Nigeria in 1min: Economic, Business & Financial Headlines – 290817



August 29, 2017 7:00 AM / Proshare News 

CPI Drops to 16.05% in July 2017, 0.05% Lower Than 16.10% June Rate - The Consumer Price Index (CPI) which measures inflation increased by 16.05 percent (year-on-year) in July 2017. Source Proshare Read More 

FG withdrew N359.39bn from ECA for fuel subsidy –FRC - The Federal Government withdrew the sum of N359.39bn from the Excess Crude Account in 2015 to fund the payment of petroleum products subsidy in 2015, the Fiscal Responsibility Commission has said. Source Punch Read More 

LIRS clarifies the definition of reasonable removal expenses for the purpose of tax exemption - The Lagos State Internal Revenue Service (LIRS) recently issued a public notice to all employers, company owners and their representatives, employees, high net worth individuals and other members of the public to clarify the definition of reasonable removal expenses for the purpose of tax exemption. Source Proshare Read More 

Average Price of 1kg of Tomato Increased YoY by 15.65% in July 2017 - NBS - Selected food price watch data for July 2017 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 33.09% and decreased month-on-month by 3.14% to N498.50 in July 2017 from N514.66 in June 2017 while the average price of piece of Agric eggs medium size (price of one) increased year-on-year by 31.16% and decreased month-on-month by 2.12% to N42.90 in July 2017 from N47.47 in June 2017. Source Proshare Read More  

Kano State government woos investors with land, tax incentives - Kano State Governor, Dr Abdullahi Ganduje, has said the state is ready to grant land and tax incentives to investors, in order to revolutionise agriculture and promote investments in various sectors. Source Guardian Read More 

Ship financing: NIMASA to disburse $100m fund at single digit interest rate - NIGERIAN Maritime Administration and Safety Agency, NIMASA, has concluded plans to disburse $100 million Cabotage Vessel Financing Fund, CVFF, to indigenous ship owners at a single digit interest. Source Vanguard Read More 

Nipco raises stake in 11 Plc to 70% - NIPCO Plc has bought  another 3.23 percent stake in II Plc, the fuel retailer formerly known as Mobil Oil Nigeria, for 4.84 billion naira ($16 million) to increase its holding to 70 percent. Source Vanguard Read More 

Foreign investors stake $291m in Nigeria’s oil sector - FOREIGN investment inflow into the Nigerian oil and gas industry rose to $291.47 million in the first six months of the year, between January and June 2017 Source Vanguard Read More 

Joint Tax Board issues Public Notice on abuse of Voluntary Pension Contribution Scheme - The Joint Tax Board (JTB) recently issued a public notice (the Notice) on the perceived abuse of voluntary pension contribution (VPC) scheme by employees as a means of avoiding personal income tax. Source Proshare Read More 

President Buhari Receives Briefing, Delighted at Improving State of the Economy - For almost two hours, President Muhammadu Buhari Monday received briefing from the Minister of Budget and National Planning, Senator Udoma Udo Udoma, the Minister of Finance, Mrs Kemi Adeosun, and Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, after which a delighted President declared that he was pleased with the progress being made on different fronts. Source Proshare Read More 

W’Bank: Nigeria, Others Require $150bn to Achieve Clean Water - The World Bank has said countries need to quadruple spending to $150 billion a year to deliver universal safe water and sanitation, helping to reduce childhood disease and deaths while boosting economic growth. Source Thisday Read More 

NSEASI Dips Further by -0.90% to Open The Week Negative - Equities market closed today on a negative note, as NSE ASI depreciated by -0.90% to close at 36,646.46 basis points as against +0.19% appreciation recorded previously. Source Proshare Read More

With Innovation Nigeria can compete globally-Dr Ogbonnaya Onu - Nigeria's Minister of Science and Technology Dr. Ogbonnaya Onu believes Nigeria will compete globally through innovation.  Source Proshare Read More 

CBN Injects $250m Into Forex Market  - The Central Bank of Nigeria (CBN) on Monday, intervened in the Inter-Bank Foreign Exchange Market to the tune of $250m in three segments of the market. Source Leadership Read More

A Drop in the Nigerian Treasury Bills Yield Imminent - The yields on the Nigerian Treasury Bills (NTBs), particularly on the 364-day tenor, are likely to drop with the plan of the Debt Management Office (DMO) to refinance the NTBs through foreign debt. Source Proshare Read More

Congo DRC – Instability Prolongs Growth Slowdown - Economic activity growth in the DRC will remain near multi-year lows in 2017. Although rising production of copper, cobalt and gold will offer key tailwinds, the economy faces significant near-term headwinds. Source Proshare Read More  

Kenya – Opposition Strength Will Slow Future Policy Agenda - A close result in Kenya's general election in August increases the risks posed to political stability by social unrest and policy making. Source Proshare Read More 

Tanzania - Smaller Deficit Will Not Deter Government Tax Crackdown - Tanzania's fiscal deficit will narrow to a greater extent than we previously anticipated in the 2016/2017 fiscal year, (which ends at the end of June) but this does not mean the government is likely to abandon its drive to boost tax collections from businesses Indeed, the better than-expected fiscal performance is entirely related to poor implementation of development spending plans rather than outperformance in revenue collection. Source Proshare Read More  

Average Prices of PMS, AGO, HHK and Cooking Gas - July 2017 - Average price paid by consumers for premium motor spirit (petrol) increased by 0.3% year-on-year and decreased by -1.4% month-on-month to N148.2 in July 2017 from N150.3 in June 2017. Source Proshare Read More 

Whither the oil industry? - While the core agenda of the FGN is to diversify the economy away from oil, in the short term it depends upon the industry for the generation of wealth and taxes. Source Proshare Read More 

Electricity payment: GenCos record 69% arrears in May - Twenty electricity Generation Companies (GenCos) have been paid just N12.77 billion representing 31.3 per cent out of the N44.48bn they should be paid for May 2017 operation, data from the Nigerian Bulk Electricity Trading Plc (NBET) have shown. Source Daily Trust Read More 

‘$1.3bn Zungeru 700mw hydropower plant 47% completed’ - Xiao Nie, deputy project manager, CNEEC-Sinohydro Consortium, the Chinese firm handling Zungeru 700mw hydroelectric power plant, last week said the project had attained 47 percent completion. Source BUSINESSDAY Read More 

Zambia's improving growth gets modest ratings nod from S&P - Zambia’s improving growth prospects and greater liquidity in its banking system have prompted S&P Global Ratings to tweak its outlook on the country to stable from negative. Source Reuters Read More 

Ghana Banks on IMF's Backing as Country Chases Ambitious Growth - Ghana’s President Nana Akufo-Addo is banking on good news from the International Monetary Fund after his predecessor nearly derailed an economic recovery plan through overspending. Source Bloomberg Read More 

Angola Starts Talks With Banks for $2 Billion Eurobond Sale - Angola is in talks with banks to raise $2 billion via a Eurobond in what would be the OPEC member’s biggest debt sale on global capital markets. Source Bloomberg Read More 

Qatar Cut to AA- by Fitch With No End in Sight to Gulf Dispute - Qatar’s sovereign rating was cut to AA- by Fitch Ratings, which cited little progress toward ending a Saudi Arabia-led embargo of the emirate. Source Bloomberg Read More 

Canada Economy in Rarefied Territory With 3% Growth - Statistics Canada reports growth data on Thursday that will confirm the nation’s economy has entered rarefied territory. Source Bloomberg Read More 

Gold Closes Above $1,300 for First Time This Year - Gold futures closed above $1,300 an ounce for the first time since November as the dollar dropped and speculation mounted that policy makers will be slow to raise U.S. interest rates. Source Bloomberg Read More 

China Is Creating the World's Largest Power Company - The government of President Xi Jinping approved the merger of Shenhua Group Corp., the country’s top coal miner, with China Guodian Corp., among its largest power generators, the State-owned Assets Supervision and Administration Commission said Monday. Source Bloomberg Read More 

FirstBank Drives Capacity Development, Unveils Career Growth Models for Staff - The Management of First Bank of Nigeria Limited has unveiled new career employment models to accelerate career growth and development for staff members.  Source Proshare Read More  


Telecom operators demand 100% increase in call, data tariffs - The telecom subscribers in the country will pay more for telecom services if the industry regulator accedes to telecom operators’ demand for 100% increase in prices of data and voice calls, Daily Trust has learnt. Source Daily Trust Read More

iSON chief: Africa’s $32b ICT market skewed - The Founder/Chairman, iSON Group, Ramesh Awtaney, has said the $32billion market value ascribed to Africa’s information communications technology (ICT) market is skewed. Source THE NATION Read More

Dubai Financial Services Authority and Hong Kong’s SFCS sign FinTech Cooperation Agreement - The Dubai Financial Services Authority (DFSA) and the Securities and Futures Commission (SFC) in Hong Kong today entered into an agreement to establish a framework of cooperation on financial technology (FinTech) innovation. Source Proshare Read More 

Tim Cook Reaps $89.2 Million Stock Award as Apple Outshines S&P - Apple Inc. Chief Executive Officer Tim Cook collected 560,000 shares, half of them linked to the company’s performance and the maximum allowed under the iPhone maker’s long-term compensation program. Source Bloomberg Read More 

Amazon Cuts Whole Foods Prices as Much as 43% on First Day - Inc. spent its first day as the owner of a brick-and-mortar grocery chain cutting prices at Whole Foods Market as much as 43 percent. Source Bloomberg Read More 


Lagos disburses N4.5b to 5,527 SMEs - Lagos State government has, through the State Employment Trust Fund, approved N4.5billion for 5,527 Medium Small Manufacturing Enterprises (MSMEs) in the last one year, the state Governor Akinwunmi Ambode, said yesterday Source THE NATION Read More 





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