Nigeria in 1min: Economic, Business and Financial Headlines – 020218


February 3, 2018 7:10 AM / Proshare News 


PMI Reading No 58: A Post-holiday Slump - Our manufacturing Purchasing Managers’ Index (PMI), the first in Nigeria, slumped in January to 54.6 from 68.7. Our partner, NOI Polls, has gathered and compiled the data. Source Proshare Read More 

Manufacturing PMI Stands at 57.3% in January 2018 from 59.3% in December 2017 - The January 2018 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period January 15 - 19, 2018. The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in 20 locations in Nigeria. Source Proshare Read More 

CBN’s Nigeria PMI – January 2018 Data- Slowed Improvement in Business Conditions - Yesterday, the Central Bank of Nigeria (CBN) released its Purchasing Managers’ Index (PMI) report for the month of January, showing that manufacturing and non-manufacturing activities remained healthy during the month, posting expansions of 57.3 and 58.5 respectively. Source Proshare Read More 

Nigeria Signs Double Tax Treaty with Spain into Law - President Muhammadu Buhari, on Friday, 26 January 2018 assented to the Avoidance of Double Taxation Agreement between the Federal Republic of Nigeria and the Kingdom of Spain (Domestication and Enforcement) Act, 2018. Source Proshare Read More 

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Nigerian Legislation and its Shades of Gray – Service rendered by Non-residents and VAT (1) - In the last two years and within 7 months apart, two divisions of the Tax Appeal Tribunal (TAT), in Abuja and Lagos, gave conflicting decisions on two cases with similar facts. Source Proshare Read More 

FG Declares Open Drug Markets Illegal - The federal government has disclosed that all open drug markets in the country would become illegal and shut down by January, 2019. Source Leadership Read More 

Global foreign direct investment slips to $1.52tr - Global flows of foreign direct investment (FDI) fell by 16 per cent in 2017, to an estimated $1.52 trillion, down from a revised $1.81 trillion in 2016, according to the latest United Nations Conference on Trade and Development (UNCTAD) Global Investment Trends Monitor. Source THE NATION Read More 

Adeosun: Finance control act outdated, weak - The Minister of Finance, Mrs. Kemi Adeosun, has called for urgent review of the Finance  Control and Management Act of 1958, in order to ensure transparency and accountability. Source Daily Trust Read More 

Lagos releases N5.5bn to contractors for 181 inner roads - The Lagos State government yesterday announced it has released the sum of N5.563 billion to contractors to flag off the construction of 181 roads spread across the 20 local governments and 37 local council development areas (LCDAs) in the state. Source Daily Trust Read More 

Kano allocates 13% of 2018 budget to health sector - Governor Abdullahi Umar Ganduje of Kano state has said that his government allocated 13 percent of its 2018 budget to the health sector as part of deliberate attempts to improve quality health care services. Source BUSNIESSDAY Read More 

Africa air passenger traffic up by 7.5% in 2017 – IATA - The International Air Transport Association (IATA) yesterday released 2017 passenger traffic results, saying African traffic rose by 7.5% compared to 2016. Source Daily Trust Read More 

Nigeria can raise $500b from asset privatisation, says economists - Economists yesterday listed ways the Federal Government can raise up to $500 billion from liberalisation and privatisation of assets and sectors within five years. Source THE NATION Read More 

Osun, Nasarawa, Kogi, Benue top list of states owing teachers - Thirteen states have not paid their teachers some for as long as 28 months, Nigeria Union Teachers (NUT) revealed in Abuja yesterday. Source Daily Trust Read More 

Erratic power supply not reason why economy isn’t growing – Fashola - The inadequate supply of electricity is not the reason why the country’s economy is not growing, the Minister of Power, Works and Housing, Babatunde Fashola, has said. Source Punch Read More 

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We’ve received no document on listing from MTN – SEC -Contrary to the belief that MTN Nigeria’s discussion with the Securities and Exchange Commission with respect to the telco’s planned listing on the Nigerian Stock Exchange has reached advanced stage, investigation by our correspondent shows that SEC has yet to receive any document from MTN indicating an interest. Source Punch Read More 


NSEASI Inches Up by 0.26% as Market Sentiment Turns Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.26% to close at 44,460.18. basis points as against -0.34% depreciation recorded previously. Source Proshare Read More 

CBN sells N215bn OMO T-bills to Mop up Excess Liquidity Inflows - The bond market remained scantily traded in today’s session. We however witnessed slight sell towards the close of trading, especially on the 2034 bond, consequently taking yields c.4bps higher than their previous levels. Source Proshare Read More 

FOMC January 2018 Statement: Decisions Regarding Monetary Policy Implementation - The Federal Reserve has made the following decisions to implement the monetary policy stance announced by the Federal Open Market Committee in its statement on January 31, 2018. Source Proshare Read More 

MBENEFIT, SOVRENINS, and UNITYKAP Joined the List of Stocks That Closed Below Previous Floor Price - As trading activities progress, more stocks continue to join the list of stocks that have closed below the previous floor price of 50k since the new par value and pricing methodology rules takes effect on Monday 29th January 2018. Source Proshare Read More 

Dangote pays N5b premium to insurers in 2016 - Dangote Industries Limited paid over N5 billion as insurance premium in 2016 to insurance companies that insured its insurance portfolio, Chairman, Dangote Group, Alhaji Aliko Dangote has said. Source THE NATION Read More 

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FMDQ Records N142trn Turnover In 2017 - The FMDQ OTC Securities Exchange yesterday said it achieved a N142 trillion total over-the-counter (OTC) market turnover in 2017. This indicated a year-on-year growth rate of 24.97 per cent from the N113.65 trillion recorded in 2016. Source Leadership Read More 

Nigeria,Niger Republic in agreement process on construction of Petroleum Refinery - Today, the Honorable Minister of State for Petroleum Resources, Dr. Emmanuel I. Kachikwu met with the President of the Republic of Niger, Mahamadou Issoufou and the Energy Minister of the Republic of Niger, Mr. Foumakoye Gado. Source Proshare Read More 

NCS Auctions N10m Worth Of Seized Petrol In Lagos - The Federal Operations Unit, Zone A of the Nigeria Customs Service (NCS) has auctioned 2,150 Jerry cans of intercepted smuggled Premium Motor Spirit (PMS) also known as petrol. Source Leadership Read More 

NNPC plans PPP model for pipeline infrastructure - The Nigerian National Petroleum Corporation (NNPC) will leverage public private partnership to address the gap in pipeline infrastructure in the country, Group Managing of the company, Maikanti Baru, has said. Source Guardian Read More 

Fashola seeks actions on supplying 2,000mw stranded electricity - The Minister of Power, Works and Housing, Mr Babatunde Fashola, has sought actions from civil societies and stakeholders on how the 2,000 megawatts (MW) stranded at the national grid can be efficiently used. Source Daily Trust Read More 


Federal High Court Affirms Senate’s Authority to Choose Credible EFCC Chairman - The Federal High Court in Abuja, today ruled that the Senate of the Federal Republic of Nigeria has the power to ensure the choice of a credible person as the Chairman of the Economic Financial Crimes Commission (EFCC). Source Proshare Read More 

FirstBank: Devoted to the Development of Trade and Finance in West Africa - First Bank of Nigeria Limited and its subsidiary, FBN Bank UK Limited are sponsoring the GTR West Africa Trade & Finance Conference 2018 as part of the Group’s resolve to lead the development of Trade and Finance in the West African region. Source Proshare Read More 

Angola's Sonangol says received 63 proposals for refinery projects - Angola’s state oil company Sonangol said on Thursday it has received 63 proposals for investment in its refining sector, as Africa’s second largest crude producer looks to become self-sufficient in fuel products. Source Reuters Read More 

U.S. oil prices extend gains on compliance with output cuts - Oil rose for a third day on Friday after a survey showed strong compliance with output cuts by OPEC and others including Russia, offsetting concerns about surging U.S. production. Source Reuters Read More 

Deutsche Bank Fined $70 Million for Trying to Rig Benchmark Rate - Deutsche Bank AG agreed to pay $70 million to settle a U.S. regulator’s claims its traders sought to manipulate a benchmark for interest-rate derivatives and other financial instruments. Source Bloomberg Read More 

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NCC: new interconnect rate takes off March - The Nigerian Communications Commission (NCC) yesterday set March 1 this year for effective take off of a new interconnect rate for the telecoms industry. Source THE NATION Read More 

Amazon posts largest profit in its history on sales, tax boost - Inc on Thursday reported a profit near $2 billion, the largest in its history, as the online retailer drew millions of new customers to its Prime fast-shipping club for the holiday season and as changes to U.S. tax law added to its bottom line. Source Reuters Read More 

Cybercriminals target booming cryptocurrencies -  Bitcoin’s popularity and the emergence of about 1,500 other digital coins or tokens have drawn more hackers into the red-hot cryptocurrency space, expanding opportunities for crime and fraud, cybersecurity firm Digital Shadows warned in a report on Thursday. Source Reuters Read More 

Bezos Fortune Jumps $6.5 Billion After Hours in Tech's Wild Ride - Jeff Bezos’s fortune struck an all-time in after-hours trading after Inc. reported the strongest holiday quarter sales growth in eight years. Source Bloomberg Read More 

Alibaba Market Value Tumbles $30 Billion After Margins Decline - Alibaba Group Holding Ltd. shares fell the most in 18 months and cut its market valuation by about $30 billion after investments in brick-and-mortar assets and digital media squeezed profit margins in the December quarter. Source Bloomberg Read More 

Japan Authorities Raid Coincheck After $500 Million Heist - Japan’s Financial Services Agency raided Coincheck Inc.’s offices a week after the cryptocurrency exchange lost about $500 million to hackers, hauling out documents and computers as evidence. Source Bloomberg Read More 

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MSMEs in Nigeria doubled in 2yrs –Fidelity Bank MD - THE number of Micro, Small and Medium Enterprises (MSMEs) operating in Nigeria doubled over two years between 2011 and 2013, from 17.9 million to 39 million. Source Vanguard Read More


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