Nigeria in 1min: Economic, Business and Financial Headlines – 071217


December 7, 2017 7:20 AM / Proshare News 


Q3 17 GDP: Oil Led Growth Mask Deceleration in Non-Oil- Nigeria’s economy grew by 1.4% YoY in Q3 2017, which is in sync with our estimate of 1.1%. Much of the growth came through a sustained boom in the oil sector which grew by 25.9% YoY on the back of higher oil production to 2.03mbpd (+8.9% YoY). Source Proshare Read More 

Budget 2018: Still a Long Stretch- President Buhari presented the proposed federal budget for 2018 tagged “the Budget of Consolidation” Source Proshare Read More 

Capital Flows Riding the Ranges- Capital importation to Nigeria sustained its strong growth for the second consecutive quarter in Q3 2017 Source Proshare Read More 

Inflation: Soft Headline, But MoM is Firming- In the month of October, Nigeria’s consumer price index sustained its moderation, to a 17- month low of 15.91% YoY, as modest gains from food offset a slight increase in the core basket. Source Proshare Read More 

Nigeria Spends $3.2bn On Importation Of Palm Oil In 10yrs - Nigeria has imported palm oil worth over $3.2billion in the last ten years, LEADERSHIP can authoritatively report. Source Leadership Read More 

Kano spends N9b monthly on salary payment, says Gov - The Kano State Governor Abdullahi Ganduje, has said his administration spends N9 billion monthly on payment of workers’ salaries. Source THE NATION Read More 

W’Bank Board to consider $1bn for Nigeria’s power sector - Federal Government officials and their World Bank counterparts on Wednesday agreed on the necessary steps to be taken before the presentation of Nigeria’s request for $1bn for consideration by the executive board of the institution. Source Punch Read More 

C’River’s N1.3tn budget achievable, says NEXIM Bank MD - The N1.3tn proposed budget for 2018 presented by Governor Ben Ayade of Cross River to the state House of Assembly is attainable, so says the Managing Director of the Nigeria Export and Import Bank, Mr. Abba Bello. Source Punch Read More 

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CBN-banks’ N26.87bn Agri-Business, SME investment scheme takes off - The Agri-Business, Small and Medium Enterprises Investment Scheme (AGSMEIS), which is an initiative of the Bankers’ Committee, formally approved at its 331st meeting held in February this year, has commenced this month. Source BUSINESSDAY Read More 


NSEASI Firms Up Further by 1.51%; Closes Above 39,000bpts- Equities market closed today on a positive note, as NSEASI appreciated by +1.51% to close at 39,075.30 basis points as against +1.37% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +45.30%. Source Proshare Read More 

 NSE Website Ranked the Best among African Exchanges- The Nigerian Stock Exchange (NSE or the Exchange), the sustainable exchange championing Africa’s growth, is now the highest ranked stock exchange website in Africa. Source Proshare Read More 

Strong decline in T-Bill Yields as CBN stays silent on OMO - The bond market opened on a relatively quiet note, but later turned bullish as traders began to react to the downward movement of yields in the T-bills space. Source Proshare Read More 

Reserves Heading Towards US$40bn- Gross official reserves increased by US$1.12bn in November to US$34.95bn. Accumulation has averaged US$850m over the past 12 months. Source Proshare Read More 

What Stock Market Investors Must Consider in the 2018 Pre-Election Year- In every economy of note around the globe, it has long being established that the political mood of the country has effect on its financial markets as investors and at such times Source Proshare Read More 

Eurobond Issuance: Dovish Outlook for FI Yields- Late November, Nigeria accessed the global debt market for the 4th time1 raising $3 billion her largest single issuance on record. Source Proshare Read More 

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Invest in FGN Monthly Bond Auction – December 2017- The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications for Source Proshare Read More 

China's Sinopec looking to sell Nigeria business - China’s Sinopec Group has hired BNP Paribas  to sell its oil business in Nigeria and Gabon, three people with knowledge of the matter said, as the state-owned oil giant pares back its presence in Africa. Source Daily Trust Read More 

FG, W’Bank discover 38 new gas flare sites - The Federal Government, in partnership with the World Bank and the United States Agency for International Development, has discovered 38 additional gas flare sites in Nigeria. Source Punch Read More 

Oil prices drop on US petrol level shocker - Crude oil prices lost ground on Wednesday on a build in United States’ petrol supplies, an indication of lower demand, and fears about the global economy. Source Punch Read More 

‘EGINA project to be completed with $16bn in Q4 2018’ - Total Nigeria’s management has said that it will complete the Egina field development project with an initial budget provision of $16 billion by the fourth quarter of 2018. Source Daily Trust Read More 

EEDC: Over 200 Transformers Vandalised in Anambra in 10 Months - Over 200 transformers belonging to the Enugu Electricity Distribution Company (EEDC) were vandalised by hoodlums between January and November in Anambra State, an official of company has said. Source Thisday Read More 

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Proshare honours Emmanuel Duku, for a decade of outstanding service - Proshare Nigeria’s leading financial information hub, today honoured one of its longest serving staff, Mr Emmanuel Duku of the Logistics department.  Source Proshare Read More 

Neimeth Intl Pharmaceuticals Plc Appoints Mrs. Roseline Oputa as an Executive Director- The Board of Directors of Neimeth International Pharmaceuticals Plc. announces the appointment of Mrs.  Roseline Oputa MPSN as an Executive Director on the 20th October, 2017. Source Proshare Read More 

Emefiele Woos Private Sector on Job, Wealth Creation- The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has again urged the private sector to support in creating jobs and wealth for the overall growth of the Nigerian economy Source Proshare Read More 

2017 IAPM Forum explores strengthening investor protection in a volatile market- The Investment Advisers and Portfolio Managers hosted stakeholders in the Nigerian financial and capital market space to its 2017 forum in Lagos , to explore the theme “Investor Protection Rights in a Volatile Market”. Source Proshare Read More 

Asia shares hover near 2-month low as growth, U.S. policy risks weigh - Asian shares hovered near two-month lows on Thursday as softer oil and copper prices and uncertainty over U.S. policy kept many investors on the sidelines, even as some high-tech bellwethers bounced back after a searing sell-off. Source Reuters Read More 

World Bank approves $1.15 bln development policy loan for Egypt - The World Bank Group said its executive board approved on Tuesday a $1.15 billion development policy loan for Egypt to support the country’s economic reform programs. Source Reuters Read More  

Law firm seeks criminal case against Shell and its CEO over Nigeria deal - A Dutch law firm has asked the public prosecutor in the Netherlands to file a case against Royal Dutch Shell, its CEO and former executives of over what it says were criminal Source Reuters Read More 

China's Banks Need More Capital After Credit Boom, IMF Says - China’s banks should increase their capital buffers to protect against any sudden economic downturn following a credit boom, the International Monetary Fund said. Source Bloomberg Read More 

Bank of Canada Reiterates Caution in Holding Rates Steady - The Bank of Canada kept borrowing costs on hold at its last interest rate decision of 2017 and reiterated it will be “cautious” with future moves, indicating it’s in no rush to cool an economy that is very close to capacity. Source Bloomberg Read More 

Dead Well Glut Has Alberta Regulators Scrutinizing Oil Licenses - Alberta’s government is giving its energy regulator new authority to scrutinize and reject applications for oil and gas production licenses to try to slow the growth of the province’s inventory of abandoned wells. Source Bloomberg Read More 

OPEC’s Surprise Oil Deal With Libya Doesn't Mean Much for Markets - OPEC appeared to score a diplomatic coup last week by persuading Libya, its most troubled member, to accept production limits. In reality, the agreement probably means little for the oil market. Source Bloomberg Read More 

China's Push to Trade Oil in Yuan Faces a Key Hurdle -  China’s moves to set up trading oil in yuan have sparked enthusiasm about what could be a shift in the global financial system: a reduced role for the U.S. dollar. Source Bloomberg Read More 

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Emirates announces its Special Hello 2018 Special Deals- Emirates announced today its Hello 2018 fare sale, offering special deals on Economy class and Business class flights to popular destinations for Nigerian travellers. Source Proshare Read More 

SEC to continue Forensic Audit on Oando PLC- The Securities and Exchange Commission of Nigeria has reiterated its decision to conduct a forensic exercise into the activities of leading integrated energy company in Nigeria and Sub-Saharan Africa Oando Plc. Source Proshare Read More 


MTN Ghana to sign 510 mln cedi syndicated loan via Ecobank - MTN Ghana will sign a 510 million cedi ($112 million) syndicated loan facility arranged by Ecobank, sources close to the deal told Reuters on Wednesday. Source Reuters Read More 

Bitcoin Soars Through $14,000 Mark, Up More Than 40% This Month - Bitcoin climbed as much as 7.9 percent on Thursday as it surged above $14,000, extending this month’s advance to more than 40 percent. The price of the cryptocurrency touched $14,399.99, a new record, according to Bloomberg pricing. Source Bloomberg Read More 

Telcos’ N16.4bn Ad Spend, Highest in the Nigerian Advertising Space - With N16.4 billion advertising spend, which is the 18 per cent of the total above the line (ATL), advertising expenditure in 2016, the telecommunications service providers have continued to maintain dominance among top advertising categories in ad spend in the Nigerian advertising space. Source Thisday Read More 

Digital currency exchange NiceHash says bitcoin worth nearly $64 million hacked - Cryptocurrency marketplace NiceHash said the contents of its bitcoin wallet had been stolen in a security breach and one executive said nearly $64 million had been lost. Source Reuters Read More 

WorldRemit nabs $40M at a $670M valuation to boost its money transfer business - WorldRemit, a London-based startup with some 2 million users that offers a quick way for people to send money to each other with a focus on developing markets, has raised more funds to help it take on the likes of Western Union in the remittances market, estimated by the World Bank to be worth some $596 million globally this year. Source TECH CRUNCH Read More 

Google shuts down Chrome ‘apps’ section on Mac and Windows - Way back in August 2016, Google announced that it would be shuttering the apps section in the Chrome Web Store Source engadget Read More 


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