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Nigeria in 1min: Economic, Business & Financial Headlines – 191216




December 19, 2016 6:00 AM / Proshare News 


External reserves hit $25bn, first time in 3 months - Nigeria’s foreign currency reserves or external reserves peaked to $25.04 billion  as at Thursday last week for the first time in three months. Source Daily Trust Read More

Nigeria: FY17 Budget - Ambitious Revenue Target - Nigeria’s strategy to get the economy out of recession is captured by the following phrase: ‘grow what we eat, and consume what we make’. With this phrase, President Muhammadu Buhari presented a FY17 budget outlining expenditure of NGN7.3trn, a 20% increase vs the FY16 projection. Source Proshare Read More 

Prices of Christmas Sensitive Staple Foods Remain Sticky Downwards  - Oil prices reached the highest level this year in an inter-day trade of $58pb, following a deal by oil producers, before closing lower at $53.50pb. Source Proshare Read More 

UK to invest $1bn in Nigeria’s transport sector - Firms from the United Kingdom have revealed plans to invest over $1bn (about N305bn) in the transport sector of the Nigerian economy. Source Punch Read More 

FG Begins Property Audit In MDAs - The federal government said it has commenced an audit of its property in ministries, departments and agencies (MDAs). Source Leadership Read More 

Unless we achieve 30% local content, we won’t have Nigeria-made vehicles — VON MD - The Managing Director, Volkswagen of Nigeria Automobile Limited, Mr. Tokunbo Aromolaran, talks about the local auto industry and sundry issues with ANNA OKON Source Punch Read More 

Agriculture bank disburses N21.5bn to Nigerian farmers - The Bank of Agriculture (BOA) has disbursed more than N21.5billion to farmers nationwide in an empowerment initiative involving no fewer than 107,200 households. Source Punch Read More

Buhari to launch N10 billion agric fund for women - President Muhammadu Buhari will, on Wednesday, launch a N10 billion agriculture environmental impact fund to support women farmers to increase access to food production. Source THE NATION Read More 

Dollar squeeze: Imports down 76% at Christmas - A few days to the Christmas and New Year celebrations, importation of items such as Sports Utility Vehicles, jewels, industrial supplies, food and non-African fabrics, which typically characterise the season, has reduced drastically. Source BUSINESSDAY Read More 

Kwara Assembly to Adopt Zero Budget Template in Passing 2017 Budget into Law - Ahead of the presentation of the 2017 budget to the Kwara State House of Assembly by Governor Abdulfatah Ahmed, members of the assembly have said that they will adopt zero budgeting template to ensure value for all funds appropriated and passed into law. Source Thisday Read More 

Rising inflation: Institutional Investors push for higher yields - Rising inflation in Nigeria is making institutional investors demand higher yields (returns) on treasury bills and bonds on offer from the Central Bank of Nigeria (CBN) and the Debt Management Office (DMO). Source BUSINESSDAY Read More 

Nigeria spends N3.4tn to import rice, fish, others annually - Nigeria spends about N3.4tn annually on importation of four food items – rice, wheat, fish, and sugar – statistics obtained from the Central Bank of Nigeria have shown. Source Punch Read More 


Monetary authorities faced with very difficult choices – CBN - Monetary authorities in Nigeria are currently being faced with very difficult choices in the trade-off between tackling inflation, supporting growth and exchange rate stability, the Deputy Governor, Economic Policy, Central Bank of Nigeira, Sarah Alade, has said. Source Punch Read More 

NDIC to Nigerians: stay away from ‘wonder banks’ - The Nigeria Deposit Insurance Corporation (NDIC) has warned Nigerians, especially those investing in “wonder banks”, to desist from such investments. Source THE NATION Read More 


Sentiment Analysis Report – W/E December 16, 2016 - Analysis of the market activity in the week ended December 16, 2016 technically revealed growing optimistic trading pattern while investors displayed improved bargain hunting in the week. Source Proshare Read More

Air Liquide Plc Authorises the Dematerialisation of its Shares - The secretaries to Air Liquide Nigeria Plc, Marina Nominees Limited located at 233 Ikorodu Road, Ilupeju Lagos have been authorised by the company to dematerialise all shares of its shareholders in usual collaboration with the central market registrar –Central Securities and Clearing System Plc. Source Proshare Read More

Top Five Gainers and Losers on NSE in 2016 - Market YTD Performance as at 16th December 2016 stands at -6.76% as market sentiment was in the negative territory in most trading days of the year 2016. Source Proshare Read More

Movers and Shakers in 2016 -GUARANTY, SEPLAT Record Growth in Market CAP as FO, WAPCO Lead Otherwise - Movement in the market capitalization of NSE quoted firms gives insight as to how the Exchange has performed in the course of its daily trading activities. Source Proshare Read More

Transaction in FMDQ OTC market hits N9.40trn in November - Transactions in Over-the-Counter, OTC market rose by 17.88 per cent to N9.40 trillion, last month  cent  compared to value recorded in the previous month. Source Vanguard Read More 

Nigeria interbank lending rate eases on budget cash injections - Nigeria's overnight lending rate fell this week to around 3 percent on Friday from an average of 3.9 percent a week ago on expectations that budget cash will be injected into the banking system on Friday or Monday, traders said. Source Reuters Read More

Nigeria's distributable revenue fell by 7.8 percent in November - Nigeria's distributable revenues to the government fell in November by 7.8 percent to 387 billion naira ($1.27 billion) as militant attacks shut down Niger Delta oil pipelines and cut earnings, the accountant general has said. Source Reuters Read More 

Banks need fresh capital, creativity to weather recession – NDIC - Nigeria Deposit Insurance Corporation (NDIC) has said that banks need additional capital combined with creative products and services to weather the impact of the ongoing economic recession. Source Vanguard Read More 

Qatar National Bank raises stake in Ecobank - Qatar National Bank (QNB) has increased its stake in Ecobank Transna-tional Incorporated (ETI) by more than 60 per cent in the past two years. Source THE NATION Read More 

NPA to write off N119bn ‘bad debts’- THE management of Nigerian Ports Authority (NPA) has written off N119 billion  bad debts. Source Vanguard Read More 

Joint Ventures financing gulps N7.5trn in 5 yrs - NEITI - The Nigeria Extractive Industries Transparency Initiative (NEITI) has  lauded the federal government for terminating the  cash call payments on Joint Venture (JV) agreements with major international oil companies (IOCs) saying N7.5 trillion was spent on financing the arrangements in five years. Source Daily Trust Read More

NUPENG to begin 3-day nationwide warning strike on Jan. 9 - The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) members would begin a three-day nationwide warning strike by Jan. 9 2017, against the anti-labour practice of International Oil Companies (IOCs). Source Daily Trust Read More 

NNPC HQ targeted N912m, posted zero revenue in October - The corporate headquarters of the Nigerian National Petroleum Corporation did not generate any revenue in October 2016 and failed to contribute any amount to the group purse for the month. Source Punch Read More 

India, Europe slash imports of Nigerian oil - Nigeria’s crude oil exports dropped by about 11 per cent in the third quarter of the year as India and some European countries slashed their imports in September. Source Punch Read More 

OPEC Deal Leaves Oil Investors Most Optimistic Since Slump Began - Money managers boosted bets on rising West Texas Intermediate crude prices to the highest level since July 2014 after the Organization of Petroleum Exporting Countries and producers outside the group agreed to coordinate crude production cuts. Source Bloomberg Read More

Oil Extends Advance Above $52 as Libyan Output Comeback Stalls - Oil extended its gains above $52 a barrel as a planned production boost from Libya stalled amid continuing tension in the OPEC member exempt from agreed output cuts. Source Bloomberg Read More 

Transmission System Stability Not Guaranteed Below 3,000MW, Says TCN - The Transmission Company of Nigeria (TCN) has stated that the stability of the transmission network cannot be guaranteed whenever power generation drops below 3,000 megawatts. Source Thisday Read More 


World Bank units add $517 mln to Ghana oil, gas project financing - The World Bank Group said on Thursday it two of its units would provide another $517 million to Ghana in debt and guarantees to support the $7.7 billion Sankofa oil and gas project developed by Italy's ENI SpA and upstream trader Vitol Ghana. Source Reuters Read More

Yields rise on Egypt's three, nine-month T-bills in weekly auction - Yields on Egypt's three- and nine-month Treasury bills rose at an auction on Sunday, central bank data showed. Source Reuters Read More

Scotland Threatens to Leave U.K. If Forced Out of Single Market - Scotland will hold a new referendum on separation from the U.K. unless it can stay in the European Union single market, Nicola Sturgeon will warn this week, adding to the pressure on Theresa May as the U.K. prime minister draws up plans for Brexit. Source Bloomberg Read More

China Home-Price Growth Slows as Property Curbs Dent Demand - China’s overheated property market continued to cool in November as authorities rolled out renewed home-buying curbs to deflate a housing bubble. Source Bloomberg Read More


Recession, Inflation and How to Insulate Yourself in 2017 - Rising Inflation is one battle every one of us needs to brace up for in year 2017- The cost of living is rising faster, going by inflation statistics. Everybody would be affected by price increase, averaging 14.13% in the last 12months. Source Proshare Read More 


BoI okays N10bn for SMEs in agric sector - The Bank of Industry has signed a Memorandum of Understanding with three international development partners for the growth of the country’s agricultural sector. Source Punch Read More 

BoI Disburses Over N30m To MSME In Osun State - As part of measures to check mate the rising unemployment rate in the country, the Bank of Industry (BoI) has disbursed over N30 million to youths in Osun State. Source Leadership Read More






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