Nigeria in 1min: Economic, Business & Financial Headlines – 220716



July 22, 2016 5:10 AM / Proshare News 


Nigeria ‘technically’ in recession – Finance Minister - The Minister of Finance, Mrs. Kemi Adeosun, has said that Nigeria is “technically’ in recession.Adeosun said this at the Senate on Thursday while speaking about the state of the nation’s economy and the implementation of the 2016 Appropriation Act. Source Punch Read More

FG, states, LGs share N559bn - For the first time in many months, the nation’s revenue made a significant rebound with federal, state and local governments, yesterday, sharing a total of N559 billion. Source Vanguard Read More

FIRS Leading From the Front in Collections - The Federal Inland Revenue Service (FIRS) has reported collection rates of about 90% for Q2 2016 and 73% for the first and second quarters combined. Its chairman, Babatunde Fowler, hopes to hit the target over the full year. Source Proshare Read More 

Economy will pick up in 2017, says FG - The Federal Government on Thursday assessed the nation’s economy and returned a verdict that 2016 has so far been a difficult year for Nigeria. Source Punch Read More 

FG, investors sign N522bn pacts for 1,125mw solar plants - The acting Managing Director of the Nigeria Bulk Electricity Trading Plc (NBET), Mr Waziri Bintube, has said that 14 investors are working to generate 1,125megawatts (mw) electricity from solar technology. Source Daily Trust Read More 

German firm targets 25% market share in Nigeria, SSA - German multinational engineering and electronics company, Borch has revealed plans targeted at increasing its market share in Nigeria and other sub-Saharan African countries from 15 per cent in 2015 to 25 per cent this year. Source Guardian Read More 

Nigeria spends $11b on food imports, says Bol boss - Africa imports over $35.4 billion worth of food items yearly, with Nigeria accounting for $11 billion of the bill, the Acting Managing Director, Bank of Industry (BoI), Mr. Waheed Olagunju, has said. Source THE NATION Read More 


CBN gives loan to Skye Bank - The Central Bank of Nigeria has provided a loan to Skye Bank Plc to boost its liquidity after the lender breached requirements on capital and lending. Source Punch Read More


Equities market sheds N549.69billion as bearish trend hits 12days - The equities market closed today on a negative note, as NSE ASI depreciated by 0.79% to close at 27,997.29basis points, compared with the 0.94% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.25%. Source Proshare Read More

Wema Bank Plc Reports 10% Improvement in Profitability on the Back of 42% Growth in Fee Income - The 2016 financial year has been a rather eventful one for the Nigerian economy. The year has been characterized by deceleration on a number of economic indicators coupled with increasing energy costs, intensified by rising inflation, all within a tough operating environment. The banking industry has also not been exempted from these challenges. Source Proshare Read More 

Guaranty Trust Bank Plc Updates Submission of Half Year Audited Financials to 15th Sept, 2016 - In its usual practice of auditing its interim and Full Year results, Guaranty Trust Bank Plc (“the Bank”) has conducted an audit of its financial statements and account, which will be considered and approved by its Board of Directors at its meeting holding on July 27, 2016. Source Proshare Read More 

Oando Plc Q2'16 Earnings: Any Cause for Alarm? - On Monday, July 18, 2016, Oando Plc issued H1’2016 earnings guidance stating that it is expected to report materially lower earnings for the period due to the impact of the Naira devaluation against the US dollar. Source Proshare Read More 

CBN Affirms Confidence in Skye Bank, Institutes Guarantee Line - The Central Bank of Nigeria (CBN), has affirmed its confidence in Skye Bank Plc., through a guarantee line which ensures that withdrawals it suffered in the wake of the undue panic of last week does not adversely affect its operations. Source Proshare Read More 

Ahead of MPC: MPC at a Crossroad …Economic Growth Vs. Price Stability - The Monetary Policy Committee (MPC) will reconvene on the 25th and 26th of July 2016 to consider the Nigerian economy, amidst anticipated slower global growth on the back of BREXIT, rising domestic inflation (16.5% in June), contracting Gross Domestic Product (GDP) (-0.36% in Q1:2016), continued insecurity and pipeline vandalism in the Niger Delta region, and the continued depreciation of the Naira (c.30% loss in value). Source Proshare Read More 

Tracking Skye bank’s Share Price: 10days After - Last week, we revealed that Skyebank was experiencing active and subtly mop-up activities from smart investors as volume analysis shows attendant growth in volume traded, which further suggests that all hope are not lost. Source Proshare Read More 

Naira weakens, exchanges at N377 to dollar - The naira yesterday exchanged at N377 to dollar in the parallel market, weaker than N373 on Wednesday after the Central Bank of Nigeria (CBN) failed to intervene in the market. Source THE NATION Read More 

Oil services sector seeks $600m local content investment -  Stakeholders in the oil and gas service sector have called for $600m investment in local content fund to boost industrialisation and job creation. Source Punch Read More 

62% Of KEDCO’s Customers Lack Meters – NERC Boss - A total of  251,197 out of 399,708 customers of Kano Electricity Distribution Company (KEDCO), representing 62 per cent of their entire customer base, receive high estimated bills without meters. Source Leadership Read More 



U.K. Retail Sales Fall 0.9% in Month of Brexit Referendum - U.K. retail sales had their biggest drop in six months in June, adding to signs that the vote to leave the European Union is starting to bite. Source Bloomberg Read More

South African central bank holds rates amid growth concerns - South Africa's central bank kept interest rates on hold on Thursday, saying a weak economy had persuaded it to pause a cycle of hikes that it was ready to resume if price pressures picked up again. Source Reuters Read More 

Uganda's economy shrinks 1.3 pct in Q3 as farm output falls - Uganda's economy contracted by 1.3 percent in the third quarter of the financial year ended last month from a growth of 1.7 percent in the previous quarter, hurt by poor agricultural output, the statistics office said. Source Reuters Read More 

Kenya Airways says full-year pretax loss narrows 12 pct -  Kenya Airways Ltd narrowed its pretax loss by 12.2 percent to 26.1 billion shillings ($257 million) in the year to end-March, it said on Thursday. Source Reuters Read More


FG Establishes CERTs To Curb Cybercrime In Nigeria - The federal government has established Computer Emergency Response Team (CERT) to address the growing electronic fraud, cybercrime and cybersecurity threats to digital databases challenges facing Nigeria which has resulted in the loss of over N127 billion annually. Source Leadership Read More 



 Focus on the Digital Freedom Rights Bill in Nigeria

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