Nigeria in 1min: Economic, Business and Financial Headlines – 060218


February 6, 2018 7:10 AM / Proshare News 


The Deadline for Tax eVAIDers - Figures cited by the federal finance ministry show that there are 14 million taxpayers in Nigeria, of which 13.4 million have their taxes deducted at source. Source Proshare Read More 

Fitch Affirms Access Bank at 'B'; Upgrades National Rating to 'A (nga)' - Fitch Ratings has affirmed Access Bank Plc's Long-Term Issuer Default Rating (IDR) at 'B'. The Outlook is Stable. At the same time, Fitch has upgraded Access' National Long-Term Rating to 'A+(nga)' from 'A(nga)'. Source Proshare Read More 

Fitch Affirms FBN Holdings Plc and First Bank of Nigeria at ''B-''; Outlook Negative - Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDR) of FBN Holdings Plc (FBNH) and First Bank of Nigeria Ltd (FBN). The Outlooks are Negative.  Source Proshare Read More 

Fitch Affirms Zenith Bank at ''B ''; Outlook Negative - Fitch Ratings has affirmed Zenith Bank Plc's Long-Term Issuer Default Rating (IDR) at 'B+'. The Outlook is Negative. The bank's Viability Rating (VR) has been affirmed at 'b+' and its Support Rating at '5'. Source Proshare Read More 

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FG earmarks N45 billion to rebuild liberated communities in North East - The Federal Government has earmarked N45 billion for the rebuilding of destroyed liberated communities in the Northeast. Source Guardian Read More 

152 million Nigerians live on less than $2/day –AfDB -  About 152 million Nigerians live on less than $2 a day, representing about 80 per cent of the country’s estimated 190 million population, the African Development Bank has said. Source Punch Read More 

FG to provide insurance cover for 3.8 million farmers - The Federal Government is planning to increase insurance coverage for the agricultural sector from the current 500,000 farmers to 3.8 million farmers. Source Punch Read More 

FG to inaugurate working group for ERGP - The Federal Government has concluded plans to inaugurate the Joint Working Group for the Economic Recovery and Growth Plan’s Focus Labs. Source Punch Read More 

World Bank to provide over $4bn funding for impacts of climate change - THE World Bank has collaborated with the Global Covenant of Mayors for Climate & Energy to provide technical assistance and $4.5 billion in funding to help cities around the world better prepare for and respond to the impacts of climate change, under the World Bank’s City Resilience Program (CRP). Source Vanguard Read More 

27 States Yet To Submit Constitution Amendment Reports - Only nine state Houses of Assembly have submitted their reports on the constitution amendment, while those in the remaining 27 states of the federation are yet do so, LEADERSHIP checks have revealed Source Leadership Read More

Land Border Ban: Vehicles Importation Through Seaports Rises By 13 % - The federal government’s ban on importation of vehicles through the land borders has started yielding positive fruits as vehicles arriving Nigeria through the nation’s seaports have increased by 12.8 per cent, one year after implementation of the policy directive by the Nigerian Customs Service (NCS). Source Leadership Read More

Budget: Senate begs Ministry to inject fund for own project - The Senate Committee on Information Communication Technology (ICT) on Monday begged the Ministry of Communications to tinker with its 2018 budget to provide funds for its annual conference on cyber space security. Source BUSINESSDAY Read More 

70,000 Nigerians visit Chinese Province in one year - Republic of Nigeria in Ghuangzhuo, China on Monday announced that no fewer than 70,000 Nigerians visited Guangzhou, in the Guangdong Province of China in 2016. Source BUSINESSDAY Read More 

Kano to Niger Republic rail line to cover 248km - The proposed rail line from Kano in Nigeria to Maradi in Niger Republic is going to cover a track length of 248 kilometres and will pass through seven senatorial districts in the North. Source Punch Read More 

MAN Seeks Downward Review of Company Income Tax - The Manufacturers Association of Nigeria (MAN) has called on the federal government to review the Company Income Tax (CIT) downwards from the current 30 percent to about 20 percent, with targets for the employment of Nigerians to technically reflect the prevailing operating environment and economic situation of the country. Source Thisday Read More 

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CBN to increase minimum capital requirement for MfBs - The Central Bank of Nigeria, CBN, is set to increase the minimum capital requirement for Microfinance Banks, MfBs with a view to enhancing their performance. Source Vanguard Read More 


NASD USI Up by 3.40% WoW - NASD closed its trading day on Friday 2, February, 2018 higher compared to last Friday. The Market Capitalization increased 3.4% this week, closing higher at ₦426.45 billion against ₦412.43 billion previously. Source Proshare Read More 

Flour Mills of Nigeria Plc Rights Issue Closes on 21 February 2018 - Flour Mills of Nigeria (FLOURMILL) Rights Issue, opened on 15 January, 2018, will close on Wednesday, 21 February 2018. The Rights Issue is being undertaken to enable FLOURMILL deleverage its balance sheet, support working capital needs, and position the company to exploit value-accretive opportunities.  Source Proshare Read More 

GTI Top-5 Stock Picks for 050218 - The Nigerian equity market in the week under review closed in the north. We observed modest volatility all through the trading sessions as investors positioned ahead of full year 2017 earnings season. Source Proshare Read More 

Domestic and Foreign Portfolio Participation in Equity Trading – December 2017 - On a monthly basis, The Nigerian Stock Exchange polls trading figures from major custodians and market operators on their Foreign Portfolio Investment (FPI) flows. Source Proshare Read More 

Stock Market Opens The Week Negative as NSEASI Records -0.85% Loss - Equities market closed today on a negative note, as NSEASI depreciated by -0.85% to close at 44,261.72. basis points as against +0.40% appreciation recorded previously. Source Proshare Read More 

Cordros Weekly Stock Recommendation- 05021 - The shares of CADBURY appreciated by 6.60% last week to N16.00. CADBURY trades at a significant forward PE above its 5-year historical average of 24.9x. Source Proshare Read More 

DMO issues 2 and 3 year Savings Bonds at 10.277% and 11.277% respectively - The Federal Government of Nigeria Savings Bond offer for February opens today the 5th of February 2018 and will remain open for five days till the 9th of February 2018. Source Proshare Read More 

Bond Yields Rise on Weak Local Demand and Slight Offshore Sell - The bond market traded on a slightly bearish note due to slight sell by some offshore clients on the 10– and 20-yr bonds. Yields however recorded a substantial uptick (c.7bps) due to weak demand from domestic participants. Source Proshare Read More 

CBN injects $210m into FX market - In its desire to ensure the availability of forex and also meet customers’ requests in various segments of the market, the Central Bank of Nigeria (CBN) has injected another sum of $210million into the inter-bank Foreign Exchange Market. Source Vanguard Read More 

‘$89b lost to underuse of EU free trade pacts’- A new report by the United Nations Conference on Trade and Development (UNCTAD), and the National Board of Trade Sweden has revealed that the full potential of European Union’s free trade agreements (FTAs) remains untapped to the tune of almost €72billion ($89billion). Source Guardian Read More 

Oil prices slump 1 percent amid global market rout - Oil prices dropped by 1 percent on Tuesday, extending falls from the previous session as global financial markets headed south in the wake of one of the biggest intra-day falls ever registered on Wall Street. Source Reuters Read More 

Nigeria’s petrol price peg distorts West African markets - Nigeria is not only the biggest country in Africa; it is also the continent’s most foolishly generous. With 20 million litres smuggled out of the country daily, Nigeria’s subsidised petrol is a favourite commodity on West Africa’s black markets. Source BUSINESSDAY Read More 

Oil production from Bonga rising after shutdown –Shell -Production of Nigeria’s Bonga crude oil is “being ramped up gradually” after a brief shutdown, a spokesman for Shell Nigeria Exploration and Production Company said on Monday Source Punch Read More 

Exporters Want Modular Refineries in Free Zones - The Association of Nigerian Exporters (ANE) has called for the establishment of modular refineries in the nation’s oil and gas free zones. Speaking during a courtesy call on the managing director of the Oil and Gas Free Zones Authority (OGFZA), Mr. Umana Okon Umana, in Abuja, the president of ANE, Chief Sunny Jackson Udoh explained that locating modular refineries in the oil and gas free zones would cut cost of such investments because of the regime of incentives that exempts free zone enterprises from import duties and other forms of taxation. Source Thisday Read More 

ExxonMobil, Chevron Earned $19.7bn, $9.2bn in 2017 - Exxon Mobil Corporation at the weekend announced fourth quarter 2017 earnings of $8.4 billion and an estimated 2017 earnings of $19.7 billion, compared with $7.8 billion earned in 2016, just as Chevron reported fourth quarter earnings of $3.1 billion and annual earnings of $9.2 billion. Source Thisday Read More 

World Bank Board Set to Consider Transmission Expansion Plan - The World Bank Group is set to consider its planned expenditure on projects it had identified to fund in the transmission expansion and upgrade plan of the Transmission Company of Nigeria (TCN), the interim head of TCN, Mr. Usman Mohammed has disclosed. Source Thisday Read More 

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How Should Universities Prepare Students For The Age Of Artificial intelligence (AI) - Over the next 50 years or so, as AI and machine learning become more powerful, human labor will be cannibalized by technologies that outperform people in nearly every job function. Source Proshare Read More 

EFCC recovered N473.1 billion, $98.2 million in 2017, says Magu - The acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu has disclosed that his outfit recovered the sum of N473,065, 195,977.50 in 2017. Source Guardian Read More 

Nigeria Pays US Govt $496m for Acquisition of 12 Tucano Fighter Jets - The Nigerian government has paid the United States government $496 million for the acquisition of 12 Super Tucano fighter jets to be used by the Nigerian Air Force in the ongoing military operations against the Boko Haram insurgency in the North-east. Source Thisday Read More 

Botswana's economy seen expanding at faster pace this year - Botswana’s economy is projected to expand at a faster pace this year compared to last year as the mining sector benefits from a recovery in the global economy, Finance Minister Kenneth Matambo said on Monday. Source Reuters Read More 

Market Rout Wipes $114 Billion From Fortunes of World's Richest - A plunge in U.S. stocks Monday cut the fortunes of the world’s 500 richest people by $114 billion as the optimism over tax cuts that fueled January’s gains gave way to worries about inflation. Source Bloomberg Read More 

Ghana's Mobile Money Transactions Double to $35 Billion - The value of deposits and withdrawals by Ghanaians using mobile phones for banking almost doubled in 2017, according data published by the central bank. Source Bloomberg Read More 

Australia central bank holds rates at 1.5 percent - Australia’s central bank left its cash rate at 1.5 percent on Tuesday, a widely expected decision given policy makers have signalled a steady outlook for some time to come. Source Reuters Read More 

Emerging markets stocks resilient as U.S. sells off - Emerging markets stocks are so far weathering the storm in developed markets stocks and bonds in the past few days, though action in U.S. markets in the next few days may test investor appetite for the asset class. Source Reuters Read More 

Venezuela announces 99.6 percent devaluation of official forex rate - Venezuela’s central bank on Monday announced a devaluation of more than 99 percent of its official exchange rate with the launch of a new foreign exchange platform, a move critics quickly said would not create a functioning currency market. Source Reuters Read More 

Nigeria's president signs order to boost local production, employment - Nigeria’s President Muhammadu Buhari on Monday signed an executive order aimed at boosting the local production of goods and create jobs in the west African country. Source Reuters Read More 

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Emirates Treasures Its Nigerian Employees - Emirate Airlines, has reiterated its commitment to staff welfare pointing that it holds its Nigerian employees in high esteem. This was what urged them to retain their Abuja staff during the airlines suspension of flight operations in the year 2016. Source Proshare Read More 


Banking Sector Records 461.98m Volume of Transactions in Q4 2017 - NBS - A total volume of 461,980,541 transactions valued at N29.44 trn were recorded in Q4 2017 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed. Source Proshare Read More 

NCC: 9mobile’s sale inconclusive - THE Nigerian Communications Commission (NCC), has said the process of selling 9mobile has not been concluded. Source THE NATION Read More 

Bitcoin Tumbles Almost 20% as Crypto Backlash Accelerates - Bitcoin tumbled for a fifth day, dropping below $7,000 for the first time since November and leading other digital tokens lower, as a backlash by banks and government regulators against the speculative frenzy that drove cryptocurrencies to dizzying heights last year picks up steam. Source Bloomberg Read More 

Banks in Britain, U.S. ban Bitcoin buying with credit cards - Banks in Britain and the U. S. have banned the use of credit cards to buy Bitcoin and other “crypto currencies”. Source Daily Trust Read More 


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