the nation’s foreign reserves. Source Punch Read More 

Oil production now two million barrels daily – Kachikwu - The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, disclosed on Wednesday that crude oil production in the country had risen to two million barrels per day. Source Punch Read More 

Nigeria’s oil export to India falls by 54% - Nigerian oil supplies to India fell by 54 per cent last month from a year ago, following the militant attack on the Trans Forcados Pipeline. Source Punch Read More 

Average Petrol Price Increases to N148.7 in Jan'17 from N146.7 in Dec'16 - Average price paid by consumers for premium motor spirit (petrol) increased by 35.7% year-on-year and 1.35% month-on-month to N148.7 in January 2017 from N146.7 in December 2016. Source Proshare Read More 

Average Diesel Price Increases to N240.52 in Jan’17 from N196.20 in Dec’16 - Average price paid by consumers for automotive gas oil (diesel) increased by 22.56% year-on-year and 50.06% month-on-month to N240.52 in January 2017 from N196.20 in December 2016. Source Proshare Read More 

Average Cooking Gas Price Increases to N2,567.56 in Jan’17 from N2,002.16 in Dec’16 - Average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) increased by 28.24% year-on-year and 39.39% month-on-month to N2,567.56 in January 2017 from N2,002.16 in December 2016. Source Proshare Read More 

Average Kerosene Price Increases to N433.84 in Jan'17 from N231.85 in Dec'16 - Average price per litre paid by consumers for National Household Kerosene increased by 87.12% year-on-year and 93.19% month-on-month to N433.84 in January 2017 from N231.85 in December 2016. Source Proshare Read More 

Oil Closes Near $53 as Record U.S. Supply Counters OPEC Cuts - American crude supplies climbed 9.53 million barrels to 518.1 million, the highest level in weekly data going back to 1982 and more than twice the 3.5 million-barrel gain forecast by analysts surveyed by Bloomberg before a government report Wednesday. Source Bloomberg Read More 

NDPHC expands TCN’s substations - The Niger Delta Power Holding Company (NDPHC) has deployed about 36 Transmission Company of Nigeria (TCN)’s 330kV and 132kV substations across the country. Source Guardian Read More

Inadequate gas supply cuts electricity output by 3,000MW - The Federal Government said the Nigerian electricity sector recorded a shortfall of 3,000 Megawatts (MW) due to inadequate gas supply to power plants. Source Guardian Read More 

Lagos Govt. targets 3,000MW of power in 7 years- Ambode - Governor Akinwunmi Ambode of Lagos State, on Wednesday, said the state government planned to generate up to 3,000 mega watts of power within seven years. Ambode disclosed this in Alausa at the presentation of the Lagos State Embedded Power Technical Committee report, a public and private sector initiative. Source BUSINESSDAY Read More 


NISM launches Lagos Chapter, Harp On Partnerships For Sovereign Economic Growth - The Nigerians in the Square Mile (NISM) an initiative that brings together top professionals based in United Kingdom, launched its Lagos chapter today at the Nigeria stock exchange. Source Proshare Read More 

South Africa watchdog seeks penalty against banks for FX rigging - South Africa's competition watchdog has recommended fines against banks including Citigroup, Nomura and Standard Bank equal to 10 percent of their annual revenues for rigging the rand currency, it said on Wednesday. Source Reuters Read More 

Zimbabwe banks holding $120 million in cash: central bank - Zimbabwean banks are holding $120 million in cash and double that in offshore accounts, the central bank said in a statement on Wednesday, as the country struggles with a persistent shortage of cash. Source Reuters Read More 

Botswana inflation quickens to 3.1 percent y/y in January - Botswana's consumer inflation inched up to 3.1 percent year-on-year in January from 3.0 percent in December, data from the statistics office showed on Wednesday. Source Reuters Read More 

Tale of Two Currencies: A Devaluation Sets Apart Egypt, Nigeria - Back in early November, Egypt and Nigeria were in the same situation, crying out for dollars to revive their sinking economies and trying to curb rampant currency-trading on the black market Source Bloomberg Read More 

Malaysia's GDP Growth Beats Estimates on Household Spending - Malaysia’s economy grew faster in the fourth quarter than economists estimated as stronger household spending helped counter falling government expenditure. Source Bloomberg Read More 

From Underdogs to Overheated: Chinese Banking Stocks Are Surging - Take Agricultural Bank of China Ltd. After falling by an annual average of 2.7 percent since its Hong Kong listing in 2010, the cooperative lender has climbed 14 percent in a blistering eight-day rally. Bank of China Ltd., priced well below the value of its net assets for the past 1 1/2 years, is now soaring to levels last seen in August 2015. Source Bloomberg Read More 

Aussie Unemployment Rate Falls Despite Full-Time Jobs Plunge - Australia’s unemployment rate unexpectedly fell in January, despite a plunge in full-time jobs, underscoring the mixed picture of the country’s labor market. Source Bloomberg Read More 

U.S. Equities Advance for Seventh Day as Bank Stocks Rally - U.S. stocks climbed for a seventh straight session as rallying financial shares added momentum to an advance that sent seven of 11 sectors higher on the day, capping the longest streak of gains since September 2013. Source Bloomberg Read More 

European Stocks Rise for 7th Day as Banks Lead Gains on Yellen - European stocks capped their longest winning streak in almost 19 months, joining a global equity rally fueled by Federal Reserve Chair Janet Yellen’s stance that more interest-rate increases would be appropriate if the world’s largest economy stays on course. Source Bloomberg Read More 

Request for and Properties Available for Sale
- Prospective sellers and buyers are hereby notified of request for properties and also properties available for sale. Kindly, make use of the contact details below to discuss the availability of property or specifics of your circumstance. Also, do remember to contact your financial advisor before making any commitment. Source Proshare
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More Taxpayers Rather Than Higher Rates - A statement by the federal minister of budget and national planning, Udo Udoma, to the National Assembly on Monday noted that the 2017 budget proposals do not incorporate any increases in tax rates. Source Proshare Read More 

Average Intracity Transport Fare Increases to N122 in Jan'17 from N84.29 in Dec'16 - The transport fare watch report for January 2017 covers the following categories namely bus journey within the city per drop constant route; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (okada) per drop; and water way passenger transport. Source Proshare Read More 

Most Expensive Valentine’s Day In Eleven Years? - Earlier in the day, the National Bureau of Statistics (NBS) reported that inflation printed 17bps higher from prior reading to 18.7% YoY over January 2017 – with MoM reading at 1.0% (vs. 1.1% in prior month’s reading). Over the period, inflationary pressure largely reflected sharp depreciation of the naira, which we reckon made this year’s Valentine the most expensive in eleven years using the headline inflation reading as a proxy. Source Proshare Read More 

BoI, Bayelsa unveil N2b MSME matching fund - The Bank of Industry (BoI) and Bayelsa State government have unveiled a N2 billion Micro Small and Medium Enterprise (MSME) matching development fund to support entrepreneurs in Bayelsa as part of efforts to encourage value-addition to the nation’s natural resource endowments. Source Guardian Read More  



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