Nigeria in 1min: Economic, Business & Financial Headlines – 150316




March 15, 2016 7:00 AM / Proshare News 



The MPC and Encouraging Non-Oil GDP Growth - The MPC is cut between the hard rock and the deep sea. Inflation in February is likely to be much higher than originally anticipated given the volatility in the parallel market during that month. Source Proshare Read More 

NASS adopts $36 oil benchmark for 2016 budget - Indications emerged on Monday that the National Assembly may have finally adopted a $36 per barrel oil benchmark for the 2016 budget as against the $38 benchmark earlier proposed by the Executive in what is seen as a conservative stance on the recovery of  volatile oil prices. Source BUSINESSDAY Read More 

Nigeria's 2015 GDP Slumps amid Plunging Inflows - Nigeria’s real GDP sustained a frail trend, with the year on year (YoY) growth climbing marginally to 2.11% in Q4:2015, down from 5.94% recorded in the corresponding period of 2014. This also implies a 0.73% quarter on quarter (Q-o-Q) decline compared to 2.84% growth recorded in Q3:2015. Source Proshare Read More 




CBN Publishes Exposure Draft on Guide to Charges for Banks & OFIs in Nigeria - The Central Bank of Nigeria is currently reviewing the extant Guide to Bank Charges, which came into effect on April 1, 2013. The review which is in line with the philosophy of periodically ensuring that the provisions of the Guide accord with current realities, also seek to address complaints from customers of financial services, requests for clarification on provision of the Guide and absence of a tariff regime for other financial institutions in Nigeria. Source Proshare Read More 

Global Islamic Finance Industry Assets Hit $2trn – Gwarzo - The director-general of Securities and Exchange Commission (SEC), Mr Mounir Gwarzo has said the total assets under management in the global Islamic finance industry had surpassed N394 trilliion ($2 trillion) by 2014. Source Leadership Read More 

CBN to introduce financial literacy into school curriculum - The Central Bank of Nigeria on Monday said it has commenced discussions with the National Education Resource Centre to introduce financial literacy programs into the education curriculum of secondary schools in Nigeria. Source Punch Read More


Equities market pulls back as profit-taking sets in  - The equities market closed today on a negative note, as NSE ASI depreciated by 0.52% to close at 25,853.58basis points, compared with the 0.25% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -9.74% Source Proshare Read More 

Asian markets slip before BOJ, Fed; oil slips - Asian stocks slipped on Tuesday and the dollar firmed as investors braced for policy decisions from major central banks this week, with all eyes on the Bank of Japan's decision later in the day after it stunned markets in January by adopting negative rates. Source Reuters Read More 

Bank of Japan Holds Fire on Stimulus, Negative Rate Unchanged -The Bank of Japan refrained from bolstering its record monetary stimulus as policy makers gauge the impact of the negative interest-rate strategy they adopted in January. Source Bloomberg Read More 

The Nigeria Bond Watch - Review and Outlook @031416  - During the review week, the Nigerian fixed income OTC market was influenced by: 1) the release of March 2016 FGN bond offer circular by the DMO; 2) the release T.bills issuance calendar for 2nd quarter, 2016 by the CBN; 3) the release of 4th quarter GDP growth rate (2.11%) by the NBS; 4) OMO bills auction by the CBN. Source Proshare Read More 

GUARANTY Declares N99.44 bn PAT in 2015 Audited Result,(SP:N16.25k) - Source Proshare Read More 

Analyst Expects a Mixed Week as Corporate Earnings Releases Balances Tendency for Profit-taking - The Minister of State for Petroleum Resources, Dr. Ibe Kachukwu, stated this weekend that Nigeria is targeting 2.4 million barrels per day (mbpd) oil output in 2016 with current production at about 2.3mbpd last week (up from 2.16 mbpd recorded in Q4’15) before a recent attack on a Shell pipeline. Source Proshare Read More 

WAPIC Proposes 3Kobo per share Dividend for the year ended 31 December 2015  - Source Proshare Read More 

Govt targets export market for fuel by 2018 - Notwithstanding the intrigues of fuel scarcity experienced in recent times, the Federal Government is optimistic that the country would be self-sufficient and even export refined petroleum products by 2018. Source Guardian Read More 

NNPC failed to remit N3.2trn in 2014 – AGF
- Auditor-General of the Federation, Mr. Samuel Ukura, yesterday, told the Senate that the Nigeria National Petroleum Corporation, NNPC, did not remit  N3.235 trillion to the Federation Account Allocation Committee, FAAC, in 2014. Source Vanguard
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NNPC, oil firms earn N65bn from gas export - Oil and gas companies operating in Nigeria and the Nigerian National Petroleum Corporation, NNPC, earned about $323.55 million, or N64.71 billion from the export of gas in January, according to data obtained from the Corporation. Source Vanguard Read More 

It’s cheaper to import petrol than refine locally — Kachikwu - The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that at the moment, importing Premium Motor Spirit, PMS, also known as petrol, is cheaper than producing the product in the country’s refineries. Source Vanguard Read More 

NNPC can only grow if detached from govt - Chief Chambers Oyibo, Ex GMD - I have not seen the details. We only read from the papers about the Upstream, Downstream,  Finance, Gas and Power, Services sectors and other smaller companies. Source Daily Trust Read More

If Oil Prices Have Hit Bottom, the Top May Not Be Too Far Away - With Brent futures having bounced back to $40 a barrel, the International Energy Agency sees “light at the end of the tunnel,” and Goldman Sachs Group Inc. is spotting “green shoots.” Even so, many analysts warn that, like the failed rally last year, this recovery will sputter once prices go high enough to keep U.S. crude flowing. Source Bloomberg Read More 

Brent Oil Extends Drop as Iran Spurns Production Freeze Accord - Brent dropped for a second day as Russia signaled Iran won’t join major producers in freezing output to manage a global glut. Source Bloomberg Read More 

UBA recorded N60bn profit in 2015 - United Bank for Africa Plc, in its audited full year results for the year ended December 31, 2015, released to the Nigerian Stock Exchange on Monday, recorded a 25 per cent growth in its profit after tax to N60bn; translating to a 20 per cent return on average equity. Source Punch Read More 



Africa's Biggest Bank Plans Job Cuts as Customers Go Digital - FirstRand Ltd. plans to close branches and cut jobs at its South African retail-lending unit as customers switch to digital banking and the continent’s biggest lender by market value responds to an economy on the brink of a recession. Source Bloomberg Read More


Botswana sells stake in state telecoms firm -Botswana has sold a minority stake in its telecoms firm in an initial public share offer, the first sale under its privatisation campaign, a government agency said on Monday. Source Reuters Read More

Mozambique's central bank leaves key lending rate at 10.75 pct - Mozambique's central bank left its benchmark lending rate unchanged at 10.75 percent on Monday, the monetary policy committee said on its website. Source Reuters Read More




FG to establish technology development bank - The Federal Government is in the process of establishing a science and technology development bank, the Minister of Science and Technology, Dr. Ogbonnaya Onu, has said. Source Punch Read More


Electronic payments add $640m to Nigeria’s GDP in five years - A Visa commissioned study has revealed that electronic payments added $640 million to Nigeria’s Gross Domestic Product (GDP) between 2011 and 2015. Source Guardian Read More



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