Nigeria in 1min: Economic, Business & Financial Headlines – 070717



July 7, 2017 7:10 AM / Proshare News 

Inflation Rate to Drop Further to 15.64% - FSDH - We expect the June 2017 inflation rate (year-on-year) to drop to 15.64% from 16.25% recorded in the month of May 2017. Source Proshare Read More 

APC NWC briefing On The 2017 Budget and Economic Recovery Plan - Last night, Wednesday July 05, 2017, the Honourable Minister of Budget and National Planning, Senator Udoma Udo Udoma, as part of the ongoing stakeholder enlightenment programme of the Ministry briefed the National Working Committee of the All Progressives Congress (APC) on the 2017 Budget Source Proshare Read More 

Sokoto’s monthly IGR rises by N630m - Sokoto State’s internally generated revenue has risen from N200 million to N830 million monthly, the chairman, Interim Management Committee State Revenue Board, Alhaji Aminu Dalhatu,  has revealed. Source Daily Trust Read More 

‘FG needs N3 trillion to bridge infrastructure gap’ - The Federal Government needs N3 trillion annually to cover up the huge infrastructure deficit in the country.The President of Nigerian Institute of Quantity Surveyors (NIQS), Mercy Iyortyer, disclosed this at a two-day workshop on finance and development of capital projects in Lagos. Source Guardian Read More 

Udoma Puts Nigeria’s Debt Stock at N19tn - The Minister of Budget and National Planning, Udoma Udo Udoma, has revealed that the country’s debt stock has risen to N19 trillion, accounting for 20 per cent of the Gross Domestic Product (GDP). Source Thisday Read More 

‘Manufacturers can’t survive 20 to 30% interest rate’ - Sona Agro Allied Foods Limited, a biscuit manufacturing company and subsidiary of Sona Group of Industries, has exported its products to Ghana and other West African countries. In this interview with OKWY IROEGBU-CHIKEZIE, its Chairman, Mr. Arjan Mirchandani, says the company achieved this feat because it sources over 90 per cent of its raw materials locally. Source THE NATION Read More 

VAIDS’ll correct poor tax-to-GDP ratio, says Adeosun - The Minister of Finance, Mrs. Kemi Adeosun, says the Federal Government’s newly launched Voluntary Asset and Income Declaration Scheme will help the country to correct its poor tax-to-Gross Domestic Product ratio. Source Punch Read More 

FG begins voluntary tax compliance campaign - The Federal Government on Thursday commenced an aggressive campaign to drive the rate of voluntary tax compliance in the country and boost tax revenue. Source Punch Read More



BCBS and IOSCO Propose Criteria for Identifying Simple, Transparent and Comparable Short-term Security - The Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) today released the consultative document Criteria for identifying simple, transparent and comparable short-term securitisations (the short-term STC criteria), which is available on the BCBS and IOSCO websites. Source Proshare Read More 

International Committees Complete the April 2015 Workplan - The Financial Stability Board (FSB), the Committee on Payments and Market Infrastructures (CPMI), the International Organization of Securities Commissioners (IOSCO) and the Basel Committee on Banking Supervision (BCBS) today published three guidance documents and two reports as part of their joint workplan on central counterparty (CCP) resilience, recovery and resolvability. Source Proshare Read More 


Stock Market Halts Downtrend as NSEASI Inches Up by +0.16% - Equities market closed today on a positive note, as NSE ASI appreciated by +0.16% to close at 32,354.78 basis points as against -0.33% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +20.39%. Source Proshare Read More

Flour Mills of Nigeria Plc - Abnormally Weak Q4 Slows Strong FY Earnings - FLOURMILL released its FY’16/17 financial results with revenue coming in 53% higher y/y and 2% above Vetiva estimate at ₦524 billion – finishing the year with yet another revenue outperformance in its final quarter. Source Proshare Read More  

UNIONDICON, ASOSAVINGS, GOLDINSURE, OMATEK and 13 Others Suspended by the NSE from Bourse - Pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules), which states that; “ If an Issuer fails to file the relevant accounts by the expiration of the Cure Period. Source Proshare Read More  

NASD OTC rights issue oversubscribed by 27.2% - NASD OTC Securities Exchange Plc, yesterday, disclosed that it’s N165.45 million Rights Issue was oversubscribed by 27.22 per cent. The Exchange also said it earned N32.2 million as fees and commissions for the financial year ended December 31, 2016. Source Vanguard Read More 

DMO: govt to raise N450b in sovereign bonds by Q3 - The Federal Government has unveiled plans to raise between N360 billion and N450 billion ($1.18 billion to $1.48 billion) in sovereign bonds maturing between five and 20 years in the third quarter, the Debt Management Office (DMO) has said. Source THE NATION Read More

Oil rises 2% on dip in U.S. crude - Oil rose about two percent yesterday, making up some of the previous session’s losses after United States (U.S.) data showed crude oil and gasoline stocks dropped more than expected, yet more analysts cut price forecasts. Source THE NATION Read More 

Don't Hold Your Breath For Deeper OPEC Cuts  - The rally in oil prices over the past two weeks came to a halt on Wednesday on news that OPEC is actually exporting more oil than previously thought. Source Proshare Read More 

‘Nigeria’s crude oil production hit 2.025mbpd in June’ - The Federal Ministry of Petroleum Resources has put Nigeria’s crude oil production, including condensate at 2.025 million barrels per day in June 2017.Besides, the agency said the Federal Government is yet to secure funding for the rehabilitation of the country’s refineries. Source Guardian Read More 

New Competency Framework For Capital Market Professionals To Further Enhance Industry Competitivenes - Securities Industry Development Corporation (SIDC), the learning and development arm of the Securities Commission Malaysia (SC), today introduces a new Industry Competency Framework (ICF) to provide universal guidance for competency capabilities for capital market professionals. Source Proshare Read More 

Enabling Business Environment, Market Forces Can Encourage Telcos To List - Managing Director and Chief Executive Officer, Airtel Nigeria, Mr. Segun Ogunsanya, has stressed that telecom firms in Nigeria can successfully list on the Nigerian Stock Exchange and contribute significantly to the socio-economic development of the country, barring challenges confronting operators in the sector. Source Proshare Read More 

Zambia – Further To Run In Easing Cycle - We expect the Bank of Zambia (BoZ) to remain in easing mode for the remainder of 2017 and 2018, following the 300 basis points worth of cuts already made thus far in 2017. Source Proshare Read More 

Uranium Production The Lone Bright Spot for Namibia - After real GDP plunged in 2016, we expect the Namibian economy to recover in the coming year, albeit gradually. Source Proshare Read More


Project Changes in Mozambique Prompt Construction Forecast Revision - In March 2017, a USD3.2bn contract to carry out the Macuse project, involving a deepwater port linked by a 500km railway to the coal mines in Moatize, was awarded to a 50:50 consortium involving Portuguese firm Mota-Engil and China Civil Engineering Construction. Source Proshare Read More 

Tentative Recovery in Zimbabwe Will Face Destabilizing Headwinds - Real GDP growth will post a modest improvement in Zimbabwe over 2017 and 2018 as harvests begin to improve in the agriculture sector following a damaging drought in 2016. Source Proshare Read More 

IMF warns South Africa over economy's vulnerability - The International Monetary Fund warned South Africa on Thursday its economy is extremely vulnerable to external shocks and funding shortfalls, although it stuck by its earlier growth forecast of 1 percent this year. Source Reuters Read More 

S.African rand dragged lower by cenbank policy row, stocks down - South Africa's rand weakened on Thursday as investor fretted over policy uncertainties including the independence of the central bank, although traders eyeing short positions and betting on further weakness helped it claw back some ground. Source Reuters Read More 

ENI pumps first oil from Ghana's Sankofa field - Italian oil company ENI started oil production from the 45,000 barrel-per-day Sankofa field offshore Ghana on Thursday, company and government officials said. Source Reuters Read More 

Slow Growth in Mauritius to Encourage Easing In 2017 - The Bank of Mauritius (BoM) will cut the benchmark interest rate in 2017 to help stimulate the sluggish economy. Growth will slow in 2017 due to the impact of weak consumption in Europe and amendments to Mauritius' tax treaty with India, weighing on key sectors of the economy. Source Proshare Read More 

Egypt Reels From Second Price Hike in a Week as Power Subsidy Cut - Egypt on Thursday raised household electricity prices by as much as 42 percent, in a move likely to further anger a population already struggling with soaring costs. Source Bloomberg Read More 

Russians Are Said to Be Suspects in Nuclear Site Hackings - Hackers working for a foreign government recently breached at least a dozen U.S. power plants, including the Wolf Creek nuclear facility in Kansas, according to current and former U.S. officials, sparking concerns the attackers were searching for vulnerabilities in the electrical grid. Source Bloomberg Read More 

Saudi Aramco's Crude Output Rose to Annual Record in 2016- Saudi Arabian Oil Co., the world’s largest oil exporter, increased production to an annual record last year before the kingdom led OPEC and other major producers to curb output to counter a global oversupply. Source Bloomberg Read More 

Emerging Markets May Have Squandered the Rock-Bottom Rates Era - That’s the message for emerging markets, which have missed the opportunities thrown up by the period of historically low global interests that now appears to be coming to an end, according to the Institute of International Finance, a Washington-based non-profit that advises banks and hedge funds Source Bloomberg Read More 

Housing, Still on The Priority List - Nigeria’s housing market has suffered from the persistent macro challenges. Affordable housing seems unobtainable and given the squeeze in consumers’ purchasing power, demand has remained soft. Source Proshare Read More  


Banks lost N2.2bn to electronic fraud in 2016, CBN says - The Central Bank of Nigeria (CBN) has said the Nigeria InterBank Settlement System (NIBSS) recorded over 1,200 per cent increase in  reported fraud cases in 2016, estimated at N2.19 billion when compared to 2014 cases. Source Daily Trust Read More 

Etisalat debt: Reps want telcos’ financial accounts audited - The board of the Nigerian Communications Commission (NCC) has held an emergency meeting to review the Etisalat debt issue in its entirety and also the intervention made by the commission. Source Daily Trust Read More 

Bank of Ghana gives Authorisation for GN Bank Mobile Money - The Bank of Ghana (BoG) has given authorisation to GN Bank to introduce mobile money to the public. The Central Bank’s authorisation paves the way for the bank to introduce this unique service which combines mobile money with mobile banking. Source Proshare Read More





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