Nigeria in 1min: Economic, Business & Financial Headlines – 130917



September 13, 2017 7:00 AM / Proshare News 


Dr. Teriba to Discuss Nigeria’s Economic Outlook on September 28 - Economic Associates (EA) will host a one-day quarterly conference on Nigeria’s Economic Outlook on Thursday, 28 September 2017 at Radisson Blu Hotel & Anchorage, Ozumba Mbadiwe Street, Victoria Island, Lagos. Source Proshare Read More

FG to spend N100bn Sukuk fund on road infrastructure – DMO - The N100bn targeted by the Federal Government from the Islamic bond, Sukuk, will be spent on critical road infrastructure across the country, the Debt Management Office has said. Source Punch Read More 

FG Releases N2bn for Take off of Maritime Varsity in October - The federal gvernment announced Tuesday that it had rreleased N2 billion for the take off of the Maritime University, Okerekoko Delta State by October. Source Thisday Read More 

Budget: Low revenue generation threatens funds release - The Federal Government on Tuesday said that the low revenue generation by its Ministries, Departments and Agencies was affecting the implementation of the 2017 budget. Source Punch Read More 

Nigerian Economy Exits Recession – Implications and Policy Options - After five consecutive quarters of contraction in the Real Gross Domestic Product (GDP), the Nigerian economy exited the first recession in over two decades.  Source Proshare Read More 

Medium-Term Budget Frameworks in Selected Sub-Saharan African Countries - More than 15 years ago, many countries in sub-Saharan Africa embarked on a program of budgetary reform, an important element of which was a medium-term budget framework (MTBF). Source Proshare Read More 

New global shipping convention takes off, may gulp $100b - The shipping industry may collectively need to spend around $100billion in order to install the new ballast water treatment systems required by law, in order to become compliant with the Ballast Water Management (BWM) Convention, which became effective on Friday, September 8. Source Guardian Read More 

Two new speed trains for launch on Abuja-Kaduna route October - Barring any technical hitches, the Nigerian Railway Corporation (NRC) will in October deploy the two new speed locomotives it acquired for the Abuja-Kaduna standard gauge train service. Source Daily Trust Read More 

FG forms Agro Rangers to protect agric investments - A new security outfit known as ‘Agro Rangers’ has been put in place to protect investment in agriculture sector, including cattle rustling and farmers-herdsmen clashes across the country. Source Daily Trust Read More 

74% of manufacturing firms rate biz environment unsupportive  - NOI - A total of 74 per cent of manufacturing companies have rated the business environment in Nigeria this year as “unsupportive” due to unfavourable exchange rate, bad roads, energy scarcity, limited access to credit and policy inconsistency. Source Daily Trust Read More 

NIMC Registered 21.4 Million Nigerians in Five Years - The National Identity Management Commission (NIMC), on Monday, announced that it has so far registered about 21.4 million Nigerians into the National Identity Database and has issued them with the National Identification Number (NIN). The new enrolment figure was attained at September 6, 2017. Source Thisday Read More 


SEC: Commission Statement On T+2 Implementation - Last week, on September 5, 2017, the securities industry successfully implemented a shortened settlement cycle for most securities transactions, pursuant to amendments to Rule 15c6-1 that the Commission adopted earlier this year. Source Proshare Read More  


NSEASI Dips Further by -0.75% as Market Breadth Closes Negative - Equities market closed today on a negative note, as NSE ASI depreciated by -0.75% to close at 35,397.52 basis points as against -0.81% depreciation recorded previously.  Source Proshare Read More

Guinness Nigeria Plc: Upward Revision to Estimates on Margin Recovery - The management of GUINNESS recently guided to the drivers of the margin recovery in H2 of 2017 to specifically include pricing and cost-saving productivity initiatives.  Source Proshare Read More

Federal Government of Nigeria Savings Bond Offer for September 2017 - Subscription for the savings bond, which guarantees quarterly coupon payments, re-opens today the 11th of September 2017. The offer, according to the Debt Management Office (DMO), will remain open for five days till the 15th of September 2017 Source Proshare Read More  

Oando Plc. - AGM Resolution - Oando PLC (referred to as “Oando” or the “Company”), Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, today successfully concluded its 40th Annual General Meeting at the Ibom Hall in Uyo, Akwa Ibom State. Source Proshare Read More  

Guinness Nigeria Plc - Impeccable Q4 seals FY’17 Bottom Line Recovery - After a tumultuous first half, GUINNESS released its FY’17 results for the financial year ended 30 June 2017, reporting an impressive N1.9 billion profit after tax figure, much better than the N0.2 billion and N1.0 billion loss after tax expectation from Vetiva and Consensus Analysts respectively. Source Proshare Read More  

Limited Upside for NNPC Finances for Now - In June the NNPC’s operating deficit picked up slightly from N3.5bn the previous month to N5.2bn (US$17m). Profits were generated by production (N8.6bn) and refineries (N3.3bn) before deductions for central costsandventures. Source Proshare Read More  

OPEC Discusses Extending Oil Cuts by More Than Three Months - OPEC and its allies are discussing extending by more than three months the oil production cuts that expire in March 2018, potentially prolonging them well into the second half of next year in an effort to boost prices, according to people familiar with the matter. Source Bloomberg Read More 

Oil price hits $54.25 p/b as OPEC predicts high demand, market stability - The price of crude oil has stabilised at $54.25 as the Organisation of Petroleum Exporting Countries, OPEC, predicted increased stability of the market, yesterday. Source Vanguard Read More 

FG to award 80% of crude lifting to NNPC - The Federal Government has disclosed its plan to allocate 80 percent of crude lifting to Nigerian National Petroleum Corporation, NNPC Trading, an arm of the Corporation which evolved from the merger of its trading companies. Source Vanguard Read More 

Kachikwu: Nigeria Will Oppose Oil Output Cuts - Nigeria will resist any attempts to curb its oil production when it meets with the Organisation of Petroleum Exporting Countries (OPEC) and Russia later this month, posing a threat to the cartel’s efforts to cut global supplies and boost crude prices towards $60 a barrel. Source Thisday Read More 

Electricity: MDAs owe DisCos N27bn not N90bn - Fashola - The Minister of Power, Works and Housing, Babatunde Fashola, has said that the Federal Government had been able to verify N27 billion out of N90 billion claim submitted for verification by the electricity distribution companies, as debts owed by Ministries, Departments and Agencies (MDAs). Source Daily Trust Read More 

KAEDCO Generates N1.7bn in Sokoto in 8 Months - The Kaduna Electricity Distribution Company (KAEDCO) Tuesday said it generated about N1.7 billion in Sokoto State from January 2017 till date. Source Thisday Read More

US Files Civil Fraud Complaint Against Former Deutsche Bank Head Of Subprime Mortgage Trading - The United States today filed a civil complaint in federal court in Brooklyn, New York, against Paul Mangione, former Deutsche Bank head of subprime trading. Source Proshare Read More 

Oba Elegushi performs ground-breaking for Lagos Imperial International Business City - Described as the pioneer eco-friendly city to be developed in Africa, the Imperial International Business City is set to redefine urbanization in Lagos, when completed by 2020 at the Lekki area of Lagos. Source Proshare Read More

The Pervasive Negative Narrative Around Africa is our Continent’s Greatest Challenge – Elumelu - At a gathering of senior policymakers and developments experts hosted by UK’s leading foreign policy institute, the Chairman of Heirs Holdings, Tony Elumelu, spoke on a panel alongside United Kingdom Minister of State, Department for International Development (DFID), Rory Stewart, OBE, where he condemned the pervasive stereotypes in the media around Africa and the resulting negative narrative as “Africa’s greatest challenge.” Source Proshare
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Analysts Aren't Even in the Same Ballpark With Naira Forecasts - Spare a thought for any analyst who has to forecast the exchange rate for Nigeria’s naira. Source Bloomberg Read More 

Malaysia Airlines Agrees to $3 Billion Boeing Plane Deal - Malaysia Airlines Bhd. agreed to buy Boeing Co.’s 787-9 Dreamliners and 737 Max jets as the Southeast Asian nation’s flag carrier looks to boost services on its busiest routes. Source Bloomberg Read More 

Ghana cenbank triples minimum bank capital requirement to 400 mln cedis - Ghana’s central bank has raised the minimum capital required for banks three-fold to 400 million cedis ($90.2 million) as part of measures to ensure financial stability, its spokesman said on Tuesday. Source Reuters Read More 

Turkish Airlines profits in Africa, where others fear to fly - When Turkish Airlines opened a direct daily route to a war-ravaged African failed state plagued by Islamist militants, industry insiders were sceptical Source Reuters Read More 

Algeria turns to Islamic finance, bourse to rescue 'worrying' economy - Algeria’s new government will introduce Islamic finance and develop its stock market to draw more investment into the economy as it struggles to cope with a sharp fall in energy earnings, according to an official document. Source Reuters Read More 

Cargill's Big Data Makes Happier—and More Productive—Cows - Cargill Inc., one of the world’s biggest agricultural companies, is tapping big data to help U.S. farmers make their cows more comfortable -- and more productive. Source Bloomberg Read More 


Amazon's Rapid Rise Put Online Giant on EU's Tax Hit List - Inc. is in the European Union’s cross hairs because its rapid expansion may have been fueled by tax measures that slashed its costs, according to the EU official spearheading a state-aid probe into the online giant. Source Bloomberg Read More 

Apple Unveils IPhone X With New Display as Rivals Grow - Apple Inc. unveiled its most important new iPhone for years to take on growing competition from Samsung Electronics Co., Google and a host of Chinese smartphone makers. Source Bloomberg Read More 

Oil Giant Drafts Libya Vet Amid Skirmish in Italy's Olive Groves - Eni SpA has been adept at producing oil in some of the world’s most hostile environments, from the deserts of North Africa to the Arctic Ocean. It’s proving less sure-footed at keeping the crude flowing in the olive groves of its own backyard in southern Italy. Source Bloomberg Read More





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