Nigeria in 1min: Economic, Business & Financial Headlines – 040817



August 4, 2017 7:00 AM / Proshare News 

IMF Staff Concludes Visit to Nigeria; Economic Backdrop Remains Challenging Despite Signs of Relief - End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. Source Proshare Read More

Glass Half Full? The Revelation Review of H1 2017 & Outlook forH2 -2017 - Global growth was stable in H1 '17 despite some developments which had capacity to disrupt earlier projections at the beginning of the year. Source Proshare Read More

Brent Crude Now Trading Above July 2017 Average - Brent crude is now trading at $51.48pb which is 4.69% above the July average of $49.17pb. Based on the marginal cost of $27pb, the yield on Nigerian crude is now $24. Source Proshare Read More  

A Review of Transformative Paradigms in African Development - It is a privilege and an honour to be asked to serve as a reviewer of the book “TRANSFORMATIVE PARADIGMS IN AFRICAN DEVELOPMENT” by Chief Bisi Ogunjobi. Source Proshare Read More  

Nigeria says economy to grow a lot; IMF says not so much - Nigeria and the International Monetary Fund disagree over how much the economy will grow this year, with the government saying 2.2 percent and the Fund opting for just 0.8 percent. Source Reuters Read More 

We’re profiling rich Nigerians for tax payment – Adeosun - The Minister of Finance, Mrs. Kemi Adeosun, on Thursday said that the Federal Government was currently profiling high net worth individuals to ensure that what they currently own as assets correspond with the amount they were paying as taxes. Source Punch Read More 

Annuity Funds Hit N170bn As 9 Insurers Resume Business - Annuity Funds have risen to N170 billion from about N145 billion it recorded in June 2016, with over 34,312 annuitants now subscribing to the scheme Source Leadership Read More 

It’s now tougher for states to borrow – DMO - It is now going to be tougher for states of the federation to enjoy easy access to borrowed funds, the Debt Management Office has said. Source Punch Read More 

We’re already moving out of recession — Udoma - The Minister of Budget and National Planning, Senator Udo Udoma, on Thursday said that the country was already moving out of economic recession. Source Punch Read More 

Air fares jump 6% on dollar adjustment - International airlines and travel agents operating in Nigeria are increasing the prices of tickets to locations such as Europe, the United States of America and the Middle East, after the reference Naira/USD rate was moved Tuesday to N325. Source BUSINESSDAY Read More 

Nigeria needs 10,605 new doctors annually to avert health crisis - A new survey by the Nigerian Polling organisation (NOIPolls) and Nigeria Health Watch says that the country will need 10,605 new doctors annually to avert health challenges and meet current population growth rate of 3.5% yearly. Source BUSINESSDAY Read More 

GE to run narrow gauge rail for 30 years – FG - General Electric will rehabilitate and run two of Nigeria’s narrow gauge rail lines for a period of 30 years, the Federal Government has said. Source Punch Read More 

80% Nigerian doctors seek jobs abroad – NOIPolls - A new survey conducted by Nigerian Polling organisation, NOIPolls, in partnership with Nigeria Health Watch, has shown that about eight out of every 10, representing 88 percent of medical doctors in Nigeria are currently seeking work opportunities abroad. Source Vanguard Read More 

FG Grants Creative Industry Tax Holiday - The creative industry has been accorded a pioneer status in a landmark move that will transform the industry into a creative economy, Information and Culture Minister, Lai Mohammed, said in a statement thursday. Source Thisday Read More 


Banking industry records 48.12% decline in frauds, forgeries says NDIC - The banking industry recorded a decline in the rate of successful fraud incidences and extent of amount of losses in 2016, compared to 2015. Source BUSINESSDAY Read More 


Market Extends Two-Day Gaining Streak; Records +0.62% Gain - Equities market closed today on a positive note, as NSE ASI appreciated by +0.62% to close at 37,135.23 basis points as against +0.50% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +38.18%. Source Proshare Read More

UAC of Nigeria Plc H1’17 Earnings Update - Cost Remain a Major Drag to Profits - In a similar performance to its Q1’17 score card, UAC Nigeria Plc released its HY’17 numbers to the public in which the company’s operations continued to be weakened by significantly rising cost of sale as well as the massive increase recorded in finance cost. Source Proshare Read More

Xi Jinping’s Marco Polo Strategy - Last month, Chinese President Xi Jinping presided over a heavily orchestrated Belt and Road forum in Beijing. Source Proshare Read More  

FGN Savings Bond August Offer Opens on Monday August 7th 2017 - We write to inform you about the Federal Government of Nigeria Savings Bond which will open next week the 7th of August 2017. Source Proshare Read More  

FBN Holdings Plc H1 2017 Conference Call & Earnings Presentation - The Key Takeaways - FBN Holdings Plc held its H1’17 Investors and Analyst Conference Call Earnings Presentation. Proshare NG participated along with leading market analysts and professionals. Source Proshare Read More 

FCMB Group - Mild Earnings Recovery Expected In H2'17 - FCMB's H1'17 financial performance came in weaker as top and bottom line declined by 12.2% and 80.2% respectively following prior year's high base. Source Proshare Read More 

New major investor acquires 4.4% stake in Livestock Feeds - A new major investor acquired 4.4 per cent equity stake in Livestock Feeds Plc in pre-arranged deals valued at about N133 million. Source THE NATION Read More 

Banks begin to show investors naira quotes - Deposit Money Banks have started showing investors price quotes for the naira on screens instead of giving them by phone, traders have said. Source Punch Read More 

AMCON, EFCC to go after banks, officials behind bad loan - The Asset Management Corporation of Nigeria (AMCON) and the Economic and Financial Crimes Commission (EFCC) have decided to go after banks and their officials that were instrumental to the abuse and violation of internal processes that led to the huge non-performing loans in AMCON’s portfolio. Source Daily Trust Read More 

ICPC blames inability to prosecute ex-governors on lack of funds - The Independent Corrupt Practices and other Related Offences Commission (ICPC) yesterday blamed its inability to prosecute former governors on inadequate funding. Source Guardian Read More 

Oil firms record $17.125 billion earnings in H1 2017 - International Oil Companies (IOCs) and their indigenous counterparts operating in Nigeria posted cumulated earnings of over $17.125 billion in the first half (H1) of 2017. Source Guardian Read More 

NNPC, Shell Chevron sign financing deals - The Nigerian National Petroleum Corporation on Thursday announced that two sets of alternative financing agreements on joint venture projects to boost oil reserves and production were signed in London between it and two of its JV partners. Source Punch Read More 

FG to realise $16bn from NNPC, IOCs new JV deal - Two sets of alternative financing agreements on Joint Venture (JV) projects to boost Nigeria’s reserves and production were executed in London on Monday between the Nigerian National Petroleum Corporation (NNPC) and two of its JV partners: NNPC/Chevron Nigeria Limited (CNL) JV and NNPC/Shell Petroleum Development Company (SPDC) JV. Source Daily Trust Read More 

Ethiopia year-on-year inflation rises to 9.4 pct in July - Ethiopia's year-on-year inflation rose to 9.4 percent in July from 8.8 percent a month earlier, the statistics office said on Thursday. Source Reuters Read More 

Saudi Oil Minister Met With Top Commodity Hedge Funds - Khalid Al-Falih, Saudi Arabia’s energy minister, met in private with some of the world’s top commodity hedge funds in July, taking the unusual step of personally canvassing investor views on the state of the market. Source Bloomberg Read More 

Burkina Faso Starts $800 Million Jobs Plan to Combat Militancy - Burkina Faso announced an infrastructure development plan that aims to create jobs and boost economic growth in the country’s impoverished northern region, where jobless youths have become prime recruitment targets for Islamist militants. Source Bloomberg Read More 

South African Gold Mine Job Cuts Widen With 16,000 at Risk - More than one in 10 gold mining jobs in South Africa may disappear after Sibanye Gold Ltd. announced it’s joining AngloGold Ashanti Ltd. in looking to close unprofitable shafts to stem losses. Source Bloomberg Read More 

The Unspectacular Growth of RSAs - We are indebted to the NBS for its recent report on the distribution of retirement savings accounts (RSAs). Source Proshare Read More  


Abu Dhabi and Kenya Form Fintech Bridge - Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and the Capital Markets Authority (CMA) Kenya have signed a co-operation agreement for fintech innovation. Source Proshare Read More 

Nigeria banks trying to stabilise 9mobile ahead of sale, FBN says - Nigerian lenders will try to stabilise the business of 9mobile, the country's fourth largest telecoms group, until they can find new investors, First Bank said, adding that it saw no need to impair loans made to the company because of its cash flows. Source Reuters Read More 

MTN returns to first-half profit after turbulent 2016 - MTN Group, Africa's biggest mobile phone operator, on Thursday returned to profit in the first half of the year, helping the company to move on from a turbulent 2016 that highlighted the risks of its emerging markets strategy. Source Reuters Read More 





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