Nigeria in 1min: Economic, Business & Financial Headlines – 230617



June 23, 2017 7:27 AM / Proshare News 


FAAC Disburses N418.82bn in May 2017 - NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N418.82bn to the three tiers of government in May 2017 from the revenue generated in April 2017. Source Proshare Read More 

IFC: Energy Storage Can Open Doors to Clean Energy Solutions in Emerging Markets - For more than a hundred years, electrical grids have been built with the assumption that electricity has to be generated, transmitted, distributed, and used in real time because energy storage was not economically feasible . Source Proshare Read More 

FBN Outlook Revised to Stable; 'B-and B' Ratings Affirmed; National Scale Rating Raised To 'ngBB+' - First Bank of Nigeria Ltd.'s regulatory capital has improved and the risk of breaching regulatory requirements has thus diminished, while the bank's funding and liquidity remain a credit strength. Source Proshare Read More  

142 public enterprises privatised – Osinbajo - The National Council on Privatisation (NCP) has since inception in 2000 successfully concluded the privatisation and reform of over 142 public enterprises, the Acting President, Professor Yemi Osinbajo, said during the inauguration of the fifth council on privatisation yesterday. Source Daily Trust Read More 

Nigeria ranked 19th most attractive investment destination in Africa - Nigeria is the 19th most attractive economy for investment in Africa says the latest Africa Investment Index 2016 by Quantum Global’s independent research arm, Quantum Global Research Lab. Source Daily Trust Read More 

Lagos, 13th Most Expensive City to Live in the World - Lagos, the capital of Lagos State, is the 13th most expensive city in the world, says Mercer, the world’s largest human resource consulting firm. Source Thisday Read More 

NEPC, AEA Partner to Export Shear Butter to Europe - The Nigerian Export Promotion Council (NEPC) and the Abuja Enterprise Agency (AEA) will boast Shear Butter production in the country and export the commodity to the European Union as a foreign exchange earner. Source Thisday Read More 

UNIDO: global manufacturing rose 3.7% between Jan and Mar - Global manufacturing output rose by 3.7 per cent in the first quarter of 2017, compared to the same period of last year – a rate  higher than the average rise observed in 2016, a United Nations Industrial Development Organisation (UNIDO) report, has said. Source THE NATION Read More 

Investors target Nigeria’s $1bn medical tourism market - Investors are targeting Nigeria’s estimated $1 billion medical tourism market as two major investors plan a US$500 million investment on two new 500-bed hospital projects to be located in Lagos state. Source BUSINESSDAY Read More 

Nigeria begins yam export to Europe, U.S. June 29 - The Minister of Agriculture and Rural Development, Audu Ogbeh, has said the country will commence yam exports to Europe and america on June 29. Source Punch Read More

Osun cocoa industry now processes 20,000 tonnes daily - The newly resuscitated Osun State Cocoa Processing Industry in Ede has started processing cocoa in line with the industrialisation plan of the current administration in the state. Source Punch Read More

Manufacturers battle rising freight, demurrage at seaports - Manufacturers who rely on imported raw materials for their factory processes have had to contend with rising freight and demurrage costs. Source Punch Read More 


NSEASI Maintains Downtrend; Dips Further by -1.64% - Equities market closed today on a negative note, as NSE ASI depreciated by -1.64% to close at 32,928.44 basis points, as against -2.61% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +22.53%. Source Proshare Read More

Trading 212 Launches UK’s First Zero Commission Share Trading Service - Fast-growing Fintech company Trading 212 is disrupting the UK stockbroking market with the launch of the first zero commission share trading platform. Source Proshare Read More

Market Fragility And Interconnectedness In The Asset Management Industry - Thanks also to Joanna Rejman, and all of the other conference organizers, for the invitation to speak here today, at this year’s Buy-Side Risk USA 2017, and for all of the preparation required to make an event like this happen. Source Proshare Read More  

Relationship Between Regulation And Economic Growth - Chairman Crapo, Ranking Member Brown, and members of the committee, I appreciate the opportunity to testify at today's hearing on the relationship between regulation and economic growth. Source Proshare Read More  

Summary of FGN Bond Auction Results for June 2017 - Successful bids for the 14.50% FGN JUL 2021, 16.2884% FGN MAR 2027 and 16.2499% FGN APR 2037 were allotted at the Marginal Rates of 16.1900 %, 16.1900% and 16.1965%, respectively. Source Proshare Read More 

Julius Berger eyes oil, power deals in Nigeria - Julius Berger Nigeria Plc, the largest construction company in Nigeria by market value, plans to acquire oil assets and expand into the power industry as it seeks to diversify its business and stay competitive after the country’s worst economic slump in decades. Source Punch Read More 

DMO to issue N100bn Islamic Bond month end - THE Debt Management Office, DMO, yesterday, said that arrangement has been concluded for the issuance of the first sovereign sukuk Source Vanguard Read More 

CBN spent N192bn in 5 years on currency maintenance - Benedict Maduagwu, Assistant Director Currency Operations of the Central Bank of Nigeria (CBN) has said “between 2005 and 2010, the CBN spent about N192 billion on the maintenance of currency.” Source Daily Trust Read More 

OPEC, non-OPEC production cut gets highest conformity, oil prices rise - The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) stated that reports for the month of May 2017 recorded the highest conformity ever with their voluntary adjustments in production, achieving a level of 106%. Source Daily Trust Read More 

OPEC Has Few Escape Routes From Another Bear Market in Oil - Oil’s back in a bear market and investors remain unmoved by last month’s agreement to prolong supply cuts, leaving OPEC and its allies with few remaining tools to boost prices. Source Bloomberg Read More 

Kurdish Oil Appears Bound for U.S. Again After Three-Year Pause - An oil tanker carrying Kurdish crude appears to be en route to the U.S., reviving a trade from three years ago that became a symbol of a dispute between the semi-autonomous region in Iraq and the federal government in Baghdad. Source Bloomberg Read More 

NEITI: Over $21.8bn Unaccounted for by NNPC - The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the Nigeria National Petroleum Corporation (NNPC) is supposed to remit over $21.8 billion billions to the Federation Account. Source Thisday Read More 

Climate Change: Oil Industry’s $2trn Planned Investment At Risk - Energy giants including Exxon Mobil and Royal Dutch Shell may risk wasting more than a third of their budgets on projects that will not be needed if climate targets are to be met, a thinktank report has revealed Source Leadership Read More 

Finally, NNPC pays N450bn Federation Account debt - The Nigerian National Petroleum Corporation has finally offset its indebtedness of N450bn to the Federation Account. Source Punch Read More 

We owe contractors N15bn, yet NASS reduced Lagos/Ibadan Expressway budget to N10bn – Fashola - The Minister of Power, Works and Housing, Mr Babatunde Fashola, has raised alarm over the insertion of projects outside the purview of his ministry in the 2017 Appropriation Act by the National Assembly. Source Punch Read More 

NESG Renewable Energy Roundtable: Stakeholders call for effective policy framework, smart financing  - Stakeholders in the Nigerian electricity sector, have called for a robust policy framework and smart financing measures for renewable energy in the country. Source Proshare Read More 

London Home Values Rise at Slowest Pace Since 2012 - Home values in London rose at the lowest rate in five years as affordability issues and uncertainty surrounding Brexit damped demand. Source Bloomberg Read More 

Barcelona Cab Licenses Yielding 500% Boost Uber's Case in Spain - Spain’s best-performing investment over the last 30 years may be the black-and-yellow cab you hailed the last time you were in Barcelona. Source Bloomberg Read More 

Abraaj Plans IPO of South African Consumer Firm Libstar- Abraaj Group is planning an initial public offering of South African food and personal care maker Libstar, which may value the firm at as much as $1 billion, according to people familiar with the matter. Source Bloomberg Read More 


Why Africa is Missing in Trending Global Regulatory Sandbox Programmes - The biggest trend in financial service industry is no longer the huge funding Fintech firms are attracting from VCs. It is the deployment of regulatory sandbox programmes to boost research, innovation, and development in the competitive Fintech sector. Source Proshare Read More

Bluechain To Preview Next-Gen Domestic Payment Scheme At The Central Bank Payments Conference - Bluechain, the next-gen payment platform for domestic payment schemes, announced it will preview its innovative technology during the Central Bank Payments Conference in Amsterdam June 26–28, 2017. Source Proshare Read More

Kompli-Global's Technology will make Life Difficult for Money Launderers - Life is about to get tougher for money launderers. One of the new government’s first tasks will be to approve draft regulations to implement EU 4MLD[i]. Source Proshare Read More 

Broadband Penetration in Need of a Leg-up - The latest data released by the NCC, the industry regulator, show that internet subscriptions stood at 90.1 million in April, representing a y/y contraction of -1.2%. The figure implies density of 49% in a population estimated at 185 million, placing Nigeria well above the African average of around 16% as estimated by McKinsey.  Source Proshare Read More 

Etisalat says half of $1.2bn loan cleared - Etisalat Nigeria says it has cleared almost half of the $1.2 billion loan it collected from a consortium of 13 banks. Source Daily Trust Read More 

Banks shun meeting with NCC over Etisalat - Nigerian banks owed by Etisalat have shunned a meeting with the regulator, the Nigerian Communications Commission (NCC) accusing it of pursuing an agenda aimed to “shield a debtor from creditors” which are exposed to the tune of $1.3 billion. According to one of the CEOs of the banks, “there was no point attending the meeting Source BUSINESSDAY Read More 

BoI launches interest-free loan scheme for women entrepreneurs - THE Bank of Industry (BoI) has launched an interest-free loan for women artisans, market women and small holder farmers under the National Women Empowerment Fund (NAWEF) intervention scheme by the Federal Government. Source Vanguard Read More 

FG to mobilise N2.5bn investment for YouWin SMEs - The Federal Government on Thursday said it would mobilise the sum of N2.5bn annually as equity investment through qualified fund managers for Small and Medium Enterprises under the Youth With Innovation Entrepreneurship programme. Source Punch Read More 






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