Nigeria in 1min: Economic, Business & Financial Headlines – 110517



May 11, 2017 7:00 AM / Proshare News 

Regional Economic Outlook - Sub-Sahara Africa Restarting the Growth Engine - The sub-Saharan African economic outlook remains clouded. Growth slowed sharply in 2016, averaging 1.4 percent, the lowest in two decades.  Source Proshare Read More 

FG approves office for trade negotiations, new yellow card - The Federal Government has approved the establishment of a co-ordinating central office for trade negotiations. Source Guardian Read More 

FG releases N30bn for development of solid minerals sector - The Federal Government has released N30 billion for the development of the solid minerals sector, a top official of the Solid Minerals Development Fund has announced. Source BUSINESSDAY Read More 

FG plans fresh concession of Lagos-Ibadan Expressway - The Federal Government is considering a proposal to involve the former concessionaire of the Lagos-Ibadan Expressway, Bi-Courtney Highway Services Limited, in the funding of the completion and management of the reconstruction of the road. Source Punch Read More 

Privatisation: FG gets $5.6bn offer for 10 NIPP plants - The Managing Director, Niger Delta Power Holding Company (NDPHC), Mr Chiedu Ugbo, has said that a $5.6 billion (about N1.76 trillion) sales offer has been made for the 10 National Integrated Power Plants (NIPP) plants built with $4bn (about N1.25trn) investment. Source Daily Trust Read More 

Lekki Free Trade Zone Investment Rises to $15 Billion - The Lagos State Government has disclosed that the Lekki Free Trade Zone (LFTZ), Africa’s fastest growing economic zone, had attracted $15 billion from domestic and foreign investors in the last eleven years of its existence. Source Thisday Read More 

Leasing market generates N1.26trillion - Despite the economic stagnation that impacted negatively to businesses across sectors in the country, leasing firms braved the odds and generated N1.26 trillion in 2016, findings showed that the industry recorded 14 per cent growth in outstanding lease volume from N1.1 trillion in 2015. Source Guardian Read More 

Lalong signs N139bn appropriation bill into law - Plateau State Governor Simon Bako Lalong yesterday signed the 2017 appropriation bill of N139.4bn into the law. Source Daily Trust Read More 


SEC to launch Market Development Fund, with N5ml seed capital  - Nigeria’s apex financial market regulator, The Securities and Exchange Commission (SEC Nigeria) is set to launch a market development fund this year, to lead efforts in galvanizing capital market activities in the country. Source Proshare Read More 


5 Things to Take Away from FBNH's Recent Results - FBN Holdings Plc reported its Q4’16 and Q1’17 Results on Thursday April 27th, 2017.Here are five (5) we learnt from the results. Source Proshare Read More  

NSEASI Inches Up by +2.95% as Market YTD Return Turns Positive - Equities market closed today on a positive note, as NSE ASI appreciated by +2.95% to close at 27,546.68 basis points, as against +1.28% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +2.50%. Source Proshare Read More

FOREX: CBN approves $100m for sale at SMIS - The Central Bank of Nigeria (CBN) has approved the sale of $100 million at the Wholesale Secondary Market Intervention Sales (SMIS) auction announced on Monday, May 8, 2017.Source Proshare Read More  

Diaspora Bonds - A Financing Option for Nigeria - With the advent of globalization and its inherent implications, there has been an increase in the mobility of labor across geo-graphical boundaries. Source Proshare Read More  

Diamond Bank Q4’16 and Q1’17 Results Review - Upgrading to Neutral Post Sell-off - Following Diamond Bank’s Q4 2016 & Q1 2017 results, we have increased our 2017E PBT forecast by 39% to N12.2bn. Source Proshare Read More  

Lafarge Africa Q1 2017 Results Review - Downgrading to Neutral - Lafarge Africa’s (Lafarge) Q1 2017 results showed that although PBT missed our forecast by around 10%, PAT came in well ahead (+96.9%), thanks to a positive surprise of N9.3bn in other comprehensive income (OCI). Source Proshare Read More 

Diamond Bank Q4’16 and Q1’17 Results Review - Upgrading to Neutral Post Sell-off - Following Diamond Bank’s Q4 2016 & Q1 2017 results, we have increased our 2017E PBT forecast by 39% to N12.2bn. Source Proshare Read More 

Union Bank shareholders approve N50bn rights issue - Shareholders at the  48th Annual General Meeting  of Union Bank Plc plans to  launch a rights issue in the second quarter of 2017 to raise up to Fifty Billion Naira (N50 billion) in Tier 1 capital as it looks to accelerate business growth and position as a leading commercial bank in Nigeria. Source Daily Trust Read More 

41 items’ restriction will deter FX rate convergence –Soludo - A former central bank governor, Professor Charles Soludo, has called for the complete elimination of the “41 restricted item” by the CBN if it hopes to archive a unified exchange rate regime. Source Daily Trust Read More 

CBN plans dollar auction to airlines, importers - The Central Bank of Nigeria is planning to auction an undisclosed amount of dollars through book building to settle a backlog of demand for airlines, fuel and raw material imports. Source Punch Read More 

Nigeria’s dollar scarcity to remain, says Moody’s - Nigeria’s dollar liquidity constraints are likely to persist for the foreseeable future, despite the recent improvements in foreign exchange earnings and availability, Moody’s Investors Service has said. Source Punch Read More 

Moody’s Assigns Stable Outlook on Nigerian Banking Sector - Moody’s Investors Service has maintained its stable outlook on the Nigerian banking system,  reflecting the rating agency’s view that acute foreign-currency shortages in the country will gradually ease. Source Thisday Read More 

Oil returns to $50 as US stocks drop - Global oil benchmark, Brent crude, recouped some of the losses it recorded in recent days on Wednesday and traded above the $50 per barrel mark. Source Punch Read More 


BRIPAN 2.0 - The Case For A New Thinking For The Insolvency Market - “As at 2008, here was the situation as observed in a World Bank report (October 2007) on the observance of standards and codes principles and guidelines for effective insolvency and creditor rights systems. Source Proshare Read More

Six Canadian Banks Cut by Moody's on Consumers' Debt Burden - Six of Canada’s largest banks had credit ratings downgraded by Moody’s Investors Service on concern that over-indebted consumers and high housing prices have left lenders vulnerable to potential losses on assets. Source Bloomberg Read More

IMF Says Lagging Capital Spending Slows Tanzania Expansion - Tanzania’s focus on more efficient expenditure, while good in the long run, has slowed expansion in one of Africa’s fastest-growing economies this year, according to the International Monetary Fund. Source Bloomberg Read More 

Zambia Expects $1.6 Billion IMF Deal to Be Sealed Before July- Zambia will conclude a deal with the International Monetary Fund for as much as $1.6 billion by the end of June, Finance Minister Felix Mutati said. Source Bloomberg Read More

Saudi Stocks Get Cheaper as Outlook for Earnings Improves - Analysts are growing more bullish on earnings prospects for Saudi Arabian businesses after members of the benchmark stock index beat profit expectations, even as the kingdom pursues austerity measures. Source Bloomberg Read More

Qatar to Seek Approval to Lift Deutsche Bank Stake Over 10% - Qatar’s royal family asked Germany’s financial regulator for approval to boost its stake in Deutsche Bank AG to more than 10 percent, a signal it may be seeking greater control of Europe’s largest investment bank, people with knowledge of the matter said. Source Bloomberg Read More

Dubai’s Newest Police Cars Are All-Electric BMWs - Dubai's police force, famous for its stable of exotic supercars, has added yet another high-tech, rear-wheel-drive vehicle to its fleet. Source Bloomberg Read More

Forward steps with affordable housing - Today we turn our attention to Nigeria’s housing market. The housing deficit is currently estimated at 17 million housing units, with Lagos and Abuja accounting for 15% and 10% respectively of the total deficit. Source Proshare Read More  

Snapchat Co-Founders Just Lost Over $1 Billion Each - Snap Inc. co-founders Evan Spiegel and Bobby Murphy lost more than $1 billion each after the company reported earnings for the first time Wednesday afternoon. Shares fell 25 percent to a low of $17.12 at 4:38 p.m. Source Bloomberg Read More 




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