Nigeria in 1min: Economic, Business & Financial Headlines –211016

Proshare

October 21, 2016 6:50 AM / Proshare News   

PROSHARE ECONOMY
Monthly Allocation Drops by N90.2bn, FG, States, LGs Share N420bn - In spite of the recent appreciation of crude oil price in the global market, quantity shock has impacted negatively on allocation to the three tiers of government for the month of September as the spate of attacks on oil installations and pipeline vandalism showed no sign of abating. Source Thisday Read More 

FG Seeks Private Sector Partnership to Boost Agricultural Sector - The Minister of Agriculture and Rural Development, Chief Audu Ogbeh has said that the federal government is currently looking to partner the private sector to boost agriculture value chain. Source Thisday Read More

World Bank forecasts $55/b for crude oil in 2017 - The World Bank raised its crude oil price forecast for 2017 to $55 a barrel on Thursday from $53 a barrel, as it expects an output agreement among the Organization of the Petroleum Exporting Countries (OPEC) to help trim excess supply. Source Daily Trust Read More

The Future of Nigeria: Three critical levers for improving HDI - With GDP in market exchange rate (MER) terms at $490 billion in 2015 , Nigeria ranked as Africa's largest economy and could be the 9th largest global economy by 2050 according to PwC estimates. Source Proshare Read More 

Nigeria losing $13.7bn to herders, farmers conflict - Peace between farmers and pastoralists can produce a gain of up to $13.7bn annually bringing economic progress for Nigeria, a study has said. Source Punch Read More 

Umeofia: About $150m is Needed over Three Years for Self-sufficiency in Tomato Paste - Right now, what we are asking the government to do is to give us the same level playing ground. Don’t come and deceive me to invest big amount of money here whereas you give foreigners better services. Source Punch Read More 

Nigerian property crash attracts funds looking beyond recession - A property market crash in Nigeria offers opportunities for brave investors betting that Africa's most populous nation will deliver high returns when it climbs out of recession. Source Reuters Read More 

Air cargo exports up 39% as Nigerians cash in on weak naira - Nigerians are cashing in on the weak naira to increase exports of mainly agricultural products to boost their foreign exchange earnings. Source BUSINESSDAY Read More 

Airbus to establish office in Nigeria - The French Ambassador to Nigeria, Denys Gauer, says that Airbus Group, the largest aircraft manufacturers and leasers in the world will open an operational office in Nigeria. Source Punch Read More 

No plan to reduce flight operations in Nigeria – Lufthansa Airline - An international carrier, Lufthansa Airline, on Thursday said it had no plan to reduce its flight operations in Nigeria. Source Punch Read More 

$40m ADB loan for ABUAD - THE Afe Babalola University (ABUAD) Ado-Ekiti has been granted a $40 million corporate loan by the African Development Bank (ADB) to finance an eight-year expansion. Source THE NATION Read More 



PROSHARE REGULATOR

UK's Financial Conduct Authority: New Rules On Packaged Bank Accounts Have Improved Standards - The Financial Conduct Authority (FCA) has today published findings from its thematic review of packaged bank accounts.   Source Proshare Read More 

CBN sells $313m in forward auction - The Central Bank of Nigeria has sold about $313m in a two-month forward auction to clear backlog of dollar demand, Citibank has said. Source Punch Read More  

PROSHARE MARKETS
Fidson Healthcare Shareholders Approve N75m Dividend - Shareholders of the Fidson Healthcare Plc have approved the N75 million dividend proposed by the directors for the year ended December 31, 2015. The dividend, which translates to five kobo per share, was approved at the 17th annual general meeting of the company held in Lagos on Wednesday. Source Thisday Read More 

Raising Money in the Nigerian Capital Markets - According to Nigeria’s National Bureau of Statistics (NBS), Nigeria’s GDP for the second quarter of 2016 contracted by 2.06% to record its lowest growth rate in three decades. This negative growth has caused companies to seek ways to de-risk, re-strategize, and, most importantly, cut costs, which includes refinancing expensive debt and looking for new funding options. Source Proshare Read More                    

 Fresh optimism lifts stocks, ends 3-day losing streak - The equities market closed today on a positive note, as NSE ASI appreciated by 0.44% to close at 27,598.34basis points, compared with the 0.28% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.64%. Source Proshare Read More 

Dollar scarcity persists as demand overwhelms Travelex - Dollar scarcity has been linked to the inability of Travelex, the sole dollar distributor appointed by the Central Bank of Nigeria (CBN), to meet increasing demand from bureaux de change (BDCs). Source THE NATION Read More 

Foreign Airlines Demand Standard FX Rate - International carriers that operate to different destinations in the country have called on the federal government to give them standard exchange rate for the repatriation of revenues earned from ticket sales or they would be forced to leave Nigeria. Source Thisday Read More 

NNPC slashes price of Nigeria’s crude oil grades - The Nigeria National Petroleum Corporation, Thursday, slashed the official selling price of Nigeria’s crude oil grades as parts of strategy to make Nigeria crude oil attractive to buyers and to help it regain its share of the global crude oil market. Source Vanguard Read More 

Power sector revenue shortfall hits N809bn - The shortfall in revenue for the Nigerian electricity market has risen to N809 billion industry operators said yesterday. Source Daily Trust Read More 

Power sector debts hit N809bn - The indebtedness to Nigeria’s power sector as a whole is worth N809bn, industry operators have revealed. Source Punch Read More 

Kaduna to spend N3.12bn on power in 2017 - The Kaduna State Government has earmarked N3.12bn for various electricity projects in the state in 2017. Source Punch Read More 



PROSHARE BUSINESS

FBN Capital set to Host Key Government, Business Leaders at Annual Investor Conference  - In line with the commitment to provide a platform that will facilitate interaction for identifying sustainable growth opportunities in Nigeria, FBN Capital Limited, the Investment Banking and Asset Management subsidiary of FBN Holdings Plc. Source Proshare Read More   

South Africa's central bank sets high bar for rate cut -  South Africa's central bank may be nearing the end of its interest rate hiking cycle but the bar remains very high for reductions, Governor Lesetja Kganyago said on Thursday. Source Reuters Read More   

Zambia's fuel subsidy spending was unsustainable - minister -  Zambia spent more than $200 million on fuel subsidies between January and September this year, an unsustainable burden on the Treasury, Energy Minister David Mabumba said on Thursday. Source Reuters Read More   

Zambia's economic growth seen steady at 3 percent this year -  Zambia's economy should grow three percent this year, little changed from 2015, while the fiscal deficit will widen after Africa's second largest copper producer was hit by depressed metal prices, Finance Minister Felix Mutati said on Thursday. Source Reuters Read More 

Britain’s Split With EU Takes Shape Amid Regrets, Recriminations - The divisions between the U.K. and the rest of the European Union began to take shape on Thursday as Germany warned Britain faces a “difficult path” at Theresa May’s first summit as prime minister. Source Bloomberg Read More   

100,000 Jobs at Risk in London Financial Clearing - Barely a day had passed following Britain’s vote to leave the European Union when officials from Europe began to lay claim to a key part of London’s financial industry. Source Bloomberg Read More   

Asian Stocks Weighed Down by Earnings as Euro Declines With Oil - Asian stocks snapped a three-day winning streak as corporate earnings gave cause for caution and the euro sank to its weakest level since March. Crude oil retreated amid skepticism major producers will limit output. Source Bloomberg Read More  

PROSHARE FINANCE
Why African Sukuk Still Faces An Uphill Battle - Many African countries are working to develop their legislative and regulatory frameworks to establish Islamic finance and sukuk as a sustainable funding alternative. With Africa’s demand for infrastructure financing solutions and its significant Muslim population, such an opportunity might be well received. Source Proshare Read More



PROSHARE TECHNOLOGY

MTN, banks say $13.9bn alleged illegal repatriation baseless - Telecoms giant, MTN Nigeria yesterday told senators that allegations it illegally repatriated $13.92 billion out of the country was factually wrong and baseless. Source BUSINESSDAY Read More

MTN Shares Hit by Report of Higher Nigeria Money Transfers - The amount of money which South Africa’s MTN Group was alleged to have illegally moved out of Nigeria could be “outrageously higher” than an originally estimated $14 billion, Bloomberg reported on Thursday, sending its shares to more than six-year lows. Source Thisday Read More 

PROSHARE STARTUPS
Dangote seeks tax reliefs for small businesses - The Chairman, Dangote Groups, Mr. Aliko Dangote, on Thursday urged government at all levels to reduce the multiple taxes placed on small and medium businesses. Source Punch Read More 

CBN gives 310 youths N930m to start business - A total of 310 youths, including members of the National Youth Service Corps, on Thursday received N930m from the Central Bank of Nigeria to establish profitable ventures in different sectors of the economy. Source Punch Read More

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