Nigeria in 1min: Economic, Business & Financial Headlines – 150916




September 15, 2016 7:20 AM / Proshare News 


Nigeria in Recession: Coping with an Economic Contraction - With Nigeria’s current economic weakness, the word ‘recession’ is on everyone's lips, but not many understand what it really means. The general rule of the thumb is that a country is officially in a re-cession after two consecutive quarters of negative growth. According to this definition, Nigeria was officially in a recession in Q2’2016. Source Proshare Read More 

Nielsen Africa Prospects Indicator Report - Edition 3 - Ongoing turmoil and volatility in many of Africa’s markets are reflected in the ranking indicators of Nielsen’s third Africa Prospects report, with six of the top nine countries shifting in position over the past six months Source Proshare Read More 

A Pick-up in Labour Productivity  - We draw today upon a fairly new data series from the NBS on labour productivity. It begins in Q1 2015 and measures the relationship between nominal GDP and the total hours worked in the period. Source Proshare Read More 

Government reviews 2017 fiscal plan to check recession - As part of measures to check the nation’s economic recession, the Federal Government is to review its 2017 fiscal plan recently approved by the Federal Executive Council (FEC) but yet to be submitted to the National Assembly. Source Guardian Read More 

Budget: FG to raise $1bn via Eurobond in November - In order to finance the 2016 budget, the Federal Government is to raise $1bn through the issuance of Eurobonds by November, investigation has shown. Source Punch Read More 

BPE advises power firms to borrow from abroad - The Acting Director-General of the Bureau of Public Enterprises, Dr. Vincent Akpotaire, has advised electricity companies carved out of the defunct Power Holding Company of Nigeria to borrow from foreign and local sources to improve electricity generation and distribution in the country. Source Punch Read More 

FG plans credit guarantees for housing developers - The Federal Government, in a bid to inject liquidity into the housing finance market, on Wednesday said it would provide credit guarantees for developers in the housing sector. Source Punch Read More 

Foreign Loans: Prioritise Manufacturing, Society of Engineers Urges FG - The Nigerian Society of Engineers (NSE) has urged the federal government to give priority to the manufacturing sector in its foreign loan procurement, saying the emphasis on infrastructure development will not help the national economy to attain the vibrancy to compete in the global economy. Source Thisday Read More 

Only companies interested in electricity’ll get coal mining licences -FG - THE Federal Government, yesterday, said that coal mining licences would be issued only to companies that are interested in generating electricity from coal. Source Vanguard Read More 

We’ve not given Ajaokuta to foreign investors – Fayemi - The Federal Government on Wednesday said it had not conceded the control of the Ajaokuta Steel Company to any foreign firm, describing insinuations to that effect in some quarters as misleading. Source Punch Read More 

SON seals off eight companies in Ondo
- No fewer than eight companies have been sealed off in Ondo State by the Standards Organisation of Nigeria for allegedly producing substandard products. Source Punch
Read More 

Regulatory agencies killing local businesses – NECA - The Nigerian Employers Consultative Association of Nigeria(NECA) says the growth of  indigenous businesses in the country is threatened by government regulatory agencies whose interest is profit driven. Source Daily Trust Read More 

Nigeria losing $8bn in tourism revenue – RenCap - The Global Chief Economist, Renaissance Capital, Mr. Charles Robertson, says Nigeria is losing at least $8bn in tourism receipts. Source Punch Read More 

Ogbeh: businessmen demand $2.5b weekly for importation - Minister of Agriculture and Rural Development Chief Audu Ogbeh, yesterday, in Abuja, said Nigerian businessmen demanded $2.5 billion (about N492 billion) weekly for importation of goods and services into the country. Source THE NATION Read More 

Fayemi Woos Foreign Investors With 3-year Tax Holiday, Others - The minister of mines and steel development, Dr Kayode Fayemi,  has offered prospective investors in the Nigerian mining sector three years’ tax holidays, as part of  incentives to serious investors. Source Leadership Read More 

IFAD: Only Policies Focused on Rural People Can Eliminate Poverty - Governments in Nigeria and other developing nations need to tailor policies and investments to transform rural areas in developing countries if they want to eliminate poverty, according to a new global study released by the International Fund for Agricultural Development (IFAD). Source Thisday Read More 



Stocks extend 3days gaining streak as investors stay bullish  - The equities market closed today on a positive note, as NSE ASI appreciated by 0.23% to close at 27,642.13basis points, compared with the 0.01% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.49%. Source Proshare Read More 

Banking Sector Update - Weathering the Storm - Growth-wise, Nigerian banks are experiencing their slowest year since the last crisis (2009). H1 2016 headline growth rates are flattering (because of the impact of naira devaluation); however, the underlying growth trends are subdued. Source Proshare Read More

The Nigeria Bond Watch - Review and Outlook @140916 - During the review week, the Nigerian fixed income OTC market was influenced by: 1) the release of September 2016 FGN bond offer circular by the DMO; 2) OMO bills auctions and redemption - by the CBN. Source Proshare Read More 

Guinness Nigeria to Export Beer to S’Africa to Add Sales - Guinness Nigeria Plc plans to increase exports to improve sales and generate more foreign exchange as the country’s second-largest brewer battles to overcome an economic slump in its home market. Source Thisday Read More

Summary of Auction Results for September 2016 - Auction Result for the 14.50% FGN JUL 2021 (Re-opening), 12.50% FGN JAN 2026 (Re-opening) & 12.40% FGN MAR 2036 (Re-opening) Source Proshare Read More

Ghana's 5th Eurobond oversubscribed by over 400% - The Minister of Finance, Mr Seth Terkper, has expressed satisfaction at the pricing of Ghana’s fifth Eurobond at 9.25 per cent in London on Thursday to raise US$750 million from international investors with appetite for emerging economies’ sovereign debt instruments. Source Proshare Read More

Forex scarcity stifling insurance operations, NIA, CIIN lament - Even as insurance practitioners are complaining about the prevailing apathy by the public towards its services, operators have lamented the negative effects of the foreign exchange crisis confronting the nation on their businesses. Source Guardian Read More 

Telcos, banks, others stake N143.1b on print adverts in 10yrs - Firms in the telecommunications and banking industry have accounted for the bulk of N142.1 billion earned advertising income for Newspapers in Nigeria between 2006 and December 2015 according to latest figures released by mediaReach OMD, despite lagging behind the television and Out of Home (OOH) media. Source Guardian Read More 

$35bn spent on fuel subsidy in five years – Ex-NNPC director - Nigeria spent an estimated $35bn as subsidy on petroleum products out of the $300bn earned from crude oil from 2010 and 2014, a former Acting Group Executive Director of the Nigerian National Petroleum Corporation, Dr. Tim Okon, has said. Source Punch Read More 

Refineries flop after gulping N264 billion - Nigeria has spent N264 billion on maintenance of its four refineries since 1999 when the country returned to democracy, Daily Trust investigation has shown. Source Daily Trust Read More 

Nigeria Records $2bn Revenue Deficit Monthly Due to Falling Oil revenue–NECA - The Nigerian Employers Consultative Association of Nigeria (NECA) has disclosed that falling oil price has resulted in a loss of about $2billion in federal government’s revenue. This is even as the nation’s economy continues to struggles under recession. Source Leadership Read More 

Capital Oil Reports N61.85m Loss In 2015 - As a result of weak revenue, Capital Oil Plc has reported a loss of N61.85 million for the financial year ended December 31, 2015. Source Leadership Read More 

Firm Produces Diesel, Kerosene from Plastics - It was jubilation galore in Ibadan, Oyo state capital, as the Education Advancement Centre (EAC) released a set of chemical products made from waste plastics and cans. Source Thisday Read More 

TCN evacuates 3,403Mw to DisCos - The Nigeria Electricity System Operator (SO) of the Transmission Company of Nigeria (TCN), yesterday said it sent out 3,403 Megawatts (MW) of electricity to the 11 Distribution Companies (DisCos) nationwide. Source THE NATION  Read More 



IMF gets $7.1m from Switzerland for global resource fund - Hopes may be rising for Nigeria and other natural resource endowed nations as the International Monetary gets the first contribution of $7.1 million into the dedicated fund for capacity development from Switzerland. Source Guardian Read More 

South Africa's Brait to seek premium listing in London - South African investment heavyweight Brait SE intends to seek a premium listing in London to boost its profile and tap deeper pools of capital, it said on Wednesday. Source Reuters Read More

Tanzania on track to hit 7.2 pct growth in 2016: central bank - Tanzania's economy is on track to expand by 7.2 percent in 2016, up from 7 percent in 2015, boosted by construction, an anti-corruption drive and better management of public resources, the central bank governor said on Wednesday. Source Reuters Read More

Ghana consumer inflation rises to 16.9 pct in August - Ghana's annual consumer price inflation rose to 16.9 percent in August from 16.7 percent in July, the statistics office said on Wednesday. Source Reuters Read More 

Airlines May Downsize Planes for Trans-Atlantic Flights - The smallest aircraft made by Boeing Co. and Airbus Group SE are about to find a new role operating trans-Atlantic routes that were previously the preserve of some of the world’s biggest planes. Source Bloomberg Read More 

Bank of England Gauges Brexit Tactics as Rate Seen Kept at 0.25% - Six weeks after the Bank of England delivered a stronger response to Brexit than many economists forecast, policy makers are having to assess whether the outlook warrants a change of strategy. Source Bloomberg Read More 

Oil Glut Set to Worsen as Nigeria and Libya Fields Restart - Amid the most enduring global oil glut in decades, two OPEC crude producers whose supplies have been crushed by domestic conflicts are preparing to add hundreds of thousands of barrels to world markets within weeks. Source Bloomberg Read More 

The Bond Market Is Flashing a Signal That Traders Haven’t Seen Since 2012 - The $13.6 trillion Treasury market is sending a signal it hasn’t flashed in more than four years. Source Bloomberg Read More 



MTN gets $1.3bn loan to settle Nigerian fine - The MTN Group Limited has raised $1.3bn in loans before its planned sale of bonds to offset the N330bn Nigerian fine, pay dividends and address capital expenditure. Source Punch Read More 

Danbatta: Nigeria Can Bridge Broadband Gap through FDIs - Given the recent increase in broadband penetration from 10 per cent in 2014 to 14 per cent in August 2016, coupled with the over $35billion recorded from Foreign Direct Investments (FDIs), the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta has said Nigeria could further grow broadband penetration to surpass the projected 30 per cent broadband penetration level by 2018, through FDIs. Source Thisday Read More 





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