Nigeria in 1min: Economic, Business & Financial Headlines – 030717



July 03, 2017 7:00 AM / Proshare News 

What To Expect From The Markets This Week - 030717 - Recently the apex made available the consumer confidence index (CCI) for the second quarter of 2017, the CCI gauges household reaction to the prevailing macroeconomic reality. Source Proshare Read More 

FG, states, LGs share N2.27tn in five months - The Federation Accounts Allocation Committee shared a total sum of N2.27tn among the three tiers of government in the first five months of this year. Source Punch Read More 

Only eight million Nigerian vehicles are insured – NIA - Only eight million vehicles out of the estimated 17 million on Nigerian roads have genuine insurance cover, according to the Nigerian Insurers Association. Source Punch Read More 

External Reserves Rise 16% In H1 2017 - Nigeria’s foreign exchange reserve in the first half of 2017 grew by 16 per cent despite the several interventions of the Central Bank of Nigeria (CBN) at the foreign exchange market standing at $30.271 billion as at June 29, 2017 according to latest data on the website of the apex bank. Source Leadership Read More 

Benue can’t sustain N7.9b monthly wage bill, says Ortom - Benue State Governor, Samuel Ortom, has lamented the economic predicament in the country and vowed to scale down the state’s monthly staff wage bill, which he said, currently stood at N7.9b. Source Guardian Read More 

Nigerian coys have 29 private jets registered in South Africa’ - The Chairman of the Federal Inland Revenue Service ( FIRS) Babatunde Fowler has said about 29 private jets owned by Nigerian organisations are registered in South Africa. Source Daily Trust Read More 

FIRS gives domestic airlines two months concession to remit VAT - In a bid to encourage domestic airlines in a move to ensure they remain in operations, the Federal Inland Revenue Service (FIRS) has given them two months concession after the billing period to make their Value Added Tax (VAT) remittances. Source BUSINESSDAY Read More 


Manufacturing PMI Stands at 52.9% in June 2017 from 52.5% in May 2017 - CBN - The June 2017 PMI was conducted by the Statistics Department of the Central Bank of Nigeria, during the period June 12 - 16, 2017. Source Proshare Read More  

Personal Statement by the MPC Members at the 113 MPC Meeting of May 22-23, 2017 - The imbalances in the macroeconomic environment are beginning to show gradual correction particularly with the restoration of a fair degree of stability in the foreign exchange market. Source Proshare Read More 


NSEASI Retracts by -0.46%; Records +3.10% Gain WoW - Equities market closed today on a negative note, as NSE ASI depreciated by -0.46% to close at 33,117.48 basis points, as against +1.88% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +23.23%. Source Proshare Read More  

Fitch Downgrades Nestle to 'AA-'; Outlook Stable - Fitch Ratings has downgraded Nestle SA's (Nestle) Long-Term Issuer Default Ratings (IDR) and senior unsecured ratings to 'AA-' from 'AA', and affirmed the company's Short-Term IDR at 'F1+'. The Outlook on the Long-Term IDR is Stable. A full list of rating actions is available at the end of this commentary. Source Proshare Read More 

Forex reserves dip to $30.25b as CBN issues N32b debt - The Nigeria’s foreign exchange reserve stood at $30.25 billion by June 28, down by 0.36 per cent from a month ago, Central Bank of Nigeria (CBN) data showed last Friday. Source THE NATION Read More 

Agusto upgrades Access Bank’s rating to Aa- -In its recent rating review of Access Bank Plc, foremost rating agency in Nigeria, Agusto & Co, has raised the Bank’s rating from “A+” to “Aa-”, with a stable outlook. Source BUSINESSDAY Read More 

Afreximbank throws Dangote $1b lifeline - African Export-Import Bank (Afreximbank) yesterday, in Kigali,Rwanda, signed agreements to provide financing facilities totaling $1.1b to support African entities engaged in intra-African trade. Source Guardian Read More 

N193.3m bonds traded in June, says NSE - The total bond activities for the Federal Government and corporate entities for the month of June this year closed at N193.399m, the Nigerian Stock Exchange said in its monthly report released on Friday. Source Punch Read More 

Diesel price drops to N155/litre, says NNPC - The price of Automotive Gas Oil, also known as diesel, has dropped further from between N175 and N200 per litre as of June 18, 2017 to between N155 and N160 per litre in many filling stations across the country, the Nigerian National Petroleum Corporation has said. Source Punch Read More 

‘Power grid has collapsed 14 times this year’ -  The country’s electricity grid has already collapsed 14 times since the beginning of this year, according to documents obtained from the Transmission Company of Nigeria. Source Punch Read More 

PSRP: Power Sector Requires $7.5 Billion to be Viable - The Federal Government has said about $7.5 billion funding is needed for the power sector over the next five years, starting from this year till 2021, to make it viable. If achieved, the funding, which is $1.5 billion per year, would enable diversification of the economy and is estimated to drive growth by at least $29.3 billion annually. Source Thisday Read More 

Printing money would trigger painful S.Africa recession - central bank governor - South Africa risks slipping into a long and painful economic recession if the central bank is forced to abandon its policy of reducing inflation and protecting the currency, Reserve Bank governor Lesetja Kganyago said on Sunday. Source Reuters Read More 

China pledges $15bn for Ghana’s transformation agenda - China has pledged $15 billion to support the infrastructural and industrial transformation agenda of Ghana, Vice President Mahamadu Bawumia has said. Source Daily Trust Read More 

Egypt attracted $9.8 bln foreign investment in debt instruments in 2016-2017 - Egypt attracted $9.8 billion of foreign investment in domestic debt instruments in the 2016-2017 fiscal year compared to $1.1 billion the previous year, Deputy Finance Minister Ahmed Kojak said on Sunday. Source Reuters Read More 

Human traffickers earn over $150bn annually —ILO - AS the National Agency for the Prohibition of Trafficking in Persons, NAPTIP, steps up its campaign against human trafficking and other forms of forced labour including child labour in Nigeria, human trafficking and other forms of forced labour have been on the increase globally because of huge profit being generated. Source Vanguard Read More

Tunisia raises petrol prices by 6.7 pct to trim budget gap -  Tunisia's government cut fuel subsidies on Sunday, raising petrol prices by 6.7 percent in an effort to trim its budget deficit, one of the key reforms asked for by the International Monetary Fund. Source Reuters Read More 

IMF approves $312 million 3-year credit for Chad - The International Monetary Fund has approved a $312 million three-year credit programme for Chad to help boost an economy hit by low oil prices, big debt and lasting security issues. Source Reuters Read More 

South Africa's petrol, diesel pump prices to fall in July - The retail price of petrol in South Africa will decrease by more than 5 percent from July 5, while the price of wholesale diesel will fall by nearly 5.2 percent, the energy department said on Saturday. Source Reuters Read More 

Saudi Arabia to Consider Sale of Stake in Riyadh Airport - Saudi Arabia is considering a plan to sell a stake in Riyadh airport, three people with knowledge of the matter said, as it embarks on a plan to raise billions of dollars through privatizations. Source Bloomberg Read More 

Total to Sign Milestone Iran Energy Deal Since Sanctions Eased - Iran plans Monday to sign a formal contract with Total SA and China National Petroleum Corp. to develop its share of the world’s biggest natural gas field -- the first investment in the country by an international energy company since sanctions were eased last year. Source Bloomberg Read More 

Oil Extends Longest Winning Streak This Year as Drilling Slows - Oil extended the longest run of gains this year as U.S. drilling slowed after a record expansion. Source Bloomberg Read More 

Libya's Crude Output Hits a New High Just as Oil Prices Rebound - Libya’s oil production has climbed to more than 1 million barrels a day for the first time in four years just as oil prices capped the longest run of gains in six months after U.S. shale explorers paused a record drilling expansion. Source Bloomberg Read More 

Saudi-Led Bloc Extends Qatar's Deadline on Demands for Two Days - A Saudi-led coalition that has cut air, sea and land links with Qatar over accusations the country is supporting terrorism agreed to a two-day extension of its deadline for Qatar to meet its demands, the state-run Saudi Press Agency reported. Source Bloomberg Read More 

Singapore Home Prices Extend Longest Losing Streak on Curbs - Singapore home prices fell in the quarter ended June, extending the drop in property values to a record 15th quarter as most measures to cool the market remain in place despite a slight easing in March. Source Bloomberg Read More 

From Oil Gushers to Golf Balls: Saudi Aramco Bets on Chemicals - Under a tent in the Saudi desert, Ziad Al-Labban’s showing off his vision for the world’s largest oil supplier -- and it looks like an Ikea store. Source Bloomberg Read More 

Pension Deficits Fall as BOE Hints at Future Interest-Rate Hikes - U.K. pension deficits fell to the lowest level since the end of 2015, dropping 10 percent in June as yields on government bonds rebounded. Source Bloomberg Read More 


Ahead of public listing, MTN woos institutional investors - The planned public listing of the shares of MTN Nigeria on the Nigerian Stock Exchange offers both institutional and individual investors the opportunity to get a slice of the telecommunications firm that has 62 million subscribers, the company has said. Source Punch Read More 

Banks suffer fraud cases worth N16.5bn in three years - The economic recession currently rocking the country has increased the volume of fraud cases in the banking industry, with the attendant loss of money Source Punch Read More 

Etisalat Nigeria Crisis: ALTON Rules Out Bailout Option - As the financial management crisis rocking Etisalat Nigeria deepens, following the resignation of its Board Chairman, Mr. Hekeem Bello-Osagie at the weekend, the Association of Licensed Telecommunications Operators of Nigeria (ALTON), has ruled out the bailout option, which many industry stakeholders had suggested as the best option to salvage the telecoms company. Source Thisday Read More 

Telcos Lose 5.8m Voice Subscribers, Gain 41.5% Data Usage in Q1  - A recent report from the study carried out by the Nigerian Communications Commission (NCC), the telecoms industry regulator, showed a sharp decline in the number of active voice subscribers across the four major telecoms operators (Telcos) in the first quarter of 2017. Source Thisday Read More 


Lagos unveils state-owned microfinance bank to boost small businesses - The Lagos State government commissioned a Microfinance Bank (MFB) at the weekend to boost financial inclusion and aid to micro, small and medium scale enterprises (MSMEs) in the state. Source Guardian Read More 






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