Nigeria in 1min: Economic, Business and Financial Headlines – 080818


Wednesday, August 08, 2018 / 7:30 AM / Proshare News


Informal Economy and Poverty Reduction in Nigeria- Nigeria is now the country with the highest number of extreme poor, with 87million Nigerians in abject poverty. This is disheartening, but true. The country officially overtook India which has 73million of its population living in poverty. Source Proshare Read more 

Fitch Affirms Nigeria's Lagos State at ''B ''; Outlook Negative- Fitch Ratings has affirmed Lagos State's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B+' with Negative Outlook and the state's Short-Term Foreign Currency IDR at 'B'. Source Proshare Read more 

Rallying For Railways in Nigeria- It is quite remarkable how Nigeria has witnessed tremendous growth rates without an efficient rail network. After the virtual collapse in recent decades of the colonial-built railway network, the government has ambitious plans to revamp it. Source Proshare Read more 

Importers, agents groan under 400% hike in cost of container haulage - It was a sharp rise that caught everyone unawares. The agents and importers never thought that the impact of bad road infrastructure and disorderliness at the ports will suddenly dwell on them such that the cost of transporting consignments from the Lagos ports complex Source Guardian Read more 

‘Only 2% of Nigerians have access to credit facilities’ - Chief Executive Officer (CEO), Dun & Bradstreet Credit Bureaus, based in the Dominican Republic, Miguel Llenas, has bemoaned the low access to credit facility in Nigeria, saying only two per cent of the population can still access bank loans. Source Guardian Read more 

Nigeria’s palm oil imports from Malaysia dips 20% in 5 months  -Nigeria has seen its palm oil imports from Malaysia declined by 20 percent between January and May 2018, owing to the high stock of crude palm oil (CPO) available at local refineries in the country, the Malaysian Palm Oil Council (MPOC) says. Data from the MPOC shows that Nigeria’s export from Malaysia declined Source BUSINESSDAY Read more 

Duet invests N15bn in Big Cola in first ever Nigerian deal - Nigerian soft-drink Company Big Cola has secured a $50 million (N15.3 billion) investment from UK-based Duet Partners, in a deal that could help the company compete better in the saturated consumer goods space. Source BUSINESSDAY Read more 

External reserves fall below $47bn, lowest since April - The nation’s foreign exchange reserves have dropped below $47bn, losing $251m in the first six days of the month, data from the Central Bank of Nigeria showed on Tuesday. Source Punch Read more 

MDAs must pay operating surplus before investing – FRC - Scheduled government Ministries, Departments and Agencies are to pay their operating surpluses to the Consolidated Revenue Fund of the Federal Government before making any investment, the Fiscal Responsibility Commission has said. Source Punch Read more 

FG restricts issuance of visa to foreign engineers - The Federal Government on Tuesday announced that it had commenced the restriction of the issuance of visas to foreigners seeking to take up engineering roles in Nigeria in order to free up more jobs for Nigerians and improve local content. Source Punch Read more 

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NSEASI Dips Further by -0.40% as Negative Market Sentiment Persists- Equities market closed today on a negative note, as NSEASI depreciated by -0.40% to close at 36,333.80 basis points as against -0.06% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.99%. Source Proshare Read more 

Zenith Bank Plc H1 2018 Conference Call and Earnings Presentation - The Key Takeaways- Zenith Bank Plc held its H1 2018 Investors and Analyst Conference Call Earnings Presentation. Proshare NG participated along with leading market analysts and professionals. Source Proshare Read more 

Active Equity Fund Outflows Pick Up,Leave Asset Managers Vulnerable To Downturn- Outflows of dollars invested in US active equity mutual funds have accelerated in 2018 and are now at their highest year-to-date rate. According to ICI data on long-term domestic equity funds, which we use as a proxy for active mutual funds, outflows from active equity funds totaled $129.11 billion as of 31 July, up from $99.88 billion a year earlier and $110.62 billion for the similar 2016 period (see Exhibit 1). Source Proshare Read more 

NSE Launches X-Pay, Promotes Cashless Economy-  The Nigerian Stock Exchange (NSE or The Exchange) is pleased to announce the launch of X-Pay on Friday, August 3, 2018. X-Pay, the e-payment platform for the Exchange, will enable users to conveniently make payments for products, services, events and trainings offered by the bourse. Source Proshare Read more 

Sterling Bank Plc Set to Issue Up to N35bn Series 6 and Series 7 Commercial Paper- Following the successful establishment of its N100Billion Commercial Paper (“CP”) Programme on 13 December, 2016, Sterling Bank is set to issue up to N35bn in Series 6 and Series 7 Commercial Paper under the CP Programme.  Source Proshare Read more 

Forex: CBN Intervenes With $210m- In another round of intervention, the Central Bank of Nigeria (CBN) has injected the sum of $210million into the inter-bank Foreign Exchange Market to ensure the availability of forex and also meet customers’ requests in various segments of the market. Source Proshare Read more 

World Federation Of Exchanges Publishes H1 2018 Market Highlights Report-  The World Federation of Exchanges (“WFE”), the global industry group for exchanges and CCPs, has today published its H1 2018 Market Highlights report. Source Proshare Read more 

Global Convergence Arrives To Spoil the ‘America First’ Party- The Trump Administration may be looking to put “America First” in global markets, but the rest of the world appears poised to catch up in the second half. The U.S. economy and financial assets pulled away from the pack at the start 2018, which culminated with the fastest growth since 2014 in the second quarter. Source Proshare Read more 

Bond Yields Spike in Panic Driven Session- The Bond market witnessed a spur of activity in today’s session, as a flurry of headline political news dominated trading sentiments over the course of the session. We witnessed continued selloff by offshore clients mostly on the 2027s and 2028s as tensions in the political space further strengthened their recent bearish position on the market. Source Proshare Read more 

Nigeria's Diamond Bank expects to conclude sale of UK unit this year - Nigeria’s Diamond Bank expects to conclude the sale of its British unit before the end of the year and is going through a change of ownership, its chief executive said on Tuesday. Source Reuters Read more 

22 fuel-laden vessels berth Apapa ports this week - No fewer than 22 vessels laden with petroleum products are expected to berth at Lagos ports this week to boost fuel supply.The products, including Premium Motor Spirit (PMS) known as petrol, Automated Gas Oil (AGO) known as diesel, Jet A1 (Aviation fuel) and base oil are in 32 cargoes Source Guardian Read more 

Local content adoption soars to 28 per cent in seven years - Following the signing of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act in 2010, indigenous participation and domiciliation of oil and gas activities, among other endeavours, has appreciated by 460 percentage increase. Source Guardian Read more

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Staco Insurance Plc Dismisses Dr Sakiru Oyefeso as CEO and Appoints Mr Bayo Fakorede- We wish to notify The Exchange, our shareholders and our esteemed stakeholders that the Board of Directors of Staco Insurance Plc (the Company) at its meeting held in Lagos on the 30th day of July 2018. Source Proshare Read more 

Oil prices steady on falling U.S. crude stocks, Iran sanctions - Oil prices held steady on Wednesday, supported by a report of rising U.S. crude inventories as well as the introduction of sanctions against Iran. Source Reuters Read more 

South Africa's net foreign reserves fall to $42.44 billion in July - South Africa’s net foreign reserves fell slightly to $42.440 billion in July from $42.447 billion in June, the Reserve Bank said on Tuesday. Source Reuters Read more 

Uganda Has Big Plans for New National Airline About to Take Off - Uganda’s fledgling national airline will be a candidate for an initial public offering and closer cooperation with other carriers if the launch goes as planned. Source Bloomberg Read more 

June manufacturing data disappoints, SA could be heading for recession - South Africa's manufacturing sector registered the smallest gain in industrial output in June since February. Source CNBC Read more

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DFSA Joins Peers In Discussion On A Global Financial Innovation Network-The Dubai Financial Services Authority (DFSA), in collaboration with 11 other financial regulators and associated organisations from around the world, has today issued a discussion paper announcing the establishment of a Global Financial Innovation Network (GFIN) and consulting on its proposed functions. Source Proshare Read more 

Musk Mulls Taking Tesla Private, Valuing Company at $82 Billion - Elon Musk said he’s considering taking Tesla Inc. private in a radical step that, if successful, would ease pressure on the money-losing automaker. Source Bloomberg Read more

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NSE Opens Registration for 5th Corporate Challenge to Fight Cancer- The Nigerian Stock Exchange (“The Exchange” or “NSE”) is pleased to announce that the 5th edition of the annual NSE Corporate Challenge, scheduled to take place in Lagos at 7:00a.m. on Saturday, September 15, 2018, at the Muri Okunola Park, Adeyemo Alakija Street, Victoria Island, Lagos, is open for registration. Source Proshare Read more 

The Asaba Disgrace- Shame on all the local organisers of the just concluded 21st Africa Senior Athletics Championships held in Asaba, Delta state tagged #Asaba2018 for spending N4 billion of the Nigerian taxpayers’ money to procure disgrace, and embarrassment for Nigeria. Source Proshare Read more 


SEC Proposes New Rule on Nominee Companies; Major and Sundry Amendments to Its Rules and Regulations- A Nominee is a company formed by a bank or other financial institution for the purpose of holding securities and other assets and administering them on behalf of the actual owners under the terms of a custodial or nominee agreement. Source Proshare Read more

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