Nigeria in 1min: Economic, Business & Financial Headlines – 090817



August 9, 2017 7:30 AM / Proshare News 

Fitch Revises Its 2017 and 2018 World GDP Growth Forecasts to 3% and 3.2% Respectively - The recent flow of good news on the world economy has continued since our June Global Economic Outlook (GEO), with Fitch now revising up its 2017 and 2018 world GDP growth forecasts to 3.0% (from 2.9% in June) and 3.2% (from 3.1%), respectively. Source Proshare Read More 

Nigerian Economy Signals a Turnaround - A review of the latest Purchasing Managers’ Index (PMI) report that the Central Bank of Nigeria (CBN) published for the month of July 2017 shows that the Nigerian economy is gathering more momentum for a turnaround. Source Proshare Read More 

FG approves 60% local content for railway projects - The Federal Executive Council has approved a local content policy for the ongoing Lagos-Ibadan standard gauge rail project Source Daily Trust Read More 

Nigeria govt to seek out-of-court settlement over bank funds: lawyer - Nigeria's government has asked a court to withdraw its case against seven local banks over the non-remittance of $793 million due to the state, the government lawyer told the court on Tuesday. Source Reuters Read More 

Auditor-General Calls for Passage of Audit Autonomy Bill - The Auditor General of the Federation, Mr. Anthony Ayine, has called on the Senate to speedily pass the Audit Autonomy Bill currently before it to strengthen the present administration’s anti-corruption fight of enthroning transparency, accountability and good governance. Source Thisday Read More 

Local contractors excluded from $20 billion rail projects - The Federal Government is breaching its own local content policy in the construction of over $20 billion rail tracks across the country, as indigenous firms are being excluded from the execution of the projects. Source Guardian Read More 

MAN: Domestic manufacturing value hits N5.2tr - The Manufacturers Association of Nigeria (MAN) has said the estimated value of manufacturing in the country during the second half of last year reached N5.02 trillion  as against N4.08 trillion of the corresponding period of the previous year. Source THE NATION Read More 

3.8m Lagos households earning more than $5,000 per annum - Lagos has 3.9 million households that earn more than US$5,000 or N1.83 million per annum, according to a report by the Economist Intelligence Unit (EIU). This comes to an average of N152,500 a month. Source BUSINESSDAY Read More 

PFAs invest N4.2bn pension funds in infrastructure - Pension Fund Administrators have gradually increased the amount of funds invested in infrastructure under the Contributory Pension Scheme to N4.2bn. Source Punch Read More 

Offshore fund managers increase holding of Nigeria bonds and stocks - Investors put more money into emerging markets such as Nigeria last week, the highest amount since the stock market touched its highest level since 2014. Source BUSINESSDAY Read More 


Naira In Circulation Drops By 5.6% To N1.77trn- CBN - The Central Bank of Nigeria (CBN) has disclosed that Naira currency in circulation dropped by 5.6 per cent to N1.77 trillion in July 2017. Source Leadership Read More 


Market Maintains Positive Outlook as NSEASI Inches Up Further by +1.26% - Equities market closed today on a positive note, as NSE ASI appreciated by +1.26% to close at 37,999.56 basis points as against +0.27% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +41.40%. Source Proshare Read More

CCNN Q2 2017 - Moving Beyond Recovery to Growth - Cement Company of Northern Nigeria Plc (CCNN) is expected to benefit from a ramp-up in plant size by FY 2018 based on the ongoing capacity expansion from 500kT to 1.5MT per annum. Source Proshare Read More

The Continuing Surge of the NSEASI - Since our last look at three stock market indices in sub-Saharan Africa (SSA), the Lagos all-share index has surged further ahead of both Nairobi (NSE 20) and Johannesburg (all-share).Source Proshare Read More  

Dangote Cement Plc. - Energy Concerns Bow to Price Edge - Dangote Cement Plc. (DANGCEM) released its H1 17 results, which revealed a 39% YoY expansion in EPS to N8.45 (H1 17 estimate: N8.11). Source Proshare Read More  

Total Nigeria Plc - Allegation of Indebtedness - The Management of Total Nigeria Plc (Total) has been made aware of several publications in the press alleging that the Economic and Financial Crimes Commission (EFCC) has recovered a total of ₦328.9 billion from the nine major oil marketers (Total was named in some of these publications). Source Proshare Read More  

ETI Appoints Mr. Eric Odhiambo as Its New Chief Risk Officer and Group Head, Risk Management - Ecobank Transnational Inc. (ETI), parent company of the Ecobank Group, announced today that Mr. Eric Jones Odhiambo will join the Group on September 22, 2017 as Chief Risk Officer and Group Head, Risk Management. Source Proshare Read More 

Honeywell Flour Mill Plc Announces New Corporate Logo & Product Packaging - We hereby notify the general public of the changes in Honeywell Flour Mills Plc.’s corporate logo and product packaging. Source Proshare Read More 

Fed Govt eyeing fresh Eurobond funds - After raising $1.5 billion from the Eurobond market this year, the Federal Government is expected to access more dollars from the Global Capital Market (GCM) before December, Source THE NATION Read More 

Stock market capitalisation crosses N13trn in 34 months - The Nigerian Stock Exchange (NSE) market capitalisation yesterday crossed the N13 trillion mark for the first time since October 2014. Source Daily Trust Read More 

..says audit of NNPC account to be concluded December - The Auditor-General for the Federation (AuGF) Mr. Anthony Mkpe Ayine, has said that audit of the 2016 accounts of the Nigerian National Petroleum Corporation (NNPC) will be completed by December 2017. Source Daily Trust Read More 

Nigeria records less than 0.5 per cent oil savings in 11 years - Despite generating revenue from crude oil export from 2005 to 2015, Nigeria recorded less than 0.5 per cent savings in its Excess Crude Account (ECA), according to the Nigeria Extractive Industries Transparency Initiative (NEITI). Source Guardian Read More

NBET, TCN demand N35.4bn electricity payments from Benin, Niger - The Nigerian Bulk Electricity Trading Plc and the Transmission Company of Nigeria have jointly written to power firms of the Republics of Benin and Niger, demanding the payment of an outstanding $115.91m (about N35.4bn at the official exchange rate of N305 to a dollar) for electricity supplied to both countries from Nigeria. Source Punch Read More

FirstBank Fetes Customers with Bouquet of Dollar Denominated Cards for Summer Holiday - Holiday revelers are in for a more exciting time this summer with FirstBank’s bouquet of Dollar denominated cards. Source Proshare Read More 

S.Africa's rand slides near one-month low as Zuma survives no-confidence vote -  South Africa's rand weakened nearly 1.5 percent on Tuesday evening after President Jacob Zuma survived a no-confidence vote in parliament by secret ballot with markets reacting almost immediately and sending the unit near a one-month low. Source Reuters Read More 

Egypt's fuel subsidy spending rose to $6.76 bln in FY 2016-17 - Egypt's fuel subsidy spending for the 2016-17 financial year that ended in June more than doubled, hitting 120 billion Egyptian pounds ($6.76 billion) from about 51 billion a year earlier, Minister of Petroleum Tarek El Molla said on Tuesday. Source Reuters Read More

Namibia's June foreign reserves jump to all-time high - Namibia's stock of foreign reserves increased to an all-time high of 28.5 billion Namibian dollars ($2.17 billion) at the end of June from N$25.4 billion the previous month, official data showed on Tuesday. Source Reuters Read More 

Egypt Budget Deficit Hits 5-Year Low After Cost-Cutting Measures - Egypt’s budget deficit fell to the lowest level in five years, after the government embarked on an International Monetary Fund-backed plan to repair public finances that includes steep cuts to welfare programs. Source Bloomberg Read More 

OPEC Says Iraq, U.A.E, Kazakhstan Affirm Commitment to Cuts - OPEC said Iraq, the United Arab Emirates and Kazakhstan -- who have lagged in their implementation of a deal to cut production -- affirmed their commitment to the accord at a meeting in Abu Dhabi. Source Bloomberg Read More 

Top Oil Buyers Go on Light Crude Diet to Meet Diesel Craving - Captain Tsitrelis Ioannis and the 26-strong crew of the Malibu arrived at Ulsan in early August after sailing almost 9,000 nautical miles to deliver a million barrels of Kazakh CPC crude from the Black Sea to South Korea, one of the key buyers in the world’s biggest oil market. Source Bloomberg Read More 

Indian Cities to See Fastest Growth in Asia Over Five Years - Delhi will have the fastest growth of any city in Asia, with the economy to be almost 50 percent larger in 2021 than it was at the end of last year. Source Bloomberg Read More 


FEC gives the go-ahead to ICT university - The Federal Executive Council has approved the establishment of the proposed Information and Communications Technology University of Nigeria. Source Punch Read More

Uber Plans Sale or Consolidation of Car Leasing Program - The ride-hailing company’s board determined Xchange Leasing, a wholly owned subsidiary, is unsustainable and should be sold or consolidated into a smaller unit within Uber, according to a person familiar with the plans. Source Bloomberg Read More

China's Didi Teams Up With Careem in Middle East, North Africa - Didi Chuxing has continued to expand beyond its home in China by investing in Careem, a ride-hailing platform that operates in the Middle East, North Africa, Turkey and Pakistan. Source Bloomberg Read More 

Bitcoin Just Surged to Yet Another All-Time High - Bitcoin was worth less than $590 a year ago. Then early Tuesday, the cryptocurrency surged to yet another all-time high above $3,500, as investors likely pulled their funds from the new Bitcoin spinoff, Bitcoin Cash or "Bcash," to invest it in Bitcoin. Source TIME Read More 


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