Nigeria in 1min: Economic, Business & Financial Headlines – 030516


May 3, 2016 7:10 AM / Proshare News 

Mining can earn for Nigeria N5tn yearly – Fayemi - The Minister of Solid Minerals Development, Dr. Kayode Fayemi, has said that Nigeria can generate about N5tn annually if it opens up the sector. Source Punch Read More 

Airlines yet to remit N10bn ticket charges to FG - Airline operators in Nigeria have not remitted over N10bn being five per cent Ticket Sale Charge (TSC) and Cargo Sale Charge to the Nigeria Civil Aviation Authority (NCAA) Source Daily Trust Read More

Consumer confidence index drops on macro-economic uncertainty - The volatile economic situation in the country appears to have caught up with the consumers, with findings showing sharp decline in consumers’ confidence and attendant negative effects on Fast-Moving Consumer Goods (FMCGs). Source Guardian Read More 

Nigeria, Angola’s ratings down on Moody’s - The credit ratings of Nigeria and Angola, Africa’s two biggest oil producers, were among four countries downgraded by Moody’s Investors Service, citing the negative impact depressed oil prices have had on these governments’ balance sheets, liquidity and creditworthiness. Source Vanguard Read More 

Dashed airfreight project hurts Nigeria’s N100bn trade receivables - Lack of adquate cold storage and handling capacity for agricultural exports in Nigerian airports is crimping produce outflows and costing the country an estimated N100 billion annually, accruable from stepped up exports of perishable goods. Source BUSINESSDAY Read More


CBN’s anti-inflation policy sucks N663bn from banks - With the reversal of its monetary policy easing previous month Central Bank of Nigeria, CBN, has deployed monetary instruments freezing about N663 billion in the last one month even as the apex bank is set to mop up additional funds from the banks this week. Source Vanguard Read More 

TIGERBRANDS, SEPLAT Lead YTD Performance in 2016 as @280416 - The year-to-date performance of stocks listed on the Nigerian Stock Exchange remains unimpressive as latest analysis reveals. In their 2016 market outlooks, majority of market analysts predicted a negative return for the NSEASI and current stocks performance seem in line with the prediction. Source Proshare Read More 

Oil producers fret as shale production rises - The uncertainties in the international oil market may accentuate soon with some shale producers resuming production after oil prices assumed a rising trend experienced last month. Source Guardian Read More 

Oil down 2% as OPEC hikes output - Crude prices fell 2 per cent yesterday as data showing higher Middle East oil production and record hedge fund buying sparked profit-taking on last month’s outsize rally. Source Daily Trust Read More 

Fidelity names Balarabe acting MD - The announcement was made on Monday evening by the board of directors following the arrest and detention of Nnamdi Okonkwo, the MD, by the Economic and Financial Crimes Commission (EFCC) in relation to allegations of bribery of electoral officials in the 2015 general election. Source Vanguard Read More 

Transcorp plans to adopt idle gas plants - The Chairman of the Transnational Corporation of Nigeria Plc, Mr. Tony Elumelu, has said the company is discussing with the Nigerian National Petroleum Corporation to take over idle gas plants in the Niger Delta region to improve on the epileptic power situation. Source Punch Read More 

Delayed FIDs threaten Nigeria’s LNG projects - The gradual shift away from long-term contracts in the global Liquefied Natural Gas market has been described as a threat to Nigeria’s LNG projects, which have over the years been stalled by a lack of Final Investment Decisions. Source Punch Read More 

Ikoyi, Lekki, VI, others face one-month power rationing - The Eko Electricity Distribution Company has said it will begin power rationing today (Tuesday) in Lekki, Ikoyi, Victoria Island and some parts of Ajah, Lagos State. Source Punch Read More


Australia's Central Bank Cuts Rates to Record Low - Australia’s central bank cut interest rates to a fresh record low as it moves to counter the emergence of disinflation that’s swept the developed world and limit currency gains that could complicate an economic transition. Source Bloomberg Read More

Zain to buy Etisalat's stake in Sudan's Canar - Kuwaiti telecom firm Zain has agreed to buy Abu Dhabi-listed Etisalat's 92.3 percent stake in Sudanese fixed line operator Canar for 349.6 million dirhams ($95.2 million). Source Proshare Read More 


MTN Plans Commercial 4G LTE Services From July - MTN Nigeria is set to roll out its Fourth Generation Long Term Evolution (4GLTE) broadband services latest by July 2016 in selected cities, using the 800MHz frequency acquired from Visafone Ltd earlier this year. Source Leadership Read More 

NYSC, CBN, BoI plan loan scheme for corps members — DG - The National Youths Service Corps (NYSC) says it is planning to introduce a loan package for corps members in view of the prevailing economic hardship in the country. Source Vanguard Read More 

2016 budget: NASS slashes padding from N500bn to N75bn - President Muhammadu Buhari is  a reworked copy of the 2016 budget any time this week from the National Assembly following the agreement by the lawmakers to remove most of the unbudgeted items they introduced into the fiscal document for pecuniary gains. Source Vanguard Read More


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