Nigeria in 1min: Economic, Business & Financial Headlines – 110817


August 11, 2017 7:30 AM / Proshare News


Cabinet Retreat on ERGP Implementation and 2018 Budget Preparation Process - Prof. Osinbajo spoke  earlier at the Cabinet Retreat on the Economic Recovery Growth Plan (ERGP) and the 2018 Budget preparation which featured guest speakers including Dr Idris Jala, a former top official of the Malaysian government. Source Proshare Read More

‘Economic loss over insurgency in N/East estimated at $9bn’ - The Chief of Army Staff, Lt. Gen. Tukur Buratai, says the economic impact of Boko Haram activities in the North East is estimated at $9 billion (N274.5b). Source Daily Trust Read More

Nigeria's Economy May Have Grown in Second Quarter, NBS Says - Nigeria’s economy probably expanded in the second quarter as factory and farming output improved, helping it recover from the first annual contraction in 25 years, Statistician-General Yemi Kale said. Source Bloomberg Read More

Nigeria’s big shopping malls still sit half empty in H1 - Nigeria’s biggest malls are sitting half empty, as they are still suffering from the impact of the country’s first recession in 29 years. Source BUSINESSDAY Read More

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Nigeria’s Manufacturing Investment Hits N3.7trn In 3 Years - Manufacturers in the country under the auspice of Manufacturers Association of Nigeria (MAN) have disclosed that Nigeria’s cumulative manufacturing investment stood at N3.79 trillion in 2016. This is according to a survey conducted by MAN and made available to LEADERSHIP in Lagos. Source Leadership Read More

Discontent Grows As States Spend Over N350bn On Non-viable Airports - Taxpayers in some states of the federation have started to express growing discontent over billions of money being spent on the construction of airports by many state governments even as they raised concerns over the viability of such airport projects. Source Leadership Read More

Manufacturers import 1.4m MT of raw sugar in H1 2017 - DOMESTIC sugar manufacturers imported over 1.4 million metric tonnes of raw sugar into the country in the first half of 2017 (H1’17). The imports were maily as raw material for final consumer sugar refinery. Source Vanguard Read More

NIPOST Revokes 11 Courier Licences, Seals Three - The Nigerian Postal Service (NIPOST), through its Courier Regulatory Department (CRD), on Wednesday, revoked the operational licences of 11 courier operators for failure to renew their licences for upward of three to four years, despite several warnings from CRD to that effect. Source Thisday Read More


Export/Investors Window rakes in $4 b – CBN - The Export and Investors Window of the Foreign Exchange (FX) market has raked in $4 billion since it was created by the central Bank of Nigeria, (CBN), in May. Source Vanguard Read More

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NSEASI Dips by -0.11% as Stock Market Halts Uptrend - Equities market closed today on a negative note, as NSE ASI depreciated by -0.11% to close at 38,102.85 basis points as against +0.38% appreciation recorded previously. Source Proshare Read More

Zenith Bank Reports Q2 2017 Results - Loan Loss Impairments and OPEX Spiked - This afternoon Zenith Bank (Zenith) reported Q2 2017 results which showed that PBT grew by a remarkable 120% y/y to N48bn. Source Proshare Read More

Nigeria’s Mutual Funds Elicit Increased Interest - Against the backdrop of increased interest and investments in Mutual Funds in Nigeria, Nigeria’s Securities & Exchange Commission (SEC) announced that total Asset Under Management (AUM) of mutual funds in Nigeria topped N300 billion for the first time ever. Source Proshare Read More

Cadbury Nigeria Q2 2017 Results Review - Neutral Rating Maintained - Cadbury Nigeria’s (Cadbury) 20.6% y/y sales growth in Q2 2017 was 9.1% ahead of our forecast. Both domestic and export sales were impressive, with 21.6% and 13.1% y/y increases. Source Proshare Read More

Flour Mills of Nigeria Q4 2017 & Q1 2018 Results Review - Maintaining OP Rating on Strong Q1 Results - Flour Mills of Nigeria’s (FMN) Q1 2018 (end-Jun) and Q4 2017(end-Mar)  results came in ahead of our forecasts. Source Proshare Read More

Dangote Sugar Refinery Q2 2017 Results Review - Higher Pricing Key Driver for Earnings Growth - Dangote Sugar Refinery’s (DSR) Q2 2017 earnings of N12.3bn surprised positively, coming in well ahead of our N5.5bn forecast and consensus’ full year projections.  Source Proshare Read More

N50bl Green Bond to be floated to finance #CleanerLagosInitiative - With a clear resolve to transform its environmental waste management process, through a strategic public-private partnership model, a N50bl Green Bond is being planned out for Lagos State. Source Proshare Read More

Dangote, Kano govt sign 100MW solar power plant pact - Dangote Group has signed a Memoranda of Understanding (MoU) with Kano State Government for the proposed 100 megawatts Dangote-Black Rhino Solar Power Plant. Source Daily Trust Read More 

Dangote reopens Savannah Sugar Company in Adamawa - The management of Savannah Sugar Company in Adamawa, a subsidiary of Dangote Group on Tuesday announced resumption of business after over one month of closure. Source Daily Trust Read More 

Afreximbank opens shareholding to investing public - Supranational trade finance bank, African Export-Import Bank (Afreximbank), says it is opening its shareholding to the investing public with a 300 million dollars equity offering through the issuance of depositary receipts. Source THE NATION Read More

Demand for oil to rise in 2018, says OPEC - The Organization of the Petroleum Exporting Countries (OPEC) on Thursday projected higher demand for its crude in 2018 due to rising global consumption. Source Daily Trust Read More

$50m Ikwe-Onna Modular Refinery to Commence Operation 2018 - There is an indication that the $50 million modular refinery, located in Ikwe, a sleepy community in Onna local government area of Akwa Ibom State is expected to commence full operation by 2018. Source Thisday Read More

Nigeria’s exploration, production activities decline - Exploration and production (E&P) activities, which determine reserves and volume addition, have fallen significantly, as only nine active rigs operated in Nigeria last year, according to the Organisation of Petroleum Exporting Countries (OPEC). Source Guardian Read More

N4.637 trillion power plants with 6,000mw capacity idle - About 12 power projects in the country, with cumulative construction value of N4.637 trillion and installed capacity of over 6,000 megawatts (MW) have either been abandoned by the operators or remained idle since completion. This is amid the country’s struggle to generate less than 4,000MW daily for consumers. Source Guardian Read More

Niger, Benin owe Nigeria $115.91m for power supply - Ahead of the forthcoming 18th meeting of the operators with the Minister of Power, Works and Housing, Babatunde Fashola, some international customers allegedly owe Nigeria about $115.91million (over N35billion) for electricity supplied. Source Guardian Read More 


The FGN’s Pursuit of Investment - The FGN has this week named 27 industries as eligible for pioneer status incentives. Their principal benefit is exemption from companies’ income tax for three years, with a possible extension for one or two years. Source Proshare Read More

Osinbajo Appoints 21 Federal Permanent Secretaries - The Acting President, Professor Yemi Osibanjo, has approved the immediate appointment of 21 new permanent secretaries in the Federal Civil Service. Source Thisday Read More

IMF revises Botswana's 2017 growth forecast as diamond demand rises - The International Monetary Fund (IMF) has revised Botswana's 2017 and 2018 economic growth forecast due to rising diamond demand, investment in the water and power sector and reforms to attract investment. Source Reuters Read More

ENI, Anadarko to build LNG terminals in Mozambique - Italy's ENI and U.S. oil and gas firm Anadarko signed agreements with the Mozambique government on Thursday to build two liquefied natural gas terminals in the southern African country. Source Reuters Read More

Egypt's core inflation increases to 35.26 pct in July - Egypt's core inflation rose to 35.26 percent year-on-year in July from 31.95 percent in June, the central bank said on Thursday. Source Reuters Read More

Zambia's central bank cuts lending rate to 11 percent - Zambia's central bank cut its benchmark lending rate by 150 basis points to 11 percent on Thursday, citing lower consumer inflation and weak growth. Source Reuters Read More

Equity Rout Deepens, Bonds Rise on Korea Tension - Stocks tumbled in Asia, following a U.S. slump overnight, as investors headed for havens from what hedge-fund manager Ray Dalio termed a game of chicken between U.S. and North Korean leaders. Source Bloomberg Read More

Philippine Peso Falls to Fresh 11-Year Low - Philippine central bank Governor Nestor Espenilla said the peso will trade within "manageable levels" with a flexible exchange rate policy. The currency extended declines. Source Bloomberg Read More

Egypt Got $40 Billion in Investments, Transfers Since Float - Egypt has received $40 billion in investments and transfers from abroad since floating its currency in November and securing the largest International Monetary Fund loan to a Middle East nation. Source Bloomberg Read More

Saudi, Iraq Oil Ministers Agree to Stronger Oil-Cuts Commitment - OPEC’s two biggest producers agreed to strengthen their commitment to production cuts and maintain balance in world crude markets, Saudi Energy Minister Khalid Al-Falih said after talks with his Iraqi counterpart Jabbar al-Luaibi, according to the kingdom’s state news agency SPA. Source Bloomberg Read More

Parked Electric Cars Earn $1,530 Feeding Power Grids in Europe - Electric car owners are earning as much as $1,530 a year just by parking their vehicle and feeding excess power back into the grid. Source Bloomberg Read More


N26bn equity funding for Agric, SMEs now available – Bankers Committee - Bankers Committee arising from its meeting on Thursday in Abuja said it’s N26bn equity funding to support Micro-Small and Medium Enterprise Development and the Agriculture is now available,while also urging players in the value chain to quickly approach their banks for accessing of such funds. Source BUSINESSDAY Read More


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