Nigeria in 1min: Economic, Business & Financial Headlines – 230817



August 23, 2017 7:30 AM / Proshare News 

FPI Returns To Buoy Q2’17 Capital Imports - Foreign investments into Nigeria rose to $1,792 million in the second quarter of the year, a marked improvement on the previous quarter ($908 million), as well as the corresponding period in 2016 ($1,042 million). Source Proshare Read More 

FIRS shuts MRS Oil over N497m tax debt - The Federal Inland Revenue Service on Wednesday closed down an MRS Oil’s facility in Lagos over a tax debt amounting to N497.1m, an action the agency described as part of measures being taken against tax-defaulting companies in the country. Source Punch Read More 

London insurance market tags Nigeria high political risk environment - The increasing level of political risks in Nigeria, relating to terrorism, kidnapping, piracy and political violence may worsen local underwriter’s access to foreign reinsurance treaty, as the London insurance market tags the country relatively high risk.  Source BUSINESSDAY Read More 


Monetary policy offers limited tools for economic recovery – Emefiel - Mr Godwin Emefiele, the Governor of Central Bank of Nigeria (CBN), says monetary policy offers limited tools for dealing with the current economic challenges in the country. Source THE NATION Read More 


NSEASI Inches Up Further by +0.26%; Closes Above 37,000bpts - Equities market closed today on a positive note, as NSE ASI appreciated by +0.26% to close at 37,059.21 basis points as against +1.03% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +37.90%.  Source Proshare Read More

What you need to know about Coronation’s Mutual Funds - Coronation Asset Management, a subsidiary Coronation Merchant Bank Group is one focused on developing a unique footprint in the global financial markets through offering specialized investment strategies to investors. Source Proshare Read More

Access Bank Reports Q2 2017 Results as PBT Declined Marginally by -3% YoY to N20.8bn - This afternoon Access Bank (Access) published its Q2 2017 results which showed that PBT declined marginally by -3% y/y to N20.8bn.  Source Proshare Read More  

Nigeria plans 193 bln naira Treasury bill sale next week - Nigeria plans to raise 193.14 billion naira ($614 mln) worth of treasury bills at an auction on Aug. 30, the central bank said on Wednesday. Source Reuters Read More 

Dangote signs $450m sugar plant pact with Niger govt - The Dangote Group yesterday signed a Memorandum of Understanding (MoU) with the Niger State Government for the establishment of a state-of-the art and fully integrated sugar complex worth of N166 billion. Source Daily Trust Read More 

Shell’s Gbaran-Ubie 2 comes on stream, to peak at 175,000bpd - The Shell Petroleum Development Company (SPDC) of Nigeria Limited Joint Venture has commenced production at Gbaran-Ubie Phase 2, a key project in the Niger Delta that will help to boost gas supply to the domestic market and maintain supply to the export market. Source Daily Trust Read More 

Shell says starts gas production at expanded Nigeria project - Anglo-Dutch oil major Royal Dutch Shell has started gas production from the second phase of the Gbaran-Ubie project in Nigeria's Niger Delta, the company said on Wednesday. Source Reuters Read More 

FG inaugurates N61bn local content intervention fund today - The Federal Government will inaugurate the $200m (about N61bn at the official exchange rate of N305 to a dollar) local content intervention fund today (Thursday). Source Punch Read More 

NNPC, IOCs join forces against oil, gas sabotage - The Nigerian National Petroleum Corporation has said it is working closely with international oil companies to deploy a structured security apparatus in strategic places including the Niger Delta to arrest incidence of oil and gas infrastructure sabotage across the country. Source Punch Read More 

N473bn Zungeru hydropower plant at 47% completion – CNEEC - The China National Electric Engineering Company has disclosed that the Zungeru 700mw hydroelectric power plant in Niger State is at 47 per cent completion stage. Source Punch Read More 

Discos Remain Weakest Link, Reject 9,310MW of Electricity in Eight Days - Affirming their position as the weakest link in Nigeria’s electricity chain, the 11 electricity distribution companies (Discos) in the country rejected 9,310.64 megawatts (MW) of electricity from the generation companies (Gencos) in the last one week because their distribution facilities could not take up all the electricity, records from the Transmission Company of Nigeria (TCN) have shown. Source Thisday Read More 

South African govt won't allow national airline to fail - South Africa's embattled national airline SAA will not be allowed to "go under", the deputy finance minister Sfiso Buthelezi told parliament on Wednesday. Source Reuters Read More 

South Africa's CPI slows to 4.6 percent year/year in July - South Africa's headline consumer inflation slowed to 4.6 percent year-on-year in July from 5.1 percent in June, data from Statistics South Africa showed on Wednesday. Source Reuters Read More 

Libya's Sharara oilfield remains shut - sources -  Libya's 280,000-barrels-per-day (bpd) Sharara oilfield, the OPEC member's largest, remained offline on Wednesday despite efforts to restart it the previous day, Libyan oil sources told Reuters. Source Reuters Read More 

Ghana producer price inflation falls to 2.0 pct in July - Ghana's producer price inflation fell to 2.0 percent year-on-year in July from a revised 3.2 percent the month before, the statistics office said on Wednesday. Source Reuters Read More 

No. 1 China Equities Fund Bought Only Three Stocks This Year - The strategy has worked well for his little-known fund, whose 46 percent return in 2017 makes it the best-performing active mutual fund investing in greater China equities, data compiled by Bloomberg show. Source Bloomberg Read More 

ECB's Hansson Shrugs Off Euro Gains for Now - European Central Bank policy maker Ardo Hansson said he isn’t currently concerned about the strength of the euro as officials prepare to discuss how to wind down their bond-purchase program. Source Bloomberg Read More 


FirstBank: Improving Customers’ Banking Experience with Bespoke Offerings - First Bank of Nigeria Limited, Nigeria’s most valuable bank brand, has continued in its tradition of creating a value-chain of support for the interests and lifestyles of its customers. Source Proshare Read More 

Uber Narrows Loss to $645 Million, Boosts Revenue Amid Turmoil - Even as Uber Technologies Inc.’s investors mounted a revolt against the then-chief executive officer over a string of self-inflicted scandals, the ride-hailing company’s financial performance continued to improve in the second quarter of the year, based on financial results provided by the company. Source Bloomberg Read More 


BoI to partner micro finance banks to liberalise credit facility - The management of the Bank of Industry (BoI) may soon consider an option of working in partnership with credible micro finance banks to make credit more easily accessible to Small and Medium Enterprises (SMEs) in Nigeria. Source Guardian Read More 





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