Nigeria in 1min: Economic, Business & Financial Headlines – 070917



September 7, 2017 7:10 AM / Proshare News 


Fitch Affirms Nigeria at 'B+'; Outlook Negative - Fitch Ratings has affirmed Nigeria's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B+' with a Negative Outlook. Source Proshare Read More  

Nigeria on a U-Shaped Recovery - As widely anticipated, Nigeria’s real GDP growth in Q2’17 moved to positive territory, after five consecutive quarters of negative growth.  Source Proshare Read More 

AfDB, World Bank provide $800m for agriculture transformation in Africa — Adesina - Dr Akinwumi Adesina, the President of African Development Bank (AfDB), says the bank and World Bank have set aside 800 million dollars for the provision of agriculture technologies to farmers in Africa. Source Guardian Read More 

FG offers tax holidays, duty waivers to mining investors - The Federal Government has offered tax holidays and duty waivers on imported mining equipment to foreign investors in the nation’s mining industry. Source Punch Read More 

Budget: FG targets N100bn from Islamic bond, sukuk - The Federal Government will today (Thursday) commence activities preparatory to the issuance of N100bn non-interest bearing Islamic bond, better known as sukuk. Source Punch Read More 

Tin-can Customs improves revenue by 17% - THE Tin-can Island Command of the Nigeria Customs Service, NCS, has increased their revenue by 17.3 percent as they collected N183 billion between January and August this year Source Vanguard Read More 

Airlines raise fares by 18% in five weeks - International airlines and travel agencies operating in Nigeria have increased air ticket prices to locations such as Europe, the United States of America and the Middle East, by an average of 18percent in the past five weeks, as summer gradually ends for the year. Source BUSINESSDAY Read More 

GDP Growth Up to 0.55% - Too Soon to Cheer - Nigeria finally turned the economic corner into positive growth of 0.55% after 5 consecutive quarters of negative growth and a deep recession Source Proshare Read More 

Finally, an End to the Recession - The NBS has released the national accounts for Q2 2017 to show an end to the recession with growth of 0.6% y/y (after a downward revision to -0.9% for the previous quarter). Source Proshare Read More

Nigeria – Improving Fundamentals Will Relieve Pressure On Naira Peg - Improving macroeconomic fundamentals and political pressure lead us to expect that Nigeria's central bank will not make any substantial devaluation to the peg on the naira's official exchange rate in 2017, leaving the rate around NGN324/USD at end-2017. Source Proshare
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 Q2’17 GDP: Nigeria Creeps out of Recession - Second quarter Gross Domestic Product (GDP) data from the National Bureau of Statistics (NBS) registers Nigeria’s GDP growth at 0.5% y/y for the period, significantly behind Vetiva and Consensus estimates of 1.9% and 1.3% respectively. Source Proshare Read More  

Non-Academic Varsity Unions Join ASUU, Doctors, Start Strike Monday - There is no end in sight to the industrial action in the social services sector in the country, as the major non-academic staff unions of tertiary institutions in the country, Wednesday resolved to embark on an indefinite strike from September 11 if the federal government failed to meet their demands. Source Thisday Read More 


Market Records +32.11% YTD Gain; UBA, Zenith and FBNH Make upTop 3 by Volume - Market performance in the last few years has been mixed. The key market indicator, NSEASI closed year 2012 and 2013 with 35.45% and 47.19% gains respectively while it recorded -16.14% loss in 2014. Source Proshare Read More 

Equities Market Halts 5 Day Losing Streak as NSEASI Inches Up by +0.58% - Equities market closed today on a positive note, as NSE ASI appreciated by +0.58% to close at 35,504.62 basis points as against -0.28% depreciation recorded previously. Source Proshare Read More  

Oando Plc's 40th AGM To Hold As Planned Following SEC Confirmation - Further to the initial notice of Annual General Meeting (AGM) issued to the investing public on August 28, 2017, Oando Plc has reiterated that its AGM would hold as planned. Source Proshare Read More 

Dangote invests N400bn in sugar backward integration projects - DANGOTE Group has so far invested over N400 billion in sugar backward integration projects under the Nigeria Sugar Master Plan Source Vanguard Read More 

$8.5bn Sold On I&E Window Boosts Confidence, Naira Value - Since its inception in April this year, the Nigerian Autonomous Foreign Exchange market (NAFEX), known as the Investors’ and Exporters’ foreign exchange window has seen an inflow of over $8.5 billion, complementing the several interventions of the Central Bank of Nigeria (CBN). Source Vanguard Read More

Foreign Investors Boost Foreign Exchange Supply - The foreign exchange supply into the Nigerian economy received a major boost in the second quarter of 2017 (Q2, 2017) from foreign investors. Source Proshare
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Scotland to 'phase out' new petrol and diesel cars by 2032 - Nicola Sturgeon outlines plans to 'massively expand' pilot projects to encourage uptake of electric vehicles Source Independent Read More 

Crude oil price rises to four-week high - Oil futures extended a rise on fears of potential damage to the United States oil production from Hurricane Irma, as well as renewed demand for crude from restarted refineries in the Gulf Coast Source Punch Read More 

Tanzania raises petrol, diesel prices, kerosene edges down - Tanzania’s energy regulator raised the maximum retail prices of petrol and diesel on Wednesday, citing rising costs of petroleum imports, but cut the price of kerosene. Source Reuters Read More 

Libya’s Biggest Oil Field Resumes Pumping Crude - Libya’s largest oil field resumed production after a halt of more than two weeks, putting pressure on OPEC and other producers seeking to rein in a global supply glut and firm up prices. Source Bloomberg Read More 

Gas Shortage Shifts From Texas to Florida - Truckers who hauled gasoline to Texas last week from Florida may run the same route in reverse next week as Hurricane Irma bears down on the Sunshine State. Source Bloomberg Read More 

Online Publishers Association (OPAN) Elects New Executive - The Online Publishers Association of Nigeria (OPAN), Nigeria’s premier association of digital and internet publishers, has announced the election of a new executive.  Source Proshare Read More 

South Africa Business Confidence at Lowest Since 1985 Emergency - South African business confidence fell to the lowest level since a partial state of emergency declared by the former all-white government in 1985. Source Bloomberg Read More 

China to loan Guinea $20 bln in exchange for minerals - China agreed on Wednesday to loan Guinea $20 billion over almost 20 years in exchange for mineral concessions focused mainly on bauxite, an ore of aluminium which the West African country has in abundance, the mines minister said. Source Reuters Read More 

South Africa's Shoprite fined for "reckless lending" - regulator -  South African retailer Shoprite has been fined 1 million rand ($77,500) for failing to assess properly whether consumers could afford its loans, the National Consumer Tribunal said on Wednesday. Source Reuters Read More 

Vodafone sells down shareholding in South Africa's Vodacom - Vodafone has sold down its stake in South African subsidiary Vodacom by 5.2 percentage points, it announced on Wednesday, sending the African mobile firm’s share price down by more than 6 percent. Source Reuters Read More 

Payrolls in U.S. Rise 156,000; Wages Also Below Forecasts - The U.S. economy added fewer employees than expected in August, the jobless rate rose and wages climbed less than forecast, in a break from otherwise solid progress in the labor market. Source Bloomberg Read More 

France Plans to End Oil Output by 2040 With Exploration Ban - France will stop granting new exploration permits next year as it seeks to end all oil and gas production by 2040, according to a draft bill presented at a cabinet meeting Wednesday. Source Bloomberg Read More 

U.S. Is Said to Seek a Ban on Crude Oil to North Korea at UN - The U.S. is circulating a draft resolution at the United Nations that would bar crude oil shipments to North Korea, ban the nation’s exports of textiles and prohibit employment of its guest workers by other countries, according to a diplomat at the world body. Source Bloomberg Read More 

World's Second-Longest Serving Central Banker Out in Oman - Oman’s ruler replaced the head of the central bank after 26 years in the job as the Gulf Arab monarchy struggles to cope with the impact of low oil prices on its economy. Source Bloomberg Read More 

Major Banks' Commodities Revenue Sinks to 11-Year Low - Commodities revenue at major banks took a further knock in the first half, sinking to an 11-year low amid poor performances in energy. Source Bloomberg Read More 

Bank of Canada Raises Benchmark Rate to 1% - The Bank of Canada forged ahead with another interest rate hike in a nod to the country’s surging economy, while signaling its appetite for further tightening may be curbed by a rising currency and sluggish price pressures. Source Bloomberg Read More 

Canadian Lenders Lift Prime Rate to 3.2% After Central Bank Hike - The cost of carrying consumer loans is going up after Canadian lenders including Royal Bank of Canada and Toronto-Dominion Bank raised their prime rates following Bank of Canada’s decision. Source Bloomberg Read More 

Law Union and Rock Insurance Plc. Appoints Mr. Olasupo Sogelola as Non- Executive Director - Law Union and Rock Insurance Plc. wishes to notify the Nigerian Stock Exchange and the investing public of the appointment of Mr. Olasupo Sogelola as an Executive Director (Operations/Technical). Source Proshare Read More 


India invests $10b in Africa as Nigeria seeks ICT growth - Through the Indo-Africa trade arrangement, India has facilitated an investment worth about $10 billion to the African Continent in the last few years. According to the Chairman, Telecom Equipment and Services Export Promotion Council (TEPC), Shyamal Ghosh, these investments have brought India closer to the Africa region. Source Guardian Read More 

Central banks are waking up to the threat of cryptocurrencies - Few issues in central banking are more likely to provoke anxiety than the fear of losing control of one’s currency. Source FT Read More


BoI disburses N3.5m loans to entrepreneurs in Osun - THE Bank of Industry (BoI) has disbursed about N3.5 billion to business men and women in Osun State, in fulfillment of part of its mandate to develop small and medium enterprises in the country. Source Vanguard Read More 






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