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Nigeria in 1min: Economic, Business & Financial Headlines – 220217



February 22, 2017 7:20 AM / Proshare News 


Nigeria to seek World Bank loan of at least $1 bln: finance minister - Nigeria wants to borrow at least $1 billion from the World Bank, Finance Minister Kemi Adeosun said on Tuesday. Source Reuters Read More

Nigeria says sees no need to go to IMF, plans its own reforms - Nigeria sees no need to apply for an International Monetary Fund programme as it is pursuing its own economic reform plan, Finance Minister Kemi Adeosun said on Tuesday. Source Reuters Read More 

Budget faces hurdle as MDAs fail to provide details - The passage of the 2017 Appropriation Bill by the National Assembly has suffered a setback, The PUNCH has learnt. Source Punch Read More 

Govt’s local debt hits N10.8tn, owes foreign creditors $11.5bn - As of September 30, 2016, the Federal Government’s indebtedness to local creditors stood at N10.8tn, while external debt was $11.5bn. Source Punch Read More 

FG to reduce agencies operating in ports to six - The Federal Government is currently working towards streamlining the number of agencies operating in the nation’s ports to only six from about eight. Source Punch Read More 

CAC delists 38,000 firms for not filing returns - The Corporate Affairs Commission on Tuesday said it had delisted the names of over 38,000 companies from its register for failing to file annual returns. Source Punch Read More 

FG unveils 60-day action-plan for ease of business - The Presidential Enabling Business Environment Council at its expanded meeting chaired by Acting President Yemi Osinbajo yesterday, approved a 60-day national action plan for ease of doing business. Source Daily Trust Read More 

FG scraps special intervention fund for tertiary institutions - President Mohammed Buhari has directed that Tertiary Education Trust Fund’s special intervention funds given to tertiary institutions across the country be excluded in 2017 due to past abuses. Source Daily Trust Read More 

FG spent N1.1trn on debt servicing in 9 months - A document sighted yesterday by our reporter revealed that N1.044 trillion was spent on local debt servicing as against the N980.55 billion appropriated, representing N63.45 billion extra-budgetary expenditure. Source Daily Trust Read More 

FG to inject N500bn into mortgage bank to tackle housing deficit – Minister - The Federal Government says it will inject N500 billion into the Federal Mortgage Bank to enable it meet the housing needs of Nigerians. Source BUSINESSDAY Read More 

FG, States, LGAs Share N465.149bn For February - The Federation Account Allocation Committee (FAAC) on Tuesday shared the sum of N465.149 billion to the three tiers of government from the monthly federal allocations for the month of February. The figure is higher than the N400 billion that was shared in January. Source Leadership Read More 

2017 Budget: National Housing Programme To Gulp N41bn - The Minister of Power Works and Housing, Mr Babatunde Raji has disclosed that the National Housing Programme is expected to gulp about N41 billion from the N64.9 billion budgeted for capital spending in the housing sector 2017 budget. Source Leadership Read More 

‘Nigeria Needs $28bn To Develop Gas Infrastructure’ - The government in conjunction with the private sector would have to source for $28billion to enable it achieve the goal of producing 3million cubic feet of liquefied gas per day. Source Leadership Read More 

Nigeria-South Korea trade volume fell to $1.8bn – Envoy - South Korea has expressed concern over the sharp decline in the volume of bilateral trade with Nigeria, saying it was due to investors’ loss of confidence following the revocation of the Korean National oil Company (KNOC) oil blocs, OPL 321 and 323. Source Daily Trust Read More 

NPC targets informal sector in new pension regime - Energised by the successes recorded by the new pension reform, which led to monumental increment of pension holdings to the tune of N6 trillion, the National Pension Commission (NPC) is set to target the informal sector in the first quarter of 2017. Source Guardian Read More

Hopeful signs on pipeline sabotage - National crude oil and condensate production picked up to 1.92 mbpd in November from 1.78 mbpd. The average for January-November of 1.83 mbpd falls well short of the 2.20 mbpd assumption in the 2016 budget, which explains many of Nigeria’s macroeconomic woes. Source Proshare Read More 

Cotton production suffocating on poor seeds, shrinks market - Nigeria’s cotton industry is fast sliding towards extinction on account of the use of poor seeds and a shrinking local market, despite the incentives of an alluring $3 trillion global industry. Source BUSINESSDAY Read More 

Nollywood’s highest grossing movie hits N450m - Producers of The Wedding Party, a blockbuster Nollywood movie, have officially announced the total box office takings of the movie, which premiered in cinemas across Nigeria late last year. Source BUSINESSDAY Read More 


CBN floods FX market with $500m - The Central Bank of Nigeria (CBN) yesterday intervened in the interbank Foreign Exchange (FOREX) market with $500 million to meet the requests of customers. Source Daily Trust Read More

CBN Special Wholesale Intervention 60 Days Forward - Further to our press release of February 20, 2017, the CBN announces a Special Wholesale Intervention Forward not exceeding 60 days under the following conditions. Source Proshare Read More

Guidelines for the Operationalization of the CBN Policy on PTA and School Fees. - In continuation of the efforts to increase Foreign Exchange availability in the Nigerian Foreign Exchange Market, and the need to ease the difficulties encountered by Nigerians in obtaining funds for some invisible transactions, the Central Bank of Nigeria (CBN) has decided to introduce the following measures. Source Proshare Read More

IOSCO report shows progress made in implementation of Benchmark Principles - The Board of the International Organization of Securities Commissions (IOSCO) today published the Second Review of the Implementation of IOSCO's Principles for Financial Benchmarks in respect of the WM/Reuters 4 p.m. Closing Spot Rate. Source Proshare Read More 


Market Records +0.01% Marginal Gain as Positive Sentiment Persists - Equities market closed today on a positive note, as NSE ASI appreciated by 0.01% to close at 25,249.49 basis points, as against 0.34% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.04%.  Source Proshare Read More 

NSE Increases Listing Momentum, Lists Forte Oil’s N9 Billion Bond - The Nigerian Stock Exchange has listed a firmly underwritten N9billion bond for Forte Oil as part of the planned N50 billion bond issuance programme for the leading energy company. Source Proshare Read More

FMDQ Admits ₦9.00bn Forte Oil PLC Bond - At a ceremony, which held on Tuesday, February 21, 2017, FMDQ OTC Securities Exchange (“FMDQ" or “the OTC Exchange”) commemorated the listing of the Forte Oil PLC ₦9.00bn Series 1 17.50% Fixed Rate Unsecured Bond (Forte Oil PLC Bond), under a ₦50.00bn Bond Issuance Programme to its platform. Source Proshare Read More 

FG orders telecom coys to list on Stock Exchange - THE Federal Government has ordered all mobile telecommunication companies in the country to list their shares on the Nigerian Stock Exchange (NSE) or face sanctions. Source Vanguard Read More

Federal Government Meets Investors on the Issuance of Sovereign Green Bonds - Nigeria’s aspiration to become a green economy inches closer as The Federal Government meet investors and Capital Markets Operators in Lagos for the first ever Green Bonds Conference. Themed “Green Bonds: Investing in Nigeria’s Sustainable Development”, the Conference is organized by the Federal Ministry Source Proshare Read More 

NB Reports Q4 2016 Results as Share Underperform NSE Index; Sheds -19% YTD - Late yesterday Nigerian Breweries (NB) published its Q4 2016 results which showed that both PBT and PAT fell by around 30% y/y to N11.9bn and N8.3bn respectively even though sales grew strongly by 15% y/y to N91.0bn.Source Proshare Read More 

Flour Mills of Nigeria Plc - Notes from 9M 2017 Conference Call - Last Friday, the management of ,FLOURMILL, (FMN) hosted a conference call to discuss its 9M 2017 financial result as well as outlook over the rest of the financial year. Please find below key discussion points from the presentation. Source Proshare Read More 

PFAs Invest N482 Billion of Pension Assets in Equities Market - The value of pension assets invested in the Nigerian equities market rose to N481.8 billion at the end of November, up from N445.88 billion in January 2016. Source Thisday Read More 

Ibadan Disco Blames Inadequate Prepaid Meters on Scarcity of Forex - The Ibadan Electricity Distribution Company (IBEDC) has blamed the inadequate number of prepaid meters in its franchise areas on scarcity of foreign exchange in the country. Source Thisday Read More 

Nigerian Breweries to pay N28.4b dividend - The board of directors of Nigerian Breweries (NB) Plc has approved the distribution of N28.4 billion to shareholders as cash dividend for the 2016 business. The gross dividend however represented 25 per cent reduction in cash dividend, following the same contraction in the net profit of the brewing giant. Source THE NATION Read More 

Fitch Affirms Stanbic IBTC’s National Ratings - International rating agency, Fitch Ratings, has re-affirmed the national ratings of Stanbic IBTC Bank Plc and its holding company, Stanbic IBTC Holdings Plc in spite of the inclement operating environment, market volatility and present recession in Africa’s largest economy. Source Leadership Read More 

Naira Devaluation Bets Surge as Buhari Extends U.K. Sick Leave - Traders increased bets that Nigeria will allow the naira to weaken after the central bank eased some capital controls and President Muhammadu Buhari, who opposes devaluation, extended his sick leave in the U.K. Source Bloomberg Read More

Nigeria tests waters for possible broad naira devaluation - Nigeria effectively devalued the naira for private individuals on Monday, paving the way for a possible broader move despite stiff resistance from President Muhammadu Buhari. Source Reuters Read More 

NNPC admits non-remittance of N23bn NESS fees - The Nigerian National Petroleum Corporation, NNPC, yesterday, admitted that it failed to remit N23.4 billion Nigerian Export Supervision Scheme, NESS, fees, chargeable on crude oil and gas exports since 2008. Source Vanguard Read More 

IMF board to promote Islamic Banking - The executive directors of the International Monetary Fund have adopted a proposal to promote Islamic Banking (IB) due to its popularity in the global financial system Source Daily Trust Read More 

‘Only 3 firms access $600m local content fund’ - Despite the enactment of the Nigerian Content Act in 2010 to jack up local participation in the oil and gas sector, the industry is yet to fully tap  the benefits as outlined by the law, indications have emerged. Source Daily Trust Read More 

Global oil, gas production spending fell by $300bn – OPEC scribe - The global oil and gas production and exploration spending fell by around 26 per cent in 2015 and a further 22 per cent in 2016, both worth above $300 billion, the Secretary General of the Petroleum Exporting Countries (OPEC), Mohammed Sanusi Barkindo, has said. Source Daily Trust Read More 

Discos debt to TCN rise to N107bn - The Transmission Company of Nige­ria (TCN) was owed about N107 billion as at December 2016 as arrears for energy wheeled to the 11 Distribution Companies (Discos) and other electricity industry operators. Source Daily Trust Read More 


Fitch Revises Bank of Industry's Outlook to Negative; Affirms IDR at 'B+' - Fitch Ratings has revised Nigeria-based Bank of Industry Limited's (BOI) Outlook to Negative from Stable, while affirming the Long-Term Issuer Default Rating (IDR) at 'B+'. This follows the recent revision of Nigeria's Outlook to Negative. Source Proshare Read More 

South African retailer Shoprite's profit jumps on Angola, Nigeria - South African retailer Shoprite, which scrapped plans to merge with Steinhoff International on Monday, reported a 15.5 percent jump in half-year profit, buoyed by sharp sales growth in Angola and Nigeria. Source Reuters Read More 

Rosneft Expands in Middle East With Libya and Iraq Oil Deals - Rosneft PJSC, the state-run producer headed by a close adviser of Russian President Vladimir Putin, is expanding its footprint in the Middle East by striking new oil deals with Iraq’s Kurdish region and Libya. Source Bloomberg Read More 

Saudi Aramco Said to Weigh Offering Citizens Discounted Shares - Saudi Arabian Oil Co., gearing up for what may be the world’s biggest initial public offering, is considering offering discounted shares to the kingdom’s locals, according to people familiar with the matter. Source Bloomberg Read More 

Australia Sells A$11 Billion of Bonds in Biggest-Ever Sale - Australia’s government sold A$11 billion ($8.5 billion) of 11-year debt notes in its biggest-ever bond transaction, as investors hungry for higher yields set aside concerns stubborn budget deficits will cost the nation its AAA credit rating. Source Bloomberg Read More 

Hong Kong Forecasts Economic Expansion, to Cut Salary Taxes - Hong Kong’s economic growth may accelerate this year after registering its slowest growth since 2012 last year, Financial Secretary Paul Chan said. Source Bloomberg Read More 

U.K.'s May Faces Brexit Clash After Bill Clears First Lords Test - U.K. Prime Minister Theresa May won the first stage of her clash with Parliament’s unelected upper chamber over her plan to trigger Brexit, but now faces a fight to pass her draft law unchanged. Source Bloomberg Read More 

EU approves €444mn CEF grants - EU member states agreed February 17 on the European Commission’s proposal to invest €444mn in key European energy infrastructure projects, of which just under half on two strategic gas projects. Source BUSINESSDAY Read More






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