Nigeria in 1min: Economic, Business & Financial Headlines - 240516



May 24, 2016 7:00APM / Proshare News  

A defining moment for the MPC - A difficult call for the meeting of the monetary policy committee (MPC) today and tomorrow in Abuja was made more complicated by the public release of the national accounts for Q1 2016 on Friday. Source Proshare Read More 

NEITI Publishes 2013 Oil & Gas Audit Report - Nigeria is located within Sub – Saharan Africa and has a total land area of 923,768.64 sq. km. It shares borders with the Republic of Benin in the west, Cameroon in the East, Niger and Chad in the north and the Gulf of Guinea to the South. Source Proshare Read More 

NEITI Publishes 2013 Solid Minerals Audit Report - This report summarises information about the reconciliation of fiscal and non-fiscal revenues from the extractive solid minerals sector in Nigeria as part of the implementation of the Extractive Industries Transparency Initiative (EITI).Source Proshare Read More

Nigeria's Extractive Industry - Presentation of 2013 Audit Report -  It gives me great pleasure to welcome you all to this press conference. This event, as you know, was convened to present to the public the reports of the 2013 oil & gas and solid minerals audits, commissioned by NEITI. Source Proshare Read More 

GDP growth turns negative - breaks 12-year positive streak  - Dissecting the components, oil GDP extended negative reading into the second consecutive quarter with YoY shrinkage of 1.89% (Q4 15: -8.28% YoY) whilst non-oil GDP growth slumped to a 48-quarter low of -0.21% YoY. Source Proshare Read More 

FG seeks $166bn to fund energy, transport sectors - The Federal Government said on Monday that it would cost as much as $166bn in the next five years to provide infrastructure in energy and transport sectors of the economy. Source Punch Read More 

BPP: Fed Govt saves N680b in five years - The Acting Director-General, Bureau of Public Procurement (BPP), Mr Ahmed Audu,  yesterday said the Federal Government has saved N680billion in five years through the establishment of the Bureau. Source THE NATION Read More 

Foreign airlines’ $575m trapped in Nigeria —IATA - The International Air Transport Association said that funds belonging to foreign airlines, which had been trapped in the country due to the Federal Government’s policy on foreign exchange, stood at $575m (N113.28bn) as of March this year. Source Punch Read More 

Africa to grow 3.7 percent this year, 4.5 percent in 2017: AfDB - Africa's economy is likely to grow 3.7 percent this year as resilient private consumption and investment offsets the effect of a slump in commodity prices and global headwinds, the African Development Bank (AfDB) said on Monday. Source Reuters Read More 

‘Onitsha inland Port To Generate N6.9bn daily’ - The Senator representing Anambra North senatorial district in the National Assembly, Sen Stella Oduah has called on the Federal Government to establish an inland container port in Onitsha, Anambra State, just as she said that the port will yield a daily turnover of over N6.9 billion. Source Leadership Read More


NSE Delists IPWA, ALUMACO and 6 Other Listed Companies from Its Daily Official List - Pursuant to Clause 15 of the General Undertaking, Appendix III of the Rule Book of The Exchange, 2015, Part II, Issuers’ Rules the following eight (8) companies have been delisted from the Daily Official List of The Exchange effective 18TH May 2016. Source Proshare Read More

White Collar Crime: Compliance Challenges in Emerging Markets - Multinational companies have increasingly looked to emerging markets for new business opportunities and continued growth. Source Proshare Read More 

SEC Does Not Regulate Activities of Multipurpose Cooperative Societies - This is to notify the general public that the Securities and Exchange Commission, as the apex regulatory body of the Nigerian Capital Market has received complaints against the activities of some Multipurpose Cooperative Societies. Source Proshare Read More  

Equities market starts week bearish on speculative trading - The equities market closed today on a negative note, as NSE ASI depreciated by 0.37% to close at 27,015.97basis points, compared with the 0.33% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.68%. Source Proshare Read More 

U.S. Stocks Decline Amid Focus on Interest Rates, Looming Data - U.S. stocks slipped amid a late-day pullback, with the S&P 500 holding in the narrowest range in five weeks as investors awaited further direction on the health of the economy and prospects for higher interest rates. Source Bloomberg Read More 

European Shares Slide as Bayer Leads Chemicals Drop, Oil Falls - European shares retreated as chemical companies and oil producers tumbled, while investors speculated on the potential timing of a Federal Reserve interest rate increase. Source Bloomberg Read More

The Nigeria Bond Watch - Review and Outlook @052316 - During the week under review, activities in the domestic fixed income market were influenced by: 1) Treasury bills auction and redemption by the CBN; and 2) The release of April inflation figure (13.70%) by the National Bureau of Statistics (NBS). Source Proshare Read More 

United Capital Arranges N50.59bn Bank Guarantees for GenCos - United Capital Plc, one of Africa’s leading investment banking and financial services groups, in partnership with United Bank for Africa (UBA) Plc, has served as advisers on the structure by which the Nigerian Bulk Electricity Trading Company Plc (NBET) will now be able to provide Bank Guarantees (BG) to power generation companies (GenCos) in line with the provisions of the Power Purchase Agreements and Power Purchase Activation Agreements executed between NBET and the GenCos. Source Thisday Read More 

Nigeria requires N5.7tr investment to recoup losses from oil production slide - Unless the Federal Government and investors in the nation’s oil and gas sector invest about $29 billion (about N5.7 trillion) between now and 2019, the country’s crude oil production may decline from its present state of two million to 300,000 barrels per day. Source Guardian Read More 

AMCON Takes Over Bacita Sugar Company - The Asset Management Corporation of Nigeria (AMCON) took over Bacita Sugar Company in Kwara State yesterday by appointing Mr. A. B. Sulu-Gambari as the Receiver Source Leadership Read More 

Nigeria To End Fuel Importation In 2019 – Kachikwu - Dr Ibe Kachikwu, Minister of State for Petroleum Resources, on Monday said the Federal Government was targeting 2019 to end fuel importation in the country. Source Leadership Read More 

Oil prices fall on strong dollar, firm global supply -  Oil prices fell in Asian trade on Monday on a strong dollar and signs that global crude supply is holding up even as volumes hit by unplanned outages rise to at least five-year highs. Source Reuters Read More  


Tobi Oduyale: A Legacy of Service to Community - Being a review presented at the book launch of “TOBI ODUYALE: A Legacy of Service to Community” by Olufemi Awoyemi at the Sheraton Hotels & Towers, Ikeja on Sunday, May 22, 2016. Source Proshare Read More 

Dangote Flour Restructures Operations, Reopens Kano Wheat Plant - As part of its restructuring process for greater market share, Dangote Flour Mills has reopened its plant in Kano with plans to grow wheat in the state.Source Proshare Read More

Manufacturers Association of Nigeria Inaugurates Large Corporation Group - The Manufacturing Association of Nigeria has inaugurated its Large Corporation Group, which will amongst other things come up with policy recommendations that will lead to a conducive economic and social climate for the operation and development for large scale industries in Nigeria. Source Proshare Read More

AbdulRaheem, 23yr-old Alton's new Technology could create more efficient energy,solve power shortage - A team of UT Arlington researchers has created a new power generator that can produce electricity up to 25 percent more efficiently than existing technology, reduce emissions, and could alleviate power shortages in more remote areas of the globe. Source Proshare Read More 

Kenya central bank surprises with 100 bps rate cut - Kenya's central bank reduced its policy lending rate on Monday by 100 basis points to 10.5 percent, saying inflation was expected to decline further. Source Reuters Read More 

Saudi Arabia’s Economic Plan Shows It’s Just Not That Into OPEC - The world’s biggest crude exporter has already undermined OPEC’s traditional role of managing supply, instead choosing to boost output to snatch market share from higher-cost producers, particularly U.S. shale drillers, and crashing prices in the process. Source Bloomberg Read More


N4.5bn lost annually to quackery in ICT – CPN - The Computer Professionals (Registration Council) of Nigeria on Monday said that the Federal Government was losing over N4.5bn annually to quackery in Information Technology practice. Source Punch Read More 

$3.9b fine: MTN shares slump as govt suspends talks - MTN shares fell after Nigeria suspended talks about a $3.9 billion fine on the South African mobile-phone company while the country’s House of Representatives completes an investigation into the nature of the penalty. Source Leadership Read More 

South Africa's Standard Bank loses $19 million in card scam - South Africa's Standard Bank said on Monday it had lost 300 million rand ($19 million) in a card fraud incident in Japan, after the perpetrators used counterfeit cards to withdraw cash from automatic teller machines. Source Reuters Read More  


Why Nigeria needs to Increase its fiscal space


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