Nigeria in 1min: Economic, Business & Financial Headlines – 031017


October 03, 2017 7:10 AM / Proshare News

FG Set to Release Second Tranche of Capital Budget - Barring any unforeseen circumstances, the Ministry of Finance will soon release the second tranche of the N2.1 trillion capital expenditure for the 2017 budget, THISDAY has learnt. Source Thisday Read More 

LIRS Issues Public Notice on Exemption of Compensation of Loss of Employment - The Lagos State Internal Revenue Service (LIRS) has issued a public notice (the Notice) with respect to the exemption of compensation for loss of employment. Source Proshare Read More 

LIRS Issues Public Notice on Treatment of Savings Element on Insurance Premium - The Lagos State Internal Revenue Service (LIRS) has issued a public notice (the Notice) to clarify the treatment of savings element on insurance premium. Source Proshare Read More 

Nigeria attracts $22bn FDIs in 8 months — NIPC - The sum of $22 billion (N7.17 trillion) has been attracted for 41 projects across 22 states from January to August this year as foreign direct investments (FDIs), the Executive Secretary, Nigeria Investment Promotion Commission (NIPC), Ms Yewande Sadiku, has said. Source Daily Trust Read More 

Upgrade of MMAI-Oshodi road to cost N6bn - The reconstruction of the degraded Murtala Muhammed International Airport (MMIA) road, linking Oshodi, in Lagos, is to be delivered at the cost of about N6 billion, BusinessDay has learnt. Source BUSINESSDAY Read More 

NSDC: Nigeria Loses $ 600 Million Annually to Sugar Importation - Nigeria is said to be losing at least $600million foreign exchange annually to the importation of sugar for domestic consumption. Source Thisday Read More 

Market Ends Q3’17 With 7.01% Gain as FMDQ Approves Registration of Wema Bank N50bn Commercial Paper  - Nigerian Stock Market maintained negative stance as the key benchmark indicator, NSEASI, closed the month of September 2017 in the red zone with -0.18% loss as against -0.96% downtrend recorded in the month of August 2017 Source Proshare Read More

Visionscape led Consortium Lists Bond on FMDQ, wins Award for Sustainable Finance - Municipality Waste Management Contractors Limited (MWMCL), a consortium led by Visionscape Sanitation Solutions Limited, has been recognized for its socio-economic impact and the significant role it has played in driving advancements in product innovation, transparency and credibility in the financial markets. Source Proshare Read More 

I&E FX window records $1.3bn, highest ever weekly turnover - Theforexge window, last week recorded the highest ever weekly turnover ,of $1.33 billion, since it was launched in April this year by the Central Bank of Nigeria (CBN). Source BUSINESSDAY Read More 

‘Lagos controls over 90% of Nigeria’s forex inflows’ - The Lagos State Government has said it controls over 90 per cent of foreign exchange inflows into the country. Source Punch Read More 

Banks cut lending, opt for investment in securities - The loan books of Deposit Money Banks are shrinking by the day as lenders step up investments in securities and money market assets at the expense of lending. Source Punch Read More 

US buys $2.7bn Nigerian crude in six months - The import of Nigeria’s crude oil by the United States increased by 32.1 per cent to 52.36 million barrels in the first half of this year, compared to the same period in 2016. Source Punch Read More 

FG Receives Knocks over New National Gas Policy - Operators in Nigeria’s oil and gas industry have picked holes in the 2017 National Gas Policy unveiled by the federal government, saying the new policy document would not encourage new investments for gas development. Source Thisday Read More 

Nigeria Recovers $3bn Unpaid Oil Monies, Says NEITI - The total amount of unpaid oil and gas monies that Nigeria’s government has recovered using audit reports of the Nigeria Extractive Industries Transparency Initiative (NEITI) has hit $3billion, the Executive Secretary of NEITI, Mr. Waziri Adio has disclosed. Source Thisday Read More 

NERC Mulls Three Metering Options to Eliminate Estimated Billing - The Nigerian Electricity Regulatory Commission (NERC) is considering three innovative options to improve the metering obligations of electricity distributions companies (Discos) to their customers, with a view to eliminating the regime of estimated billing of consumers by Discos. Source Thisday Read More 

World Bank’s Project in Kainji Power Plant Yields 340MW - An intervention work done by the World Bank under the Water Resources Development and Sustainable Ecosystems Management Programme (WRDSEMP) in Kainji hydro power plant has resulted in a capacity upgrade of the plant by 340 megawatts, the Project Management Unit (PMU) of the Transmission Company (TCN) has disclosed. Source Thisday Read More 

OPEC Oil Output Climbed in September as Libya, Nigeria Recover - OPEC nations pumped slightly more crude in September as Libya’s biggest oil field returned to production. Source Bloomberg Read More 

Oil falls below $56 on signs of higher output - Oil fell more than $1 a barrel to below $56 yesterday as a rise in US drilling and higher OPEC output put the brakes on a rally that helped prices to register their biggest third-quarter gain in 13 years. Source Daily Trust Read More 

Consumers to pay N450,000 fine for meter bypass – NERC - Electricity consumers who bypass their meters will be forced to pay up to N450,000 as fine, the Nigerian Electricity Regulatory Commission has declared. Source Punch Read More 

Electricity: Over 50% customers unmetered 4yrs after privatisation- About four million electricity users representing 54 per cent of the 7.4 million registered users are still unmetered about four years after the power sector was privatised in November 2013, a report has shown. Source Daily Trust Read More 

Electricity: Nigeria’s economy losses N534bn to inefficiency in 2016 - THE nation’s poor economic situation may worsen as it losses over N534 billion yearly to inefficiency of the power sector, Managing Director, Seplat Petroleum Development Company, Dr. Austin Avuru, has said. Source Vanguard Read More 

2017 Insurance September: Experts call for a dynamic Nigerian insurance industry - Experts from various sectors of the Nigerian economy have made a strong case for a dynamic, innovative and robust Insurance Industry. Source Proshare Read More 

Angola's inflation slows to 25.18 percent year/year in August - Angola’s inflation slowed to 25.18 percent year-on-year in August from 27.29 percent in July, data on the national statistics agency’s website showed. Source Reuters Read More 

General Motors targets 20 all-electric models by 2023 - General Motors announced plans Monday to launch 20 all-electric cars by 2023, part of a long-term push to an “all-electric” fleet as governments globally embrace fuel efficiency. Source Guardian Read More 

Foreign investment in Egyptian securities rises to $18 bln in Sept -Finance Ministry - Foreign investment in Egyptian securities rose to $18 billion in September, a Finance Ministry document showed. Source Reuters Read More 

Egypt aims to raise tobacco tax revenues by $397.50 mln in 2017-18 - Egypt aims to raise its revenues from taxes imposed on tobacco by 7 billion Egyptian pounds ($397.50 million) in the 2017-18 fiscal year that began in July, a government document said. Source Reuters Read More 

Norway's Withdrawals From Sovereign Wealth Fund Now Falling Fast - Norway’s government is cutting withdrawals from its sovereign wealth at a faster clip than estimated amid rising oil prices and falling unemployment. Source Bloomberg Read More 

KPMG urged to act over South Africa Gupta scandal - KPMG, the accountancy firm, must do more to salvage its reputation in South Africa, the country’s central bank governor said, warning that failure to do so could imperil its international business. Source FT Read More 

Monarch Airlines collapses leaving 110,000 stranded abroad - Monarch Airlines ceased trading Monday, triggering a move by the British government to bring home 110,000 customers stranded abroad. Source YAHOO Read More

Angola keeps benchmark lending rate at 16 percent - Angola’s central bank kept its benchmark lending rate unchanged at 16 percent following a policy meeting on Sept. 29, citing slowing consumer price inflation. Source Reuters Read More 

Business Reporting on the SDGs: An Analysis of the Goals and Targets - It’s becoming widely accepted that business has a critical role to play in the achievement of the Sustainable Development Goals (SDGs). Source Proshare Read More 

Zimbabwe Dollar Dearth Causes Shortages, Return of Inflation - Zimbabwe’s money shortage has seen card and mobile-money payments eclipse cash sales at the nation’s retailers, throttling suppliers’ stock of hard currency needed to put goods on shelves and forcing up food prices, with dollars fetching a premium. Source Bloomberg Read More 

Qatar Fund Explores Asset Sales as It Looks Homeward - One of the world’s biggest buyers of trophy assets is becoming a seller. Source Bloomberg Read More 

Rising Borrowing Costs Weaken Canadian Consumer Confidence  - Canadian consumer confidence fell to the lowest in more than two months as perceptions about real estate and personal finances worsen. Source Bloomberg Read More 

26 Recession-Free Years Hide a Darker Picture for Australia - The global crown for the longest stretch of uninterrupted economic growth is within sight for Australia. But it’s limping to the line as policy paralysis weighs on the nation’s prospects. Source Bloomberg Read More 

Coronation Merchant Bank Inaugurates Banking & Finance Academy - In a bid to foster continuous capacity development and grow its own unique brand of finance professionals, Coronation Merchant Bank recently graduated its first set of analysts from the Coronation MB Academy at a ceremony in Lagos on Friday, 22nd September 2017. Source Proshare Read More 


FirstBank’s Payment Card Issuance Hits 10 Million - FirstBank of Nigeria Limited said it has emerged as the first financial institution in Nigeria and West-Africa to issue 10 million cards to customers across the sub-region. Source Thisday Read More

FinTech: Banking hall transactions dip by 25% - Banking halls are getting less attractive to customers. Huge transactions now happen outside the banking halls, courtesy of rising influence of Financial Technology (FinTech) in taking financial services to customers, the Managing Director, Nigeria Interbank Settlement System (NIBSS), Adebisi Shonubi, has said. Source THE NATION Read More

Goldman Sachs to Explore Starting Bitcoin Trading Venture - Goldman Sachs Group Inc. is exploring how it could help clients trade bitcoin and other digital currencies, according to a person briefed on the plan. Source Bloomberg Read More

Equifax Says 2.5 Million More Americans May Be Affected by Hack - Credit report company Equifax said Monday that an additional 2.5 million Americans may have been affected by the massive security breach of its systems, bringing the total to 145.5 million people who had their personal information accessed or stolen. Source Bloomberg Read More 

Facebook Plans to Hire Over 1,000 to Review Ads - Facebook Inc. is making a series of changes to its advertising systems and plans to add more than 1,000 people to review the advertisements that run on the social media platform in the wake of a congressional investigation into Russia’s involvement in the 2016 U.S. election. Source Bloomberg Read More 

Ireland Faces Rebuke From EU for Failing to Collect Apple's Tax Billions - Ireland faces a rebuke from European Union authorities for failing to collect a year-old tax bill of as much as 15 billion euros ($17.6 billion) from Apple Inc. during a fight with regulators. Source Bloomberg Read More 







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