Nigeria in 1min: Economic, Business & Financial Headlines – 211216



December 21, 2016 7:10 AM / Proshare News 


Public Presentation of The 2017 Budget Proposals by Senator Udoma Udo Udoma - I am pleased to welcome you to the presentation of the 2017 Federal Government’s Budget proposal christened Budget of Recovery and Growth – the second full year Budget of this Administration, which was recently presented by the President to the National Assembly.  Source Proshare Read More 

FG to earn $2bn from new cash call policy - The federal government is expected to earn about $2 billion (about N61billion) from a new cash call policy that comes into effect in January 2017, while its oil production is set to increase to 2.5 million barrels per day in 2019. Source Vanguard Read More 

FG cedes minerals buying centres to states - After constructing 10 prototype Minerals Buying Centres across the country, the Federal Government has started ceding the centres to state governments in a bid to reduce friction between the two tiers of government on mining activities.Source Punch Read More 

Nigerians living abroad remit $35bn in 11 months - The Senior Special Assistant to the President on Foreign Affairs and Diaspora Matters, Mrs. Abike Dabiri-Erewa, on Tuesday said between January and now, over $35bn had been remitted to the country by Nigerians living abroad.Source Punch Read More 

99.9% Of Nigerians In Diaspora Are Tax Compliant – Fowler - Chairman of Nigeria’s tax agency, Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler has said 99.9 per cent of Nigerians in the diaspora are tax compliant. Source Punch Read More

Another Pick-up in Unemployment - The latest unemployment/underemployment watch from the National Bureau of Statistics (NBS) reveals that the labour force (population of working age between the ages of 15 and 64) increased to 108 million in Q3 2016 from 106.7 million recorded in Q2. Source Proshare Read More 

Ogun writes off deadline on land titles application - Ronke Sokefun, Ogun State commissioner for urban and physical planning, on Monday, said “the state government does not have any definite deadline on land titles application under its Homeowners’ Charter programme created in 2013 to ensure that land titles are speedily and affordably processed.” Source BUSINESSDAY Read More 

Edo records N88.5bn revenue in 11 months - Edo State government on Monday said it recorded revenue generation of N88.5 billion, representing 76.3 percent between January and November in 2016 fiscal year out of the projected N115.9 billion. Source BUSINESSDAY Read More 

Delta Govt. owes N237.7bn domestic debts – Finance Commissioner - The Delta Commissioner for Finance, David Edevbie, said  that the state’s domestic debt profile stood at N237.7 billion as at September. Edevbie, who disclosed this in Asaba during a ministerial news conference organised by the state’s Ministry of Information, said most of the debts were inherited from the previous administration. Source BUSINESSDAY Read More 

Ministry requires N850bn to complete on-going projects – Usani - Minister of Niger Delta Affairs, Pastor Usani Uguru Usani, said that the ministry would require N850 billion to complete all abandoned projects in the region. Source BUSINESSDAY Read More 

Ekiti Assembly passes N93bn budget, adjourns till Feb.20 - The Ekiti  House of Assembly on Tuesday passed the 2017 budget  presented to it two weeks ago by Gov. Ayo Fayose, without any alteration or amendment. Source BUSINESSDAY Read More 

NASS spent N1.3trn in 10 years without records – CSOs - Some Civil Society Organisations (CSOs) under the aegis of OpenNASS Project have accused the National Assembly of spending N1.3 trillion allocated to it between 2006 and 2016 with no records to show how the monies were spent. Source BUSINESSDAY Read More 

Lagos pays N125.9b to pensioners in nine years - Lagos  State government has paid N125.941 billion  to pensioners in the state in nine years, Commissioner for Establishments, Training and Pensions, Dr. Akintola Benson Oke has said. Source THE NATION Read More 

Jigawa proposes N128bn budget for 2017 - Governor Muhammadu Badaru Abubakar of Jigawa state has presented a financial plan of N127.87 billion to the State Legislator s for the 2017 fiscal year for considerations. Source BUSINESSDAY Read More 

Job centres to be created in 774 LGAs – Ngige - The Minster of Labour and Employment, Sen. Chris Ngige has said that the Federal Government will create job centres in all the 774 Local Government Areas, next year. Source THE NATION Read More 

Vacancy rate rises 34% as commercial office space turns into tenants market - Policy uncertainty, soaring inflation as well as the notable dip in oil production due to pipeline vandalism in Niger-Delta region, which conspired to pose significant headwinds for the Nigeria economy, have also impacted demand for assets, leading to a 34 percent rise in vacancy rate in commercial real estate. Source BUSINESSDAY Read More 

Maritime sector loses 6,000 workers to economic recession - The maritime sector has lost 6,000 jobs to economic recession in addition to closure of many companies, the president, Maritime Workers Union of Nigeria (MWUN), Mr Emmanuel Nted, has said. Source BUSINESSDAY Read More 

Recession won’t end soon, says Obi - A former governor of Anambra State, Mr. Peter Obi, on Tuesday, said the economic recession in the country would last longer than expected. Source Punch Read More 

Airfares rise by 100 per cent as workers shut Arik - The plight of air passengers in the country worsened yesterday as Arik Air, the largest airline in West Africa, was shut down by protesting workers. Source Guardian Read More 

Post Bank not feasible in Nigeria, NIPOST says - The Post Master General (PMG) of the Nigerian Postal Service, Barrister Bisi Adegbuyi, has said the establishment of a Post Bank is not feasible in the country. Source Daily Trust Read More 

60% forex allocation: Manufacturers decry non compliance - Manufacturers are groaning over the non-implementation of the directive of the Central Bank of Nigeria that commercial banks and other authorised dealers in the foreign exchange (FX) market should channel 60 per cent of total FX purchases from all sources (interbank inclusive) to end users strictly for the purpose of importation of raw materials, plant and machinery. Source Daily Trust Read More 

Kano awards N167.5b for Kanawa economic city construction - The Kano State Government has signed a N167. 508 billion agreements with an indigenous company, Brian and Hammers Ltd., for the construction of Kanawa Economic City, situated at Dangwauro in the outskirts of the state capital. Source Guardian Read More 

N30.5bn spent importing honey from China annually – Ogbeh - The country spends N30.5bn every year to import honey from China, the Federal Government has said. It also stated that some of the imported products were not real honey as they often come out after careful analysis as sugar syrup. Source Punch Read More 

Poor expansion causes insurance sector N240b from uninsured cycles - Low awareness of the benefits, poor expansion and penetration may have cost the insurance sector the loss of about N240 billion on premium incomes from the non-insurance of an estimated eight million tricycles and motorcycles, according the National Motorcycle and Tricycles Association. Source Guardian Read More


Appointment of The Chairs and Deputy Chairs of the Federal Reserve Banks for 2017 - The Federal Reserve Board on Tuesday announced the designation of the chairs and deputy chairs of the 12 Federal Reserve Banks for 2017. Source Proshare Read More 

Securing e-payment platforms daunting, says CBN - The Central Bank of Nigeria (CBN) Deputy Governor, Operations, Adebayo Adelabu has said that securing the Nigerian electronic banking platforms remains a challenge. Source THE NATION Read More 


Market Maintain Negative Sentiment as NSEASI Drops by -0.17% - The equities market closed today on a negative note, as NSE ASI depreciated by 0.17% to close at 26,540.87 basis points, compared with the 0.45% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.34%. Source Proshare Read More

NSE ASI Performance Review and How Key Sectors Fared in 2016 - Nigerian Stock Market performance in 2016 has been very bearish. NSE ASI remained in the negative territory in terms of YTD performance review in most trading days of the year. Source Proshare Read More 

Oando PLC Completes$115.8 Million Gas and Power Partial Divestment to Helios Investment Partners - Oando PLC (referred to as “Oando” or the “Group”), Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, has announced the completion of a partial divestment of 49% of the voting rights in Oando’s midstream business subsidiary, Oando Gas and Power Limited (“OGP”), to Glover Gas & Power B.V. Source Proshare Read More 

CSCS - Bukar Kyari resigns, Bola Adeeko appointed Interim CEO -The Board of Central Securities Clearing System PLC (CSCS) today announced that it has named Mr. Bola Adeeko as Interim Managing Director/Chief Executive Officer effective January 3, 2017. Mr. Adeeko is currently a General Manager and Head of Corporate Services Division at The Nigerian Stock Exchange. Source Proshare Read More 

Interswitch “Suspend” Planned IPO Due To Dollar Scarcity - The menacing dollar scarcity that has pervaded the Nigerian economy since 2016 is said to be responsible for the suspension of the $1 billion initial public offering by Interswitch Ltd. Source Nairametrics Read More 

May & Baker to float N3bn rights issue - The Managing Director, May & Baker Nigeria Plc, Mr Nnamdi Okafor,  on Tuesday said the company has not abandoned its proposed N3bn rights issue aimed at shoring up working capital. Source Punch Read More 

Presco Oil to begin rubber cultivation - Management of Okomu Oil Plc said it would begin cultivation of its rubber plantation in 2018.It said the rubber board wood garden for cultivation of the rubber plantation was ready. Source THE NATION Read More 

Dangote Cooperative records N134.95m gross earnings - The Staff Cooperative Multi-purpose Society Limited of the Dangote Group has reported N134.95m gross earnings for the 2015 financial year. The body recorded N188.82m gross earnings for 2014. Source Punch Read More 

Nigerians not feeling impact of development banks – Dogara - The Speaker of the House of Representatives, Mr. Yakubu Dogara, said on Tuesday that Nigerians were not feeling the impact of Development Finance Institutions established by the Federal Government to serve as a catalyst for development. Source Punch Read More 

49.14m Bank Customers Enrolled on BVN as at November - Total number of bank customers that have registered on the Bank Verification Number (BVN) as at November 2016 stood at 49.14 million,data compiled from the Nigeria Interbank Settlement Systems Plc’s (NIBSS) website revealed. Source Thisday Read More 

Nigeria's finance minister says central bank will eliminate naira black market - Nigeria's central bank will try to eliminate the currency black market, where the naira trades about 40 percent below the official rate against the dollar, Nigeria's finance minister said on Tuesday. Source Reuters Read More 

AMCON 2.0 will cost Nigeria N1.7 trillion - Nigeria would require between N1.7 trillion and N2.2 trillion if it decides to set up another Asset Management Company (AMCON) the bad bank that pulled lenders out of a rut in 2010, according to banking sector sources. Source Thisday Read More 

Insurers Tax FG on Special Forex for Airlines - Insurance sector operators, have urged the federal government to collaborate with the Central Bank of Nigeria ( CBN) to create what they described as special-forex-assessment policy for airline operators to enable them pay premium to their foreign reinsurers on a regular bases. Source Thisday Read More 

NNDC Board Chairman Decries Harsh Business Environment - Chairman, board of directors of the New Nigeria Development Company ( NNDC), jointly owned by the 19 Northern states, Alhaji Bashir Mohammed Dalhatu has said that the harsh economic situation and the volatile business environment have impacted negatively on the performance of the company. Source Thisday Read More 

Refineries: FG rules out concessioning, to seek private sector investments - The Federal Government will not concession or privatize Nigeria’s refineries but would seek private sector investment and subsequent joint ownership and management of the outfits for greater efficiency. Source Daily Trust Read More 

Refineries to work optimally in 2017 – NNPC - The Nigerian National Petroleum Corporation on Tuesday said it would embark on a comprehensive rehabilitation of the nation’s refineries to achieve optimal capacity utilisation in 2017. Source Punch Read More 

Nigeria, Russia sign nuclear power plants pact – Osaisai - The Director General, Nigeria Atomic Energy Commission (NAEC), Dr. Franklin Erepamo Osaisai, yesterday said a Project Development Agreement (PDA) is being signed by Nigeria and Russia to identify their roles in building the proposed nuclear power plants in the country. Source Daily Trust Read More 

Jigawa solar plant gets new investor - A 100 MW solar power plant in Jigawa state in northern Nigeria has had a new investor.Scatec Solar, which is building the plant  in Dutse, the capital  has signed a Joint Development Agreement (JDA) with Africa50, an African Infrastructure Fund sponsored by the African Development Bank and more than 20 African States and Norfund (the Norwegian Investment Fund for Development Countries). Source Daily Trust Read More 

Ex-PHCN staff cry out for nonpayment of entitlements - Ex-workers of the defunct Power Holding Company of Nigeria (PHCN) have called on the Bureau for Public Enterprises (BPE) to hasten payment of their entitlements including pension and gratuity. Source Daily Trust Read More 


World Bank lends Zambia $100 million to tackle mining pollution - The World Bank has agreed to lend Zambia more than $100 million to reduce environmental health risks in polluted mining areas and support economic diversification. Source Reuters Read More 

Moroccan central bank keeps benchmark interest rate unchanged at 2.25 pct - Morocco's central bank kept its benchmark interest rate unchanged at 2.25 percent on Tuesday, saying the inflation forecast was consistent with its price stability objective. Source Reuters Read More 

World’s Biggest Stock Surge After Fed Rate Hike Isn’t Done Yet - Egyptian stocks are shrugging off emerging-market losses to post the world’s biggest gains since the Federal Reserve raised interest rates. The rally may extend in 2017, according to EFG-Hermes Holding. Source Bloomberg Read More 

Libya Reopens Oil Fields as Biggest Terminal Is Set to Load- Libya reopened two of its biggest oil fields and is set to load its first crude cargo in two years from its largest export terminal as the war-torn country pursues plans to almost double output in 2017. Benchmark Brent crude erased some of its rally on the news. Source Bloomberg Read More 

Ghana to Miss Deficit Target as Crude Delays Weigh on Income - Ghana will miss its budget deficit target for 2016 because of disappointing oil output and higher-than-expected spending on elections and energy sector debts, Finance Minister Seth Terkper said. Source Bloomberg Read More 

Australian Banks Sanctioned by Regulator Over FX Market Conduct - Two of Australia’s largest banks vowed to toughen oversight of their foreign-exchange practices and each pay A$2.5 million ($1.8 million) to the nation’s financial literacy fund after a regulator found inappropriate conduct in their currency trading divisions. Source Bloomberg Read More 

Deutsche Bank Ramps Up Its Asia-Pacific Equity-Derivatives Unit - Deutsche Bank AG is beefing up its Asia-Pacific equity-derivatives unit, as it looks to capitalize on an expected rise in demand for quantitative strategies from local investors. Source Bloomberg Read More 


Nigeria ranks 137th in ICT Development Index - It appears there has not been any significant upward shift in Information and Communications Technology (ICT) development in Nigeria in the last one year; this is because the country has ranked 137thout of 175 countries surveyed on technology growth in 2016. Source Guardian Read More 


BoI Shortlists 976 Graduates for N2bn Entrepreneurship Fund - The Bank of Industry (BoI) has commenced training programme for the 976 corp members qualified to access N2 billion under the Graduate Entrepreneurship Fund (GEF) scheme, which is currently in its second phase. Source Thisday Read More

SMEs access N535bn intervention loans from BoI – MD - The acting Managing Director of the Bank of Industry (BoI), Waheed Olagunju, has said the sum of N535 billion intervention fund for Small and Medium Scale Enterprises (SMEs) provided since 2010 has attained about 95 percent implementation so far. Source Daily Trust Read More 

BoI gives N30m to Osun youth with business plans - The Bank of Industry(BoI) has disbursed over N30 million to youths in Osun State under its partnership with Oduduwa foundation to support and empower youths with viable business plans in driving economic development in the country Source Daily Trust Read More 





Related News