Nigeria in 1min: Economic, Business & Financial Headlines – 180717



July 18, 2017 7:17 AM / Proshare News 

CPI Drops to 16.10% in June 2017, 0.15% Lower Than 16.25% May Rate - The Consumer Price Index (CPI) which measures inflation increased by 16.10 percent (year-on-year) in June 2017. This was 0.15 percent points lower the rate recorded in May (16.25 percent). Source Proshare Read More 

Average Price Of 1kg Of Yam Tuber Increased YoY by 32.84% in June 2017 -NBS - Selected food price watch data for June 2017 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 35.42% and decreased month-on-month by 1.54% to N514.66 in June 2017 from N522.71 in May 2017 while the average price of piece of Agric eggs medium size (price of one) increased year-on-year by 32.40% and decreased month-on-month by 1.00% to N45.28 in June 2017 from N45.73 in May 2017. Source Proshare Read More 

Average Intercity Transport Fare Decreases to N1,559.68 in Jun’17 from N1,565 in May’17 - The transport fare watch report for June 2017 covers the following categories namely bus journey within the city per drop constant route; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger  transport. Source Proshare Read More


Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - June 2017 - Average price paid by consumers for automotive gas oil (diesel) decreased by 2.72% month-on-month and increased by 14.73% year-on-year to N210.42 in June 2017 from N216.30 in May 2017. Source Proshare Read More  

Continuing Struggle Over Non-Oil Revenue - We again offer commentary on non-oil revenue collection because it will prove the litmus test for the FGN’s economic policy agenda and because we have an additional three months’ figures from the CBN. Source Proshare Read More 

Nigeria’s federally collected revenue declines by 13.42 per cent - Crude oil and non-oil income has cut Nigeria’s gross federally collected revenue in May 2017 by 13.42 per cent to N458.42 billion. Source Guardian Read More 

FIRS Seals 4 Firms Over N630m Tax - The Federal Inland Revenue Service, FIRS, yesterday, sealed four companies in Lagos and Port Harcourt over their failure to meet their tax obligations totalling N630 million. Source Leadership Read More


Dogara: Nigeria loses N7trn to insecurity on waterways - Nigeria is losing about N7 trillion annually due to insecurity and revenue leakages in the country’s waterways, Speaker of the House of Representatives, Yakubu Dogara has said. Source Daily Trust Read More 

Australia contributes $2.2m to wfp in Northeast -The United Nations World Food Programme (WFP) has received AUD$3 million (US$2.2 million) ontribution from the Government of Australia that will provide food and nutritional assistance to tens of thousands of people in northeastern Nigeria Source THE NATION Read More 

NPA can’t account for 282 vessels – Senate panel - The Senate Committee on Customs, Excise and Tariff on Monday accused the Nigerian Ports Authority of failing to provide records of 282 vessels, which berthed at its terminals across the country between 2010 and 2016. Source Punch Read More 

Minister unveils $1m venture capital for creative industry - The Minister of Information and Culture, Alhaji Lai Mohammed, on Monday announced the establishment of a $1m venture capital to boost the Nigerian creative industry. Source Punch Read More 

EU allocates €700m to develop sustainable energy in Nigeria - The European Union says it has so far committed over  €700m for the development of sustainable energy in Nigeria and other ECOWAS countries from 2014 to 2020. Source Punch Read More 

Nigeria’s investment rate ranks below peers — PwC - In comparison with its peers, Nigeria’s investment rate lags the average of 23.3 per cent recorded for sub-Saharan African countries, and 28.9 per cent for BRICS (Brazil, Russia, India, China, and South Africa), a report by the PwC titled, ‘Boosting Investment: Nigeria’s Path to Growth’ has revealed. Source Punch Read More 


Market Opens The Week Positive to Sustain Uptrend; Records +0.12% Gain - Equities market closed today on a positive note, as NSE ASI appreciated by +0.12% to close at 33,261.66 basis points as against +0.04% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +23.91%. Source Proshare Read More 

FMDQ lists N5bl first tranche of Pioneer Nigeria Infrastructure Debt Fund - The debt capital market in Nigeria, witnessed another significant market activity with the listing of the pioneer “Chapel Hill Denham Nigeria Infrastructure Debt Fund”. Source Proshare Read More

Nigeria Green Bonds: Completing the Task of Issuance - The Paris Agreement signed and ratified by President Muhammadu Buhari in March of 2017 has an often-overlooked yet critical provision. In article 2 it outlines the aims of the agreement, one of which is “Making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development”. Source Proshare Read More  

Unilever Nigeria Plc. - Better-than-Expected Q2-17 PAT; Upward Revision to Forecasts Likely - UNILEVER released impressive Q2-17 result on Friday, wherein both revenue and net profit grew by 58% and 3873% y/y respectively. Compared to Q1-17, revenue grew 3.4% while net profit increased by 29.4%. Source Proshare Read More  

GTI 5 Weekly Stock Picks - 170717 - The equity market on Friday gained 0.04%, extending bullish-run to seven trading sessions. Similarly, market breadth closed positive recording 27 gainers against 15 losers. Source Proshare Read More  

Flour Mills of Nigeria Plc Increases Its Shareholding in Rom Oil Mills Limited - Flour Mills of Nigeria Plc. (FMN) Group, the market leader in food and agro-allied products in Nigeria hereby announces an increase in the shareholding of one of our subsidiaries, Rom Oil Limited (ROM), Ibadan, from 90% to 95%. Source Proshare Read More 

NSE Lifts Suspension of Trading in the Shares of Equity Assurance Plc - We refer to our bulletin dated 5 July 2017 notifying you of the suspension of seventeen (17) listed companies for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing. Source Proshare Read More 

Afrinvest Stock Recommendation for the Week - 170717 - The bulls returned to the market last week as reflected in the stronger sentiment which drove the benchmark index into the green following the negative performance from the prior week. Source Proshare Read More 

CBN pumps in $195m more to boost forex supply - The Central Bank of Nigeria (CBN) yesterday supplied $195 million to stabilise the inter-bank Foreign Exchange Market. Source THE NATION Read More 

Transactions in I&E FX window rise 30.55% in one week - Transactions in the Central Bank of Nigeria (CBN) foreign exchange window for investors and exporters continue to signal increased confidence in the economy, as trade by investors surged 30.55 percent last week. Source BUSINESSDAY Read More 

30 ships laden with petroleum products to arrive in Lagos ports - A total of 30 ships laden with petroleum products, food items and other goods are expected to arrive in Apapa and Tin-Can Island ports in Lagos from July 17 to Aug. 19. Source Daily Trust Read More 

Oil prices hit $49 a barrel on slow down in US oil drilling - slow down of oil drilling by American shale oil producers helped to move oil prices to $49 a barrel in Monday trading, a good news for oil exporters such as Nigeria. Source Punch Read More 

Boris Becker Loses £100m Fortune Investing in Nigerian Oil Firms - Wimbledon legend Boris Becker lost a huge part of his £100 million fortune in dubious investments in Nigerian oil firms, it has been claimed. Source Thisday Read More 

NNPC Asks Lawmakers to Quiz DPR over Influx of Adulterated Kerosene - The Nigerian National Petroleum Corporation (NNPC) has asked an investigative committee of the House of Representative Committee on Petroleum Resources (Downstream) to shift its investigations on the influx of adulterated kerosene into the Nigerian market to the Department of Petroleum Resources (DPR), the petroleum industry’s regulator. Source Thisday Read More 

Fashola: Why Electricity Privatisation Has Failed Nigerians So Far - The Minister of Power, Works, and Housing, Mr. Babatunde Fashola, has said that the electricity sector privatisation, which the federal government concluded in 2013, has failed to deliver the expected results because of various constraints. Source Thisday Read More 

FG Reviews 14-year -old PHCN Meter Contract, Secures Arbitration - The federal government has elected to settle out-of-court, a N37billion contract for the supply and installation of about three million electricity meters it signed in 2003, and has also reviewed the contract for an immediate implementation, the Minister of Power, Works, and Housing, Mr. Babatunde Fashola, has said. Source Thisday Read More 

Power supply slightly improves at 21,042MW - There was a slight improvement in power supply, as cumulative power sent out last week stood at 21,042 megawatts, MW, as against 19,985MW sent out the previous week, data obtained from the National Electricity System Operator, an arm of the Transmission Company of Nigeria, TCN, showed. Source Vanguard Read More 

The Nigerian Stock Exchange Goes Live With Nasdaq SMARTS Market Surveillance Technology - Nasdaq (Nasdaq:NDAQ) and The Nigerian Stock Exchange (NSE) have officially announced that NSE, the stock exchange of the largest economy in Africa, has launched a new market surveillance platform powered by SMARTS, Nasdaq's flagship surveillance solution. Source Proshare Read More 

Emerging Markets Current Account Deficits on the Rise Again - Fitch Ratings says in a new report that emerging markets (EMs) last year ran their first aggregate annual current account deficit (CAD) for 17 years - and their largest since 1998 (both in US dollars and as a percentage of GDP). Source Proshare Read More 

Zambia's Potential IMF Deal May Face Further Delays - Progress towards an IMF programme for Zambia remains slow and may be further delayed by domestic political events, Fitch Ratings says. Our expectation of an IMF programme is a key support to Zambia's 'B'/Negative sovereign rating. Source Proshare Read More 

Mozambique to default on another bond repayment - Mozambique will default on another Eurobond repayment due this week due to economic and fiscal problems that gives the state "extremely limited" capacity to repay any money this year, the finance ministry said on Monday. Source Reuters Read More 

Kenya central bank holds main lending rate at 10.0 pct - Kenya's central bank held its benchmark lending rate at 10.0 percent on Monday, the bank's monetary policy committee said. Source Reuters Read More 

Zimbabwe's inflation slows to 0.31 percent y/y in June - Zimbabwe's inflation rate slowed to 0.31 percent year-on-year in June from 0.75 percent in May, data from the national statistics agency showed on Monday. Source Reuters Read More 

Madagascar minister of finance says he resigns - Madagascar's finance minister announced his resignation on Monday following media speculation over differences of opinion between him and the president. Source Reuters Read More 

RBA Sees Better Economic Outlook, Neutral Cash Rate at 3.5% - Australia’s central bank said the nation’s economy was improving and estimated a neutral interest rate about two percentage points above the current record-low level. The currency soared to a two-year high. Source Bloomberg Read More 

OPEC Quietly Opened the Taps in June - OPEC’s resolve to stick to promised supply cuts stumbled in June, the sixth month in its long-haul gambit to erode a world oil glut and boost prices. Total compliance within OPEC slipped below 100 percent Source Bloomberg Read More 

Citigroup Chooses Frankfurt as New European Trading Hub - Citigroup Inc. has settled on Frankfurt as its newest trading hub in the European Union and plans to present that option to its board of directors this week for approval, according to a person with knowledge of the decision. Source Bloomberg Read More 

Nigeria Banks Boosting Dollar Spending as Liquidity Improves - Nigerian banks are boosting dollar-spending limits for payment cards denominated in local currency as much as tenfold because of improved foreign-exchange supply, the nation’s biggest lender said. Source Bloomberg Read More 


FG to regulate commercial use of drones - The Federal Government on Monday expressed concern over the increased usage of drones by individuals and organisations for both commercial and private purposes. Source Punch Read More

NCC: Etisalat hasn’t written us on change of name - As far as the Nigerian Communications Commission (NCC) is concerned, the fourth GSM operator in the country, Etisalat, hasn’t changed its brand name. Source Daily Trust Read More





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