Nigeria in 1min: Economic, Business & Financial Headlines – 190516



May 19, 2016 6:30 AM / Proshare News 


Price Modulation of the Downstream Sector - Taking the Bull by the Legs - The downstream petroleum sector on 11th May, 2016 received a major policy turn that seemed to have altered the age long dynamics of the industry as the Nigerian National Petroleum Corporation (NNPC) announced the removal of petroleum subsidy and provided new pricing guidelines, designed to be cost reflective in line with market dynamics. Source Proshare Read More

FGN new price ceiling for petrol; a forced adjustment - Last week the FGN announced a new price ceiling for petrol of N145 per litre (l) from N87/l. The inability of petroleum product importers to source fx at the official rate has led to acute fuel scarcity. The Petroleum Products Pricing Regulatory Agency’s template assumed that all transactions for imports were carried out at the official rate. Source Proshare Read More  

Queue of Product Tankers as Importers Search for USD$ to Pay for Cargoes - Last week the FGN announced a new price ceiling for petrol of N145 per litre (l) from N87/l. The inability of petroleum product importers to source fx at the official rate has led to acute fuel scarcity. The Petroleum Products Pricing Regulatory Agency’s template assumed that all transactions for imports were carried out at the official rate. Source Proshare Read More 

Sovereign Wealth Fund hits N358b - The Nigerian Sovereign Investment Authority (NSIA), which manages Nigeria’s sovereign wealth fund, has a total assets of about $1.8 billion (about N358 billion at current official exchange rate) under its management Source THE NATION Read More 

N10trn potential seen in cassava value chain - The Nigeria cassava Growers Association (NCGA), a private sector led body of investors in cassava cultivation has revealed its template towards generating an annual sum of N10 trillion for Nigeria through cassava if it is able to achieve projected volumes of cultivation. Source BUSINESSDAY Read More 



Personal Statements by Members at the 106 Monetary Policy Committee Meeting of March 21-22, 2016  - The challenges in both the domestic and global macroeconomic environments since the latter half of 2014 appear somehow intensified. The global economic landscape is grappling with slow recovery with global growth projected at 3.0 per cent in 2016, a somewhat flat trend relative to 2015. Source Proshare Read More

CBN Publishes 2015 Financial Stability Report - Global output growth remained weak in the second half of 2015 as evidenced by the decline in projected output growth to 3.1 per cent, lower than the 3.4 per cent recorded in 2014. Source Proshare Read More

NSE-ASI oscillates as stocks return to green zone - The equities market closed today on a positive note, as NSE ASI appreciated by 0.41% to close at 26,763.86basis points, compared with the 0.61% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.56%. Source Proshare Read More 

Is UBA the comeback kid? Analyst give a BUY rating  - After a rough stretch, which saw its stock tank at N2.62, UBA is back on track as a leading player in a fiercely competitive industry. Its stock is beginning to reflect the direction of its earnings which have benefited from a significant reduction in its NPL ratio now 1.7%. Source Proshare Read More

Diamond Bank downgraded to a SELL following Investor Conference Call Today - Given the significant decline in return on equity (ROE), management hopes to restore value to its shareholders by focusing and reinforcing its retail segment which is known to be its strength. Source Proshare Read More 

Nigeria’s Currency Chaos Deepens as Bets on Devaluation Rise - As investors increasingly bet the bottom will drop out of the naira and the vice president hints at a devaluation, the man who calls the shots -- President Muhammadu Buhari, who has resisted letting the currency weaken since coming to power a year ago, likening it to “murder” -- has kept quiet. Source Bloomberg Read More

NAHCo invests N1.4 billion in infrastructure - The Managing Director, Nigerian Aviation Handling Company (NAHCo), Nobert Bielderman has said the firm has invested N1.4billion to upgrade infrastructure and equipment after its privatisation. Source Punch Read More 

AshakaCem’s N20bn power plant for completion in 2017 - The Chairman, AshakaCem Plc, a subsidiary of LafargeHolcim, Mr. Suleiman Yahyah, has announced that the company’s independent power plant, which is undergoing construction in Akko community in Gombe State, will be completed next year. Source Punch Read More 

Dangote To Repair Lokoja-Ilorin Road With 30% Tax Waiver
- The president/CE of Dangote Group, Aliko Dangote, has been granted tax waivers by the federal government in exchange for repairing the Obajana-Kabba road. Source Leadership
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N300bn Shortfall Undermining Electricity Value Chain – ANED - The Association of Nigerian Electricity Distributors (ANED) has listed the impediments to investment in the power sector, and warned that the sector could collapse if urgent steps are not taken to remedy the situation. Source Leadership Read More 

World bank approves up to $5 billion loan to Tunisia - The World Bank approved a five-year plan to lend Tunisia up to $5 billion to support economic reforms aimed at reviving growth and creating jobs, the bank said on Wednesday. Source Reuters Read More 

Europe Shares Rise With Banks as Investors Speculate on Fed Hike - Banks propelled a rebound in European stocks, while investors weighed the possibility of the Federal Reserve increasing interest rates sooner than had been expected. Source Bloomberg Read More 

Saudi Oil Stockpiles Hit 18-Month Low in March as Output Capped - Saudi Arabia’s crude oil stockpiles fell in March for the fifth month in a row reaching the lowest level in 18 months as the kingdom kept shipping crude to meet customer demand while keeping a lid on production. Source Bloomberg Read More 


Active Voice Subscriptions Stand at 148.74 mln at the end of Q1’16 - NBS - This report presents the totaI number of active voice and internet subscribers at the end of the first quarter 2016 disaggregated by States. This report precedes a more comprehensive report and analysis of the telecommunications sector to be released shortly. Source Proshare Read More

Itiviti Delivers Multi-Protocol Automated Testing Solution to the Canadian Securities Exchange - Itiviti, a world-leading technology provider for the capital markets industry, today announced that the Canadian Securities Exchange (CSE) has engaged Itiviti to implement a test automation solution that leverages VeriFIX by Itiviti. Source Proshare Read More 

Telcos commence payment of N13.6bn MTN interconnect debt - MTN Nigeria said on Wednesday that it had started receiving payments for the interconnect debts owed it by other telecommunications companies, including Globacom, Etisalat and Airtel. Source Punch Read More

BMCE Bank of Africa to announce candidates for 2016 African Entrepreneurship Award - BMCE Bank of Africa announces the closing of Round 1 of the second edition of the African Entrepreneurship Award. The AEA is dedicated to inspire talented African entrepreneurs, or originating from Africa, by funding businesses using technologies that transcend borders to create jobs and improve lives. Source Proshare Read More 

BoI disburses N48.44m loan in Kaduna - The Bank of Industry (BoI) has disbursed N48.44 million loan to beneficiaries of the Kaduna Start- up Entrepreneurship Programme whose business proposals are bankable. Source Daily Trust Read More 


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