Nigeria in 1min: Economic, Business & Financial Headlines – 080917



September 8, 2017 7:30 AM / Proshare News 

Is the Decline in Inflation Grinding to a halt? - Headline inflation declined margin-ally for the 6th consecutive month to 16.05% in July, despite the sharp increase in food inflation to 20.28%. Although historical, it is important to understand the trend especially be-cause the decline was infinitesimal. Source Proshare Read More

Five Best Performing Sectors from Q2’17 National Accounts - From the national accounts for Q2 2017 we highlight the five best performing sectors. We cover only those sectors accounting for at least 1% of GDP at constant basic prices, and exclude other services. Source Proshare
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The Natural Rate Of Unemployment - Why does unemployment exist? If there is a central question in macroeconomics, this is it. There are few bigger wastes than the loss to idleness of hours, days and years by people who would rather be working. Source Proshare Read More

FG to digitalise 80% operations by 2018 - At least 80 per cent of all public services will be provided through digital platforms by 2018, the Federal Government has said. Source Daily Trust Read More 

Customs command generates N183bn in 8 months - The Customs authority in charge of Tin-can Island Command, yesterday, said it realized the sum of N183 billion as revenue in the last eight months. Source Daily trust Read More

FG okays N20bn for export claims settlement - The Executive Director/Chief Executive Officer, Nigeria Export Promotion Council, Olusegun Awolowo, on Thursday in Kano, stated that the Federal Government had approved N20bn for the settlement of the 2017 export claims. Source Punch Read More

Sovereign Wealth Fund grows to $2bn - The Sovereign Wealth Fund currently stands at $2bn, with the Nigeria Sovereign Investment Authority seeking further growth through agriculture and the addition of asset management. Source Punch Read More

KWSG to access $60m from W/Bank for roads construction - Kwara State Governor Abdulfatah Ahmed has disclosed that the state government is to access 60 million dollars from the World Bank for rural roads construction across the state. Source Daily trust Read More

African airlines record 6.5% passenger traffic growth - The International Air Transport Association (IATA) has announced global passenger traffic results for July showing strong but moderating demand growth. Source Guardian Read More

The Obsolescence of Oil As We Live Out the Current Technology Wave - With every new green announcement on the global technology stage we get propelled further into a reality where oil may no longer be dominant. Source Proshare Read More

Palm Oil, a Potential Cash Cow - With the slump in oil prices and a slash in revenue inflows, Nigeria, the largest economy in Africa, is desperately in need of other revenue sources. Palm oil may be one of the answers. Source Proshare Read More

Review of Power Sector, Money and FX Markets - The purchasing managers’ index increased marginally in the month of August to 58.5 from 56.3 in July according to FBN Quest. Source Proshare Read More

Commodities Market Exports – Brent Crude Traded Bullish in the 2nd Half of August - Brent crude has traded relatively bullish in the second half of August closing the 29th at $52.1pb. This is relatively higher than the closing value of $50.8pb at the end of the first half of August. Source Proshare
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Currency In Circulation Jumps By 5.6% To N1.86trn In August – CBN - The Central Bank of Nigeria (CBN) has disclosed that currency in circulation appreciated to N1.86 trillion in August 2017, a 5.6 per cent increase over N1.76 trillion in July. Source Leadership Read More 


Stock Market Maintains Uptrend as NSEASI Inches Up Further by +1.42% - Equities market closed today on a positive note, as NSE ASI appreciated by +1.42% to close at 36,116.19 basis points as against +0.58% appreciation recorded previously. Source Proshare Read More

The IFEX Window Now a Major Indicator of Value? - Since its introduction earlier in the year, the success of the IFEX window seems to be restoring lost confidence in the naira. It also appears to be a more accurate reflection of market realities. Source Proshare Read More

Nigeria’s Foreign Exchange Dilemma - The regulator has since introduced new windows for foreign exchange transactions, including for small and medium sized enterprises and personal and business travel allowances. Source Proshare Read More  

Load shedding threatens eight NIPP plants - The inability of electricity distribution companies to absorb the output of power generation firms is threatening the operation of the Gencos, investigation has shown. Source Punch Read More

South Africa's radical economic transformation policy could turn off investors - Moody's - Ratings firm Moody’s on Thursday warned that proposed plans by South Africa’s government to implement “radical economic transformation” could turn away investors and rising poverty may curb Treasury’s efforts to rein in fiscal deficits. Source Reuters Read More 

South Africa's ARC Investments plans to grow to $2 billion fund - South African black-owned asset manager ARC Investments aims to grow into a fund of up to 25 billion rand ($2 billion), one of its co-chief executives said on Thursday after listing on the Johannesburg stock market. Source Reuters Read More 

Afreximbank offers $300 million to private investors in equity - The African Export-Import Bank (Afreximbank) is offering up to $300 million in depositary receipts to private investors to boost capital for lending to industries on the continent, a top executive of the bank said on Thursday. Source Reuters Read More 

South Africa's net foreign reserves rise to $42.6 bln in August - South Africa’s net foreign reserves rose to $42.646 billion in August from $42.414 billion in July, the Reserve Bank said on Thursday. Source Reuters Read More 

South African Banks Are Reining in Loans - South Africa’s four biggest banks, pummeled by political wrangling and enmeshed in the country’s economic malaise, are increasingly shying away from their main role: lending. Source Bloomberg Read More 

OPEC Deal Extension Would Benefit Russia, Finance Minister Says - Russia would benefit from extending the accord with OPEC to limit oil production, said the country’s finance minister. Source Bloomberg Read More 

U.K. Jobs Boom Sends New Hire Pay Up by Most in Almost Two Years - U.K. starting salaries climbed by the most since October 2015 last month, boosted by a shortage of available workers in the midst of a hiring boom. Source Bloomberg Read More 

Pakistan's Top Bank to Pay $225 Million, End U.S. Operations - New York’s banking regulator ordered Habib Bank Ltd. to pay $225 million and surrender its license to operate in the state, effectively removing Pakistan’s largest lender from the U.S. financial system. Source Bloomberg Read More 

China’s Export Engine Slows as Imports Maintain Steady Gains - China’s export growth slowed as global demand for the country’s products moderated, while imports remained robust as investment at home aided demand. Source Bloomberg Read More 

Overcoming Barriers to a Savings Culture - Knowing what you are supposed to do and that you are actually doing it is often a different ball game. Virtually everyone has seen the memo on the need to save and invest consistently if they want their money to work for them. Source Proshare Read More  


Telecoms sector adds N1.5tn to GDP, says NCC - The country’s telecommunications sector contributed N1.549tn to the Gross Domestic Product in the second quarter of this year, representing 6.68 per cent increase from the first quarter’s figure of N1.452tn, the Nigerian Communications Commission has said. Source Punch Read More 

Nigeria to benefit $4bn in tech transfer from India - Nigeria is to experience huge technology transfer worth over $4 billion from India as the governments of both countries rekindle long-standing relationships at the third Indo-Africa ICT Expo which opened Wednesday in Lagos. Source Daily trust Read More

Equifax Data Breach Threatens The Personal Data Of 143 Million Americans - Hackers have stolen sensitive data from Equifax, a major credit reporting agency. A free identify theft protection service is being offered to those effected. Source Digital Trends Read More 






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