Nigeria in 1min: Economic, Business & Financial Headlines – 191016

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October 19, 2016 7:30 AM / Proshare News 

 

PROSHARE ECONOMY
IMF Affirms Nigeria as Africa’s Biggest Economy - Nigeria has been affirmed by the International Monetary Fund (IMF) as the biggest economy in Africa — ahead of South Africa and Egypt. Source Thisday Read More

Fitch projects 2.6% GDP growth rate for Nigeria in 2017 - FITCH Ratings has projected a 2.6 percent growth in Nigeria’s Gross Domestic Product (GDP) for 2017. This was contained in a statement issued yesterday by the global rating agency. Source Vanguard Read More 

Nigeria’s GDP To Hit $1.45trn In 14 Years – PWC - The latest report by PricewaterhouseCoopers (PwC) on the Nigeria’s future has projected that country’s Gross Domestic Product (GDP) may hit $1.45 trillion by 2030. Source Leadership Read More

A Review of the FG’s Oil & Gas Enterprise - The underfunding of Joint Venture (JV) cash calls by the federal government (FG) is a major problem in the oil & gas sector, alongside militancy in the Niger Delta region. JV cash call funding is a first-line priority statutory provision in federal budgets and as such had become a major strain on national expenditure. Source Proshare Read More 

Nigeria’s TV industry to generate N470bn yearly after DSO – Minister - The Nigerian television industry is expected to generate $1 billion annually after the completion of the Digital Switch Over (DSO) in June 2017, the Minister of Information and National Orientation, Alhaji Lai Mohammed has said. Source Daily Trust Read More 

Customs rakes in N11bn from Oyo/Osun in nine months - The Nigeria Customs Service (NCS), Oyo/Osun Area Command, has generated sum of N11.2bn between January and September this year, the Customs Area Comptroller in charge of the Command, Mr Temitope Ogunkua, has disclosed. Source Daily Trust Read More 

Emirates, Kenya Airways Suspend Abuja Operations - Dubai-based Emirates Airlines and Kenya Airways have announced the suspension of their flights to the Nnamdi Azikiwe International Airport, Abuja, Nigeria’s capital, in the face of the economic downturn in the country, foreign exchange scarcity, and the shrinking passenger traffic on international routes. Source Thisday Read More 

‘N6 Billion Pension Contributions Still With PFAs’ - About N6billion contributed by over 6000 retirees in the public service of Niger state has not been disbursed to the pensioners as the money is still with the various Pension Fund Administrators, Speaker of the Niger State House of assembly, Ahmed Marafa has disclosed. Source Thisday Read More 

N1trn needed to revamp aviation industry — Sirika - The minister of state for aviation, Senator Hadi Sirika, has said that Nigeria needed the sum of N1 trillion to be able to revamp the aviation sector. Source Daily Trust Read More 

Nationwide job centres ready by March – FG  - The Federal Government on Tuesday announced that it would locate job centres in all local government areas across the country before the end of March next year. Source Punch Read More 

FIRS seals two oil servicing firms over tax evasion - The Federal Inland Revenue Service, on Tuesday, sealed the premises of two oil servicing companies for evading tax worth over five hundred million naira in Uvwie Local Government Area of Delta State. Source Punch Read More 

Absence of boards slows finance agencies - Major federal financial agencies are facing challenges in their operations as a result of  absence of boards, Daily Trust investigations have shown. Source Daily Trust Read More 

Tesla, Apple and Uber Push Lithium Prices Even Higher  - After more than tripling in price this year, Lithium is no longer that dull commodity we take for granted in our consumer electronics: It's the commodity powering the next, undeniable energy revolution. Source Proshare Read More 



PROSHARE REGULATOR

CBN orders banks to stop dollar loans - Bank customers who do not earn foreign exchange (forex) will henceforth not be able to secure dollar-denominated loans, the Central Bank of Nigeria (CBN) has said. Source THE NATION Read More 

Monitor Your Foreign Currency Position Closely, CBN Directs Bank - In view of the forex scarcity in the economy, the Central Bank of Nigeria (CBN) has advised commercial banks to monitor their foreign currency positions more closely. Source Thisday Read More 

 

PROSHARE MARKETS
Bearish sentiments persist as NSE-ASI extends losing streak - The equities market closed today on a negative note, as NSE ASI depreciated by 0.29% to close at 27,555.32basis points, compared with the 0.81% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.79%. Source Proshare Read More 

NSE hosts maiden market data workshop - As part of its commitment to improving the dissemination of market data in better ways that can be accessible, to even retail investors, the Nigeria stock exchange hosted its maiden “Market Data Workshop”. Source Proshare Read More 

Consumer Staple Companies Set To Benefit from FG'S Feeding Programme - The Federal Government announced that the school feeding programme under its social investment plans will commence this month. Kindly find below our analysis of the impact of the programme on the consumer goods sector Source Proshare Read More 

Other Private Capital Investments in Africa - On Monday mornings ACD publishes last week's most noteworthy news stories and information about the private equity, venture capital and infrastructure investment markets related to Africa. Source Proshare Read More  

Naira shortage pushes interbank rate to 150% - Overnight interbank rate was quoted at a record high of 150 per cent on Tuesday, two days after commercial banks placed funds with the Central Bank of Nigeria to participate in last Friday’s currency forward auction. Source Punch Read More 

Nigeria overnight lending rate at record high on tight liquidity - Nigeria's overnight interbank rate was quoted at a record high of 150 percent on Tuesday, two days after lenders placed funds with the central bank to participate in last Friday's currency forward auction, traders said. Source Reuters Read More 

MTN Yet to Formally Apply for Listing on NSE - Capital market apex regulator, Securities and Exchange Commission (SEC) and self-regulatory organisation, Nigerian Stock Exchange (NSE) are still waiting for the formal application from MTN Group in respect of its planned listing on the NSE. Source Reuters Read More 

 



PROSHARE BUSINESS

National Code of Corporate Governance Becomes Effective - The much awaited National Code of Corporate Governance 2016 sponsored by the Financial Reporting Council of Nigeria (FRC) has become effective from yesterday 17th October 2016. Source Proshare Read More 

Ivory Coast, Senegal and Togo list sukuk bonds worth $1.28 bln - Ivory Coast, Senegal and Togo listed sukuk Islamic bonds worth 766 billion CFA francs ($1.28 billion) on the West Africa bourse on Tuesday to allow investors to trade the securities and improve market liquidity, bourse authorities said. Source Reuters Read More 

Indonesia Bonds Suffer Biggest Outflows in a Year on Fed Outlook -Foreign funds pulled the most money from Indonesian government bonds in more than a year as demand for higher-yielding assets waned ahead of the U.S. presidential election and an expected increase in Federal Reserve interest rates. Source Bloomberg Read More 

China’s Aluminum Production at 15-Month High to Pressure Prices - China’s aluminum output surged in September to its highest in fifteen months as new and idled plants were fired up, threatening to undo this year’s rally in prices. Source Bloomberg Read More 

China Sees Its Metals Demand Growing Half as Fast Through 2020 - China, the world’s biggest user of materials, said its consumption of non-ferrous metals will expand through 2020 at less than half the pace seen in the first five years of the decade, as its economy shifts from commodities-intensive growth. Source Bloomberg Read More 

China Crude Oil Production in September Rises From Six-Year Low - China’s crude output rose in September from the lowest level in six years as global prices rebounded amid OPEC’s renewed commitment to manage supply. Source Bloomberg Read More 

 



PROSHARE TECHNOLOGY

‘Inactive telephone lines dip to 73.8m’ - Inactive telephone lines in Nigeria  have reduced from 76,164,149 in July to 73,885,542 in August, the Nigerian Communications Commission (NCC) has said. Source THE NATION Read More 

PROSHARE STARTUPS
BoI, Benue govt launch N2bn MSMEs financing deal - The Bank of Industry(Bol) has  co-launched a N2bn Micro Small and Medium Enterprises(MSMEs) development fund with the Benue State government. Source Daily Trust Read More 

 

 

 

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