Nigeria in 1min: Economic, Business and Financial Headlines – 060618


Wednesday, June 06, 2018 / 7:10 AM / Proshare News



Nigeria’s Macro Economic Report – May 2018 - After reaching a high of $47.9 billion on the 10th of May 2018, which is ~$16 billion accretion from a low of $31.8 billion in September 2017, recent data from the CBN revealed a gradual drawdown of the reserve. For context, between 10th and 30th of May, the reserve has been drawn-down by $243 million to $47.6 billion. Source Proshare Read More 

Moody’s: Nigeria’s Perennial Budget Delay Reflects Weakness of Institutions - Moody’s Investors Service has described the perpetual delay in passing Nigeria’s annual budget as a reflection of the weakness of institutions in the country. Source Thisday Read More 

Nigeria Clears $600m Belonging To International Airlines, Says IATA - The International Air Transport Association (IATA) says Nigeria has repatriated the 600 million dollars belonging to international airlines that was trapped in the country due to foreign exchange shortages. Source Leadership Read More 

NSIA’s assets rise by 27% to N534bn but profit drops - The total assets held by Nigeria’s sovereign wealth fund (SWF) has risen by 27 percent in 2017 to N533.9 billion. Source BUSINESSDAY Read More 

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Nigeria’s Equities Market Maintains an Uptrend As NSEASI Inches up by 2.46%  - Equities market closed today on a positive note, as NSEASI appreciated by 2.46% to close at 37,854.92 basis points as against 0.36% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.02%. Source Proshare Read More 

Bond Yields to Remain Weak amid Expectations for Increased FGN Borrowings - The bond market traded on a slightly bearish note with continued sell on the longer end of the curve (36s and 37s) taking yields slightly higher by c.2ps on average. Source Proshare Read More 

Keystone Bank sold at N41b, says AMCON - Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, has said the sale of Keystone Bank to new investors at N41 billion helped to boost the corporation’s performance in the last financial year. Source THE NATION Read More 

Nigeria oil reserves remain stagnant for 12 years - Nigeria, Africa largest oil producing country is far from attaining its full potentials in its oil and gas industry as its proven oil reserves are not rising to replace as much oil as it pump on a daily bases due to lack of exploration of and decreased investment in the sector over the past years. Source BUSINESSDAY Read More 

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Dangote to Launch 200 Housing Units for IDPs in the North East - In another rare gesture from a private sector operator to help government in the rehabilitation of Internally Displaced Persons (IDPs) in parts of the insurgency ravaged areas in the North East, the Aliko Dangote Foundation has concluded preparation to commission a multi-billion naira housing estate Source Proshare Read More 

The Road To Babylon - Nigeria is on the road to Babylon: a place of confusion. Three years ago, the people were convinced that they had found a messiah who will lead them to the Promised Land, and meet all their expectations. Source Proshare Read More 

FG’s $407m Suit Against Shell Adjourned to Oct 9 - A Federal High Court sitting in Lagos has adjourned till October 9 the crude oil shipment suit brought by the federal government against Anglo-Dutch oil multinational, Shell. Source Thisday Read More

S. Africa Economy Shrank Most in Nine Years as Zuma Era Crumbled - South Africa’s economy shrank the most in nearly a decade as Jacob Zuma handed the reins of power to Cyril Ramaphosa, racking up the worst performance of the former president’s tenure. Source Bloomberg Read More 

Refugees Now Make Up 1% of World Population, Peace Index Shows - The number of refugees fleeing conflicts ballooned to 1 percent of the global population, the highest level in modern history, according to a report showing the world is less peaceful now than at any time in the last 10 years. Source Bloomberg Read More 

Abu Dhabi Announces $13.6 Billion Stimulus Program Over 3 Years - Abu Dhabi will spend 50 billion dirhams ($13.6 billion) over three years to stimulate its economy, the oil-rich emirate’s crown prince said. Source Bloomberg Read More 

Looking Past Worries on Emerging Markets and Trade, World Bank Sees Synchronized Growth Intact - Bank estimates the global economy will grow 3.1% this year, unchanged from its forecast in January and matching the pace of growth seen in 2017 Source WSJ Read More 

OPEC Faces New Concern Over Global Oil Stocks: China - China’s secretive crude reserves will help major producers determine whether to continue their supply cuts or open the taps wider again Source WSJ Read More 

Oil prices rise amid Venezuela export concerns - Global oil prices rose during Asian trade on Wednesday after Venezuela raised the prospect of halting some crude exports, according to people familiar with the matter, but gains were capped amid reports the U.S. government had asked Saudi Arabia and some other OPEC producers to increase output. Source Reuters Read More 

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Price Pressure Bites Deeper – The Pentard Urban Retail Price Tracker - Our Urban Retail Price Tracker—the PURP index— recorded an increase of 0.77% MoM to 105.7 pts in the month of May (vs 0.69% MoM in April). Our survey revealed a mixed play of prices. While the brewery and commodities sector saw increased prices due to high transport cost and the ongoing Ramadan festival, prices in the consumer sector were largely lower MoM. Source Proshare Read More 

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Fostering Open, Transparent, Competitive, And Financially Sound Markets  - Good evening.  The United Nations has played a special role in my life.  I grew up close by, about 20 miles away in northern New Jersey.  More importantly, my Aunt is the founder and president of the International Health Awareness Network (IHAN), which works in consultative status with the Department of Public Information of the United Nations. Source Proshare Read More 

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