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Nigeria in 1min: Economic, Business & Financial Headlines – 221116



November 22, 2016 7:10 AM / Proshare News 


Nigeria's GDP Declines to -2.24% in Q3'16 from -2.06% in Q2'16; Lower by 0.18% - In the third quarter of 2016, the nation’s Gross Domestic Product (GDP) contracted by -2.24% (year-on-year) in real terms. This was lower by 0.18% points from growth recorded in the preceding quarter and also lower by 5.08% points from growth recorded in the corresponding quarter of 2015. Quarter on quarter (unadjusted for seasonality), real GDP increased by 8.99% Source Proshare Read More 

Nigeria GDP could expand 2.5 pct next year if oil output rises: Moody's - Nigeria's economy can expand by 2.5 percent next year, rebounding from a recession entered in the second quarter, as long it can keep oil output at 2.2 million barrels per day, a senior Moody's analyst said. Source Reuters Read More

Budget 2016: FG spends N3.577tr in 9 months— Udoma - The Minister of Budget and National Planning, Senator Udoma Udo Udoma, yesterday, said that the Federal Government has spent N3.577 trillion as at September out of the N6.06 trillion budgeted for 2016. Source Vanguard Read More 

FG Steps up Policies, Initiatives to Address Real Sector Challenges - The federal government has stated its commitment to policies, initiatives and programmes to address the challenges facing manufacturers in the country. Source Thisday Read More 

FRC Releases Rule Nine for Auditors - The Financial Reporting Council of Nigeria (FRCN) in its determined effort to entrench transparency and probity in the nation’s financial sector has released Rule 9 bordering on the application of International Standard on Auditing (ISA) 701,which hinges on the need for Independent auditors to communicate Key Audit Matters (KAM) in their report. Source Thisday Read More 

Enugu Free Zone Attracts N240bn Foreign Direct Invesment - The Federal Government’s economic diversification programme may have recorded a head-start as investment groups gather for the ground breaking ceremony of the Enpower Free Trade Zone (ENPOWER FTZ) scheduled by the end of this month with a target to attract N240 billion Foreign Direct Investment (FDI) and 20,000 jobs. Source Thisday Read More 

FG spends N1bn out of N500bn social welfare funds - The Federal Government has spent less than N1 billion out of the 500billion earmarked for social intervention programmes in the 2016 budget. Source Daily Trust Read More 

German firm to invest N186bn in solar - With the ongoing efforts of the Federal Government to rebuild the towns and communities destroyed by Boko Haram insurgents in the North East zone, a German firm, LTI Re Energy and its Nigerian partner, NIGUS International, have sealed an agreement to light up the zone through renewable energy resources. Source Vanguard Read More 

‘44 solid minerals untapped in Nigeria’ - The President of Nigerian Society of Chemical Engineers (NSChE), Prof Emenike N. Wami, says there are 44 solid minerals spread across Nigeria which if harnessed can yield revenues for the country. Source Daily Trust Read More 

34.2m small, medium businesses not registered – NASME - The Nigerian Association of Small and Medium Enterprises (NASME) has revealed that 34.2 million small and medium businesses are not registered with the Corporate Affairs Commission (CAC). Source Daily Trust Read More 

Textile Feeling the FX Pinch too - The “textile, apparel and footwear” sub-sector remains the second largest contributor to the manufacturing sector, with a total output of N465bn (US$1.5bn) in Q2 2016 or 21.7% of manufacturing GDP. However, the segment is still performing below its full potential. Source Proshare Read More

Manufacturers say they are at tipping point - These are not the best of times for Nigerian manufacturers as they battle with the foreign exchange crunch, rising costs of inputs and declining demand. Source BUSINESSDAY Read More 

Shortage of forex pushes small-scale textile merchants out of business in Kano - The inconsistent Federal Government policy as it affects foreign exchange, is crippling socio-economic activities in  commercial of Kano, one of Nigeria’s leading business cities. Source BUSINESSDAY Read More 

Ebonyi bans sale of foreign rice in markets - The Ebonyi Government is to enforce its ban on the sale of foreign rice in markets and other outlets in the State. Source Guardian Read More 


Emefiele's prognosis on the Nigerian Economy and Policy options - Good evening ladies and gentlemen. The story was once told of a man who has been married to his wife for over 20 years and was very proud of how delicious his wife’s food always tastes. Wherever he went and whenever he could, this man would not miss an opportunity to boast about the cooking skills of his wife. Source Proshare Read More 

Personal Statements by the MPC Members at the 109 MPC Meeting of Sep 19-20 2016 - An assessment of the latest macroeconomic data reveals intensification of key challenges confronting the economy since the beginning of the current fiscal year. Inflation continued its upward trend for eight consecutive months with headline inflation accelerating to 17.61 percent in August 2016 while the 2016Q2 output growth at -2.06 percent confirmed the widely held speculation that the economy is in recession. Source Proshare Read More 

Rising Inflation Rate - Will MPC Change Stance? - We expect the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to hold rates when it meets on November 21-22, 2016. Source Proshare Read More 

MPC May Hold Policy Levers But FX Change Required - Monetary Policy Committee (MPC) meeting comes at a pivotal time. With fiscal policy in the throes of reflating the economy (N3.7 trillion or c.80% of pro-rated budget spending disbursed as at Q3), the two key policy paradigms of the Federal Government (FG) are able to work simultaneously – a privilege previously denied as a result of earlier budget delays. Source Proshare Read More 

Access Bank Plc Expects MPC to Retain MPR at 14% - The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) will hold its final meeting for the year on the 21st and 22nd of November 2016. As usual the MPC will consider the domestic and international economic and financial market conditions, following which it will announce changes - or lack thereof - to monetary policy.  Source Proshare Read More 


Stocks remain battered as economy dips further by 2.24% - The equities market closed today on a negative note, as NSE ASI depreciated by 0.15% to close at 25,499.00 basis points, compared with the 0.24% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.97%. Source Proshare Read More

Access Bank Plc - Key Takeaways from Investor Conference - ACCESS organized its first investor conference in Nigeria tagged “Leading through Innovation – A path to competitiveness and sustainability” during which management gave an update on the bank’s medium term strategy and shared its near term targets with analysts and investors. Source Proshare Read More 

New Authorised Traders Admitted to NASD OTC Market - We are pleased to welcome the three (3) Authorised Traders who have completed their induction during the course of the week. Source Proshare Read More 

Fitch Revises Down Support Rating Floors of 10 Nigerian Banks - Fitch Ratings has revised down the Support Rating Floors (SRFs) of 10 Nigerian banks to 'No Floor' and downgraded nine banks' Support Ratings (SRs) to '5' following a reassessment of potential sovereign support for the banking sector. Source Proshare Read More 

Access Bank Commences Book Building for N100bn Commercial Paper - Access Bank Plc is in the process of launching a Commercial Paper (“CP”) Issuance of up to N100 Billion across three tenors – a  (i) a 90-day CP (“Series I”), (ii) a 180-day CP (“Series II”), and (iii) a 270-day CP (“Series III”) (collectively referred to as “the Issuance”) under their N100 billion CP Issuance Programme. Source Proshare Read More 

Dangote Begins In-country Coal Mining, Ends Importation - Dangote Cement Industries has said it will commence the mining and sourcing of coal for its cement production within Nigeria in the next two and half months, thus putting an end to its importation of the mineral from foreign sources. Source Thisday Read More 

Banks to set aside $2.2bn for oil contractors support fund - Shell Companies in Nigeria, supported by the Nigerian National Petroleum Corporation (NNPC) has signed Memoranda of Understanding (MoUs) with eight Nigerian banks under the refreshed Shell Contractors’ Support Fund, aimed at improving  access to finance for Nigerian vendors and suppliers in the oil and gas industry. Source Daily Trust Read More 

Marketers say FG still paying petrol subsidy - The federal government is currently subsidising petrol because the Nigerian National Petroleum Corporation (NNPC) which supplies more than 70 per cent of fuel consumed in the country is doing so at a loss under the current foreign exchange regime. Source Daily Trust Read More 

Nigeria needs $14bn in new investment to raise oil output – Shoreline MD - Nigeria needs at least $14 billion a year in new investments over the next five years to raise oil output to 2.2 million barrels a day (bpd) which is the national budget output benchmark, the Managing Director of Shoreline Natural Resources, an independent oil producing company, Ladi Bada, has said. Source Vanguard Read More 

NNPC spends $2.94bn on JV Cash Call - The Nigerian National Petroleum Corporation, NNPC, spent $2.94 billion on Joint Venture Cash Call, JVCC, funding over a 12-month period, between October 2015 and September 2016. Source Vanguard Read More 

Oil rallies 3% ahead OPEC meeting - Oil prices rose three per cent yesterday to their highest in three weeks, catching a lift from a weaker dollar, as the Organisation of Petroleum Exporting Countries (OPEC)  move closer to agreeing an output cut when it meets next week. Source THE NATION  Read More 

Fashola inaugurates 330KV power switching station in Akwa Ibom - Minister of Power, Works and Housing, Babatunde Fashola, on Monday, inaugurated a 330KV power switching station in Ikot Ekpene in Akwa Ibom. Source Guardian Read More

Mozambique's economic growth ticks up to 3.7 percent in Q3: stats agency - Mozambique's economic growth quickened to 3.7 percent in the third quarter of 2016 compared to a revised 3.4 percent in the second quarter, the National Statistics Institute said on Monday. Source Reuters Read More

Ghana central bank reduces policy rate by 50 bps to 25.5 pct - Ghana's central bank reduced its main policy rate by 50 basis points on Monday to 25.5 percent, which Governor Abdul-Nashiru Issahaku said reflected a better outlook for inflation and the need to boost growth. Source Reuters Read More 

The U.K. Lost 15% of its Millionaires Because of Brexit - The number of dollar millionaires in the U.K. slumped 15 percent as the country’s vote to leave the European Union rattled the pound and the stock market, according to a report by Credit Suisse Group AG. Source Bloomberg Read More 

Four Charts That Show Nigeria’s Economic Dilemma - Nigerian central bank Governor Godwin Emefiele faces the unenviable task of balancing the needs of an economy that shrank every quarter so far this year with an inflation rate that’s at the highest in more than a decade. Source Bloomberg Read More 

Bezos, Zuckerberg Add $3 Billion to Reverse Election Woes: Chart - Inc.’s Jeff Bezos and Facebook Inc.’s Mark Zuckerberg added a combined $3.3 billion to their fortunes on Monday to reverse the losses they suffered since Donald Trump’s election on Nov. 8. Source Bloomberg Read More

Asian Stocks Rise for Second Day as Commodities Rally With Won - Asian stocks climbed, joining a global rally, and metals advanced, while oil extended its advance on optimism OPEC will agree to cut output. The won strengthened against the dollar. Source Bloomberg Read More

U.S. Stocks Hit Highs as Oil Jumps; Yen Rises on Tsunami Warning - All four major U.S. equity benchmarks climbed to record highs as oil jumped on optimism OPEC will agree to cut output. The yen rose as markets digested reports of a tsunami warning in the Fukushima region. Source Bloomberg Read More


Nigeria’s telecoms investments hit $68b - Despite the economic downturn, investments in the telecoms sector hit $68billion in July, the former Secretary-General, International Telecommunications Union (ITU), Dr. Hamadoun Toure, has said. Source THE NATION  Read More 





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