Nigeria in 1min: Economic, Business & Financial Headlines – 011116



November 1, 2016 6:10 PM / Proshare News 


Total Passenger Traffic Declined by 6.9% in Q1'16 and 0.5% in Q2'16 - Nigerian Aviation recorded a decline in activity between the first half of 2016 and the second half of 2015, both in terms of the numbers of travelers and aircrafts and the weight of cargo and mail moved. Relative to the first half of 2015; both the total number of passengers and the number of aircrafts declined. Source Proshare Read More 

Total Passenger Traffic Declined by 6.9% in Q1'16 and 0.5% in Q2'16 - Nigerian Aviation recorded a decline in activity between the first half of 2016 and the second half of 2015, both in terms of the numbers of travelers and aircrafts and the weight of cargo and mail moved. Relative to the first half of 2015; both the total number of passengers and the number of aircrafts declined. Source Proshare Read More 

External Reserves Falls to $23.948 Billion - Nigeria’s external reserves diminished by 2.8 per cent in one month to $23.948 billion as at October 27, 2016, compared with the $24.615 billion it was as at September 27, 2016. Source Thisday Read More 

FG to Deduct MDAs’ Electricity Bills from Source - Following the huge arrears of electricity consumed by its Ministries, Departments and Agencies (MDAs), the federal government has said it will now begin to deduct and pay the electricity bills of its MDAs from source. Source Thisday Read More 

MDAs take over assets sales from BPE - The Federal Government has sidelined the Bureau of Public Enterprises in the process of giving out key assets and infrastructure in several critical sectors of the economy, including aviation, petroleum and railways to private operators as concessions. Source Punch Read More 

Warri-Ajaokuta-Obaro-Abuja rail project to attract $30bn investment—Amaechi - The Minister of Transportation, Mr Rotimi Amaechi,on Monday said that Warri-Ajaokuta-Obaro-Abuja central rail project was expected to attract a minimum of 30 billion dollar investment into the country. Source Daily Trust Read More 

Ayade presents N301 billion budget for 2017 - Governor Ben Ayade of Cross River State, yesterday,  in Calabar, presented an Appropriation Bill of N301 billion for 2017 to the state House of Assembly for approval. Source Vanguard Read More 

FG begins processes for 5.4GHz spectrum licensing - Federal Government has commenced processes for the licensing of broadband services on the 5.4GHz spectrum band and allocation of 70/80 GHz band (E-Band). Source BUSINESSDAY Read More 

Overcoming the Macro Headwinds - A highlight of our investor conference in Lagos on Thursday was a panel discussion with managing directors of four successful Nigerian companies. Source Proshare Read More 

‘N52bn GES for 2014 still outstanding’ - Fertilizer Producer and Suppliers Association of Nigeria (FEPSAN) have said N52billion Growth Enhancement Support Scheme (GES) for 2014 is still outstanding even though government has given assurance that the payment would be made before the end of the year, to allow for the 2016 dry season farming which government is currently working on. Source Daily Trust Read More 

NPA Generates N84.7bn From Eastern Ports In 9 Years - The Nigerian Ports Authority (NPA) has collected a total sum of $481million (N76.9billion at prevailing rate of N160 per dollar ) and N7.81billion respectively from the Eastern Ports in nine years (2006-2015). Source Leadership Read More 

FG Unbundles NIPOST Into 5 Commercial Entities - The Federal Government said it has unbundled the Nigerian Postal Service (NIPOST) Limited into five entities to make it commercially viable and compete with the other information and communications technology (ICT) companies operating in Nigeria’s emerging electronic commercial sector. Source Leadership Read More 

Lack of certification blocks Nigeria’s agro-allied products from Europe, US - The inability of Nigerian farmers to get the Global Good Agricultural Practices (Global GAP) certification is limiting the country’s ago-allied exports to Europe and the United States, analysts say. Source BUSINESSDAY Read More 

CBN in damage control of failing FX policy with $500mn auction today - The Central Bank of Nigeria’s (CBN) policy of capping the foreign exchange rate through tight management of the dollar – naira peg at near N305/US$ is backfiring, as supply shrinks and backlogs build. Source BUSINESSDAY Read More 

Soft drink companies cut quantity by 17% on back of inflation - Beverage companies in Nigeria have reduced the quantity of soft drinks in their bottles by 16.6 percent amid soaring inflation rate that has continued to raise production costs while impacting their margins negatively Source BUSINESSDAY Read More 



SEC Triumphs as Federal High Court Dismisses BGL Cases against the Commission - The Federal High Court sitting in Lagos has delivered its judgments on the three cases filed against the Commission by BGL Plc, its sponsored individuals and subsidiaries.  Source Proshare Read More 

Alberta SEC Adopts Crowdfunding Rule Enabling Alberta’s SME’s To Raise Capital Online - The Alberta Securities Commission (ASC) announced today that it has adopted Multilateral Instrument 45-108 Crowdfunding (MI 45-108). The new rule is available immediately and introduces a crowdfunding prospectus exemption for issuers as well as a registration framework for funding portals. Source Proshare Read More 


Stocks start week bearish, post 3.94% loss for October - The equities market closed today on a negative note, as NSE ASI depreciated by 0.27% to close at 27,220.09basis points, compared with the 0.21% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.97%. Source Proshare Read More

OANDO Declares N54.35bn Loss in Q3'16 Results,(SP:N5.20k) - Source Proshare Read More 

Quarter of Institutional Investors to Capture Emerging Market Rebound through Index Tracking Strateg - A quarter (26%) of institutional investors1 say they will capture the rebound in emerging markets through index tracking/passive investments, according to new research commissioned by Source, one of the largest providers of Exchange Traded Funds (ETFs) in Europe. Source Proshare Read More 

Okomu Oil Q3 2016 Results: PBT and PAT Advanced 188% yoy and 60% yoy Respectively - Late this morning, Okomu Oil (Okomu) reported Q3 2016 results which showed sales growth of 22% y/y to N3.4bn. PBT and PAT advanced by wider margins of 188% y/y and 60% y/y to N1.2bn and N581m respectively. Source Proshare Read More 

Gas sector requires $51bn investment – NNPC - The Nigerian National Petroleum Corporation (NNPC) has said about $51 billion investment opportunities exist today in the midstream and downstream gas sector to achieve the growth phase in the Industry in Nigeria. Source Daily Trust Read More 

GE Repairs Dangote’s 1st Gas Turbine, To Invest $2bn In Africa - Multinational conglomerate, General Electric (GE) has carried out the first in-country repair of one of Dangote’s GE LM6000 aero-derivative gas engines, which developed a fault after two years of operation just as the company said it is committed to investing $2 billion in facility development, skills training, and sustainability initiatives across Africa by 2018. Source Leadership Read More 

20,000mw not achievable in 2020 - NBET boss - There is no way Nigeria can achieve the 20,000 megawatts power generation target it set for itself by 2020, the Managing Director and Chief Executive Officer of the Nigerian Bulk Electricity Trading Plc (NBET), Marilyn Amobi, has said. Source Daily Trust Read More 

NNPC targets gas in 126 northern basins, others - The Nigerian National Petroleum Corporation on Monday said that there was a need to expand the country’s gas exploration efforts in its sedimentary oil and gas basins in order to increase the product’s reserve. Source Punch Read More 

NNPC accuses oil marketers of sabotaging PMS importation - While oil marketers blame a lack of forex for abandoning the importation of petrol to the Nigerian National Petroleum Corporation (NNPC), the corporation has revealed that oil marketers are willfully rejecting forex allocated to them due to an inability to make huge profits from the current pump price of N145/l. Source BUSINESSDAY Read More 

Oil Prices Fall to One-Month Low as Concerns Mount over OPEC Deal - Oil prices dropped more than $1 a barrel monday to hit one-month low on doubts about the Organisation of Petroleum Exporting Countries (OPEC)’s planned production cut and a build in US crude inventories at the Cushing, Oklahoma storage hub Source Thisday Read More 

IPMAN Crisis Forces NNPC to Adopt Direct Trade With Marketers - The Nigerian National Petroleum Corporation (NNPC) has resorted to individual trade relationships with independent petroleum marketers in the country due to the prolonged leadership crisis that has torn apart the Independent Petroleum Marketers Association of Nigeria (IPMAN). Source Thisday Read More 

Germany targets 2,000mw to boost access to power in Nigeria - German government has reiterated its resolve to provide necessary technical support towards the implementation of comprehensive renewable energy scheme that will lead to additional generation capacity of 1,000mw to 2,000mw. Source BUSINESSDAY Read More 

Power firms want forex at official rate - Power firms should be given preferential treatment with respect to foreign exchange, which is needed to procure equipment such as transformers, meters and turbines, the Managing Director, Ibadan Electricity Distribution Company Plc, Mr. John Donnachie, has said. Source Punch Read More 



Saudi Arabia sacks finance minister as government undergoes restructuring - Saudi Arabia on Monday sacked its veteran finance minister as the kingdom undergoes a major economic restructuring because of lower oil revenues. Source Middle East Eye Read More 

Nigeria's Arik Air to buy mostly Boeing planes to double its fleet -Nigeria's largest airline Arik Air plans to nearly double its fleet to 52 planes within 10 years and has already ordered some of them from Boeing, a source at the company said on Monday. Source Reuters Read More 

Kenya's inflation edges up to 6.47 percent yr/yr in Oct - Kenya's inflation edged up to at 6.47 percent year-on-year in October, from 6.34 percent last month, driven mostly by food prices, the statistics office said on Monday. Source Reuters Read More 

Kenya's 2016 GDP growth seen at 5.9 pct, agriculture aids: World Bk - Kenya's economy is expected to grow by 5.9 percent in 2016, the World Bank said on Monday, unchanged from an earlier forecast and up from actual growth of 5.6 percent last year. Source Reuters Read More 

U.S. Gasoline Jumps Most Since 2008 as Pipe Blast Boosts Premium - Gasoline in New York jumped the most in almost eight years and its premium to crude prices soared 60 percent after an explosion and fire in Alabama shut the largest fuel pipeline in the U.S. Source Bloomberg Read More 

China Factory Gauge Jumps to Two-Year High, Services Strengthen - China’s official factory gauge rose to the highest since July 2014, led by new orders, suggesting the economy’s stabilization continued into the fourth quarter as robust consumption underpins demand. Source Bloomberg Read More 

Bonds Climb as Oil Plunge Damps Inflation Jitters; Ruble Slumps - Bonds have come under pressure this month on speculation that major central banks will gradually reduce their extraordinary stimulus while a surge in oil bolstered wagers on higher energy costs. Source Bloomberg Read More 



Overview of Nigeria’s Sustainable Technologies sector - Nigeria, adjudged the most populous country in Africa, is faced with increasing pressure on the existing natural resources, which has created a virtual and persistent resource supply deficiency. Source Proshare Read More 

Elumelu: "...Entrepreneurship is the Only Path to Independence And Sustainability." - At the largest annual gathering of African entrepreneurs, held in Lagos, Nigeria, the Tony Elumelu Foundation (TEF) hosted almost 1,000 women and men from 54 African countries, for the 2nd TEF Entrepreneurship Forum. Source Proshare Read More 

YEDP - Stimulus for Job Creation, Growth and Economic Development - The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has said that the Youth Entrepreneurship Development Programme (YEDP) has the potential of becoming the stimulus for job and wealth creation, growth and economic development through improved access to finance by young entrepreneurs. Source Proshare Read More 





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