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Nigeria in 1min: Economic, Business & Financial Headlines – 310117



January 31, 2017 7:30 AM / Proshare News 


Hospitality and Tourism Sector contributed 4.8% to Nigeria’s GDP in 2016-Jumia Travel - The Hospitality/Tourism Industry in Nigeria contributed about 4.8% to Nigeria’s Gross Domestic Product in 2016. This was disclosed by Africa’s number one hotel booking online portal, Jumia Travel in its 2017 report and outlook for Nigeria. Source Proshare Read More

FMBN posts N2.7 billion operating surplus for 2016 - The Federal Mortgage Bank of Nigeria (FMBN) has posted operating surplus of N2.7 billion for the year ended December 31, 2016, marking the Bank’s return to profitability for the first time in over two decades. Source Guardian Read More 

18 firms apply for air permits, as airlines sell N330bn tickets - The Nigeria Civil Aviation Authority (NCAA) on Monday reeled out statistics of passengers for 2015 and 2016 with the foreign and domestic carriers selling tickets amounting to N330.5 billion between January and October, 2016 while the sum of N385.5bn was made in 2015. Source Daily Trust Read More 

MDAs Begin 2017 Budget Defence Before NASS Today - Ministries, departments and agencies of government (MDAs) will today begin to defend their 2017 budget estimates before various Standing Committees of the National Assembly. Source Leadership Read More 

Jigawa Approves N600m To Boost Northern Economy - Jigawa State executive council has approved the release of over N600 million as its minimum periodic contribution towards revamping the economy of the northern part of the country as agreed by the governors forum of the region. Source Leadership Read More 

23,000 artisans, traders get Fed Govt’s soft loans in 13 states, says Presidency - The Presidency on Monday said 23,000 persons have so far benefited from 23, 400 loans in 13 States and the Federal Capital Territory (FCT) in the Government’s Enterprise and Empowerment Programme (GEEP), under the Social Investment Programmes (SIPs). Source THE NATION Read More 

INTELS, others owe NPA over N17b, says ministry official - Despite collecting over $1.2 billion revenue at the ports in six years, the Integrated Logistic Facilities and Services (INTELS) is owing the Nigerian Ports Authority (NPA) about N4 billion, The Nation has learnt. Source THE NATION Read More

CBN’s $1.07bn Forex Utilization Report November 2016  - The 76-page Central Bank of Nigeria report on FOREX utilisation revealed disbursements totaling $1.07 billion to 4,328 manufacturers, power and other real sector operators for the procurement of raw materials, plants and machinery. Source Proshare Read More


Market Resumes Downtrend to Open The Week Negative - Equities market closed today on a negative note, as NSE ASI depreciated by 0.42% to close at 26,217.18 basis points, compared with the 0.15% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.45%. Source Proshare Read More  

Eveline Tall Daouda leaves Ecobank after two decades  - Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group, announces the departure from the group of Deputy Chief Executive Officer Eveline Tall Daouda, who proceeds on early retirement on January 31, 2017.  Source Proshare Read More 

Ailing Naira Sinks in Black Market to 500 for First Time - The Nigerian naira fell against the greenback to 500 on the black market as the nation’s dollar scarcity worsens, according to, which collates prices from traders in Lagos each day. The currency’s unofficial rate is now 38 percent weaker than the central bank’s level of 309. Source Bloomberg Read More 

Nigeria gains $22m from Bonny Light crude in December - The price of Nigeria’s Bonny Light crude oil was the second highest in December among members of the Organisation of the Petroleum Exporting Counties (OPEC), rising from $42.20 in November to $53.91 per barrel. Source Guardian Read More 

Global energy demand to grow 30% by 2035 —BP Energy Outlook - GLOBAL energy demand is expected to increase by around 30 percent between 2015 and 2035, an average growth of 1.3 percent yearly, driven by increasing prosperity in developing countries, partially muted by rapid gains in energy efficiency, the 2017 edition of BP Energy outlook stated. Source Vanguard Read More 

In Reopening in 2nd Qtr, Forcados Pipeline Set to Boost Oil Exports - The Trans-Forcados pipeline, which was shut for most of 2016, is likely to be reopened around the end of the second quarter of 2017, the Chief Executive Officer of Seplat Petroleum Development Company Plc, Mr. Austin Avuru has said. Source Thisday Read More 

NDDC Sets 21-point Agenda for Niger Delta Development - The Niger Delta Development Commission (NDDC) has reaffirmed its commitment to making the commission’s systems and processes more transparent for sustainable development of the Niger Delta region. Source Thisday Read More 

Discos Illegally Retain Electricity Market Funds, NERC Insists - The Nigerian Electricity Regulatory Commission (NERC) has said that the revenues being withheld by most of the 11 electricity distribution companies (Discos) are more than the limit approved for them. Source Thisday Read More 


Tunisia needs $2.85 bln in external financing this year - finance minister - Tunisia needs around $2.85 billion in external financing this year and plans to issue a Sukuk Islamic bond worth around $500 million to help cover the deficit, Finance Minister Lamia Zribi told Reuters on Monday. Source Reuters Read More 

Kenya central bank holds main lending rate at 10.0 pct: Reuters News - Kenya's central bank held its benchmark lending rate at 10.0 percent on Monday, the bank's monetary policy committee said. Source Reuters Read More 

U.S. Stocks Drop Most in a Month as Energy Shares Fall With Oil - U.S. stocks fell with global equities, as energy shares declined with the price of crude oil and global criticism mounted against U.S. President Donald Trump’s executive order halting some immigration to the country. Source Bloomberg Read More 

S&P 500 Futures Drop, Gold Gains on Trump Concern - U.S. equity futures fell and gold advanced as Donald Trump’s firing of the U.S. acting attorney general deepened concerns over the unpredictability of decisions in the new administration. Stocks in Tokyo maintained losses after the Bank of Japan left monetary policy unchanged. Source Bloomberg Read More 

Emerging Markets Drop as Trump Travel Ban Curbs Risk Appetite - Emerging-market stocks and currencies fell as U.S. President Donald Trump’s immigration curbs fanned geopolitical and trade concerns, crimping investor appetite for higher-yielding assets. Turkish markets brushed off a sovereign downgrade last week. Source Bloomberg Read More 

Europe Stocks Slump Most Since U.S. Vote as Trump Trades Unravel - European equities fell, with the winners in a rally spurred by Donald Trump’s U.S. victory turning losers on Monday, as investors assessed the potential for political fallout from his order halting some immigration. Source Bloomberg Read More 

Ghana Eyes 1.5 Million Jobs in Farming Push for More Food - Ghana targets creating 1.5 million jobs in the next two years with plans to invest in agriculture as the West African nation seeks to produce more of its own food to cut the cost of imports, according to the minister for agriculture. Source Bloomberg Read More 

Oil Falls a Second Day as U.S. Drilling Expands While OPEC Cuts - Oil fell a second day after drilling in the U.S. rose to the highest in more than a year, countering OPEC’s efforts to clear a supply glut. Source Bloomberg Read More 





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