Nigeria in 1min: Economic, Business & Financial Headlines – 220617



June 22, 2017 7:00 AM / Proshare News 

Strongest World Growth Expected Since 2010 – Fitch - The recovery in global growth is strengthening and is expected to pick up to 2.9% this year and peak at 3.1% in 2018, the highest rate since 2010, says Fitch Ratings in its latest Global Economic Outlook (GEO). Source Proshare Read More 

Agricultural finance fund closes at $65.9m, says FG - The Federal Government on Wednesday in Abuja announced that the Fund for Agricultural Finance in Nigeria, which was initiated by the Federal Ministry of Agriculture and Rural Development, was successfully closed at $65.9m. Source Punch Read More 

Nigeria Rolls Out $2 Billion Brazil-Like Social-Welfare Plan - Nigeria is rolling out its first national social-welfare program modeled partly on Brazil’s Bolsa Familia in a bid to boost a weak economy and curb poverty by giving cash to its poorest citizens and ensuring their children go to school. Source Bloomberg Read More 

World Bank approves $961m credit for FG’s ERGP - The World Bank has approved a total of $961 million credit in support of the Federal Government Economic Recovery and Growth Programme, ERGP, and Kaduna State Economic Transformation Programme. Source Vanguard Read More 

PenCom: Fed Govt’s workers enrolment begins next week - The National Pension Commission (PenCom) plans to embark on a nationwide pre-retirement enrolment exercise for retiring employees of Federal Government Treasury Funded Ministries, Departments and Agencies (MDAs)  between July 3 and August 30. Source THE NATION Read More 

Reps, labour call for forensic audit of NHIS, HMOs - The House of Representatives on Wednesday directed the National Health Insurance Scheme (NHIS) to halt the proposed accreditation of Health Management Organisations (HMOs) pending the conclusion of ongoing investigation into the utilisation of the N351 billion paid without commensurate results. Source BUSINESSDAY Read More 

Lagos Secures $100m from French Agency for Urban Projects - The Lagos State Government has secured a whopping sum of $100 million from a French financial institution, Agence Française de Développement (AFD), to implement its strategic integrated urban development projects tagged Eko Urban Project (EKO-UP). Source Thisday Read More 


Commendation to DMO on the Proposed Federal Government of Nigeria Sukuk Debt Issuance - This Securities and Exchange Commission (SEC) is pleased to notify the investing public that the Debt Management Office (DMO) has concluded arrangements to issue the maiden N100.0 Billion Sukuk in the Nigerian Capital Market. Source Proshare Read More 

Circular to the General Public On Multiple Subscriptions In Public Offers -The Securities and Exchange Commission wishes to notify the general public on how reported cases of multiple subscriptions to public offers would be treated. Source Proshare Read More  

CBN orders lenders to maintain status quo on Etisalat indebtedness - The Central Bank of Nigeria (CBN) yesterday directed the consortium of 13 banks involved in Etisalat Nigeria’s $1.2 billion loan to suspend further action on the indebtedness, including taking over ownership or management of the company. Source Vanguard Read More 


NSE Review Market Indices; FCMB, SKYEBANK Are Likely Incoming Companies - The Nigerian Stock Exchange (NSE or “The Exchange”) is pleased to announce the expected review of the NSE 30, and the six sectoral indices of the Exchange, which are NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas and the NSE Lotus Islamic Indices.  Source Proshare Read More 

Stock Market Halts Uptrend as NSEASI Dips by -2.61% - Equities market closed today on a negative note, as NSE ASI depreciated by -2.61% to close at 33,477.89 basis points, as against +0.71% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +24.57%. Source Proshare Read More

MSCI delays decision on the reclassification of the MSCI Argentina and Nigeria Indexes - MSCI Inc. (NYSE: MSCI), a leading provider of global equity indexes, announced today that beginning in June 2018, it will include China A shares in the MSCI Emerging Markets Index and the MSCI ACWI Index. Source Proshare Read More  

Currency Futures Trading Volume wanes as Rates Converge - The volume of trade in the Nigerian currency futures market has dropped dramatically since the CBN came up with the investor FX rate window and as the various FX rates tend to converge around N370/$.Source Proshare Read More  

Christmas Comes Early for Nigerian ETF Investors - The Nigerian stock market has been showing great improvement since the beginning of May 2017 with most of the indices showing double digit returns. Source Proshare Read More

Nipco launches $16m offer for Mobil Oil shares - Nipco Plc has launched a N4.84bn offer for the shares it needs to take its stake in Mobil Oil to 70 per cent to comply with Nigerian takeover rules, its advisers said on Wednesday. Source Punch Read More 

NCX: BPE gives Lead Capital 60-day deadline - The Bureau of Public Enterprises (BPE) has given Lead Capital Consortium a 60-day deadline to conclude the strategic equity investment by the National Sovereign Investment Authority (NSIA) into the Nigeria Commodity Exchange (NCX). Source Daily Trust Read More 

NNPC repays N450bn debt to FG - The Nigerian National Petroleum Corporation, NNPC, said it has repaid its N450 billion indebtedness to the Federal Government. Source Vanguard Read More 

Nigeria’s oil exports to exceed 2million bpd - Nigeria’s crude oil exports are expected to hit two million barrels per day (bpd) in August, the highest level planned for 17 months, as the nation’s oil industry nears a full recovery from militant attacks that crippled production last year. Source THE NATION Read More 

Oil price hits 7-month low at $45.5 - A renewed slump in oil prices to seven-month lows dragged down world stocks and long-term bond yields on Wednesday, as bets that global inflation and interest rates will stay lower for even longer began to build again. Source Daily Trust Read More 

CSOs reject Petroleum Industry Governance Bill - Some Civil Society Organisations on Wednesday kicked against the Petroleum Industry Governance Bill just passed by the Senate, saying it failed to adequately address environment issues and rights of host communities. Source Punch Read More 

Oil marketers urge FG to pay outstanding fuel subsidy claims - The Major Oil Marketers Association of Nigeria (MOMAN) has appealed to the Federal Government to pay the outstanding fuel subsidy claims to its members to pay back their bank loans. Source Daily Trust Read More 

Indonesia to build 10,000 barrels per day refinery in Nigeria - Mr. Adi Hartadi, the Head of Investor Relations of PTPP (Persero) Tbk, partners to PT Intim Perkasa Nigeria Ltd, who disclosed this in Abuja during a business meeting with the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, stated that the proposed refinery would be located in Akwa Ibom State. Source Daily Trust Read More 

NNPC sustains losses, records N39.3bn deficit in four months - The monthly financial losses of the Nigerian National Petroleum Corporation since the beginning of this year continued in the month of April. Source Punch Read More

Nigeria’s gas export remains high amid domestic shortage - As the country continues to suffer gas shortage for power plants and household cooking, industry stakeholders have raised concerns about the continued export of over 70 per cent of commercialised natural gas. Source Punch Read More 

Manufacturers abandon DisCos for private power suppliers - Nigerian manufacturers are increasingly abandoning power distribution companies popularly called DisCos, for private companies that can provide 24-hour incremental and quality electricity at cheaper rates. Source BUSINESSDAY Read More 

Ambode signs agreement with investors on Lagos 3,000 MW embedded power project - Akinwunmi Ambode, governor of Lagos state on Tuesday signed an agreement with investors to generate 3,000 megawatts of power over the course of seven years Source BUSINESSDAY Read More 

NERC proposes rules for operation of ‘eligible customer’ - The Nigerian Electricity Regulatory Commission has proposed that an eligible customers will be supplied power only from new generation from power companies and Distribution Companies (DisCos) will get at least 20 percent of new generation at a tariff that is no more than the average wholesale price in the industry. Source BUSINESSDAY Read More 

We can’t supply power to Magboro, others now – IBEDC - The Ibadan Electricity Distribution Company has said it cannot supply electricity to Magboro, Ibafo, Mowe and other communities in Ogun State until a 33KV line awarded by the Niger Delta Power Holding Company Limited is successfully energised. Source Punch Read More 


South Africa's CPI rises to 5.4 percent y/y in May - South Africa's headline consumer inflation rose slightly more than expected to 5.4 percent year-on-year in May from 5.3 percent in April, data from Statistics South Africa showed on Wednesday, further weakening the rand. Source Reuters Read More 

Saudi Gain Is a Loss for Qatar Reeling From $13 Billion Slump - Add Saudi Arabia’s government changes to the reasons why investors should steer clear of Qatar. Source Bloomberg Read More 

Oil Market Sees Increased Conflict Risk in Saudi Power Shift - After Mohammed bin Salman’s appointment as crown prince, energy markets need to brace for an even more assertive Saudi Arabian foreign policy that could threaten regional stability in the heart of the global oil industry. Source Bloomberg Read More 

Saudi Arabia Reverses Salary Cuts After Succession Shakeup - Saudi Arabia’s King Salman has reversed a decision to cut salaries and benefits for public sector employees, a move that’s likely to fend off any social discontent but could complicate his new successor’s plan to repair the kingdom’s finances. Source Bloomberg Read More 

Iran's Zanganeh Says OPEC May Decide on Further Oil-Output Cuts - Iran and fellow OPEC members are in talks about making further cuts in oil production, though the group would have a hard time reaching a consensus, according to the country’s top energy official. Source Bloomberg Read More 

Brexit Economy Hits U.K. Ad Spending - Britain’s advertising market is slowing as the long road to exiting the European Union begins to wear on the economy and prompt marketers to pull back, according to the latest forecast from GroupM, the world’s largest media buyer. Source Bloomberg Read More 

How Just 14 People Make 500,000 Tons of Steel a Year in Austria - The Austrian village of Donawitz has been an iron-smelting center since the 1400s, when ore was dug from mines carved out of the snow-capped peaks nearby. Over the centuries, Donawitz developed into the Hapsburg Empire’s steel-production hub, and by the early 1900s it was home to Europe’s largest mill. Source Bloomberg Read More 


Banks want Etisalat $1.2bn loan probed - Strong indications emerged on Wednesday that a consortium of 13 banks involved in Etisalat Nigeria’s $1.2 billion loan is seeking Federal Government’s intervention to investigate the management. Source Daily Trust Read More

‘Nigeria Needs $1.4bn to Purchase STBs for Digital Switch Over’ - Having missed the June 17, 2017 deadline for the entire Digital Switch Over (DSO) process, which commenced since 2006, the Director General of the National Broadcasting Commission (NBC), Mr. Ishaq Modibbo Kawu, has said that Nigeria needs as much as $1.4 billion to purchase Set-Top-Boxes (STBs), in order to achieve 95 per cent access to free digital television content across the country. Source Thisday Read More





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