Nigeria in 1min: Economic, Business & Financial Headlines – 270717



July 27, 2017 7:00 AM / Proshare News 


Reviewing the Effect of Our Monetarist Play Book So Far - The first meeting of the CBN Monetary Policy Committee (MPC) in the second half of 2017 was held on Monday and Tuesday 24th and 25th of July, 2017. Source Proshare Read More  

In Search of the Trickle-down Effect - Lagos was the fourth wealthiest city in Africa in 2016. The measure is of net private wealth held by individuals resident in the city and excludes “government funds”. Source Proshare Read More 

MPC Holds Rate as Members Pivot towards Easing - A year on from the notable Monetary Policy Committee (MPC) meeting in July 2016 when the MPC acted to raise the monetary policy rate (MPR) from 12% to 14%, the committee took a more neutral stance this time around, retaining all monetary policy levers at their previous levels. Source Proshare Read More 

Daily Energy Generation Attained a Peak of 4,079MW in Q2 2017 - NBS - The power generation statistics for Q2 2017 reflected that a total average of 2,503 GWh of energy was generated by power stations as Egbin Power Plant contributed about 11.22% share of the average energy generated which represents the highest generation among the twenty-five (25) power plants within the period under review. Source Proshare Read More 

FG Borrows N3.38bn to Aid Potato Production in Plateau - The Federal Executive Council (FEC) wednesday approved N3.38 billion to boost the production of potatoes in Plateau State. Source Thisday Read More 

RMAFC uncovers N115bn tax liabilities against FG, states MDAs - The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has uncovered the sum of over N115 billion being tax liabilities established against federal and states’ Ministries, Departments and Agencies (MDAs) as well as local government councils across the nation following tax liabilities recovery exercise carried out by the commission. Source Daily Trust Read More 

Customs generates N486.7bn in 6months, makes 3,798 seizures - The Nigeria Customs Service (NCS) said it has generated N486.7 billion in the last six months, a figure higher by N101bn than the revenue it generated between January and June 2016. Source Daily Trust Read More 

FG partners EU to establish Digital Single Market - The Federal Government said it is partnering with the European Union Commission to establish a Digital Single Market in Nigeria. Source Daily Trust Read More 

Osinbajo transmits N222.2bn FCT for NASS approval - Acting President Yemi Osinbajo on Wednesday transmitted the N222,360,551,512 budget proposal for Federal Capital Territory (FCT) for the approval of the House of Representatives. Source BUSINESSDAY Read More 

Executive, NASS in consultative meeting over the 2017 – 2020 MTEF - Minister of Budget and National Planning, Udoma Udo Udoma, on Tuesday evening continued consultations on the draft 2018 – 2020 Medium Term Expenditure Framework (MTEF) with a session with the leadership and heads of relevant committees of the National Assembly. Source BUSINESSDAY Read More 

GCR, Agusto Assign InfraCredit ‘AAA’ National Scale Long-term Credit Rating - InfraCredit has become the first local currency credit enhancement facility in sub-Saharan Africa to be accorded ‘AAA’ national scale credit rating. The ratings were assigned by Agusto & Co. and Global Credit Rating Co. (GCR), documents obtained by THISDAY revealed. Source Thisday Read More 

NIRSAL Provides N1.6bn Bank Guarantees to Katsina for Purchase of 225 Tractors - The Nigeria Incentive Based Risk Sharing for Agricultural Lending (NIRSAL) and the Katsina State government have launched a landmark agricultural mechanisation financing programme in which the former is to provide 75 per cent bank guarantees for N1.6 billion to enable the state purchase 225 tractors for lease to farmers. Source Thisday Read More



CBN plans N229b treasury bills to counter budget disbursements - The Central Bank of Nigeria (CBN) will offer N229.14 billion in Treasury bills next week in a move to quickly counter the inflation-inducing power of N652.2 billion shared by the three-tier government. Source Guardian Read More 


Stock Market Sustains Uptrend With +3.40% Gain; Records 15-Day Straight Gain - Equities market closed today on a positive note, as NSE ASI appreciated by +3.40% to close at 36,740.77 basis points as against +2.54% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +36.71%. Source Proshare Read More 

Lafarge Africa Plc - Upgrading to Outperform on Stellar Q2 2017 Results - We upgrade our recommendation on Lafarge Africa (Lafarge) to Outperform from Neutral following its stellar Q2 2017 results which surprised positively. Source Proshare Read More

Guinness Nigeria Plc Rights Issue Opens on July 24, 2017 - Guinness Nigeria Plc rights issue of 684,494,631 ordinary shares of 50 kobo each at NGN58 per share opens today in the ratio of 5 new shares for every 11 shares held by shareholders whose name appeared in the register of members of the company as at 15 March 2017. Source Proshare Read More

Domestic and Foreign Portfolio Participation in Equity Trading – June 2017 - On a monthly basis, The Nigerian Stock Exchange polls trading figures from major custodians and market operators on their Foreign Portfolio Investment (FPI) flows. Source Proshare Read More  

NCR Nigeria Plc Appoints Ms. Louise Georgiou as Non-Executive Director. - We are pleased to notify the Nigerian Stock Exchange, our esteemed shareholders and the investing public that the Board of directors of NCR (Nigeria) Plc has approved the appointment of Ms. Louise Georgiou as a Non-Executive Director of the Company with effect from Wednesday July 18, 2017. Source Proshare Read More  

Nigerian Consumer Goods Sector - H1’17 Earnings Preview - Consumer Goods companies are set for significant recovery in 2017, benefitting from an all-round improvement in the state of the economy as well as easy comparables from the previous year. Source Proshare Read More  

Nigeria's oil policy aims to diversify as "era of oil booms" ends - Nigeria said it will cut its oil exploration costs and move away from reliance on export revenue in a national petroleum policy approved by the federal executive council this week. Source Reuters Read More 

IMF sees oil making up as much as 4 percent of battered Uganda economy - Uganda's new-found oil reserves may account for as much as 4 percent of its economy annually in coming years if managed well, the International Monetary Fund's country chief says. Source Reuters Read More 

Britain to publish plan to ban petrol, diesel cars by 2040 - The British Government is set to publish its plan to ban petrol- and diesel-fuelled vehicles by 2040 in a bid to improve air quality by reducing nitrogen dioxide emissions. Source THENICHENG Read More 


Osakwe is new DG, Nigeria Office for Trade Negotiations - The Federal Government has approved the appointment of Ambassador Chiedu Osakwe as the Director General with concurrent designation as Chief Negotiator, Nigerian Office for Trade Negotiations (NOTN). Source Proshare Read More

#ConstitutionReview: Senate reviewed and considered 33 Bills from Committee Report - The senate reviewed 33 bills, implying a gradual approach by the senate to review the constitution. Wednesday action was also in response to concerns from certain quarters that the constitution needed to be amended so as to address more efficiently the present social and political realities. Source Proshare Read More 

Constitution Amendment Process: Closing Remarks by Senate President, Dr. Abubakar Bukola Saraki - I want to thank all our colleagues. I want to really commend and appreciate the efforts of our Deputy Senate President and all members of the Constitution Review Committee. Source Proshare Read More  

Ettah Retires as UACN CEO, Bello Appointed - After 11 years as the Group Managing Director/ Chief Executive Officer UAC of Nigeria Plc (UACN), Mr. Larry Ephraim Ettah will retire from the company on January 1, 2018. Source Thisday Read More

EFCC Recovers N328.9bn from Conoil, Total, Seven Others - The Economic and Financial Crimes Commission (EFCC) wednesday said it had recovered a total of N328.9 billion from nine major oil marketers in one year. Source Thisday Read More

Nigerian lawmakers seek to reduce power of presidency - Nigeria's upper house of parliament voted on Wednesday to weaken the power of the presidency and strengthen the legislature. Source Reuters Read More 

Ghana producer price inflation dips to 3.6 pct in June - Ghana's producer price inflation fell slightly to 3.6 percent year-on-year in June from 3.7 percent the month before, mainly due to lower gold prices, the statistics office said on Wednesday. Source Reuters Read More 

Gold drifts lower as dollar firms ahead of Fed - Gold prices fell on Wednesday as the dollar firmed above multi-month lows, with investors waiting for clues on the U.S. Federal Reserve's tightening plans after the conclusion of a two-day meeting. Source Reuters Read More 

Japan Recommends Hiking Minimum Wage by 3% - The Japanese government recommended this year’s minimum wage be increased by 25 yen to 848 yen per hour ($7.64), the same amount that it was raised last year. Source Bloomberg Read More 

South Korean Economy Slows From Fastest Expansion Since 2015 - South Korea’s economic growth slowed in the second quarter as expansion in construction investment eased and export volumes fell from the previous three months. Economists said the slowdown is mostly due to a base effect from a solid first-quarter performance and that it shouldn’t be seen as a negative sign for the outlook. Source Bloomberg Read More 

Kuwait Joins Saudis and U.A.E. in Promising More OPEC Oil Cuts - Kuwait joined the United Arab Emirates in promising to pump less oil after Saudi Arabia called on fellow OPEC producers to cut more supply to help curb the global glut. Source Bloomberg Read More 

Foreign Bank Deposits in Qatar Fall Most Since 2015 on Spat - Foreign deposits at Qatar’s banks fell the most in almost two years last month as customers withdrew funds following a diplomatic row with four Arab nations led by Saudi Arabia. Source Bloomberg Read More 

Noble Group Plunges After Company Warns of $1.8 Billion Loss - Noble Group Ltd. plummeted in Singapore after the company warned of a quarterly loss of as much as $1.8 billion and announced the sale of more assets, abandoning its ambitions in global commodities trading and falling back on its Asian roots in a last-ditch effort to survive. Source Bloomberg Read More 

Outlook for Asia's Worst-Performing Currency Gets Grimmer - The outlook for the Philippine peso -- Asia’s worst-performing currency -- just keeps getting grimmer. Source Bloomberg Read More 


9Mobile: Olusanya Visits NCC, Seeks Concession on Spectrum Allocation, Interconnect Rates - The Chief Executive Officer of 9Mobile, Mr. Boye Olusanya, on Monday led a team of senior management staff of 9mobile to visit the telecoms industry regulator, Nigerian Communications Commission (NCC), where he demanded that special consideration be granted 9mobile in the areas of spectrum allocation, interconnect rates, data floor price, concessional foreign exchange access, among others. Source Thisday Read More 

Facebook shares hit record high as mobile ad sales soar -  Facebook Inc's mobile advertising business grew by more than 50 percent in the second quarter, the company said in its earnings report on Wednesday, as the social network continued to establish itself as the venue of choice for an ever-growing array of online advertisers. Source Reuters Read More


GEEP: FG sets aside N1.6bn for women entrepreneurs - THE Federal Government has set aside N1.6 billion for women empowerment programme called the National Women Empowerment Fund, NAWEF, under its Social Investment Intervention Programme known as the Government Enterprise and Empowerment Programme (GEEP). Source Vanguard Read More  

BoI, Ebonyi package N4bn credit facility for SMEs - THE Bank of Industry (BoI) and Ebonyi State government have packaged a N4 billion counterpart funds to promote agriculture and setting up of new companies in Small and Medium Enterprises (SMEs) sector in the state. Source Vanguard Read More 





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