Nigeria in 1min: Economic, Business and Financial Headlines – 010318


March 1, 2018 7:10 AM / Proshare News 


Manufacturing PMI Stands at 56.3% in February 2018 from 57.3% in January 2018 - The February 2018 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period February 12 - 20, 2018. Source Proshare Read More 

IMF says Nigeria will "muddle through" with economic policies in medium term - The International Monetary Fund (IMF) projects that Nigeria will “muddle through” with its economic policies in the medium term, according to a report seen by Reuters on Wednesday. Source Reuters Read More 

Nigeria’s Wheat Import is Estimated at $2bn - GDP growth recovered slightly in 2017 to 0.83%, substantially lower than the population growth rate. The good news is that the agricultural sector, the largest component of GDP, recorded a growth of 3.45%. Source Proshare Read More 

Nigeria’s Q4,2017 GDP:3.5% growth estimate for 2018 on course -FG  - The estimate of the Buhari administration that the Nigerian economy will grow this year up to 3.5% is on course as the just released GDP figures indicate a further growth in the fourth quarter of 2017. Source Proshare Read More 

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Ease of doing business: 70% MDAs lack websites, e-mails – BPSR - The Bureau of Public Service Reforms (BPSR) has said that contrary to the intent of the Federal Government Executive Order (001) on Ease of Doing Business in Nigeria, less than 30 percent of the Ministries Departments and Agencies (MDAs) have functional websites and less than 25 percent have functional telephone numbers and e-mail. Source Daily Trust Read More 

Enugu Assembly approves N801m debt for infrastructure - The Enugu State House of Assembly, on Tuesday, approved a request by Governor Ifeanyi Ugwuanyi, to borrow N801.04 million, from the Nigerian Infrastructure Bank. Source Guardian Read More 

Bayelsa records N1.1 billion in internal revenue - Bayelsa State Government yesterday, said it posted N7.8 billion as balance of funds available as at the end of January.A statement from the Chief Press Secretary to the Governor, Francis Ottah Agbo, said the state government also declared N1.1 billion as internally generated revenue for December 2017. Source Guardian Read More 

Some Movement in the Non-oil Economy - The national accounts for Q4 2017 show an acceleration in growth from 1.4% y/y in the previous quarter to 1.9%. Our expectation, shared with the wire services, was GDP growth of 2.1% y/y. Source Proshare Read More 

AFEX launches #CodeCashCrop to Boost Agriculture, Finance and Tech Collaboration - AFEX Commodities Exchange, the only private commodity exchange in Nigeria will host a workshop on Thursday March 1st 2018 in Lagos that brings over 90 corporates and startups in the finance and technology sectors into the same space with agriculture entrepreneurs to cocreate a functional prototype for collaboration that nurtures the competitiveness of the agribusiness sector. Source Proshare Read More 

Nigerian crop yield still below global average, says report - Despite Federal Government’s claim that food production has increased across the country, the 2017 wet season National Agricultural performance survey report has revealed that the overall farm yield is still below global and African average for all the agricultural subsector. Source Guardian Read More 

FG appoints 3 pre-shipment agencies for non-oil export - IN a bid to curb the corruption that has characterized the inspection of export trade in Nigeria, the Federal Government through the Central Bank of Nigeria, CBN, has appointed three Pre-Shipment Inspection Agencies (PIAs) for non-oil export with a view to further enhance the nation’s export trade. Source Vanguard Read More 

FG Invests N16bn Sukuk Bond On South East Roads - The federal government has invested N16.6 billion of the N100 billion Sukuk Bond for the rehabilitation of some roads in the South East geopolitical zone. Source Leadership Read More 

$2bn needed to revive Lagos-Kano rail line – Osinbajo - vice-President Yemi Osinbajo on Wednesday said Nigeria would need $2bn (N610bn) to revive the Lagos-Kano rail line as part of efforts to boost local and international trade along the northern and southern zones. Source Punch Read More 

Poor funding hampering federal projects – FRC - Most projects being handled by the Federal Government across the country are hampered by lack of consistent funding, the Fiscal Responsibility Commission has said. Source Punch Read More 

Our Investments In Lekki Free Zone’ll Earn Nigeria N8trn Annually – Dangote - President, Chief Executive Officer of Dangote Group, Alhaji Aliko Dangote on Wednesday said his investments in the Lekki Free Trade Zone will earn the country N8 trillion turn over annually. Source Leadership Read More 

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CBN warns Nigerians on investment in crypto currencies - The Central Bank of Nigeria (CBN) has again cautioned Nigerians to be wary of investments in crypto currency as they are virtual currencies that are not legal tender in Nigeria. Source Guardian Read More 


Stock Market Resumes Uptrend as NSEASI Inches Up by 2.44% - Equities market closed today on a positive note, as NSEASI appreciated by +2.44% to close at  43,330.54 basis points as against -0.66% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +13.30%. Source Proshare Read More 

VFD Group Achieves 175% Subscription on Debt Note Offer - VFD Group raised N525 million in one week, exceeding the target of its Debt Note product. The offer, designed to raise N300m in one week, closed on February 16 at N525m representing a 175% subscription. Source Proshare Read More 

Julius Berger Nigeria Plc Announces Statutory Audit Committee and the Group Board Meeting - The Statutory Audit Committee and the Group Board would meet on Wednesday March 14 and Thursday March 15, 2018 to approve the Audited Financial Statements for the year ended December 31, 2017. Source Proshare Read More 

Seplat Plc FY 2017 - Earnings Braced by Tax Credit - Seplat Petroleum Development Company Plc. (SEPLAT) reported its full-year 2017 result this morning. In contrast to prior year masked by losses, the company returned to profitability, with a robust cash flow position. Source Proshare Read More 

Seplat Petroleum Development Company Plc Set to launch US Dollar Denominated Bond Offering - Seplat today announced that it has launched a 5 or 7 year U.S. dollar denominated Regulation S/144 A senior notes (the ”Notes") offering. Source Proshare Read More 

SEPLAT Reports Q4 2017 Results; Records Strong Recovery in Profitability - Strong recovery in profitability. Q4 sales up 318% y/y to US$174m while Q4 PBT of US$46m compares with a loss before tax of -US$85m in Q4 2016; tax credit of US$224m provided significant boost to profitability Source Proshare Read More 

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Agbaje: Banks Must Change their Business Model to Survive - The Chief Executive Officer of Guaranty Trust Bank Plc (GTBank), Mr. Segun Agbaje has stressed the need for banks to embrace digital transformation to create an entirely new banking experience that meet the demands and expectations of today’s millennials. Source Thisday Read More 

Oil Prices Fall As OPEC Plans To End Cuts - OilPrice Intelligence Report - In today’s newsletter, we will take a quick look at some of the critical figures and data in the energy markets this week.  Source Proshare Read More 

Nigeria gas reserves up by 4.067tcf, says NNRC - Nigeria‘s natural gas re-serves have risen by 4.067 trillion cubic feet (tcf) from 187.998tcf in 2014 to 192.065tcf in 2015, the Nigerian Natural Resource Chapter (NNRC) has said. Source THE NATION Read More 

Trouble for Nigeria as US nears world’s biggest oil producer - The United States  will overtake Russia as the world’s biggest oil producer, if not this year, but by 2019 at the latest, the International Energy Agency (IEA) has decleared. This was even as US oil imports dropped to its lowest level since 2001. Source THE SUN Read More 

Nipco gets recognition for Mobil Oil acquisition - Nipco Plc, a major player in the downstream oil and gas sector, has received an award for its recent acquisition of ExxonMobil’s stake in Mobil Oil Nigeria Plc. Source Punch Read More 

Exxon to Quit Russian Oil Ventures Frozen by U.S. Sanctions - Exxon Mobil Corp. said it’s abandoning joint ventures with Russia’s Rosneft PJSC after international sanctions against the nation’s energy sector paralyzed a historic drilling project. Source Bloomberg Read More 

U.S. Shale Surge Offsets Lowest Saudi Oil Imports Since 1980s - America’s role in the global oil market was flipped on its head in 2017. As shale producers cranked out more and more crude, the U.S. relied less and less on some of its traditional sources of oil. At the same time, exports of crude, gasoline and other refined fuels surged higher than ever before. Source Bloomberg Read More

Oil, Gasoline Slip After Larger-Than-Expected Inventory Builds - Oil fell the most in more than two weeks after U.S. crude and gasoline inventories expanded more than expected. Source Bloomberg Read More 

Over 100 Foreign, Local Firms Bid for Ibom Deep Seaport - Following the increased interest by the federal government, more than 100 local and foreign companies have reportedly indicated interest in the development of the Ibom Deep Seaport in Ibaka, Mbo Local Government Area of Akwa Ibom State. Source Thisday Read More 

‘NPDC owes DPR $1.8bn, N1.3bn on oil, gas royalty’ - The Nigerian Petroleum Development Company (NPDC) is owing the Department of Petroleum Resources (DPR) $1.8 billion (about N549bn) on oil and another N1.3bn on gas royalty, a House of Representatives adhoc panel heard yesterday. Source Daily Trust Read More 

NNPC returns full force to explore Lake Chad oil after kidnap - Barely two weeks after the release of some lecturers prospecting for oil in the Chad Basin, the Nigeria National Petroleum Corporation, NNPC, has concluded arrangement to recommence exploration activities at the basin, Group Managing Director of NNPC,  Maikanti Kacalla Baru, has said. Source Daily Trust Read More 

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#Elections2019:Atiku Abubakar’s Profile  - Alhaji Atiku Abubakar (Born 25 November, 1946) is a dogged, seasoned and experienced Nigerian politician who has been relevant in the socio-political space for over three decades in the country. Source Proshare Read More 

FirstBank CEO, Adesola named African Banker of the Year - Dr. Adesola Adeduntan, the Managing Director/CEO of First Bank of Nigeria Limited & Subsidiaries, has been named the African Banker of the Year in the African Leadership Magazine Persons of the Year Award which took place in Johannesburg, South Africa on Saturday, February 24, 2018. He was also inducted into the African Leadership CEOs Hall of Fame at the event. Source Daily Trust Read More 

Available Tenders on Federal Government Projects – Source Proshare Read More 

IMF expects Mozambique to default on external debt until 2023 - The International Monetary Fund expects that Mozambique will not make payments for at least five more years on about $2 billion of loans which led to a default last year, Bloomberg reported on Wednesday. Source Reuters Read More 

India's Bharti Airtel wants to get out of towers, committed to Africa - India’s Bharti Airtel is exploring merger and sale options for its mobile towers businesses as Chairman Sunil Bharti Mittal seeks to get out of the infrastructure game and focus on connectivity. Source Reuters Read More 

Foreign Holdings of U.S. Securities Rise to Record $18 Trillion - Foreign holdings of U.S. securities rose to a record $18.4 trillion as of the end of June, according to preliminary data released by Treasury. Source Bloomberg Read More 

South Africa January Trade Gap Swells to Biggest Since 1990 - South Africa’s trade deficit swelled to the biggest since at least 1990 in January as imports surged 22 percent and vehicle exports declined. Source Bloomberg Read More 

Afreximbank to Sell Shares on Three Bourses to Fund Growth - African Export-Import Bank plans to sell shares in Nigeria and two other African countries to support lending and broaden its ownership base. Source Bloomberg Read More 

California's cannabis market is expected to soar to $5.1 billion — and it's going to be bigger than beer - Recreational cannabis sales began in California on January 1 — and the market is expected to haul in billions in revenue next year as dispensaries roll out across the state. Source Businessday Read More 

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Microsoft to buy solar power in Singapore in first renewable deal in Asia - Microsoft Corp said on Thursday it will buy solar power from the Sunseap Group in Singapore, the technology company’s first renewable energy deal in Asia. Source Reuters Read More 

Spotify plans to list shares, fend off Apple and Amazon - Music streaming service Spotify on Wednesday filed for a direct listing of its shares, laying out financial data for the first time that cheered some analysts but led others to question how it could turn a profit from its growing subscriber base. Source Reuters Read More 

Over 70m Nigerians lack access to reliable communications –Clear Blue boss - Clear Blue Technologies Inc., the Smart Off-Grid™ company has said that over 70 million Nigerians lack access to reliable voice and data communications across the country. Source THE SUN Read More 

MTN eyes $5.2bn NSE listing in July - MTN Group plans to list its Nigerian unit worth $5.23bn by July in a debut Initial Public Offer on the Nigeria Stock Exchange and will raise fresh funds to reduce debt, according to pre-IPO presentation seen by Reuters. Source Punch Read More 

NCC Set to Licence Amateur Radio Services, 60GHz Band in Nigeria - In line with global best practice, the Nigerian Communcations Commission (NCC), the telecons industry regulator, said on Tuesday it would licence the amateur radio services and the 60GHz band designed to open up spectrum licences that have been relatively scarce. Source Thisday Read More 


BoI grants N1.5bn direct funding to 28 businesses – Pitan - The Bank of Industry (Bol) has granted N1.5 billion direct funding to over 28 businesses to boost their growth and Nigeria’s economy in general. Source Daily Trust Read More 

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