Nigeria in 1min: Economic, Business and Financial Headlines – 030418


April 03, 2018 7:10 AM / Proshare News 


What To Expect From The Markets This Week- 020418 - One cardinal target of the on-going administration is to improve or bolster Value Added Tax to Gross Domestic Product from 6% to 19%; eventually providing policy makers with ample room to replenish the already diminished fiscal capacity, at the same time reducing the nation’s absorption rate of domestic debt. Source Proshare Read More 

FG makes N1.27tn from operating surpluses in 10 years - The Federal Government has made a total of N1.27tn from the payment of operating surpluses by its agencies in the 10 years of operation of the Fiscal Responsibility Act, investigation has shown. Source Punch Read More 

‘NPA generated over $160m at Rivers port in two years’ - The Nigerian Ports Authority (NPA) generated over $160 million and N2.5 billion from the Rivers port between 2016 and last year, it was learnt. Source THE NATION Read More 

Russia yet to indicate interest in Ajaokuta Steel – Fayemi - THE Minister of Mines and Steel Development, Dr Kayode Fayemi, said that Russia has not yet indicated interest to invest in Ajaokuta Steel Company. Speaking in Abuja, Source Guardian Read More 

Ghana leads Nigeria in resource governance ranking - Nigeria scored 42 out of 100 points and ranks 55 among 89 assessments in the 2017 Resource Governance Index (RGI), while Ghana’s oil and gas sector scored a satisfactory 67 of 100 points, making it the best performer in sub-Sahran Africa. Source Guardian Read More 

Nigeria’s Fertiliser Production Hits 2.22m Metric Tonnes – NSIA - The Nigeria Sovereign Investment Authority (NSIA), says its investment in promoting local farming is yielding results as production of made-in-Nigeria fertiliser has presently hit 2.22 million metric tonnes. Source Leadership Read More 

Again, 7 DisCos fail January payment for bulk electricity - Seven electricity Distribution Companies (DisCos) have again failed to remit any payment for the energy invoice of January 2018 just as five failed to pay in December 2017. Source Daily Trust Read More 

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Note on the Tax Component of Dangote Cement Results - The recent financials declared by Dangote Cement refers. DANGCEM’S income tax expense of N85.34bn is still subject to restatement in the future just like they did in 2016. The note below the table explains further. Source Proshare Read More 

Nigeria to get 25% of $194bn upcoming oil, gas projects in Africa — GlobalData - DEARTH of investments in the oil industry may soon be a thing of the past if the report of GlobalData, London-based data and analytics company is anything to go by. Source Vanguard Read More 

Oil nears $70 on lower U.S. rig count, geopolitical tension - Oil rose towards $70 a barrel on Monday, boosted by a fall in drilling activity in the United States and the risk of an intensifying global trade war sparked by President Donald Trump. U.S. drillers cut seven oil rigs in the week to March 29, bringing the total down to 797, the first decline Source BUSINESSDAY Read More 

Hyundai to build 15 LPG tanks for Dangote refinery - Hyundai Heavy Industries is set to construct 15 bullet tanks for the storage of liquefied petroleum gas (LPG) at Dangote Oil Refining Company, Africa’s largest refinery. Source Vanguard Read More 

Nigeria, others to spend over $811 billion on oil, gas fields - Nigeria and other countries across the world will spend about $811 billion on 615 upcoming oil and gas fields in the next eight years, a research conducted by data and analytics firm- Globaldata, has revealed. Source Guardian Read More 

NBET’s January indebtedness to Gencos tops N42 billion - The indebtedness of the Nigerian Bulk Electricity Trading Plc (NBET) to electricity Generation Companies (Gencos), has reached N42.15 billion as at January 2018. Source Guardian Read More 

Nigeria to export 1,540MW of electricity in 2025 - Export of electricity to two neighbouring countries, Niger and Benin Republics, from Nigeria is expected to increase to 1,540 megawatts by 2025 from 387MW in 2020, according to a document seen by our correspondent. Source Punch Read More 

Four power plants begin operations in two months - About four power generation plants that are capable of adding 1,262MW of electricity to the power grid are primed to commence operations in the next two months, operators of the facilities have disclosed. Source Punch Read More 

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Tadawul To List SR. 204.385Bn Worth Of Sukuk And Debt Instruments Issued By The Kingdom  - The Saudi Arabia Capital Market Authority Approves Listing Of SR. 204.385Bn Worth Of Sukuk And Debt Instruments Issued By The Government Of The Kingdom Of Saudi Arabia Source Proshare Read More 

Angola- Improving Balance Of Payments Dynamics Predicated On Reform - Angola's balance of payments dynamics look poised to improve notably in 2018 and 2019, as rising oil prices and production narrow the current account deficit and promises of reform boost foreign investment. Source Proshare Read More 

South Africa - Rand Set for Steady Depreciation as Rally Ends - A multi-quarter rally in the South African rand will come to an end over the coming months, as overly-bullish market sentiment cools. Source Proshare Read More 

Mozambique - Easing Borrowing Costs to Support Gradual Sales Recovery - An easing of inflation, drop in borrowing costs and improving prospects for the Mozambican economy will help drive a slow and steady recovery in passenger vehicle first registrations in 2018. Source Proshare Read More 

The Islamic Development Bank to finance $185 mln projects in Tunisia - The Islamic Development Bank has agreed on Sunday to lend Tunisia $185 million to finance developments including an electricity project, an official told Reuters. Source Reuters Read More 

Egypt net foreign reserves rise to $42.611 bln at end-March - - Egypt’s net foreign reserves rose slightly to $42.611 billion at the end of March from $42.524 billion at the end of February, the central bank said on Monday. . Source Reuters Read More 

Gold Is Heading to $1,400 If Trade War Breaks Out, According to Sprott - Gold will surge to the highest level in five years if a global trade war breaks out, according to Rick Rule, chief executive officer of Sprott U.S. Holdings Inc., who’s been involved in the market for four decades. Source Bloomberg Read More 

Bahrain’s Biggest Oil Find Since 1932 Dwarfs Reserves - Bahrain, the smallest energy producer in the Persian Gulf, discovered its biggest oil field since it started producing crude in 1932, according to the country’s official news agency. Source Bloomberg Read More 

Winnie Madikizela-Mandela Dies at 81 - Winnie Madikizela-Mandela, whose reputation as a hero of the fight to end white-minority rule in South Africa was tainted by kidnapping and fraud convictions, has died. She was 81. Source Bloomberg Read More 

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Blockchain Technology: Benefits and Challenges - Blockchain, mostly known as the backbone technology behind Bitcoin, is one of the hottest and most intriguing technologies currently in the market. Since 2013 Google searches for “blockchain” have risen 1900%. Source Proshare Read More 

The Trends and Future of the Nigerian Gaming Industry  - A lot has changed within the Nigerian gaming landscape since the PwC April 2016 “The gaming industry in Nigeria” publication. The gaming industry has continued to expand, benefitting from; the large and youthful population, improving internet penetration, and the increasing access to internet-enabled devices. Source Proshare Read More 

MAS And Financial Industry To Develop Guidance On Responsible Use Of Data Analytics - The Monetary Authority of Singapore (MAS) is working with key industry stakeholders to develop a guide to promote the responsible and ethical use of artificial intelligence (AI) and data analytics by financial institutions. Source Proshare Read More 

Tech Rout Sinks Stocks as Lines of Defense Crumble - The deepening rout in once high-flying technology shares sent U.S. stocks tumbling to start the second quarter, as fresh presidential criticism of and retaliatory tariffs from China rattled markets. Gold rose on haven demand. Source Bloomberg Read More 

Apple Plans to Use Its Own Chips in Macs From 2020, Replacing Intel -Apple Inc. is planning to use its own chips in Mac computers beginning as early as 2020, replacing processors from Intel Corp., according to people familiar with the plans. Source Bloomberg Read More 

Japan's Central Bank Wants You to Be Wary of Cryptocurrencies   - Bitcoin investing is popular in Japan, but the nation has also had several high-profile cryptocurrency heists. Now, the central bank has come up with a rather negative Q&A for those seeking answers on cryptos. Source Bloomberg Read More 

Facebook Data Scandal Has Left Zuckerberg Isolated in Tech - Facebook Inc. Chief Executive Officer Mark Zuckerberg has found himself with few defenders in the technology industry. Source Bloomberg Read More 

Floyd Mayweather-Backed Coin Promoters Hit With Criminal Charges - Two founders of an initial coin offering that was promoted by boxer Floyd Mayweather were criminally charged by the U.S. with raising more than $25 million for a planned digital currency without registering the offering. Source Bloomberg Read More 

Cyberattack: 94% Of Companies In MEA Hacked In 2017 – Cisco - The Cisco 2018 Annual Cybersecurity report released at the weekend revealed that 94 per cent of companies surveyed in the Middle East and Africa suffered cyberattack breaches and that 34 percent of breaches resulted in more than half of systems being impacted. Source Leadership Read More 

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