Nigeria in 1min: Economic, Business and Financial Headlines – 080118


January 8, 2017 7:10 AM / Proshare News 


What To Expect From The Markets This Week- 080118 - The contribution of Value added tax in the month of November 2017 rose by 7.6% and 18.69% compared to previous month and on a 12month basis (YOY). Source Proshare Read More 

FG, Akwa Ibom begins process for new deep seaport - The Federal Government of Nigeria and the Akwa Ibom State Government will begin the procurement for the Ibom Deep Seaport (IDSP) project this month. Source Daily Trust Read More 

Nigeria completes budget cycle only four times in 18 years - The Nigerian economy has overtime distorted its budget cycle process by achieving a complete budget cycle only four times in 18 consecutive years according to BusinessDay analysis of available data. Source Daily Trust Read More 

2018 Budget: Edo Partners World Bank On Expenditure - The Edo State government has revealed that it is partnering with the World Bank on its Medium-Term Expenditure Framework (MTEF) and Medium Term Sector Strategy (MTSS), for efficient allocation of resources and engender inclusive growth. Source Leadership Read More 

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Customs auctions 646 vehicles worth N272m in 6 months - The Nigeria Customs Service (NCS) said it has generated N272 million for the federal government from the auctioning of 646 vehicles since its E-Auction platform began six months ago. Source Daily Trust Read More 

‘Foreign airlines dominate 80% traffic in Africa’ - Managing Director, Ethiopian Airlines International Operations, Mr. Esayas Woldemariam Hailu, has decried the lack of cooperation among government’s of African countries noting that the trend had created a loophole for foreign carriers to continuously exploit the continents aviation sector to the detriment of local airlines. Source THE SUN Read More 


Banks Unsecured Loans To Increase In Q1– CBN - The Central Bank of Nigeria (CBN) has said banks are expected to report increased availability of unsecured loans in first quarter of 2018. Source Leadership Read More 

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Stock Market Maintains Uptrend as NSEASI Firms Up by 0.64% - Equities market closed today on a positive note, as NSEASI appreciated by +0.64% to close at 38,923.26 basis points as against +1.28% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +1.78%. Source Proshare Read More 

Mass Telecom Innovation Plc (MTI) Now Trading on the OTC Market - We are pleased to inform the investing public that the securities of Mass Telecom Innovation Plc. (MTI) have been admitted to trad on the NASD OTC Market by way of Security Admission. The securities were introduced to the OTC Market by Apel Asset Limited. Source Proshare Read More 

Flour Mills of Nigeria PLC Set to Undertake N39.9B Rights Issue - Following the receipt of shareholders' approval in May 2015 to raise additional capital via a Rights Issue, Flour Mills of Nigeria PLC ("the Company" or "Flour Mills of Nigeria" or "FMN") has now received clearance of the issue documents from the Securities and Exchange Commission and The Nigerian Stock Exchange to proceed with Series 1 of the Rights Issue Programme. Source Proshare Read More 

Forex liquidity exceeds $42b - Nigeria may be sitting atop foreign exchange (forex) stockpile in excess of $42 billion from reserves’ accretion and the expected full inflow of the $3 billion Eurobond, which may have materialised. Source Guardian Read More 

Nigeria’s Corporate Eurobonds Sustain Positive Sentiment - Following a largely positive 2017 for Nigerian corporates, sentiments on the corporate Eurobonds remained strong in the first trading week of the year. Consequent on the bullish sentiment, average yield on all corporates fell week-on-week. Source Thisday Read More 

Trading Turnover In I&E Window Hits N7.8trn In 9 Months - Since its commencement in April, 2017, total turnover trade on Investors & Exporters (I&E FX) foreign exchange window has increased to N7.8 trillion or $25.65 billion in nine months of 2017. Source Leadership Read More 

AfDB, GEF, others in $55m off-grid energy investment - A consortium comprising the African Development Bank Group (AfDB), Nordic Development Fund (NDF); multilateral donor trust fund, Global Environment Facility (GEF); and investors, Calvert Impact Capital (CIC), are partnering to invest $55 million into off-grid energy. Source THE NATION Read More 

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How I Spent My First Salary - Lessons Learnt  - Welcome to 2018. It’s going to be an exciting and engaging year this time especially as the digital wind keeps blowing across all sectors in Nigeria. Source Proshare Read More 


Oil prices edge up on lower U.S. rig count, but below recent highs - Oil prices firmed on Monday on the back of a slight decline in the number of U.S. rigs drilling for new production, with crude holding just below near three-year highs reached last week. Source Reuters Read More

Vietnam starts high-profile trial over oil firm losses - Vietnam put 22 executives on trial over losses at the state oil firm on Monday, including a businessman Germany accuses Hanoi of kidnapping from a Berlin park and the communist state’s first politburo member to face trial in decades. Source Reuters Read More

China Insurer Up $101 Billion Trades Like a Technology Stock - Insurance may lack the buzz and cachet enjoyed by tech companies, yet the stock of one Chinese company in the industry has kept pace handsomely with some of the highest-flying champions of the digital revolution. Source Bloomberg Read More 

South Africa's rand eyes longest weekly winning streak since 2002 - South Africa’s rand weakened slightly on Friday as investors bagged profits from a rally that has set the local unit up for its longest weekly winning streak since 2002. Source Reuters Read More 

OPEC oil cut adherence rises in Dec as Venezuela output slides - survey - OPEC deepened compliance with an oil supply-cutting deal in December due to a further decline in Venezuelan output and extra cuts by Gulf exporters, a Reuters survey found, showing strong commitment to the deal despite higher prices. Source Reuters Read More 

Libyan oil revenues up sharply in 2017, budget deficit halved - cenbank - Libya earned $14 billion in oil revenues in 2017, nearly three times more than in the previous year, allowing it to halve its budget deficit, the central bank said, amid a partial recovery in oil output despite continued political and economic turmoil. Source Reuters Read More 

Sudan's bread prices double after government cuts wheat subsidies - Bread prices in Sudan have doubled, the country’s Bakeries Union said on Friday, a few days after the government eliminated subsidies under its 2018 budget. Source Reuters Read More 

Saudi royal handouts to cost about $13bn – Minister - A package of handouts to Saudi Arabian citizens to compensate them for cost of living increases will cost the government about 50 billion riyals ($13.3 billion) this year, the information minister was quoted as saying on Sunday. Source Daily Trust Read More 

Angola's depleting FX reserves led to currency easing: central bank -  Angola’s depleting foreign exchange reserves prompted the central bank to ease currency controls, the regulator said on Thursday, a day after plans were unveiled to restructure foreign debt and allow looser trading of the kwanza. Source Reuters Read More 

U.K. Consumer Pullback Sees Worst Year for Spending Since 2012 - U.K. consumers curbed their spending for the first time in five years in 2017 as surging inflation and falling real wages took their toll on high street retailers. Source Bloomberg Read More 

China sets up 30 billion yuan fund to boost services trade industry: Xinhua - China has launched a 30 billion yuan ($4.63 billion) investment fund to boost the services trade industry, in an effort to further improve the country’s foreign trade structure, the official Xinhua News Agency said on Monday. Source Reuters Read More 

U.S. company plans funds that double bitcoin price moves - U.S. fund managers are ramping up efforts to tap into the fever surrounding digital assets, and the latest planned bitcoin products could deliver some head-turning and stomach-churning price movements if they come to market. Source Reuters Read More 

Indonesia's new cyber agency looks to recruit staff of hundreds - Indonesia’s recently established cyber security agency will recruit hundreds of personnel in the coming months, its chief said on Friday. Source Reuters Read More 

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Bitcoin Crash: CBN Cautions In Virtual Currencies Trading Stands - In January 2017, the Central Bank of Nigeria (CBN) warned Nigerians and financial institutions to stay away from virtual currencies that have attracted investment in payments infrastructure that provides new methods for transmitting value over the internet. Source Leadership Read More 

Uber taps Nvidia for its self-driving vehicle fleet - Uber has picked Nvidia as one of its key technology partners in its fleet of self-driving, specifically to provide the AI computing aspects of its autonomous software. Source TECH CRUNCH Read More 

Volkswagen and Hyundai both plan to deploy self-driving taxis by 2021 - On Thursday, automakers Hyundai and Volkswagen both announced a new partnership with Aurora, the autonomous driving startup with a killer pedigree and good momentum early on – but they also both revealed that each is planning to deploy self-driving cars by 2021 on roads in a commercial capacity. Source TECH CRUNCH Read More 


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