Nigeria in 1min: Economic, Business & Financial Headlines – 191017


October 19, 2017 7:10 AM / Proshare News 


Inflation Flattens Out in September to 15.98% - As widely anticipated, headline inflation declined marginally to 15.98% in September from 16.01% in August. Source Proshare Read More 

We See Headline Rate at 15.9% in October 2017 – FBNQuest-The latest inflation report from the NBS shows headline inflation y/y at 16.0% in September. Source Proshare Read More 

FG proposes N8.6tr budget for 2018 - President Muhammadu Buhari has proposed the sum of N8.6 trillion for the 2018 budget, according to the details of the 2018-2020 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) obtained by Daily Trust. Source Daily Trust Read More 

Puzzles about Monetary Policy in Nigeria- Two puzzles are becoming striking from recent communiqués of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN). Source Proshare Read More 

Nigeria looks to food exports to boost FX income after oil shock - Nigeria is looking to boost agricultural exports to earn more hard currency, and aims to cut imports of rice and wheat which together cost it almost $4 billion a year, Agriculture Minister Audu Ogbeh told Reuters. Source Reuters Read More 

World Bank: no rift with Adeosun over borrowings - The World Bank Group, yesterday, denied disagreeing with the Minister of Finance, Mrs. Kemi Adeosun, over foreign borrowings by the Federal Government to stimulate the economy and finance infrastructure projects in the country. Source THE NATION Read More 

Fed Govt recovers N140b from Customs - The probe by the joint Senate Committees on Customs, Excise and Tariff and Marine Transport has led to the recovery of N140 billion, Senator Hope Uzodinma,  said yesterday. Source THE NATION Read More 

FG to increase insured farmers to 3.8m - The Nigeria Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL Plc) has signed a partnership agreement with two reputable Moroccan agricultural insurance and re-insurance companies, Mutuelle Agricole Marocaine D’Assurances (MAMDA) and MAMDA Reassurance in its efforts to increase the number of insured farmers in Nigeria from 500,000 to 3.8 million. Source THE SUN Read More 

Govt to disburse $150m solid minerals grants - The Federal Government has concluded plans for the disbursement of the $150 million World Bank grant to solid mineral sector operators. Source THE NATION Read More 

FG to establish 10,000 hectares of cashew plantation in Kogi - The Kogi State Commissioner for Agriculture, Mr Kehinde Oloruntoba, has said that arrangements were being perfected for the Federal Government to establish a 10,000 hectare of cashew plantation in the state. Source Daily Trust Read More 

Nigeria’s Aviation attracted $4bn in 2016, Needs $50bn to Grow - For the aviation industry to grow in Nigeria to be in tandem with what is obtained in other parts of the world and for the country to actualise its desire to become a hub in West and Central Africa, the industry needs an injection of $50 billion in the next 30 years. Source Thisday Read More 

Apapa gridlock: 70% of trucks carry empty containers - As the search for solution to the notorious Apapa traffic gridlock continues, stakeholders have pointed out that over 70 percent of the trucks waiting on the roads daily, convey empty containers, and that removing them would go a long way to resolving the problem. Source BUSINESSDAY Read More 

Nigeria still top global piracy hotspot, says IMB - The International Maritime Bureau has grouped Nigeria as a top piracy hotspot and described the nation’s waters as risky based on the high rate of deadly attack on vessels around the country. Source Punch Read More 

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CBN Releases N501bn For Commercial Agric Credit Scheme - The Central Bank of Nigeria (CBN) has so far released a total sum of N501.697 billion under the commercial agriculture credit scheme (CACS). Source leadership Read More 

SEC chief accountant gives remarks on initial coin offerings- SEC Chief Accountant Wesley Bricker gave a speech at the AICPA National Conference on Banks & Savings Institutions titled “Advancing High-Quality Financial Reporting in Our Financial and Capital Markets.”   Source Proshare Read More 


NSE, SEC Confirm Decision To Suspend Trading On The Shares of Oando Plc- Further to the market development news reported: Trading on the Shares of Oando Plc Suspended; Reasons Unknown. Source Proshare Read More 

Nigerian Stock Market Closes Red as NSEASI Records Further -0.08% Loss- Equities market closed today on a negative note, as NSE ASI depreciated by -0.08% to close at 36,641.52 basis points as against -0.81% depreciation recorded previously. Source Proshare Read More 

Invest in FGN Monthly Bond Auction – October 2017- The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications for Source Proshare Read More 

Nigerian Bank Eurobonds a Step to Easing Foreign Currency Maturity Gaps-The return of Nigerian banks to the international bond markets marks a small step towards reducing maturity mismatches between foreign-currency (FC) assets and liabilities, Fitch Ratings says. Source Proshare Read More 

UBA Plc - Mixed Q3 Results; Retaining Neutral Rating- UBA Plc - Mixed Q3 Results; Retaining Neutral Rating- UBA’s Q3 2017 PBT came in weaker than expected, mainly because of a negative surprise in opex (c. 11% higher than our forecast) .Source Proshare Read More 

Trading on the Shares of Oando Plc Suspended; Reasons Unknown- Trading on the shares of Oando Plc on the floor of the Nigerian Stock Exchange has been suspended. Source Proshare Read More 

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NEITI generates 199bn from 2007 to 2014 - The  Solid Mineral Sector generated N199 billion from 2007 to 2014, says the Nigerian Extractive Initiative Transparency Initiative (NEITI). Source Daily Trust Read More 

NLNG pays $4.1b taxes to govt - The Nigerian Liquefied and Natural Gas (NLNG) Limited has, in the past six years, paid $4.1billion in taxes, including Company Income of Tax (CIT), to the Federal Government. Source THE NATION Read More 

Indigenous oil firms step up production by 200% in June - Sixteen Nigerian indigenous oil producers who operate in partnership with international oil companies called independents, accounted for over 7.486 million barrels of crude oil in June Source BUSINESSDAY Read More 

Agip pushes ahead with 150,000bpd refinery plan - The Nigerian Agip Oil Company, a subsidiary of Italian oil major, Eni, said it had begun feasibility studies for the construction of a new 150,000 barrels-of-oil-per-day refinery in the Niger Delta. Source Punch Read More 

ASHON shops for N500m to commence commodity exchange - Promoters of the proposed Commodity and Futures Exchange under the aegis of the Association of Stockbroking Houses of Nigeria (ASHON) have endorsed the N500 million private placement capital raising option to flag off its operation. Source Guardian Read More 

NBET pays N10.8b to Gencos for electricity delivered in July - Nigerian Bulk Electricity Trading Plc. (NBET) has paid the Electricity Generation Companies (Gencos) the sum of N10.825 billion out of the total invoices of N45.24 for the energy delivered in July 2017. Source Guardian Read More 


The rise of cryptocurrencies – an overview - Blockchain technology has the potential to become as important as the Internet and its effects could be revolutionary..Source Proshare Read More 

Ericsson: Mobile Will Account for 50% TV Viewing in 2020 - Ericsson has unveiled the eighth edition of its annual ConsumerLab TV and Media report, which details the massive growth in TV and video viewing and the ongoing shift in the way consumers watch television content. Source Thisday Read More 

Artificial Intelligence Software Will Be Helping the Los Angeles Police - The Los Angeles Police Department will start using artificial intelligence software to categorize video footage captured by police body cameras, the LAPD said in a statement. Axon, the maker of the electric weapon known as the Taser and a line of police body cameras and cloud storage for law enforcement, will be providing the artificial intelligence software. Source INC. Read More 

MongoDB prices its IPO at $24 per share - MongoDB has finished up what is essentially the final step in going public, pricing its IPO at $24 and raising $192 million in the process. Source TECH CRUNCH Read More 

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The “safe sex” deal between Shell, Nigeria and a former oil minister is starting to look rather more risky  - Senior Royal Dutch Shell executives have been charged in Italy for their role in a vast bribery scheme that deprived the Nigerian people of over a billion dollars, the Milan Public Prosecutor’s Office confirmed on Friday. Source Global Witness Read More 

Special Report: Backroom battle imperils $230 million cryptocurrency venture - Just three months ago, a tech project called Tezos raised $232 million online in a wildly successful “initial coin offering,” in which new digital currency is parceled out to buyers. At the time, it was the most money ever raised from the public in the white-hot cryptocurrency sector. Source Reuters Read More 

China third-quarter GDP growth slows as expected, property measures bite - China’s economic growth slowed slightly as expected in the third quarter as the government’s efforts to rein in the property market and debt risks tempered activity in the world’s second-largest economy. Source Reuters Read More 

Ghana Cocobod in talks for $500 mln China EXIM Bank loan - Ghana’s cocoa regulator Cocobod is in talks with Export-Import Bank of China to secure a $500 million loan to overhaul the sector and protect against global price volatility, two senior officials said on Wednesday. Source Reuters Read More 

Zimbabwe says to slash budget deficit despite looming elections - Zimbabwe plans to cut its budget deficit by half next year to 4 percent of GDP, the national Treasury said, an ambitious goal at a time when the country is expected to hold a presidential vote that veteran President Robert Mugabe is set to contest. Source Reuters Read More 

Zimbabwe's First Lady Sues Over Missing $1.35 Million Diamond - Grace Mugabe, the wife of Zimbabwean President Robert Mugabe, is suing a former diamond dealer over the failure to supply a $1.35 million diamond ring she had ordered to mark her wedding anniversary. Source Bloomberg Read More 

Bank of Korea Holds Rate as Investors See Hike on Horizon - South Korea’s central bank held its key interest rate at a record low on Thursday amid expectations that policy makers will begin mulling the timing of a rate increase before too long. One dissenting board member called for a hike. Source Bloomberg Read More 

Australian Jobless Rate Unexpectedly Drops on East-Coast Hiring - Australian unemployment unexpectedly dropped in September after a burst of hiring in the two most populous states. Source Bloomberg Read More 

Bankers Publicly Embracing Robots Are Privately Fearing Job Cuts - A top executive at a major Wall Street bank is deep into his spiel on how artificial intelligence will make the firm smarter and leaner when he pauses to take a question: What does this mean for young people entering the business? Source Bloomberg Read More 

Greek Banks Face `Gangs' in Bad-Loans Battle With Defaulters - When Eurobank Ergasias SA, Greece’s third-biggest lender, recently went after a “strategic defaulter,” angry protesters stormed the courtroom to block its foreclosure attempt. Source Bloomberg Read More 

Russia's Rosneft Expands in Kurdistan With Five Oil Projects - Rosneft PJSC signed a deal with Iraq’s semi-autonomous Kurdistan to develop five oil blocks, cementing ties with the region even as tensions over sovereignty flare into armed clashes between Kurdish forces and Iraqi government troops. Source Bloomberg Read More 

Iraq's Pipeline Exports Slump After Clash With Kurds at Kirkuk - Oil exports from northern Iraq dropped by more than half as production in the country’s disputed Kirkuk province slumped for a second day at fields that government troops captured from rival Kurdish forces. Source Bloomberg Read More 

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