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Nigeria in 1min: Economic, Business & Financial Headlines – 041116



November 4, 2016 7:10 AM / Proshare News 


Recovery Fades, Strong Regulator versus Efficient Markets - The unanimous rejection of Buhari’s borrowing plan by the Senate is evidence of a misalignment of goals at the highest level of government. Source Proshare Read More

2016 Budget has achieved 41.25% implementation-Mrs Zainab Ahmed  - The 2016 federal budget of Nigeria, has so far achieved 41.25% implementation as at October. Source Proshare Read More 

FIRS earns N2.7tr revenue in 9 months – Fowler - The Federal Inland Revenue Service (FIRS) said it has generated N2.7trn revenue from oil and non-oil sources as at September 2016 which represents 81 percent of the third quarter cumulative target of 3.12tr in the 2016 budget. Source Daily Trust Read More 

Tincan Island Port Generates N207.8bn in 10 Months - The Nigeria Customs Service (NCS), Tincan Island Port generated N207.838 billion between January and October 2016. This disclosure was made by the Area Comptroller Tincan Island Port Apapa, Comptroller Bashar Yusef while reviewing the general operational module of the command. Source Thisday Read More 

The US$30bn Question or a No-Brainer  - The FGN is looking to borrow US$30bn externally over the 2016-18 period. This has brought some criticism on the grounds that Nigeria could fall into a second debt trap. Source Proshare Read More 

MDAs electricity debt profile rises to N100 billion - The debt profile of Ministries, Department and Agencies (MDAs) has risen to N100 billion up from N93 billion recorded about four months ago. Source Guardian Read More 

MDAs to submit budget 2017 electronically - The Federal Government has directed all Ministries, Department and Agencies (MDAs)  to submit their 2017  budget proposals to a designated web portal domiciled in the Budget Office. Source THE NATION Read More 

Nigeria Still Imports 75% Of Requirements For Cement Production – NSME - The president, Nigerian Society of Engineers (NSE), Dr Ebenezer Damisa, has stressed the need for Nigeria to strengthen its mining institutions to curb illegal importation of raw materials as he says the country still imports 75 per cent of its requirements for cement production Source Leadership Read More 

Airlines raise airfares to cushion 53% spike in aircraft maintenance cost - Domestic airlines operating in Nigeria in the past one year have raised airfares to cushion effect of 53 percent increase in the cost of aircraft maintenance resulting from the increase in foreign exchange (FX) rate in a bid to stay afloat, analysts say. Source BUSINESSDAY Read More 

‘Only Two Operating Airlines May Survive Till End of 2017’ - Airline operators have estimated that there is about 30 percent reduction of passenger traffic in the domestic market despite the fact that few airlines are still in operation. They concluded that if no action was taken to save the airlines, only two may survive by end of next year. Source Thisday Read More 

Aba’s N96 billion shoe market thriving in chaos - One million pairs of quality shoes are produced every week in Ariara Market, Aba, capital of Abia State, in Nigeria’s south east, but the artisans/entrepreneurs, numbering at least 70,000, are missing out of huge opportunities because they still operate in an informal market. Source BUSINESSDAY Read More 

Landlords, businesses hurt as Apapa vacancy rate hits 50% in 24 months, rents fall 40% -bLandlords and businesses in Apapa, Nigeria’s port city are getting jittery as   snarling traffic and terrible road infrastructure have conspired to force businesses and some residents out, leaving a desolate and degraded environment and a property market without value or charm Source BUSINESSDAY Read More



Domestic and Foreign Portfolio Participation in Equity Trading – September 2016 - On a monthly basis, The Nigerian Stock Exchange polls trading figures from major custodians and market operators on their foreign portfolio investments (FPI). Source Proshare Read More

Economy - CBN Governor pushes for greater collaboration - The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has called for greater collaboration between the monetary and fiscal authorities in Nigeria in the collective task of revamping the country’s economy. Source Proshare Read More

Anchors Borrowers’ Programme - Gov. Emefiele assures Anambra, other willing States of CBN support - The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has assured that the Bank would support State Governments interested in keying into the Anchor Borrowers’ Programme (ABP), which the CBN initiated in collaboration with the Federal Ministry of Agriculture and Rural Development. Source Proshare Read More

Big CAPs tilt the scale as stocks extend losses  - The equities market closed today on a negative note, as NSE ASI depreciated by 0.66% to close at 27,223.18basis points, compared with the 0.11% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.85%. Source Proshare Read More 

Fidelity Bank Q3'16 Earnings Presentation: The key takeaways  - The microeconomic challenges that influenced business outlook in 2015 financial are largely unresolved in 2016 as bearish macroeconomic indicators had shown.  Nigerian Banks are still facing headwinds within a tougher operating environment. Source Proshare Read More

Zenith Bank Plc - Peak of the Pack? - Zenith Bank (‘’The Company’’) released its interim 9M -2016 result for the period ended September, 30 2016 on 24th October 2016. Source Proshare Read More 

Nigeria sells 99 billion Naira in Treasury bills - Nigeria sold 99.12 billion Naira ($312 million) in short-dated treasury bills at an auction on Wednesday, with mixed yields, data from the nation's central bank showed on Thursday. Source Daily Trust Read More 

MAN wants $1bn forex allocation for industrialists - The manufacturing industry requires the injection of about $1bn to galvanise activities in the sector and enable it to contribute significantly to the economy, the Manufacturers Association of Nigeria has said. Source Punch Read More 

Pipeline vandalism drops by 28%, says NNPC - The Nigerian National Petroleum Corporation says pipeline vandalism across the country had reduce by 28 per cent. Source Punch Read More 

NNPC mega stations increase fuel price by N4/litre - The Nigerian National Petroleum Corporation (NNPC) has increased the pump price of petrol at its retail outlets by N4 from N141 to N145 per litre. Source Daily Trust Read More

NNPC loses N11.22bn in 1 month - Report - The Nigerian National Petroleum Corporation (NNPC) has again reported a month-end trading deficit of N11.22 billion in August. Source Daily Trust Read More

Nigeria's oil output down by over 200,000 bpd after militant attack - Nigeria's oil production has fallen by at least 200,000 barrels per day (bpd) since a militant attack forced the closure of the major Trans Forcados Pipeline (TFP) on Wednesday, industry sources said. Source Daily Trust Read More 

Nigeria, World Bank, Seven Energy sign deal to add over 500mw to national grid - In fulfillment of its commitment to increasing power supply in the country and further tapping into the ‘gas to power’ value chain, the Federal Government on Thursday  signed a number of agreements that will add more than 500 MW electric power to the National Grid. Source BUSINESSDAY Read More

IPOs Raise More Capital In Mid-Sized Markets Than The USA - New research from Professor Alex Frino has confirmed Initial Public Offerings made in mid-sized markets can raise more capital than they could in the U.S. Source Proshare Read More 


Egypt Free Floats Its Currency, Devaluing It Against the Dollar - Egypt’s central bank said Thursday it would freely float the local currency, in a move aimed at eliminating a flourishing black market for dollars after the cash-strapped government secured loans to boost its reserves. Source Proshare Read More 

Zimbabwe Sanctions Use of Chinese Yuan as Official Currency, come Jan 1, 2017 - Come January 1, 2017, the Chinese Yuan will become an official currency in Zimbabwe following discussions held between the two governments during the state visit of the Chinese president. Source Proshare Read More 

Yuan Drops to Record Versus Peers Amid Bets PBOC Helping Exports  - China’s yuan dropped to a record low against a trade-weighted currency basket amid speculation policy makers are using recent dollar weakness to boost the competitiveness of the nation’s exporters. Source Bloomberg Read More 

South Africa making little progress in economic reform: S&P - South Africa's is making little progress in turning around the economy as political wrangling delays the implementation of reforms, raising the risk of a credit downgrade to sub-investment grade, S&P Global Ratings said on Thursday. Source Reuters Read More 

Angola's weak economic growth a concern, IMF says - The International Monetary Fund is concerned that Angola's economic growth remains very low while inflation is at elevated levels, its mission head said on Thursday after a meeting with the finance minister. Source Reuters Read More 

Asian Stocks Extend Pre-Vote Slide as Crude Oil Trades Below $45 - A global stocks selloff extended into Asian trading as crude oil held near a one-month low and investors shunned riskier assets ahead of next week’s U.S. presidential election. Source Bloomberg Read More 

Fed Rate Increase Odds Approach 80% as Job Growth Seen Rising - Bond traders are becoming more certain the Federal Reserve will raise interest rates next month as economists say a U.S. jobs report Friday will show enough improvement to justify such a move. Source Bloomberg Read More 

Gold in Best Run Since Brexit on Concern Trump May Be Triumphant - Gold is heading for the longest run of weekly gains since the U.K.’s Brexit vote roiled financial markets on rising concern that Republican candidate Donald Trump may prevail over Hillary Clinton in next week’s U.S. presidential election, buoying haven demand. Source Bloomberg Read More 



N1.4trn fine: Court grants lawmaker leave to sue MTN, NCC - A member of the House of Representatives, Raphael Igbokwe, has obtained leave from the Federal High Court in Abuja, to sue the Nigerian Communications Commission (NCC) and MTN Nigeria Ltd for reducing the fine awarded against the telecoms operator. Source Daily Trust Read More





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