Nigeria in 1min: Economic, Business & Financial Headlines – 040517



May 4, 2017 6:10 AM / Proshare News 

Nigeria’s Struggle To Collect Non-Oil Revenue - Kemi Adeosun, the federal finance minister, reminded a faith meeting in Lagos on Monday that federally collectible revenue, expressed as a proportion of GDP, was among the lowest in the world.Source Proshare Read More 

Against The Run Of Play - I Beg To Disagree With President Goodluck Jonathan - I have just read the preview of the excuses proffered by my leader, President Goodluck Jonathan, for losing the 2015 Presidential Election. I would not have bothered to react but for the fact that I had thought that he was sincere when he conceded defeat to Muhammadu Buhari. Source Proshare Read More 

FG appoints transaction advisers for national carrier, airports - The Federal Government has approved the appointment of transaction advisers for the proposed national carrier and concession of the nation’s airports. Source Punch Read More 

Customs revenue fell by N216.5bn in 2016 – Ali - The revenue target of the Nigeria Customs Service for 2016 fell by N216.5bn, the Comptroller-General of Customs, Col. Hameed Ali (retd), told the House of Representatives on Wednesday in Abuja. Source Punch Read More 

FEC okays N55.7b for road, aviation contracts - The Federal Executive Council (FEC) has approved road and aviation projects totalling N55.7 billion. Source Guardian Read More 

N’Assembly Increases Its Budget to N150bn, Lays 2017 Appropriation Bill Thursday - Owing to rising inflation and the depreciation of the naira, the National Assembly, which for years has faced criticism over the lack of transparency and accountability over its budget, has increased its 2017 budget in this year’s Appropriation Bill to N150 billion from the initial proposal of N120 billion. Source Thisday Read More 

Lagos ranks world’s second cheapest city to live in  - Lagos, Nigeria’s largest commercial city is the world’s second cheapest city to live in while Almaty, a city in Kazakhstan is the cheapest to live in, a new survey by the Economist Intelligence Unit (EIU) reveals. Source BUSINESSDAY Read More 

Nigeria Ranked 17th in Attractiveness Index Survey - EY’s (formerly Ernst & Young) Africa Attractiveness Index (AAI) for 2016 has ranked Nigeria 17th among 25 countries in terms of choosing a location to invest in the region in 2017. Source Thisday Read More 

Nigeria’s Balance of Trade Projected to Hit $3.8bn Next Year - Nigeria’s balance of trade is expected to improve from -$0.5 billion to $3.8 billion before the end of next year, the Chief Executive Officer of the Financial Derivatives Company Limited, Mr. Bismarck Rewane, has said. Source Thisday Read More


CBN directs banks to diversify portfolios, fund MSMEs - The Central Bank of Nigeria has advised commercial banks and other financial institutions to diversify their portfolios and provide more funding for the Micro, Small and Medium Enterprises in order to enhance economic growth. Source Punch Read More 

Dealers Fail To Subscribe Fully to CBN $100m Offer - The Central Bank of Nigeria (CBN) says authorized dealers were able to subscribe to $65.94 million out of the $100 million offered by it at the inter-bank wholesale transactions concluded on Wednesday, May 3, 2017.  Source Proshare Read More 

Most Farmers Repay Loans From The Anchor Borrowers’ Programme - Contrary to insinuations about the unwillingness of farmers to pay up their loans, the Central Bank of Nigeria (CBN) says farmers who accessed under its Anchor Borrowers’ Programme (ABP) have indeed commenced repaying their loans. Source Proshare Read More 


Stock Market Sustains Three-Day Gaining Streak as NSEASI Records +0.58% Gain - Equities market closed today on a positive note, as NSE ASI appreciated by +0.58% to close at 26,116.79 basis points, as against +0.80% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.82%. Source Proshare Read More

Presco Plc - Impressive Start to FY'17, Ahead of Estimates - In line with the trend observed in 2016, the impressive performance was primarily driven by strong domestic palm oil prices amidst the inclusion of the product on CBN’s 41-item list not eligible for official FX funding.  Source Proshare Read More  

Nestle Nigeria Plc Revenue Outperformance Drives Earnings Beat - Reporting the strongest quarterly revenue figure on record, NESTLE’s Q1’17 results came in better than expected across most line items. Source Proshare Read More  

Zenith Bank Plc Q1 2017 - EPS Beats Consensus’ as Higher Yields Drove Interest Income Northwards - Zenith Bank Plc (ZENITHBANK) published Q1-2017 result last week, reporting double-digit growth across most line items – gross earnings surged 48.58% y/y and 15.74% q/q, supported by impressive growth in interest income (+40.29% y/y and 19.43% q/q) and non-interest income (94.28% y/y and 3.07% q/q).Source Proshare Read More  

Zenith Bank Still Offering Double-Digit Upside Potential - Following Zenith Bank’s better-than-expected Q1 2017 results, we expect market sentiment to improve towards the stock – despite still no official earnings guidance for 2017 from management. Source Proshare Read More 

UAC of Nigeria Plc Q1 2017 - Earnings Miss on Elevated Interest Charge - UACN recorded an impressive 41% y/y revenue growth in the first quarter of 2017, outperforming Vetiva estimate by 17%.  Source Proshare Read More 

Ecobank to shut branches, cut jobs as it expands digital platforms - Ecobank plans to close branches and cut jobs as the pan-African lender steps up investments in digital platforms, its chief executive said on Wednesday. Source Reuters Read More 

Invest in FGN Monthly Bond Auction – May 2017 - The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications for. Source Proshare Read More  

Forex Market Analysis: USD and JPY Consolidates around 111.84 Support Level, ahead of FED Meeting - The pair has rallied since the 19th of March, 2017, netting 2.87% appreciation. The pair retraced slightly on Tuesday and pared some of its strong gains. This could be attributed to some profit-taking activities around the key resistance level.  Source Proshare Read More  

Nigeria Imports 4.05bn Litres of PMS in Q1 2017 - NBS - The petroleum products imports statistics for Q1 2017 reflected that 4.05bn litres of premium motor spirits (PMS), 1.31 bln litres of automotive gas oil (AGO) and 41.06 mln litres of household kerosene (HHK), valued at N566.96bn, N187.56bn and N5.92bn respectively, were imported into the country in Q1 2017. Source Proshare Read More 

Nigeria Bans Lenders From Dollar Auctions for Hoarding Cash - Nigeria’s central bank barred some lenders from buying dollars at foreign-currency auctions after they failed to sell the allocations to small and medium-sized companies. Source Bloomberg Read More 

Nestle Nigeria Plc - Strong Topline Growth Drives Performance - Nestle Nigeria (Nestle) posted earnings growth of 25% y/y in Q1 2017 thanks to a strong topline growth of 69% y/y.  Source Proshare Read More 

Concession of Nigerian Transportation Sector: Amaechi assures Investors of “Sanctity of Contracts” - The Minister  for  Transport  Rt. Hon. Rotimi Amaechi has assured investors that the Buhari administration is committed to the “Sanctity of Contracts”, in the area of concession of projects  in the country. Source Proshare Read More 

Fidelity Bank Plc Q1’17 Conference Call & Earnings Presentation - The Key Takeaways - Fidelity Bank Plc today held its Q1’17 Investors and Analyst Conference Call Earnings Presentation. Proshare NG participated along with leading market analysts and professionals. Source Proshare Read More  

Dangote Group Partners GAC Motor, Buys Company’s Vehicles for Its Operations - With an eye on its expansion drive in the Nigerian economy, GAC Motor, one of the brands under the Choice International Group (CIG) in Nigeria, recently marked a milestone when it signed a new business partnership deal with the largest conglomerate not only in Nigeria but in Africa, the Dangote Group, to supply vehicles to the Nigerian conglomerate. Source Thisday Read More 

Power Generation Hits One-month Daily Peak of 4,553.9MW - After several weeks of low power supply in the country, power generation finally hit a daily peak of 4,553.90 megawatts, the highest since March 23 when the daily peak generation was put at 4,452 megawatts, according to yesterday’s operational report by the Nigerian Electricity System Operator, an arm of the Transmission Company of Nigeria (TCN). Source Thisday Read More 

Kachikwu says $13.5bn ZabaZaba oil field will go on despite Malabu rift - Emmanuel Kachikwu , Minister of Petroleum Resources,  has assured that whatever happens, the $13.5 billion Zabazaba  deepwater project and other projects that are associated with the Malabu oil bloc or OPL 245 would  be executed. Source BUSINESSDAY Read More 

Govt completes 22MW Ajaokuta power plant - Towards the rehabilitation of the Ajaokuta Steel Complex, the Federal Government has completed the first phase of the ACSL thermal power plant. Source Punch Read More 

Nigeria Eyes Six Months Extension Exempting it from OPEC Production Cap - Nigeria will be seeking a six-month extension of the exemption it got from the production freeze agreement reached by the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC members in December 2016 to shore up oil prices. Source Thisday Read More 

$6bn needed to fix refineries, says NNPC - About $6bn worth of investment is needed to adequately rehabilitate and revamp the country’s refineries, the Nigerian National Petroleum Corporation has said. Source Punch Read More 

FG to withdraw idle oil refinery licences - The Federal Government has said it will withdraw the refinery licences that have remained idle in the hands of private investors since they were issued. Source Punch Read More 

CBN documents expose diversion of $141m for PMS importation - The House of Representatives’ Adhoc Committee investigating the review of price of Premium Motor Spirit (PMS) on Wednesday uncovered the diversion of $141 million special intervention forex allocation and 50,000 Metric Tonnes of premium motor spirit (PMS). Source BUSINESSDAY Read More 


China Stocks Hold Losses as Traders Assess Regulatory Crackdown - Chinese stocks fell, with the benchmark index heading for a third day of declines, as investors weighed government efforts to limit the market impact from tighter financial market regulations. Source Bloomberg Read More 

Surging Debt Has Weakened Australia's Resilience, RBA's Lowe Says  - Australia’s central bank Governor Philip Lowe said household debt rising faster than incomes has left the economy in a weaker position to deal with shocks, and reminded borrowers that interest rates will one day rise. Source Bloomberg Read More

Russia Ends Food-Trade Spat With Turkey Apart From Tomatoes - Russia and Turkey look set to end a food-trade standoff after agreeing to lift restrictions on everything from wheat to sunflower oil, with the exception of tomatoes. Source Bloomberg Read More

Global Trade Growth Is About to Roll Over - Signs are pointing to a looming slowdown in global trade growth, according to Morgan Stanley. Source Bloomberg Read More


PayPal’s SME lending tops $3bn, launches new tools - PAYPAL’s small-business financing unit has announced that it has topped $3 billion in financing more than 115,000 businesses worldwide. Source Vanguard Read More





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