Nigeria in 1min: Economic, Business and Financial Headlines – 080218


February 8, 2018 7:10 AM / Proshare News 


Nigeria''s Economic Outlook: Top 10 Themes for 2018 - A balanced oil market will keep the oil price at USD60/bbl, 10% higher than 2017. And real GDP growth to reach 2% y/y on improvements in net exports and domestic demand. Source Proshare Read More 

Nigeria is World’s Largest Consumer and Producer of Cassava With an Annual Output of 57.13m Tonnes - Brent oil declined further, dropping 0.99% to $66.99pb. The widespread meltdown in global equities, bonds and cryptocurrencies extended to commodities. Nonetheless, oil remains in positive territory so far this year (2.5%). Source Proshare Read More 

VP Osinbajo Inaugurates ERGP Labs Working Groups, Charge Members On Commitment - Vice President Yemi Osinbajo on Tuesday inaugurated the Core Working Groups of the Economic Recovery and Growth Plan (ERGP) Focus Labs with a charge to stakeholders to work collaboratively as one entity focused on getting new investment commitments and assisting investors think through implementation. Source Proshare Read More 

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FG Targets N762.5bn Earnings from $2.5bn Eurobond to Finance Treasury Bills - The federal government wednesday in Abuja said its proposed $2.5 billion Eurobond already approved by the National Assembly would yield N762.5 billion proceeds for the refinancing of treasury bills. Source Thisday Read More 

Fed Govt: we’ll invest N1.3tr yearly on infrastructure - In order to attract investors to the country, the Federal Government has said it will continue to invest about N1.3trillion yearly on capital projects to bridge the infrastructure gap. Source THE NATION Read More 

Manufacturers Decry Smuggling Despite Govt Ban - Despite government intervention to stop importation of some products into the country, smugglers still find their way to bring in these goods. Source Leadership Read More 

Cigarette, Alcohol Prices to Rise as Adeosun Proposes Tariff Review - The Minister of Finance, Mrs. Kemi Adeosun, is proposing increased tariff for cigarette and alcohol. Source Thisday Read More 

Lawmakers to visit Arik, Aero airlines over AMCON takeover - The House of Representatives Committee on Banking and Currency, has said it will soon pay a visit to Arik and Aero airlines for on-the-spot assessment of recent positive developments at the two airlines since their take over by the Asset Management Corporation of Nigeria (AMCON). Source Guardian Read More 

FG to establish commission to regulate mining activities - The Federal Government has concluded arrangements to establish the Nigerian Mining Commission to take charge of the regulatory role of the Ministry of Mines and Steel Development. Source Daily Trust Read More 

FG gets Borderless commendation on local content drive - Borderless, a non-governmental organisation, has commended the Federal Government’s commitment to the Nigerian content development drive, particularly its recent signing of the Executive Order 5 by President Muhammadu Buhari, which is aimed at improving local content in public procurement with science, engineering and technology components. Source Punch Read More 

Sokoto spends N3bn on regional cattle project - The Sokoto State Government has initiated a regional cattle ranch to ease the lingering clashes between herders and famers in the country. The N3 billion project would initially cover 1000 hectares with capacity to cater for 10,000 cattle. Source Daily Trust Read More 

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Gross Official Reserves Moved Across the US$40bn Threshold, and Counting - Gross official reserves increased by US$1.92bn in January to US$40.69bn. The rapid accumulation of US$12.69bn over 12 months is due to two sizeable Eurobond launches, a small diaspora bond issue and the recovery in oil export revenues (through the NNPC’s share of production). Source Proshare Read More 

CSCS leverages Tech for process optimization, profitability in its 3 year new strategy - The Central Securities Clearing System (CSCS) Plc today, Tuesday, February 6, 2018, unveiled its three-year strategic plan that would leverage technology for process optimization and profitability. Source Proshare Read More 

Market Extends Two-Day Losing Streak by -0.77% as Market Breadth Closes Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.77% to close at 43, 538.16. basis points as against -0.87% depreciation recorded previously. Source Proshare Read More 

CBN releases No-Sale OMO Result, as Finance Minister Announces Prospective $2.5bn Eurobond Issuance for T-bills Re-financing - The bond market remained slightly bearish, with significant sell witnessed on the 2020 bond which rose by c.52bps to 14.44%. Yields however moderated slightly downwards by c.5bps, with some buy interests observed on the 2037s Source Proshare Read More

European Commission Upgrades Growth Forecasts - Europe’s economy is expected to show robust growth this year and next after a better than forecast performance in 2017, according to the European Commission. Source Proshare Read More 

What Do Reeling Global Markets Mean for Nigeria? - Taking a cue from a bearish close to last week, global equity markets opened to a rout this week as investors were spooked by the possibility of aggressive monetary tightening in the United States (U.S.). Source Proshare Read More 

Citi Group, Standard Chartered, Stanbic IBTC, others to handle $2.5b Eurobond - Nigeria is set to take $2.5billion Eurobond to refinance external borrowing, following yesterday’s approval by the Federal Executive Council (FEC) Source THE NATION Read More 

Oil Prices Ravaged By Financial Turmoil - The steady decline of the U.S. dollar has helped drive up crude prices for weeks, but that came to an abrupt halt last week. A rebound for the greenback led to a steep decline in oil prices on Friday. Source Proshare Read More 

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Oil firms flare N276bn in 11 months - Nigeria lost $767.13 million, about N276.167 billion to gas flaring in eleven months, between January and November 2017, as oil and gas firms operating in the country flared 255.71 billion standard cubic (SCF) feet of gas. Source Vanguard Read More 

Panic as Nigeria records drop in rig count - There are indications that crude oil production may have decreased as Nigeria’s rig count for the month of December 2017 showed a slight fall to 28 as against 29 recorded in the month of November, data from the Organisation of Petroleum Exporting Countries, OPEC, showed. Source Vanguard Read More 

Petrol scarcity lingers as NNPC, DPR search for solution - Insufficient supply of premium motor spirit (PMS) otherwise called petrol has continued to compel many fuel stations in different part of the country to ration the product causing queue of vehicles at retail stations to soar. Source Daily Trust Read More 

Rising US Shale to keep oil prices below $70 - Oil prices would likely be below $70 per barrel this year, as the growing United States onshore production as well as rising production from conventional fields would keep a lid on prices, Statoil’s Chief Executive Eldar Sætre told Reuters on Source Punch Read More 

IOCs culpable of oil theft, says PWYP - International oil companies operating in Nigeria are also involved in the stealing of Nigeria’s crude oil, Publish What You Pay, a network of civil society in the country’s extractive industry, has alleged. Source Punch Read More 

Power tariff shortfall hits N420bn in two years - The total shortfall in the amount of electricity tariff payable by consumers to the power sector between January 2015 and December 2016 is N420bn, the Federal Government has declared. Source Punch Read More 

Reservoir Capital acquires 60% stake in Kainji Power Holding Limited - Canada based, Reservoir Capital Corporation (Reservoir) has announced its completion of a Heads of Agreement with Kainji Power Holding Limited (KPHL) respecting a share exchange transaction that will result in Reservoir owning a 60 per cent stake in KPHL and KPHL beneficiaries holding jointly 76.7 per cent of Reservoir. Source BUSINESSDAY Read More 

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Opeyemi Agbaje Institute, launches Project OSEESE for Ogun State - The Opeyemi Agbaje Institute incorporated in 2014, with a vision to serve as a “catalyst for transformation of policy, governance, and development in Nigeria, Africa and the Diaspora” has launched its maiden initiative the “Project OSEESE”. Source Proshare Read More 

Zimbabwe negotiating $1.5 billion guarantee with Afreximbank - governor - Zimbabwe is negotiating a $1.5 billion guarantee with Afreximbank to ensure foreign investors’ funds are protected, central bank Governor John Mangudya said on Wednesday. Source Reuters Read More 

Asian shares flirt with six-week low as U.S. yields creep up - Asian shares flirted with six-week lows on Thursday as U.S. bond yields crept up toward four-year highs as investors fretted that low borrowing costs enjoyed by companies for many years may be endangered by the threat of rising inflation. Source Reuters Read More 

Oil prices fall as U.S. output soars above 10 million bpd - Oil prices eased on Thursday, taking Brent crude to a 2018 low, as soaring U.S. output uncermined OPEC’s efforts to tighten markets and prop up prices. Source Reuters Read More 

Saudi Aramco and Petronas Are Close to Raising $8 Billion Loan - Saudi Arabian Oil Co. and Malaysia’s state-owned oil firm are close to raising an $8 billion loan to partly finance the construction of a planned refinery and a petrochemical complex in the Southeast Asian nation, people familiar with the matter said. Source Bloomberg Read More

Egypt's fuel subsidy costs jump by 34 pct in first half of 2017-2018 - oil minister - Egypt’s fuel subsidy costs jumped by 34 percent in the first half of the 2017-18 fiscal year, the Egyptian oil minister said on Wednesday, rising to 51 billion pounds ($2.9 billion) from 38 billion pounds. Source Reuters Read More 

South Africa's net foreign reserves rise to $43.6 bln in January - South Africa’s net foreign reserves rose to $43.588 billion in January from $42.927 billion in December, the Reserve Bank said on Wednesday. Source Reuters Read More 

Deutsche Bank Shares Plunge to Crisis Level - Deutsche Bank AG fell to the lowest level since a crisis of confidence in 2016 after its fourth-quarter earnings flop prompted analyst downgrades. Source Bloomberg Read More 

Canada's Biggest Marijuana Adviser Sees `Robust' Deals, More M&A - Canaccord Genuity Group Inc., Canada’s biggest financial adviser for pot deals, sees little threat from large banks for transactions in the nation’s expanding marijuana industry, Chief Executive Officer Dan Daviau said. Source Bloomberg Read More 

In Nigerian ‘Cash-and-Carry’ Politics, Ambition Is Only Constant - At recent rallies of Nigeria’s ruling All Progressives Congress for next year’s general elections, the list of speakers is often dominated by former members of the opposition People’s Democratic Party who switched sides. Source Bloomberg Read More 

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Dealing With Debt – Part 2 - bA thousand and one thoughts flashed through Latifah’s mind. A courier service had just delivered a lean parcel to her. She had started wondering what it could be. Source Proshare Read More 

7.82m Workers Are Registered Under the Pension Scheme as at Q4 2017 - NBS - The Pension Asset and RSA Membership Data Q4 2017 reflected that 7,823,911 workers are registered under the pension scheme compared to 7,710,564 registered workers in Q3 2017 while the Pension Fund Asset under Management as at Q4 2017 stood at N7,515mln as against N7,164mln in Q3 2017. Source Proshare Read More 

Lagos State to boost tourism through Technology - Lagos State Commissioner for Tourism, Arts and Culture, Mr. Steve Ayorinde has said the State is ready to deploy innovation, technology and globally tested resources to achieve its goal in marketing her tourism assets as part of the tourism master plan. Source Proshare Read More 


Regulators Are Looking at Cryptocurrency - Distributed ledger technology, or DLT, is the advancement that underpins an array of new financial products, including cryptocurrencies and digital payment services. Many have identified DLT as the next great driver of economic efficiency. Source Proshare Read More 

Bitcoin Price Booms As US Senate Cryptocurrency Hearing Reassures Market, Boosts Value Of Ethereum - Bitcoin is booming today after the US Senate discussed the possible introduction of new laws to combat the volatility of cryptocurrency and stop digital currencies from being used by scammers and terrorists. Source Proshare Read More 

MTN to Plan $500 Million Nigeria Share Sale in 2018 - MTN Group Ltd. plans to raise about $500 million from the sale of shares in its Nigerian business during the first half of the year, fulfilling the terms of a deal struck with the West African nation to settle a record fine, according to people familiar with the matter. Source Bloomberg Read More 

NCC licences two new Infraco for South-east, North-east - The Board of the Nigerian Communications Commission (NCC) has approved two additional Infrastructure Company (Infraco) licences in order to deepen broadband penetration in the country. Source Daily Trust Read More 

INEC to transmit 2019 elections results through satellite - The Independent National Electoral Commission (INEC) has said it will transmit the results of the 2019 general elections electronically through the Nigerian Communications Satellite Limited (NIGCOMSAT). Source Daily Trust Read More

 Cryptocurrencies Are Like Ponzi Schemes, World Bank Chief Says - The head of the World Bank compared cryptocurrencies to “Ponzi schemes,” the latest financial voice to raise questions about the legitimacy of digital currencies such as Bitcoin. Source Bloomberg Read More 

Canadian Blockchain ETF Launches Amid Bitcoin Volatility - Canada’s first blockchain exchange-traded fund is shrugging off Bitcoin’s bust and launched Wednesday as planned. Source Bloomberg Read More 

Google Ranks Nigeria among Top Three in Global Online Search - A recent research conducted by Google has showed a rapid increase in online search among Nigerians. Source Thisday Read More 

US solar industry loses 10,000 jobs - THe United States solar industry lost nearly 10,000 jobs last year, led by steep losses in mature markets like California and Massachusetts where installation growth has slowed, according to a new report published on Wednesday. Source Punch Read More 

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Why Your Startup Should Have a Spending Strategy - When it comes to starting a new business, a whole lot of factors need to be taken into consideration – salaries, marketing budget, office size, technology services, and on and on. Source Proshare Read More 


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