Nigeria in 1min: Economic, Business & Financial Headlines – 150817



August 15, 2017 7:20 AM / Proshare News 

Egypt - The Drawing of Parallels With Nigeria - We recall the drawing of parallels with Nigeria in November when Egypt agreed an extended fund facility worth the equivalent of US$12bn with the IMF. Source Proshare Read More 

Power Sector - Changing Potential to Reality - Nigeria's power market is fundamentally attractive for investment, given the country's growing demand for electricity. Source Proshare Read More 

Pioneer Status Incentive Scheme In Nigeria: Wider coverage with weightier conditions – any grey area - “The expansion of the list is a welcome development and it demonstrates the Federal Government’s attunement to some of the plights of business owners and commitment to the development of certain industries.” Source Proshare Read More  

Dangote, Niger sign $450m pact in rice, sugar today  - A Memorandum of Understanding between Dangote Group and Niger State government would be signed today for a $450million investment in sugar and rice production, the Executive Director, Corporate Services of Dangote Group, Dr. Mansur Ahmed, has disclosed. Source Daily Trust Read More 

NNDC, Turkey invest $15m to revive Kaduna Textile - The New Nigeria Development Company (NNDC) says it will invest 15 million dollars through a partnership with a Turkish firm to reactivate the collapsed Kaduna Textile company. Source VON Read More 

Economic Devt: Emir Sanusi Leads Kano Govt Delegation To China - Emir of Kano, Muhammad Sanusi II, has lead the Kano State government delegation to China in pursuance of beneficial trade and economic development deals with Chinese trading partners. Source Leadership Read More 

FIRS, States Collaborate to Track High Net Worth Persons - The Joint Tax Board (JTB) and the Federal Inland Revenue Service (FIRS) has said it has started sharing information of high net worth individuals to profile their income and tax payments to ensure they pay the appropriate taxes. Source Thisday Read More 

JTB, VAIDS, FIRS Share Data on Nigeria’s High Income Earners - The Joint Tax Board (JTB) and the Federal Inland Revenue Service (FIRS) have started sharing data of high net worth individuals to profile income earners and taxpayers in order to get them pay appropriate taxes. Source Thisday Read More 

East-West Road collapse threatens $50b invesment - The collapse of a section of the East-West Road in Eleme in Rivers State has paralysed investments estimated at more than $50 billion in the Eleme-Onne axis of the industrial hub of the state. Source THE NATION Read More 

New NASS bills threaten N6.5 trn pension industry - A set new Bills currently being debated at the National Assembly, if passed into law, will threaten the country’s N6.5 trillion pension funds, as well as the stability and success already achieved with the Contributory Pension Scheme (CPS). Source BUSINESSDAY Read More 

Nigeria squandered $201.2bn in 10 years – NEITI - In 10 years, Nigeria accumulated a total of $201.2bn in Excess Crude Account, which it squandered within the same period. Source Punch Read More 

Stock Market Opens The Week Negative as NSEASI Dips by -0.65% - Equities market closed today on a negative note, as NSE ASI depreciated by -0.65% to close at 37,950.96 basis points as against +0.25% appreciation recorded previously. Source Proshare Read More

Zenith Bank Plc - Earnings Beat as FX Income Spike Dwarfs Huge Provision - ZENITHBANK released its audited H1’17 result posting marked deviations from our expectations across most line items. Source Proshare Read More

Afrinvest Stock Recommendation for the Week 140817 - Activities in the Nigerian equities market last week was largely bullish as the Benchmark Index closed higher on 4 of 5 sessions. Source Proshare Read More  

Zenith Bank Plc H1 Results – Forward Hump Boosts Earnings - Zenith Bank Plc. (Zenith) released audited H1 2017 result with its numbers showing a two-fold YoY increase in EPS to N2.40 largely supported by surprise FX trading income and FX revaluation gains. Source Proshare Read More  

Reigniting Investors’ Interest in the FGN Savings Bond - Investors’ participation in the Federal Government of Nigeria (FGN) Savings Bond has not been impressive since the introduction of the Bond in March 2017 despite the increase in the coupon rate (interest rate) on the Bond. Source Proshare Read More 

Zenith Bank Plc H1 2017 Conference Call & Earnings Presentation - The Key Takeaways - Zenith Bank Plc held its H1’17 Investors and Analyst Conference Call Earnings Presentation. Proshare NG participated along with leading market analysts and professionals. Source Proshare Read More 

Banks Borrowing From CBN Drops By 19% To N3.4trn - Commercial banks borrowing from Central Bank of Nigeria (CBN) with the use of Standing Lending Facility (SLF) window dropped by 19 per cent to N3.36 trillion in July from N4.2 trillion recorded in June this year. Source Leadership Read More 

Kenya’s stock market hits 14-month high after elections - Kenya’s main stock index rose 2.51 per cent ,to a 14-month high, building on gains last week as investors welcomed the re-election of President Uhuru Kenyatta. Source VON Read More 

Lagos closes N85.14bn bond issuance - Lagos State Government has announced the closure of the N85.14 billion Series 2 Bond Issuance, targeted at physical and social infrastructure development. Source VON Read More 

FG approves N39bn loan for DISCOs for supply of meters - The minister made the disclosure on Monday in Kano at the 18th Monthly Power Sector Stakeholders Meeting hosted by Kano Electricity Distribution Company (KEDCO). Source Daily Trust Read More 

…Power generation hits 6800mw – Fashola - Minister of Power, Works and Housing, Babatunde Raji Fashola,  said power generation and transmission in the country has improved, saying as of August 10, 2017, the generation was 6, 863mwts, while the transmission rose to 6, 700mwts as against the 5,000mwts in 2016. Source Daily Trust Read More 

Despite N701bn gas bailout, electricity grid continues to fluctuate - Despite the injection of a N701 billion assurance guarantee for gas supply to the power sector, the electricity grid has continued to fluctuate, ending at less than 3,400 megawatts (mw) since the last one month. Source Daily Trust Read More 

Nigeria saves N119bn in failed metering contract - The Ministry of Power Works and Housing has, through negotiations and compromise, saved the Federal Government a staggering sum of N119 billion resulting from a judgement entered against it over a litigation from a metering contract awarded by the previous administration in 2003. Source BUSINESSDAY Read More

Eligible Power Consumers to Pay Between N30 and N80 Per Kilowatt Hour - Heavy power users who would want to apply to the Nigerian Electricity Regulatory Commission (NERC) to be considered in the Eligible Customers cadre which the federal government recently signed into law may have to pay between N30 and N80 per kilowatts hour (kwh), a communiqué from the 18th power sector operators meeting has disclosed. Source Thisday Read More 

NBET, TCN to Seal Power Sale Agreement with Niger, Togo - The Nigerian Bulk Electricity Trading (NBET) Plc and the Transmission Company of Nigeria (TCN) have indicated their intentions to finalise and execute power sale agreements (PSA) with two international electricity customers – Société Nigerienne d’Electricité (NIGELEC) and Communauté Electrique du Bénin (CEB). Source Thisday Read More 

NSIA: Governors Backed Investment of $250m NLNG Dividend - The Nigerian Sovereign Investment Authority (NSIA) has said that it invested $250 million of the dividend that accrued to the 36 states of the Federation in 2016 from the operations of the Nigeria Liquefied Natural Gas Limited (NLNG) with the support of the state governors. Source Thisday Read More 

Nigeria’s market shrinks as Korea joins India to buy first US crude - Refiners in South Korea, the world’s fifth crude oil importer, have joined India to diversify their crude sources in what potentially could impact on Nigeria’s spot crude export market. Source Daily Trust Read More 

Shell remits $31bn to federation account, NDDC —GM - Shell Petroleum Development Company, SPDC, remitted $29.8 billion to the Federation Account and $1.2 billion to Niger Delta Development Commission, NDDC, between 2002 and 2016, the oil firm has said. Source Vanguard Read More 

Gas shortage: Cement manufacturers lose 36% of output capacity - Inadequate gas supply has compelled cement manufacturers in Nigeria to produce 36 per cent below their installed capacity. Source Vanguard Read More 


Sudan's inflation tops 34 pct in July after U.S. defers sanctions ruling- Sudan's annual inflation rate rose to 34.23 percent in July from 32.63 in June, the central statistics office said on Monday, partly reflecting the postponement of a U.S. decision on whether to lift economic sanctions permanently. Source Reuters Read More 

Australia's Central Bank Renews Alert on Mounting Household Debt - Australia’s central bank renewed its focus on mounting household debt, even as the outlook for the nation’s economy improved, according to the minutes of this month’s policy decision where interest rates were left unchanged. Source Bloomberg Read More 

Libya's Top Oil Field Output Said to Fall on Security Threats - Crude production at Libya’s biggest oil field has plunged more than 30 percent in recent days after two company vehicles were stolen at gunpoint, raising new security concerns at the OPEC country’s operations, a person familiar with the matter said. Source Bloomberg Read More 

Oil ‘God’ Blames Weaker Outlook and Algos in His Goodbye Letter - Andy Hall, the oil trader known to many as "God", said he decided to close his flagship hedge fund amid a deteriorating outlook for prices next year and the “frustrating” dominance of algorithmic traders. Source Bloomberg Read More 

Kuwait Plans Tender for $1.2 Billion Solar Project in 2018 - Kuwait will issue a tender to build the estimated $1.2 billion Dibdibah solar-power plant in the first quarter of 2018 as part of the country’s plans to produce 15 percent of power from renewable energy by 2030. Source Bloomberg Read More


BoI disburses N450m to Ogun SMEs - Micro credit disbursement by the Bank of Industry under the Federal Government’s Government Enterprise and Empowerment Programme in Ogun State has hit over N450m. Source Punch Read More 


Zenith Bank makes provision on 30 pct of its 9mobile loan: executive - Nigeria's Zenith Bank has made a provision on 30 percent of its loan to 9mobile, the country's fourth largest telecoms group formerly known as Etisalat Nigeria, the bank's chief executive said on Monday. Source Reuters Read More 

Recession cuts telephone service subscriptions by 10m - Within the last six months of the year, telecommunications operators have lost over 10 million active subscribers. Source Guardian Read More 

NCC confiscates N10bn pirated items in 6 years -DG - The Nigerian Copyright Commission (NCC) has confiscated pirated materials worth about ten billion Naira in the last six year in the country. Source BUSINESSDAY Read More 






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