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Nigeria in 1min: Economic, Business & Financial Headlines - 281116


November 28, 2016 6:10 AM / Proshare News   

After oil, returning Nigeria's economy to growth - Nigeria was once poised as Africa’s largest economy - today it is not in the best form. The country is in a recession, largely due to the unpreparedness for the slide of the oil price, not creating a large enough buffer for recovery, and also not allowing the Excess Crude Account (ECA) to become a sovereign wealth fund. Source Proshare Read More  

FG releases N13bn to 33 automobile companies - The National Automotive Design and Development Council (NADDC) has disbursed over N13 billion to 33 local automobile companies under its automotive development fund. Source Daily Trust Read More

Nigeria’s 2017 budget suffers revenue shortfall of $9.18bn - Nigeria could suffer a revenue shortfall of US$9.18 billion in 2017 budget, if the country is unable to boost crude oil exports above 1.6 million barrels per day (mbpd)  that is scheduled for exports in January 2017, according to loading cargoes seen by Reuters. Source BUSINESSDAY Read More 

FG’s non-oil revenues threatened by plunge in corporate taxes - Nigeria’s ongoing economic contraction is showing up in the performance of its largest listed firms, as profitability and company income tax liabilities plunge. Source BUSINESSDAY Read More 

Kano proposes N209.8bn budget in 2017 financial year - The administration of Governor Abdullahi Umar Ganduje in Kano state has presented 2017 budget proposal of over N209.8 billion to the State House of Assembly for considerations. Source BUSINESSDAY Read More 

Recession, $30billion Loan request and the arguments - The urgent need for improved cash-flow/revenue on a large-scale for government to stimulate the falling economy out of recession cannot be overemphasised. Source Proshare Read More 

Recession: More workers take insurance cover against job losses - As more organisations cut the number of their employees in response to the challenges in the Nigerian economy, some retrenched workers who bought insurance covers against job losses have started getting salaries from their insurance companies, NIKE POPOOLA writes Source Punch Read More 

Big retailers close outlets as Nigerians return to old shopping habits - Price conscious Nigerians are returning to their old buying habits.  They are turning to neighbourhood stores and open markets for their daily needs as the economic downturn puts pressure on their stagnant incomes Source BUSINESSDAY Read More 

Onne other oil & gas free zones receive $75 billion in investments - The Oil and Gas Free Zones Authority (OGFZA), the body overseeing oil and gas free zones in the country has disclosed that Nigeria’s six oil and gas free zones have so far received Foreign Direct Investments (FDI) totalling $75 billion (N14.0 trillion). Source BUSINESSDAY Read More 

Only 4% of Nigerians have health insurance – NIPC - The Executive Secretary of the Nigerian Investment Promotion Commission, Ms. Yewande Sadiku, has said about four per cent of 182 million Nigerians have formal health insurance. Source Punch Read More 

Abuja runs out of supply as aviation fuel scarcity bites harder - Respite may be far from coming the way of airline operators who have been facing shortage of aviation fuel in the last one month as the scarcity bites harder across the country Source Daily Trust Read More 

Insecurity: Insurance Firms Impose N2.3trn Premium On Nigeria-bound Ships - Foreign and local ship owners as well as charterers entering Nigeria’s territorial and coastal waters are paying a whopping N2.3 trillion every year to foreign insurance companies to insure their ships against any attacks, LEADERSHIP has exclusively gathered. Source Leadership Read More  


SEC settles N29.2b out of N80b unclaimed dividends - A renewed campaign for capital market investors to embrace the e-dividend system introduced by the Securities and Exchange Commission (SEC) has started yielding results, as N29.2 billion has been settled out of initial N80 billion outstanding. Source Guardian Read More  

CBN slashes dollar supply to BDCs by 46%- The Naira has come under fresh pressure in the parallel market having depreciated to N473 per dollar following the decision of the Central Bank of Nigeria (CBN) to slash dollar sales to Bureaux De Change (BDCs) by 46 per cent. Source Vanguard Read More 

CBN to Conduct Risk-impact Assessment on Banks Soon - The Director, Banking Supervision, Central Bank of Nigeria, Mrs. Agnes Tokunbo-Martins has urged banks and organisations who require risk management to review their framework regularly. Source Thisday Read More  

Sentiment Analysis Report – W/E November 25, 2016 - Analysis of the market activity in the week ended November 25, 2016 technically revealed waning bearish tendency while investors displayed active opportunistic buying tendency. Source Proshare Read More 

Stocks post 0.80%WoW loss as investors remain bearish - The equities market closed today on a negative note, as NSE ASI depreciated by 0.62% to close at 25,333.39 basis points, compared with the 0.10% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.55%. Source Proshare Read More 

Repositioning Nigeria's Capital Market  - The Securities and Exchange Commission, Nigeria (“SEC”, “The Commission”) at the final quarterly Capital Market Committee meeting for 2016 reviewed the progress of series of initiatives that came out of the 10 year Nigeria Capital Market Master Plan (NCMMP). Source Proshare Read More 

Islamic Devt Bank To Invest $35m In Jigawa - Gov. Badaru Abubakar of Jigawa on Sunday said the Islamic Development Bank (IDB) has concluded plans to invest about 35 million dollars to promote agriculture in the state. Source Leadership Read More 

Deposit Insurance: 64% of mortgage banks yet to meet premium obligations - Nigeria Deposit Insurance Corporation (NDIC) said that 64 per cent of mortgage banks in the country are yet to meet their premium obligations for deposit insurance. Source Vanguard Read More 

Nigerians abandon 30m bank accounts - The accounts, activated by commercial banks for new holders but later abandoned to dormancy by the customers now constitute 32.42 per cent of the total 94.388 million activated bank accounts in the country. Source Daily Trust Read More 

Dangote to establish rice mills in Kano - The Dangote Group of companies has concluded plans to establish rice mills of 250,000 tonnes per annum capacity in Kano, the chief executive director of the company, Hajiya Halima Dangote, has said. Source Daily Trust Read More 

Naira loses 85% of value in two years – CBN - The Central Bank of Nigeria says the naira has lost about 85 per cent of its value in the last two years and there is a need for risks managers in banks to be on top of their job because of the risks facing the banking sector. Source Punch Read More 

NNPC rehabilitates gas pipeline supplying northern industries - The Nigerian National Petroleum Corporation on Sunday said it would complete the Ajaokuta-Abuja-Kaduna-Kano gas pipeline in order to drive energy supply projects needed to power industries in the northern part of the country, particularly those in Kaduna. Source Punch Read More 

Refineries get N162bn crude oil in eight months -  Three of the four refineries in Nigeria have continued to receive high volumes of crude oil valued at billions of naira every month since the beginning of this year, despite their abysmal performance either individually or collectively. Source Punch Read More 

FG to import crude oil from Niger Republic, plans 1,000-km pipeline - Against the challenges in moving crude oil from South-South Nigeria to Kaduna Refinery and Petrochemical Company (KRPC), the Presidency has turned to Niger Republic for supply of the commodities to bring KRPC into full operation. Source Vanguard Read More 

Chevron Supports Nigeria Local Barite Miners with $1.28m Equipment - Local miners of Barites in Benue State recently got a boost in their activities as Chevron Nigeria Limited handed over barite earth moving equipment worth $1.284 million in line with the company’s efforts to increase Nigeria capability and provide a strategic framework for increasing the Nigerian content component of good and services that are needed to support operations and capital projects in Nigeria. Source Thisday Read More 

OPEC Pushes for Oil Deal as Saudis Open Door for No Output Cut - OPEC is embarking on a last-ditch diplomatic push to reach a production cut, with ministers flying to Russia for talks, as Saudi Arabia for the first time suggested the oil-club doesn’t necessarily need to curb output. Source Bloomberg Read More  


Proshare migrates its WebTv website to Proshare WebTV on the new hub - Content remains king in the world of information and beyond text and images, video content is becoming highly consumed by internet users today especially on mobile devices. Source Proshare Read More  

Moody's keeps South Africa's sovereign rating at Baa2, negative outlook - Credit ratings firm Moody's Investors Service kept South Africa's sovereign rating unchanged at Baa2 on Friday, two levels above subinvestment grade, with a negative outlook. Source Reuters Read More 

Zimbabwe to Introduce Bond Notes to Help Ease Currency Crunch - Zimbabwe will release dollar-backed bond notes with a daily withdrawal limit of $50 on Nov. 28, the central bank said, as the Southern African nation grapples with a shortage of currency. Source Bloomberg Read More 

Yuan Rises Most in Three Months as PBOC Official Vows Stability - The yuan advanced by the most in more than three months after an official from China’s central bank said the currency is strong compared with other exchange rates and the nation’s foreign reserves are ample. Source Bloomberg Read More 

Zinc Explodes With Lead in Surge to Highest Level in Nine Years - Zinc is heading for its highest close in more than nine years in London, while lead is set for its strongest finish since 2011, as bullish speculative sentiment leads to a fresh surge in industrial metals. Source Bloomberg Read More 

Central Bank of Kenya to hold rates at 10 pct on Nov 28 - Kenya is expected to keep interest rates stable on Nov. 28 ahead of an expected rate rise in the United States while cautiously dealing with the impact of new banking regulations, a Reuters poll found on Friday. Source Reuters Read More 

South Africa's rand weakens as Fitch cuts outlook to negative - South Africa's rand weakened on Friday after Fitch cut its rating outlook to negative as it affirmed the country's investment grade rating at one-notch above "junk". Source Reuters Read More 

S&P's downgrades South Africa's Eskom further into junk territory - Standard & Poor's Global Ratings on Friday cut South African power utility Eskom's credit rating a further notch into subinvestment, raising concerns the country's sovereign rating would also be dragged into junk status. Source Reuters Read More 


India’s Cash Ban Is the Best Thing to Happen to Digital Payments - Vijay Shekhar Sharma’s Twitter feed has come alive these past two weeks. From a roadside egg-seller in Bhopal to a soda hawker in Bangalore, the founder of Paytm has posted snapshots of the unusual array of merchants who ply the teeming streets of India -- and are now turning to his digital payments startup for help. Source Bloomberg Read More    







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