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Nigeria in 1min: Economic, Business & Financial Headlines – 231116



November 23, 2016 7:07 AM / Proshare News 


FG’s huge debts crippling financial system – CBN - The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday called on the Federal Government to urgently evaluate the level of its domestic indebtedness and develop a framework for settling these debts. Source Punch Read More

FG plans lower tax rate for MSMEs - THE Minister of Finance, Kemi Adeosun, yesterday said that the federal government will propose reduction in the income tax rate applicable to the Micro, Small and Medium Enterprises, MSMEs, as an incentive to encourage compliance and promote the sector. Source Vanguard Read More 

FG saves N20bn on salaries monthly – Perm. Secretary - The Federal Government says it has been saving about N20 billion on salaries monthly since it began to fish out ghost workers. Source Daily Trust Read More

FG, Dangote sign N11.5bn concrete road project - Work is to commence in full as the duo of the Dangote Group and federal government signed a landmark contract document, yesterday, in Abuja. Source Daily Trust Read More  

China EXIM Bank Commits $1bn To Nigeria’s Railway Projects - The China EXIM Bank will grant Nigeria $1bn loan for railway projects across Nigeria. Source Daily Independent Read More 

AFREXIM invests $3.8b in Nigeria’s economy - The African Export-Import (AFREXIM) Bank, has invested $3.8 billion in the Nigerian economy this year, its President, Dr. Benedict Oramah, has said. Source THE NATION Read More 

Bankers Committee, CBN plan N1.7tr agric funding - The Bankers’ Committee has unveiled plans by the Central Bank of Nigeria (CBN) to commit N1.7 trillion intervention funds into five agric sector projects to support the government’s economic diversification agenda. Source THE NATION Read More 

Amosun budgets N221bn for 2017 - The Ogun State Governor, Ibikunle Amosun, on Tuesday presented a 2017 budget proposal of N221.129bn to the state House of Assembly for approval. Source Punch Read More

Taxpayers to get e-certificate in one week –Fowler - The Executive Chairman, Federal Inland Revenue Service, Mr. Babatunde Fowler, has announced that withholding tax certificate will now be emailed directly to taxpayers within one week of payment, beginning from December 1, 2016. Source Punch Read More

Nigeria loses $2.8bn yearly to ICT imports – NITDA -  Nigeria is losing about $2.8bn annually to the importation of goods and services in the Information and Communication Technology sector. Source Punch Read More

South-West Governors 2016 Economic Forum Communique - The South-West Governor’s Economic Forum held its long anticipated meeting at the Oyo State Exco Chambers, Ibadan, Oyo State yesterday. Source Proshare Read More 

Exporters divert N388bn of non-oil exports into informal sector - Exporters have pushed non-oil export activities worth N388 billion into the informal sector in other to take advantage of the higher value of the naira in the black market, half-year analysis non-oil export data by BusinessDay Research and Intelligence (BRIU) shows. Source BUSINESSDAY Read More 



CBN Communiqué No. 110 of the MPC Meeting – Nov 21-22, 2016 - The Monetary Policy Committee met on 21st and 22nd November 2016, amidst relatively subdued global and domestic economic and financial conditions. The Committee evaluated the global and domestic macroeconomic and financial developments as well as the challenges to the 2 domestic economy up to November 2016, and the outlook for the first quarter of 2017. In attendance were 10 out of 12 members. Source Proshare Read More 

CBN cannot meet forex needs as monthly demand hits $4.8b - The Central Bank of Nigeria (CBN) has said it cannot meet the country’s monthly demand for $4.8 billion foreign exchange. Source Guardian Read More 

CBN seeks fiscal support to boost economic growth - Nigeria’s Central Bank decided to leave its benchmark interest rate unchanged yesterday, November 22 despite the announcement by the National Bureau of Statistics (NBS) that the country has sunk deeper into a recession. Analysts say there is little more the Central Bank of Nigeria (CBN) can do to stimulate growth, calling on the government Source BUSINESSDAY Read More 


Equities market extends losing streak as CBN retains rates - The equities market closed today on a negative note, as NSE ASI depreciated by 0.15% to close at 25,461.34 basis points, compared with the 0.15% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.11%. Source Proshare Read More

Dangote Sugar Refinery Q3 2016 Results Review - Rising Costs Impeding Growth - Dangote Sugar Refinery’s (DSR) Q3 2016 earnings declined -11% y/y and were behind our estimate by 23%. Although sales grew impressively both on a y/y and q/q basis, higher production and operating costs weighed on profitability. Higher energy costs due to the shortage of gas and a steady rise in raw sugar prices (a key input for DSR, up 33% year-to-date) were the key cost drivers. Source Proshare Read More 

Nigerian Breweries is Maintaining Underperform Rating on Weak Q3 2016 Results - Following Nigerian Breweries’ (NB) Q3 2016 results which surprised negatively, we have cut our EPS forecasts by around 7% on average over the 2017-18E period. Despite the cuts to our EPS forecasts, our price target of N92.2 is unchanged because we have cut our capex forecasts for the 2017-18E period by an average of 24% to reflect the slowdown in capital investments by consumer goods companies. Source Proshare Read More 

Nigeria Union Bank to seek approval for 50 bln naira share sale - Nigeria's Union Bank plans to seek shareholder approval next month to raise 50 billion naira ($158.7 million) through a share sale to existing investors, the bank said on Tuesday. Source Reuters Read More 

Naira weakens against dollar as CBN maintains benchmark rate - The Naira on Tuesday weakened against the dollar few hours after the CBN maintained its benchmark interest rate and endorsed the crackdown on parallel market traders by security operatives. Source Daily Trust Read More

CBN to raise N117 billion treasury bills at auction - The Central Bank of Nigeria on Tuesday said it plans to sell 117.17 billion Naira ($371.97 million) in short-dated treasury bills at an auction on November 30. Source Daily Trust Read More 

Nigeria’s oil output rises to 1.9mbd —Kachikwu - Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, yesterday, stated that Nigeria’s crude oil output had risen to around 1.9 million barrels per day. Source Vanguard Read More 

Cash call: Nigeria gets $1.7bn discount from IOCs -  International oil companies operating in the country have discounted $1.7bn off Nigeria’s $6.8bn cash call Joint Venture debts that accrued over the past six years, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said. Source Punch Read More 

Mayfair gets 17.14 per cent interest in Lagos oil well - Optimum Petroleum Development Limited has granted its minority partner, Mayfair Assets and Trust Limited, a subsidiary of Lekoil Limited, a 17.14 per cent economic interest in Oil Prospecting License (OPL) 310. Source Guardian Read More 

FG Opens NIPP Ikot Ekpene Transmission Line, Cuts Stranded Power - The Minister of Power, Works and Housing, Mr. Babatunde Fashola on Monday commissioned the 330kV Switching Station built by the Niger Delta Power Holding Company (NDPHC) under the National Independent Power Project (NIPP) in Essien Udim, Ikot-Ekpene, Akwa Ibom State. The station was built to further reduce the amount of electricity stranded and unable to get to the national grid from power plants in the east. Source Thisday Read More 



South Africa's unemployment rises to highest since 2003 - South Africa's unemployment rose to its highest in 13 years in the third quarter, with manufacturing, mining and agriculture sectors all shedding jobs, the statistics agency said on Tuesday. Source Reuters Read More 

South African Rates Seen on Hold as Rand Remains Risk to Outlook - South African policy makers will probably leave interest rates steady on Thursday without calling an end to the rate-hike cycle as uncertainty from Donald Trump’s election as U.S. president to local political turmoil keeps the rand volatile. Source Bloomberg Read More

Egypt Eyes Up to $6 Billion From Global Bond Sales Through 2017 - Egypt will seek to raise as much as $6 billion from international bond sales through 2017, though the first issuance may be delayed due to market “volatility” after the election of Donald Trump, Finance Minister Amr El-Garhy said. Source Bloomberg Read More

Sudan inflation rises to 19.6 pct in October - Sudan's annual inflation rate rose to 19.6 percent in October from 18.32 percent in September as the price of foodstuffs and transportation climbed, the Central Statistics Office said on Tuesday. Source Reuters Read More

Morocco inflation eases to 1.6 pct year/year in October -  Morocco's annual consumer price inflation eased to 1.6 percent in October from 2.3 percent in September due to a slowing in food price rises, the High Planning Authority said on Tuesday. Source Reuters Read More 

Asian Stocks Extend Global Advance as Oil Slips; Ringgit Weakens - Asian stocks rose amid optimism the global economy is strong enough to withstand higher U.S. interest rates. Oil slipped after OPEC deferred a decision on production cuts, while Malaysia’s ringgit weakened for an 11th straight day. Source Bloomberg Read More 

Big Western Companies Are Pumping Cash Into Russia - Even before the U.S. presidential election raised hopes of warmer ties with the Kremlin, some big Western companies were betting Russia’s economy will soon come out of the deep freeze. Source Bloomberg Read More 

The Brexit economy: remarkable resilience as spectre of inflation looms - The chancellor, Philip Hammond, has been given a boost ahead of his maiden autumn statement by a Guardian analysis showing the economy continues to confound gloomy forecasts for a post-referendum slump. Source Guardian Read More 

Brexit vote wiped $1.5tn off UK household wealth in 2016, says report - The UK saw $1.5tn (£1.2tn) wiped off its wealth during 2016 after the Brexit vote sent the pound tumbling and the stock market into reverse, according to a survey by Credit Suisse. Source Guardian Read More 

Saudi Arabia’s Sway in OPEC Limited by Resurgent Iraq and Iran - Iraq and Iran, shaking off shackles of sanctions and war, have raised oil output to record highs and are asserting themselves within the Organization of Petroleum Exporting Countries. Together they produce more than 8 million barrels of oil a day, nearly a quarter of the oil pumped by the group, and both want to boost their output further. Source Bloomberg Read More



Reps pass N70.6b NCC 2016 budget - With less than two months to end the year, the House of Representatives yesterday approved a whopping N70.6billion for the Nigeria Communications Commission (NCC) as its budget 2016. Source THE NATION Read More 

Hachem: Nigeria’s e-Commerce Market Worth $12bn - At a time when a lot of foreign firms are exiting the country as a result of the shortage in foreign exchange, Aramex has decided to expand its operation to Nigeria Source Thisday Read More 





CBN MPC unanimously votes to retains MPR at 14%

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