Nigeria in 1min: Economic, Business and Financial Headlines – 090518


Wednesday, May 09, 2018 / 7:00 AM / Proshare News



IMF warns of rising African debt despite faster economic growth - Sub-Saharan African nations are at growing risk of debt distress because of heavy borrowing and gaping deficits, despite an overall uptick in economic growth, the International Monetary Fund warned on Tuesday. Source Reuters Read More 

Nigeria, others require $1.2tn annual investment, says AfDB - Countries in Africa, including Nigeria, require an investment of about $1.2tn annually in order to achieve the continent’s economic development targets, the African Development Bank has said. Source Punch Read More 

Personal Statements by the MPC Members at the 117 MPC Meeting of Apr 03-04, 2018 - The April 2018 Monetary Policy Committee (MPC) meeting held against the backdrop of relatively stable global and domestic economic conditions. The world economy continues to recover, posting a substantially improved outlook for economic growth and prices in 2018. Source Proshare Read More 

Sub-Saharan Africa Regional Economic Outlook: Domestic Revenue Mobilization and Private Investment - Sub-Saharan Africa is set to enjoy a modest growth uptick, and decisive policies are needed to both reduce vulnerabilities and raise medium-term growth prospects. Source Proshare Read More 

World Bank to meet VP, Governors, MoF over projects in Nigeria - A World Bank Mission, comprising of 10 Executive Directors, is expected in Nigeria on Wednesday to hold high-level discussions with the Vice President, Prof. Yemi Osinbajo, SAN; Minister of Finance, Mrs. Kemi Adeosun and some Governors over the Bank’s projects in the country. Source Proshare Read More 

Nigeria, S/Africa weigh down growth in sub-Sahara Africa – IMF - THE International Monetary Fund, IMF, yesterday, placed Nigeria and South Africa at the downside of Africa’s economic outlook in the short to medium term. Source Vanguard Read More 

Q1’18: N29.1bn goods exported through Tin-can port - Agricultural produce and processed/manufactured goods worth over N29.1 billion were exported through the Tin-can Island port in the first quarter of 2018 (Q1’18). Source Vanguard Read More 

Customs collects over N104b in four months - The Nigeria Customs Service (NCS) made over N104 billion in four months and seized two containers of fake drugs at Lagos port, it was learnt. Source THE NATION Read More 

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PTAD pays N18.9b to verified pensioners - The Pension Transitional Arrangement Directorate (PTAD) paid N18.99 billion to verified pensioners between January and March, its Executive Secretary, Sharon Ikeazor has said. Source THE NATION Read More 

Nigeria needs N16.56tr for its rail projects – Amaechi - Minister of Transport, Rotimi Amaechi says Nigeria needs not less than N46 billion dollars (about N16.56 trillion) to construct its three major speed rail lines. Source Vanguard Read More 

Sugar imports gulped $8.44bn in 3 decades - Nigeria spent $8.44 billion to import 16.49 million tons of raw sugar into the country in 27 years. Source Daily Trust Read More 

Rail concession: FG signs $45m interim agreement with GE - Rail concession: FG signs $45m interim agreement with GEThe Federal Government has signed a $45 million interim phase agreement with General Electric (GE) for the concession of narrow gauge rail lines in the country. Source Punch Read More 

23 states yet to fully comply with CPS – PenCom - Twenty-three states have yet to fully comply with the Contributory Pension Scheme established by the Pension Reform Act of 2004. Source Punch Read More 

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Market Extends Loss by -0.04% to Maintain Negative Outlook as Sell Pressure Persists - Equities market closed today on a negative note, as NSEASI depreciated by -0.04% to close at 41,155.80. basis points as against -0.11% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +7.62%. Source Proshare Read More 

Nigeria’s Foreign Reserves Increased to $47.49bn in April 2018 - Nigeria’s gross official reserves increased by $1.24bn in one (1) month and $16.63bn over twelve (12) calendar months to $47.49bn in April 2018. Source Proshare Read More 

CBN injects $210m into forex market - The Central Bank of Nigeria (CBN) yesterday boosted the inter-bank Foreign Exchange market with another sum of $210 million. Source THE NATION Read More 

CBN: election spending threatens naira stability - The Central Bank of Nigeria (CBN) has warned that the economy faces inflation and financial stability risks over the short-to medium-term if expected huge election spending is not checked. Source THE NATION Read More 

NNPC controls 14% of Nigeria’s fuel retail business - The Nigerian National Petroleum Corporation (NNPC) said its downstream subsidiary, the NNPC Retail Limited, now holds 14 per cent of the market share of petroleum products retail business in Nigeria. Source Daily Trust Read More 

Oil prices jump after U.S. walks away from Iran nuclear deal - Oil prices rose more than 2 percent to a three-and-a-half year high on Wednesday after U.S. President Donald Trump abandoned an international nuclear deal with Iran, likely curbing the OPEC-member’s crude exports in an already tight market. Source Reuters Read More 

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UBA Disrupts future of Payments for SMEs, Introduces Master Pass QR Bot - Pan African Financial institution, United Bank for Africa (UBA) has again disrupted the e-payment space with the introduction of Master Pass ‘Quick Response’ (QR) Bot. The revolutionary solution enables the micro, small and medium enterprises (MSMEs) in Nigeria and across Africa to receive digital payments from their customers through scanning, using their Facebook account. Source Proshare Read More 


BoI to give corps members N2m start-up capital - The Coordinator of the National Youth Service Corps in Osun State, Mr. Emmanuel Attah, has said the Federal Government has made plans for corps members with good business ideas to get loans of between N200,000 and N2m to start their businesses after the service year. Source Proshare Read More 

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