Nigeria in 1min: Economic, Business & Financial Headlines – 250716

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July 25, 2016 6:30 AM / Proshare News 

 

PROSHARE ECONOMY
FG to start international borrowing in Q3 – Adeosun - The Federal Government will start borrowing abroad in the third quarter, the Minister of Finance, Mrs. Kemi Adeosun, has said. Source Punch Read More 

Adeosun meets W’Bank Wednesday on borrowing plans - The Minister of Finance, Mrs. Kemi Adeosun, will on Wednesday meet the World Bank to finalise Nigeria’s “policy support document” needed to complete its application for funds to help plug the $11bn budget deficit. Source Punch Read More

FDIs to Nigeria, S’ Africa, Kenya fall by 46% - Current World Investment Report (WIR 2016) has revealed a seven per cent drop in Foreign Direct Investments (FDI) to Africa to $54 billion in 2015.Specifically, the report noted that while FDI inflows to South Africa, Ghana and Nigeria dropped by 30.3 per cent, 4.9 per cent and 11.1 per cent respectively, inflows to Angola increased by 352 per cent to $8.7 billion and to Kenya by 42 per cent to $1.4 billion. Source Guardian Read More 

Revenue Shortfall Hinders 36 States’ Access To Capital Market - The gloomy economic situation of the 36 states in Nigeria may not abate for the time being as experts in the nation’s economic and financial matters have said the states’ chances of raising funds through the capital market are narrow as a result of their viability, which has effectively shut them out. Source Leadership Read More 

Non-oil exporters’ earnings drop by 27% - The latest economic report by the apex bank indicated that total non-oil export receipts by banks in the month of April 2016 fell by 27.3 per cent to $364.35 million compared to the previous month. Source THE NATION Read More 

Customs, FIRS, DPR got N142bn as incentives in Buhari’s 1st yr - Three major revenue collecting agencies of the federal government have shared a total of N142.6 billion between June 2015 and May 2016. Source Vanguard Read More 

New test for Nigerian exporters as Africa opens $2.4trn trading door - Nigerian exporters face a new test in the new trading opportunities provided by the $2.39 trillion African economy, with the launching of the pan-African travel passport which guarantees free movement of goods and persons. Source BUSINESSDAY Read More 

Anambra records $5m vegetable exports to Europe - In a bid to underscore the importance of diversifying the economy and  attracting more industries to Anambra state, Chief Willy Obiano has confirmed that the  concise Economic Blueprint, made up of The Four Pillars of Development; including Agriculture, Industrialization, Trade and Commerce and Oil and Gas he developed on assumption of office has started yielding dividends. Source Vanguard Read More 

Nigeria Loses Over N100bn To Fish Import– FCFNL - National President, Fisheries Cooperatives Federation of Nigeria (FCFNL), Anthony Ashage has lamented that Nigeria loses over N100 billion annually to fish imports. Source Leadership Read More 

 



PROSHARE REGULATOR

Revisiting CBN’s Monetary Policy Approach - The Central Bank of Nigeria (CBN) needs to clearly define its role in the foreign exchange (FX) market and move on. With Nigeria's economy under serious strain due to oil price and production shocks, persistent foreign currency shortages, and slowing growth, the Monetary Policy Committee (MPC) resolved in May 2016 to quit defending the Naira and finally take the peg off its exchange value against the greenback. Source Proshare Read More 

Increase in insider-related bad loans alarming —NDIC - The spate of insider related non-performing loans in the banking sector is alarming and there is a need to address the ugly trend urgently, the Managing Director/ Chief Executive Officer, Nigeria Deposit Insurance Corporation, Alhaji Umaru Ibrahim, has said. Source Punch Read More 

Facing Policy Dilemma - MPC Considerations and Policy Options - There are arguments to support an increase and a hold in rates when the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) meets on July 25-26, 2016. Meanwhile, there is no argument in support of rates cut given the current economic situation. Source Proshare Read More

 

PROSHARE MARKETS
Sentiment Analysis Report - W/E July 22, 2016 - Analysis of the market activity in the week ended July 22, 2016 technically revealed a surge in pessimistic trading while investors stayed cautious with low risk appetite towards equities as sentiments remained negative in the week. Source Proshare Read More 

Stocks extend weekly losses, post 3.98% loss WoW on profiteering  - The equities market closed today on a negative note, as NSE ASI depreciated by 1.21% to close at 27,659.44basis points, compared with the 0.79% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.43%. Source Proshare Read More 

4th CIBN Valedictory lecture:Oduoza harps on increased Intra-African trade - The need for increased financial activities in the African continent has been raised, from the Intra-African trade standpoint. Source Proshare Read More 

Investors’ over reaction to forex policy costs them N749bn - Investors in the stock market appeared to have burnt their fingers with the bullish sentiment spurred by the flexible foreign exchange regime as a full reversal of the market gains came last weekend with a total loss of N749 billion. Source Vanguard Read More 

Swiss Re acquires 25 percent stake in Leadway Insurance - Leadway Assurance Company Limited has announced that Swiss Re has purchased a 25 per cent stake in the company. Source THE NATION Read More 



Naira Opens At N307.98/$, After Falling To N330 Within Trade
- The naira is opening today at N307.98 against the dollar at the interbank market, same rate it closed last on Friday, up from 310 it closed on Thursday. Source Leadership
Read More 

We get forex 3 months after bidding- MAN - Manufacturers in Nigeria have decried the inability of the Central Bank of Nigeria’s, CBN new flexible foreign exchange policy to improve their access to foreign exchange Source Vanguard Read More 

Electricity tariff reversal: N43 billion extra monthly revenue pitches labour, civil societies against DISCOs - The pronouncement of a Federal Court in Lagos reversing the recently introduced electricity tariff, has further pitched the nation’s electricity consumers against investors who bought the nation’s electricity power assets. Source Guardian Read More 

Unpaid bridging claims threaten fuel supply - Truck owners have threatened to stop transporting fuel across the country from tomorrow over backlog of unpaid bridging claims and none reimbursement of insurance premiums by the major marketers. Source Daily Trust Read More 

Transportation Cost Stalls Oil Production In The North - The challenges posed by transportation, geographic location and wide currency exchange gap have hindered crude oil exploitation in the northern part of Nigeria, according to the national president, Certified Institute of Geographers (CIG), Mallam Adamu Sambo. Source Leadership Read More

 

 

PROSHARE BUSINESS
Asian shares near nine-month peak, dollar shines - Asian shares held near nine-month highs on Monday as worries over the impact of Britain's Brexit vote eased, while the dollar was buoyed by a run of solid U.S. economic data. Source Reuters Read More 

IMF grants two-year $3.5 billion credit line to Morocco - The International Monetary Fund (IMF) has granted Morocco a two-year $3.5 billion credit line for structural reforms to prompt more rapid and inclusive economic growth, Rabat's finance ministry said on Saturday. Source Reuters Read More 

Morocco annual inflation rises to 2.3 pct in June - Morocco's annual consumer price inflation rose to 2.3 percent in June from 1.9 percent in May, due to higher food prices, the High Planning Authority said on Friday. Source Reuters Read More

 



PROSHARE TECHNOLOGY

netCORE Solutions engaged Market Shareholders on Marketing Automation - India’s largest Email and Mobile marketing technology providers netCORE, today held a conference with Stakeholders to discuss how marketing automation solutions are changing the business of online marketing and moving marketers beyond campaigns. Source Proshare Read More 

3.9bn People Lack Access To Internet Services – ITU - Latest statistics from International Telecommunications Union (ITU), the UN specialised agency for information and communication technology (ICT), show that 3.9 billion people remain cut-off from the vast resources available on the Internet, despite the falling prices for ICT services. Source Leadership Read More 

Verizon to announce $5 billion deal to buy Yahoo on Monday: source - Verizon Communications Inc (VZ.N) will announce an agreement on Monday to buy Yahoo Inc (YHOO.O) for about $5 billion, according to a person familiar with the matter. Source Reuters Read More



PROSHARE STARTUPS

Tanzania hands out cash to help its very poorest kickstart businesses - Tatu Mtulya looks older than her age. Her sun-parched skin and the repairs to her well-worn dress say it all. She is poor. Source Reuters Read More 

 

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