Nigeria in 1min: Economic, Business & Financial Headlines – 091017


October 09, 2017 7:20 PM / Proshare News 


Money Supply: Reeling from Policy Response - In recent times monetary aggregates, especially money supply dipped far below the central bank’s target as at July 2017, underlining the conflict between the banks intermediate target on money supply and its mandate on price stability. Source Proshare Read More 

What To Expect From The Markets This Week - 091017 - Recently, the second quarter 2017 report was made available by the Budget Office of the Federation.  As revealed in the report, revenue generated from value added tax in the second quarter stood at N243.31 billion, reflective of a 46% dip compare to budget projections Source Proshare Read More 

Inflation Rate to Decelerate to 15.96% in September 2017 - We expect the inflation rate (year-on-year) to drop marginally to 15.96% in September 2017 from 16.01% reported in the month of August 2017. Source Proshare Read More 

Basking in the Afterglow of Reform - LBS EBS – October 2017 - The return of President Buhari to Abuja after an extended time-out and his affirmative national day broadcast suggests a consolidation of power ahead of the 2018 electioneering campaign. Source Proshare Read More 

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Kaduna govt proposes N201 billion budget for 2018 - Kaduna State Governor, Malam Nasir El-Rufai, on Saturday presented the 2018 draft budget estimates to citizens of the state at a town hall meeting in line with his open governance policy. Source Daily Trust Read More 

Lagos plans downtown rail connections to Murtala Airport - Lagos State, Nigeria’s economic hub and former capital city, home to 20 million people, is seeking to build downtown rail connections to the local wing of the Murtala Muhammed International Airport (MMIA) in Ikeja. Source BUSINESSDAY Read More 

Akeredolu: Nigeria spends N300b on bitumen import yearly - Nigeria spends over N300billion on bitumen importation annually, Ondo State Governor Rotimi Akeredolu has said. Source THE NATION Read More 

IMF: Trade Between Sub-Saharan Africa, China Jumps 40-fold in 20yrs - Ahead of its 2017 annual meetings, which begins tomorrow, the International Monetary Fund has said trade between in the sub-Saharan Africa (Nigeria and others) and China rose more than 40-fold in 20 years as China’s share of African exports jumped from 1.6 per cent in 1995 to 16.5 per cent in 2015 and imports significantly increased from 2.5 per cent to 23.2 per cent over the same period. Source Thisday Read More 

We’ll not burden Nigerians with unserviceable debts – Adeosun - The Minister of Finance, Mrs. Kemi Adeosun, has said the thought of saddling future generations with unserviceable debts is not part of the President Muhammadu Buhari-led administration’s agenda. Source Punch Read More 

PTAD recovers N16bn pension funds from insurance firms - The Pension Transitional Arrangement Directorate (PTAD) has recovered N16 billion legacy pension funds from different insurance companies. Source Daily Trust Read More 

Customs Seize 497,279 Bags Of Rice In 2 Years – CGC - The Nigeria Customs Service (NCS) says it has seized 497,279 bags of imported rice between 2015 and August, 2017 with a Duty Paid Value (DPV) of N3.8 billion. Source Leadership Read More 

EU’s ban of Nigerian beans spurs quality control - The European Union’s three-year ban on the importation of dry beans from Nigeria has pushed the Federal Government to commence an advocacy on agricultural quality control and standardisation across the six geo-political zones of the country. Source Punch Read More 

Concession: Business moguls, foreign firms jostle for Lagos, Abuja airports - Indications have emerged that companies owned by top Nigerian business moguls and some foreign firms from Europe have shown interest in running the Murtala Muhammed International Airport, Lagos, and the Nnamdi Azikiwe International Airport, Abuja. Source Punch Read More 

Oil workers’ planned strike could cost Nigeria N150bn daily – LCCI - The Lagos Chamber of Commerce and Industry has estimated that Nigeria will lose about N150bn daily if the National Union of Petroleum and Natural Gas Workers and the Petroleum and Natural Gas Workers Senior Staff Association of Nigeria should embark on a nationwide strike. Source Punch Read More 

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NDIC warns about risks of trading with Bitcoin, others - The Nigeria Deposit Insurance Corporation (NDIC) has said Nigerians who use Bitcoins and other digital currencies as means of payment, commercial transaction and online investment do so at their own risk as such currencies are not insured by the corporation. Source Daily Trust Read More 

360,000 Nigerian youth to get jobs through new agric scheme AADS – Emefiele - About 360,000 jobs for Nigerian youth will soon be achieved through the Accelerated Agricultural Development Scheme, AADS, the Central Bank of Nigeria, CBN, governor, Godwin Emefiele has said Source Premium Times  Read More 

NAICOM to meet governors on compulsory insurance - The Commissioner for Insurance, Alhaji Mohammed Kari, has said that the commission will meet with state governors under the banner of the Nigeria’s Governors’ Forum on the implementation of compulsory insurance policy in the country. Source Punch Read More 

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Corporate Earnings for the Week Ending 061017 – PZ Declares N123.08mln Loss in Q1'18 Results - Corporate Earnings for the Week Ending 061017 – PZ Declares N123.08mln Loss in Q1'18 Results Source Proshare Read More 

NASD USI Down by -0.55% WoW - NASD closed its trading day on Friday 06, October 2017 lower compared to last Friday. The Market Capitalisation closed the week 0.55% lower at ₦403.84 billion against ₦406.08 billion previously. The NASD USI decreased by 0.55% this week, closing at 596.75 points, as against 600.06 points last Friday. Source Proshare Read More 

NSEASI Closes Above 36,000bpts; Records +2.49% Gain WoW - Equities market closed today on a positive note, as NSE ASI appreciated by +1.53% to close at 36,320.93 basis points as against +1.17% appreciation recorded previously. Source Proshare Read More 

Treasury Bills Yield Drops to 15-month Low - Yields for the 364-day treasury bills at the last auction dropped to a 15-month low of 15.72 per cent, which may imply the end of abnormal high yield for the debt instrument observed in the market in recent time. Source Thisday Read More 

Capital market performance signalled Nigeria’s exit from recession — Onyema - The Chief Executive Officer of the Nigerian Stock Exchange, Oscar Onyema, said that informed investors and players in the Nigerian capital market were not surprised that the country exited recession in the second quarter of this year because market data gave the signals. Source Punch Read More 

Only 12% Of Bank Customers Use POS – NIBSS -Although the use of Point of Sale Terminals (POS) have risen by almost 400 per cent in the last three years, the payment channel is yet to gain popularity in the country as only 12 per cent of bank customers make use of the terminals. Source Leadership Read More 

Foreign buyers drive Nigeria yields lower - Nigeria is slowly warming its way back to the hearts of foreign investors, at least in the short term, as demonstrated by the last Treasury bill auction. Source BUSINESSDAY Read More 

Nigeria releases N591.3bn towards cash call repayment in 6 months - Between January and July this year, the Federal Government paid the sum of N591.3 billion as cash call repayment to five International Oil Companies (IOCs) including ExxonMobil, Chevron, Shell, Total and Eni but contrary to expectations, the investors are not beating down Nigeria’s door. Source BUSINESSDAY Read More 

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NNPC Subsidiary Declares N15.8bn Profit After Tax In 2016 -The Nigerian National Petroleum Corporation (NNPC) says Nigerian Gas Processing and Transportation Company Ltd. (NGPTC), one of its subsidiary companies Source Leadership Read More 

NNPC: Gas Company Profit Drops By N6.7bn - The Nigerian Gas Processing and Transportation Company Limited (NGPTC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has declared a profit after tax of N15.81 billion for its 2016 trading year, some N6.79 billion less than what it made the previous year. Source Thisday Read More 

Odu’a targets investment in oil, gas - Odu’a Investment Company Limited is planning to expand its business scope by venturing into the oil and gas sector. Source Punch Read More 

FG Approves Sale of Three NIPP Gencos - Three electricity generation companies (Gencos) built by the Niger Delta Power Holding Company (NDPHC) under the National Integrated Power Projects (NIPPs) would soon be sold to private investors in continuation of the 2013 NIPP privatisation that was suspended, the Managing Director of NDPHC, Mr. Chiedu Ugbo, has disclosed. Source Thisday Read More 

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A presidency being defined by corruption - Perhaps, President Muhammadu Buhari’s only selling point in the run up to the 2015 election was his trumpeted integrity, incorruptibility and anti-corruption credentials. Source BUSINESSDAY Read More 

Suspend Kachikwu, Baru, Senate panel chair tells Buhari - The Chairman, Senate Committee on Petroleum Resources (Upstream) Senator Tayo Alasoadura, has called on President Muhammadu Buhari to immediately suspend the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, and the Group Managing Director, Nigerian National Petroleum Corporation, Dr. Maikanti Baru. Source Punch Read More 

August remittances from expatriate Egyptians up 40 pct -central bank - Remittances from expatriate Egyptians rose 40 percent year on year in August, a central bank statement said on Sunday. Source Reuters Read More 

Exclusive: Honeywell prepares to spin off businesses - sources - Honeywell International Inc (HON.N) plans to spin off non-core assets and create at least two new publicly listed companies, as the U.S. industrial conglomerate seeks to streamline its business, according to people familiar with the matter. Source Reuters Read More 

Average yields rise on Egypt's three and nine-month T-bills - Average yields on Egypt’s three and nine-month treasury bills rose at an auction on Sunday, central bank data showed. Source Reuters Read More 

Angola's state oil firm saves $1.7 bln after spending cuts - Angola’s state-owned oil company Sonangol said on Friday it had saved $1.7 billion thanks to spending cuts since 2014 in response to lower crude prices. Source Reuters Read More 

Glencore pips Sinopec to buy Chevron's South African assets - Commodities trader and miner Glencore has swooped in to replace China’s Sinopec as the buyer of Chevron’s South African and Botswana assets after reaching a deal with local investors. Source Reuters Read More 

Britain Has Until Sunday to Spend its Old Pound Coins - Britain’s round pound coin has one week to live. Source Bloomberg Read More 

Turkish Lira Plunges After U.S. Suspends Some Visa Services - A political tit-for-tat between the U.S. and Turkey roiled currency markets as the week opened. Source Bloomberg Read More 

Oil Companies Wade Back Into Gulf of Mexico as Nate Fizzles - Oil companies were heading back into the Gulf of Mexico and working to restore operations after Hurricane Nate fizzled out over the U.S. South on Sunday. Source Bloomberg Read More 

OPEC Says 'Extraordinary' Steps Needed for Stable Market in 2018 - Oil producers are succeeding in re-balancing an oversupplied market, though they may need to take further steps to sustain the recovery into 2018, OPEC Secretary-General Mohammad Barkindo said. Source Bloomberg Read More 

Oil Traders Hoard Less on Ships Near Singapore as Market Flips - One of the biggest stores of oil at sea is showing signs of emptying out. Source Bloomberg Read More 

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AOL Instant Messenger is shutting down after 20 years - The pioneering chat app that taught us to text is pulling the plug. On December 15th, AOL Instant Messenger will shut down after running since 1997. Source TECH CRUNCH Read More 

Microsoft exec says Windows 10 Mobile is no longer a 'focus' - It's no secret that work on Windows 10 Mobile has wound down given the lack of new devices and software features (talk of mobile Windows updates was virtually absent at Build, for example), but what's happening with it, exactly? Well, Microsoft's Joe Belfiore has just settled the matter. Source Engadget Read More 


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