Nigeria in 1min: Economic, Business and Financial Headlines – 040118


January 04, 2018 7:10 AM / Proshare News 


Small Boost to The Current-Account Surplus - From the balance of payments (BoP) for Q3 2017 we see that the current-account surplus widened from the equivalent of 1.4% of GDP in Q2 to 2.4%. Merchandise exports increased by 10.8% on the quarter while imports declined by -8.4% as Nigeria emerged slowly from recession. Source Proshare Read More 

Focus on Nigeria Economy: Unemployment and 2018 Outlook (1) - Recently Proshare WebTV engaged Temitope Babalola of the Proshare Economy Desk to share his perspective on the key issues that will shape the Nigerian economy space in 2018. Source Proshare Read More 

Manufacturing PMI Stands at 59.3% in December 2017 from 55.9% in November 2017 - The December 2017 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period December 13 - 17, 2017. Source Proshare Read More 

FG gets $550m from China for satellites’ procurement - The Chinese Exim Bank has agreed to pay the $550 million Nigeria needs to procure two new satellites, Communications Minister Adebayo Shittu said on Wednesday. Source Daily Trust Read More 

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NIMASA’s operation cost down by 50%, says FG - Federal Government, yesterday, said that Nigerian Maritime Administration and Safety Agency (NIMASA) has been able to reduce its running cost by over 50 per cent in one year, and significantly improved revenue generation and remittance to  the Federal Government. Source THE SUN Read More 

Dry ports cannot work without rail connection – The Inland Dry Seaports also known as Inland Container Depots cannot work if they are not connected to rail, according to stakeholders in the maritime sector. Source Punch Read More 

APM Terminals waives charges on container for IDPs - One of the leading container terminal operators, APM Terminals Apapa Limited, has waived handling and storage charges running into several millions of naira on a container load of fish, which was donated by the Federal Government to the Internally Displaced Persons in Yobe State. Source Punch Read More 

2018 Appropriation Bill Unconstitutional, Agbakoba Writes N’Assembly - A former President of the Nigerian Bar Association (NBA), Dr. Olisa Agbakoba (SAN), has declared the 2018 Appropriation Bill unconstitutional and called on the National Assembly not to consider it. Source Thisday Read More 

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SEC vows to transfer unregularised shareholdings to development fund - The Securities and Exchange Commission (SEC), yesterday, vowed to transfer to the Capital Market Development Fund, CMDF, all shares not consolidated into one account by investors who subscribed for them using multiple identities. Source Vanguard Read More 


NSEASI Dips by -0.20% to Halt Uptrend; Erases Previous Day Gain - Equities market closed today on a negative note, as NSEASI depreciated by -0.20% to close at 38,187.28 basis points as against +0.06% appreciation recorded previously. Source Proshare Read More 

Equity Market Ready for Another Rally in 2018 - The outlook of the equity market remains positive in 2018 as FSDH Research expects the recovery witnessed in 2017 to continue.  Source Proshare Read More 

Banks record increased default on credit card, overdraft loans - Banks recorded increased default on credit card and overdraft loans to households in the fourth quarter of 2017. Source Vanguard Read More 

NSIA facilitates N10bn for infrastructure development - The Nigeria Sovereign Investment Authority has facilitated the sum of N10bn to finance infrastructure development in the country. Source Punch Read More 

Total Deposits With CBN Rise To N20.6trn- The Central Bank of Nigeria (CBN) has revealed that total deposits by the federal, state governments, financial institutions, among others increased by 4.7 per cent to N20.6 trillion in November from N19.67 trillion in October 2017. Source Leadership Read More 

Niger, Ekiti, Delta’s N79bn bond to mature this year - Niger, Ekiti and Delta states’ N79 billion bond which was raised in the nation’s capital market in 2011 for infrastructural development is due for maturity this year. Source Daily Trust Read More 

FG grants marketers special FX to resume fuel import - The Federal Government has agreed to grant oil marketers further concession to access Foreign Exchange (FOREX) at a rate below the official N305 per dollar to enable them resume importation of petrol, Daily Trust has learnt. Source Daily Trust Read More 

Fuel scarcity: Senate to grill Kachikwu, Baru, DPR today - The Senate will today (Thursday) question the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu; and the Group Managing Director, Nigerian National Petroleum Corporation, Mr. Maikanti Baru, over the current crisis in the supply chain of Premium Motor Spirit, also known as petrol. Source Punch Read More 

Oil prices’ll stay at $40-60 despite OPEC cuts —Moody’s - Oil prices will continue to hover between $40 and $60 per barrel in 2018 despite the extension of the production cuts led by the Organisation of Petroleum Exporting Countries through the end of the year, Moody’s Investors Service has said in its 2018 credit trends report for the global oil and gas industry. Source Punch Read More 

Fuel scarcity: NNPC remains sole importer – Kachikwu  - The meeting between the Minister of State, Petroleum Resources, Dr Ibe Kachikwu and oil marketers in Abuja yesterday on how to end the recurring fuel scarcity challenge ended with a firm resolution that the Nigerian National Petroleum Corporation (NNPC) remains the sole importer of petrol. Source THE SUN Read More 

Sudden Loss of Generation Due to Interruption in Gas Supply - FMPWH - Regrettably, after a sustained period of increasing production and distribution of power since September, the Nigerian Gas Processing and Transportation Company Ltd (NGPTC) has reported a fire incident on its Escravos Lagos Pipeline System on Tuesday, 2nd January, 2018. Source Proshare Read More 

Crude Surges Beyond $61-a-Barrel Trigger for Shale Expansion - Oil approached $62 a barrel for the first time in three years, surpassing a crucial threshold for spurring new shale drilling. Source Bloomberg Read More 

OPEC Holds Production Steady as Compliance Exceeds Promised Cuts - OPEC’s crude production held steady in December as the group approached a fresh year of output curbs in full compliance with its supply deal. Source Bloomberg Read More 

Iraq Ships Near-Record Amount of Oil From South - Iraq exported near-record levels of oil from the south in December as the federal government seeks to make up for production disruptions after territorial disputes in the country’s north. Source Bloomberg Read More 

California Bill Seeks Ban on Fossil-Fueled Vehicles by 2040 - California would ban the sale of new cars and trucks powered by fossil fuels in 2040 under legislation introduced Wednesday in the state legislature. Source Bloomberg Read More 

Nigeria loses N490billion to production shut-in - Nigeria may have lost about N490.11billion to various production shut-ins due to pipeline leaks and vandalism in the Niger Delta between September and October 2017. Source Guardian Read More 

Nigeria Loses Almost Half Its Power Output After Pipeline Fire - A fire at a Nigerian pipeline interrupted gas supplies to companies generating more than 3,000 megawatts in Africa’s most populous nation, the government said. Source Bloomberg Read More 

EEP’ll guarantee stable power supply to varsities – FG - The Ministry of Power, Works and Housing has said that the Energising Education Programme of the Federal Government is aimed at rejuvenating the nation’s education system by providing uninterrupted power supply to a total of 37 federal universities and seven university teaching hospitals. Source Punch Read More 

Customers to pay for meters through energy credits in proposed regulation - In the proposed meter regulation by the Nigerian Electricity Regulatory Commission (NERC), electricity customers can repay a self-financed meter acquisition over the course of five years through energy credits. Source Bloomberg Read More 

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OPAN Condemns Arrest of Online Journalists, Tim and Daniel Elombah by the Nigeria Police Force - The Online Publishers Association of Nigeria, OPAN, Nigeria’s premier association of digital/new media publishers, strongly condemns the brazen arrest of the duo of Daniel Elombah and Tim Elombah, the Publisher and Editor respectively, of United Kingdom based online news website, by the Special Anti-Robbery Squad, SARS, of the Nigeria Police Force on “Orders from Above.” Source Proshare Read More 

Obu-Okpella: BUA to contest arrest of staff by Edo govt - BUA Group has said it will challenge Edo State government in court over the arrest of its staff at the mining sites in Obu-Okpella, in the state recently. Source Daily Trust Read More 

Kenya's First Commercial Cargo Train Begins Operations - The first commercial cargo train arrived in Nairobi on Monday at the ultra-modern inland container depot which was launched by President Uhuru Kenyatta a fortnight ago.  Source Proshare Read More 

Angola's Central Bank Plans to Loosen Kwanza's Peg to the Dollar - Angola plans to loosen its currency peg to the dollar by establishing a band in which the kwanza can float freely, central bank governor Jose de Lima Massano said. Source Bloomberg Read More 

Australian Cannabis Stocks Double in Value After Export Approval - Australian cannabis stocks more than doubled Thursday, almost matching gains made during the whole of last year after the government said it would allow medicinal cannabis to be exported Source Bloomberg Read More 

New Zimbabwe government seeks to sell stakes in state-owned companies - Zimbabwe has invited bids for stakes in up to eight loss-making state-owned enterprises, including its national airline and power utility, to help plug a ballooning budget deficit, its deputy finance minister said on Wednesday. Source Bloomberg Read More 

Tanzania increases fuel prices due to rising crude costs - Tanzania’s energy regulator raised the maximum price for petrol, diesel and kerosene on Wednesday, citing rising international crude oil prices. Source Bloomberg Read More 

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NIMC Gets New Policy for Supplementary Regulations for NIN - The National Identity Management Commission (NIMC) has gazetted and published five official regulations that will back the mandatory use of National Identity Number (NIN). Source Thisday Read More 

ECB official calls for tax, regulation on bitcoin - A top European Central Bank official on Wednesday called for governments to regulate and tax bitcoin, labelling the cryptocurrency an object of speculation and a tool for money laundering. Source BUSINESSDAY Read More 

Intel Says Range of Chips Vulnerable to Hack, Denies ‘Bug’ - Intel Corp. confirmed a report saying that its chips contain a feature that makes them vulnerable to hacking, though it said other companies’ semiconductors are also susceptible. Source Bloomberg Read More 

Nissan’s Car of the Future Will Read Your Brain Waves - The world’s biggest carmakers and technology companies are spending billions of dollars to perfect your ability to drive without thinking. Nissan Motor Co. is taking a different direction -- trying to “decode” your thinking so hands-on driving is more fun. Source Bloomberg Read More 

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