Nigeria in 1min: Economic, Business and Financial Headlines – 011118


 Thursday, November 01, 2018 / 7:00 AM / Proshare News


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Nigeria: Potential Revenue Losses Associated with Trade Misinvoicing - Analysis of trade misinvoicing in Nigeria in 2014 shows that the potential loss of revenue to the government was approximately $2.2 billion for the year. Source GFI Read More

Ahead of Elections 2019: Where is the Economy Now? – Doyin Salami - The presentation which was a robust discourse on the forthcoming general elections in 2019, provided an opportunity for Dr Salami to share his perspective on how the build up to the polls and post events will likely shape the economy, business environment and the markets. Source Proshare Read More


FG Suspends NHIS Boss, Constitutes Probe Panel - The federal government has finally waded into the crisis at the National Health Insurance Scheme (NHIS) by suspending the Executive Secretary of NHIS, Dr Usman Yusuf, and setting up an independent fact-finding panel to investigate the allegation of fraud levelled against him. Source Thisday Read More


Oil Price Rises in 2019 To Be Modest as U.S. Production Constraints Case: World Bank - Growing global trade tensions are weighing on non-energy commodity prices and are leading to downward revisions to 2019 price forecasts, the World Bank said. Source World Bank Read More


NLC Backs Out of Minimum Wage Negotiations - organised labour is insisting on N30,000 as new minimum wage, state governors have offered N22,500 as what the states would be able to pay. Source Thisday Read More


FG Shifts Burden of TSA Transaction Cost to Payers - The Federal government has  decided to shift the burden of the one percent service charge for payments into the Treasury Single Account (TSA) to payers. Source Vanguard Read More

Doing Business 2019: A Year of Record Reforms, Rising Influence - In the last two or three years, “all the large emerging markets – such as China, India, Nigeria, South Africa, Indonesia, Russia – have taken on this agenda,” said Sylvia Solf, head of the World Bank Group’s Reform Advisory Unit, which advises governments on ways to improve the business environment.  “The fact that they are doing this is groundbreaking.” Source World Bank Read More

Kaduna Refinery Stays Dormant as NNPC Loses N10.96bn - The Kaduna Refining and Petrochemical Company, one of the country’s crude oil refineries being managed by the Nigerian National Petroleum Corporation, has remained dormant. Source Punch Read More 

What’s Behind The Continued Selloff In Oil? - Hedge funds and other money managers continue to slash their bullish bets on oil futures, a trend that has led to a dramatic reshuffling in the makeup of investor positioning. For the week ending on October 23, long-to-short bets fell to a 4:1 ratio, a sharp reduction from the nearly 26:1 makeup in July, according to the Wall Street Journal. Source Proshare Read More 


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Treasury Bill Auction Schedule For October 31st 2018- A primary auction of CBN Treasury Bills will take place on Wednesday, October 31st, 2018. Source Proshare Read More

DANGSUGAR Declares N16.71billion PAT in Q3 2018 Results (SP:N14.30k)- Source Proshare Read More

Nigeria’s Equities Market Closes The Day Down as NSEASI Dips Further by -2.12%-Equities market closed today on a negative note, as NSEASI depreciated by -2.12% to close at 32,466.27 basis points as against -0.08% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.11%. Source Proshare Read More

DANGFLOUR Declares N3.26 billion PAT in Q3 2018 Results (SP:N6.65k)- Source Proshare Read More

FO Declares N9.13bn PAT in Q3'18 Results; Revenue Grew by 39.4%,(SP:N21.60k)- Source Proshare Read More

UBN Declares N14.66 billion PAT in Q3'18 Results (SP:N5.05k) - Union Bank, one of Nigeria’s longest standing and most respected financial institutions, announces its unaudited financial statements for the nine month period ended September 30 2018. Source Proshare Read More

Bitcoin Price: Crypto Currency’s 10th Birthday Could See First Year on Year Loss of 2018 - On the eve of bitcoin's 10th birthday, the world's first crypto currency may be about to hit an even more significant milestone. Source Independent Read More

Dollar Set for Biggest Winning Streak in More Than Three Years - The dollar climbed to its highest level in 16 months on Wednesday as investors bought the greenback after Treasury yields extended its overnight gains. Source Reuters Read More

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Nigeria to Host Africa Trade Forum on November 1st and 2nd, 2018-The Africa Trade Forum 2018, hosted by Nigeria’s Ministry of Industry, Trade and Investment, and co-organised by the United Nations Economic Commission for Africa (ECA), The Rockefeller Foundation, and the African Union Commission (AUC), is set to take place on 2-3 November, 2018 in Lagos. Source Proshare Read More

Dangote Refinery to Save Nigeria from Dirty Fuels With Euro V Specification-Dangote Oil Refinery Company (DORC) says the 650,000 barrels per day refinery has been designed to process a variety of light and medium grades of crude and produce extremely clean fuels that meet Euro V specification. Source Proshare Read More


Nigeria Drops 1 Place to Rank 146 Out of 190 Countries in 2019 World Bank Doing Business Report - This year’s results clearly demonstrate government commitment in many economies, large and small, to nurture entrepreneurship and private enterprise,” said Rita Ramalho, Senior Manager of the World Bank’s Global Indicators Group, which produces the report. Source Proshare Read More

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BDC Operators Want CBN to Enhance Live Exchange Rate - The Association of Bureaux De Change Operators of Nigeria has called on the Central Bank of Nigeria to enhance the operations of its live exchange rate website in order to improve transparency and stability in the nation’s foreign exchange market. Source Punch Read More

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