Nigeria in 1min: Economic, Business and Financial Headlines – 101117


November 10, 2017 7:30 AM / Proshare News 


Nigeria: Ambitious Revenue Assumptions in The 2018 Budget Proposal- Given that President Buhari’s 2018 budget speech didn’t deviate much from the Medium Term Expenditure Framework (MTEF 2018-2020) Source Proshare Read More 

Panama, Paradise papers indict tax authorities – FIRS - The unraveling of defaulters in the leaked Panama and Paradise Papers shows that tax authorities in the country are not detecting defaulters of tax, the Chief Executive, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has said. Source Daily Trust Read More 

Truck transit parks to cost N4.8bn each – Amaechi - The Minister of Transportation, Mr. Rotimi Amaechi, has said that each of the nine truck transit parks (TTPs) to be built across the country will cost about N4.8 billion. Source Daily Trust Read More 

FG launches one-stop shop portal for mining sector - The Ministry of Mines and Steel Development, yesterday, launched the Integrated Automation and Interactive GIS Web Portal, an initiative that leverages technology for innovation, efficiency and effectiveness in mineral sector governance. Source Daily Trust Read More 

NIRSAL, partners to guarantee tractor maintenance with N120bn - The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), in partnership with some equipment manufacturers, has unveiled a scheme that would guarantee maintenance for tractors and other agricultural equipment for states and local governments with about N120 billion. Source Daily Trust Read More 

Nigeria’s infrastructure deficit not a problem, says Osinbajo - Vice President Yemi Osinbajo has said that Nigeria’s infrastructure deficit is not a problem but opportunity for the private sector to exploit and make significant contributions to the Gross Domestic Product (GDP). Source Guardian Read More 

Senate approves $350m World Bank loan for Ogun - THE Senate at plenary yesterday, approved 350 million dollars World Bank loan for Ogun State Development Policy Operation, DPO, as contained in the 2016-2018 Rolling Plan. Source Vanguard Read More 

FG won’t extend VAIDS deadline —Fowler - THE federal government has rejected the call to extend the deadline for the execution of the Voluntary Assets and Income Declaration Scheme (VAIDS). Source Vanguard Read More 

Abia makes N1.3b from Made-in-Aba campaign, says Ikpeazu - Over N1.3b has been injected into Abia State’s economy since the campaign for purchase of made-in-Aba products, commenced, Abia State Governor, Dr. Okezie Ikpeazu has said. Source THE NATION Read More 

Budget: N2tn debt service provision unsustainable, says LCCI - The Lagos Chamber of Commerce and Industry has described as unsustainable the debt service provision of N2.014tn in the 2018 budget proposal submitted by President Muhammadu Buhari to the National Assembly on Tuesday. Source Punch Read More 

FG raises infrastructure allocation by 75% in two years - The Federal Government has in the last two years increased the capital allocation to five key ministries by 75 per cent, an analysis of the 2018 budget provisions before the National Assembly has shown. Source Punch Read More 

Africa: Regional Growth to Accelerate, But Long-Term Political Headwinds Remain- Sub-Saharan Africa (SSA) will see real GDP growth ramp up in the coming quarters, after bottoming in 2016. Source Proshare Read More 

A Sovereign Downgrade from Moody’s- Moody’s Investor Service has downgraded its sovereign rating for Nigeria from B1 to B2, and so falls into line with S&P.  Source Proshare Read More 

Nigeria Needs More Policies and Less of Politics- There are very few things as riveting as national elections in Nigeria.  Source Proshare Read More 

Justification for a Cut to the Monetary Policy Rate in a High Inflation Environment- Nigeria’s Monetary Policy Rate (MPR), i.e. the cost of obtaining funds from the Central Bank of Nigeria (CBN), needs to be reduced significantly to expand the country’s economic output. Source Proshare Read More 

Another Record Budget, But Business As Usual For FG- On the 7th of November 2017, President Buhari presented the 2018 Budget of ₦8.6 trillion to the National assembly. Source Proshare Read More 

DMO Responds to Moody’s Sovereign Downgrade Rating on Nigeria- The attention of the Federal Ministry of Finance (FMF), Central Bank of Nigeria (CBN) and the Debt Management Office (DMO) has been drawn to today’s announcement of the decision by Moody’s to downgrade Nigeria from a B1 stable to a B2 stable rating. Source Proshare Read More 

NIRSAL’s agric initiative to add N1.4tn to GDP - The Nigeria Incentive-based Risk Sharing system said it would begin the implementation of a partnership with the Machine and Equipment Consortium Africa, and the National Agency for Science and Engineering Infrastructure that would see the addition of fresh N1.4tn to Nigeria’s Gross Domestic Product. Source Punch Read More 

Hotel margins hit by multiple taxes amid rising costs - With multiple taxes paid to the three tiers of government across the country amid high cost of daily operations, some Nigerian hoteliers are on the verge of closing down their business as the present tax regime gulps about 10 percent of their revenue, leaving them with little or nothing to run the business. Source BUSINESSDAY Read More 

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CBN Non-Oil Export Stimulation Facility (NESF) Guidelines- The Non-Oil Export Stimulation Facility (NESF) was introduced by the Central Bank of Nigeria (CBN) to diversify the revenue base of the econom. Source Proshare Read More 

Over N100bn paid to depositors of liquidated bank – NDIC - The Nigerian Deposit Insurance Corporation (NDIC)  said,  it has paid over N100 billion to depositors of liquidated banks In the country. Source Proshare Read More 

NDIC warns depositors against investing in digital currencies, wonder banks - The Nigeria Deposit Insurance Corporation (NDIC) has warned depositors and the general public about the emerging trend of investing in digital currencies popularly known as Bitcoins, as well as wander banks, saying it is hazardous. Source BUSINESSDAY Read More 

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Market Sentiment Turns Negative as NSEASI Dips by -0.24%- Equities market closed today on a negative note, as NSE ASI depreciated by -0.24% to close at 37,051.54 basis points as against +0.34% appreciation recorded previously. Source Proshare Read More 

Stanbic IBTC Holdings Plc 9M’17 Results - Strong Balance Sheet Growth to Support Future Earnings- STANBIC released its 9M’17 results earlier, posting strong top and bottom line performances - up 35% y/y and 87% y/y respectively  Source Proshare Read More 

Nigerian Enamelware Plc Announces Delay in Filing Q1 2017 Unaudited Results- Nigerian Enamelware Plc. ("the Company") wishes to notify its esteemed shareholders and the investing public that the Company filed its Unaudited Financial Statements (UFS) for the period ended 31 July 2017  Source Proshare Read More 

NSE Pricing Methodology - The New Par Value Rule And You-The “par value” or “nominal value” as generally referred to is a value assigned for balance sheet purposes.  Source Proshare Read More 

Floating Exchange Rate Can Cause Big Trouble- In the eyes of the International Monetary Fund, a country that allows the value of its currency to be determined by supply and demand is demonstrating financial maturity.  Source Proshare Read More 

Funding rates crash as system Liquidity turns positive from OMO inflows - The Bond market witnessed increased activity levels today, especially on the 2027 and 2037 bonds, as market players hunted for bargain purchase opportunities, with some intra-day profit taking activities. Source Proshare Read More 

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Our Strategy Will Mitigate Debt Service Risk - FG - The Honourable Minister of Finance, Mrs. Kemi Adeosun, has expressed confidence that the Federal Government’s revenue and debt management strategy would mitigate the country’s debt service risk and fast-track her development. Source Proshare Read More 

We received $205m from Duke Oil only – PPMC - The Petroleum Products Marketing Company (PPMC) received a total of $205,203,891.09 from Duke Oil for products traded between January 2016 and September 2017. Source Daily Trust Read More 

‘Transition from firewood to gas to generate N10bn revenue by 2019’ - Over $10billion will be generated for the economy from the switch of 50 per cent kerosene and firewood users by 2019, according to the Nigerian Liquefied Petroleum Gas Association (NLPGA). Source Guardian Read More 

FG to approve 3 modular refineries in Edo – Kachikwu - As business leaders storm Benin City, the Edo State capital, Friday, for the Alaghodaro Investment Summit, Minister of State Petroleum Resources, Dr. Ibe Kachikwu, on Thursday in Benin City said the Federal Government is already processing applications received for the establishment of seven modular refineries in the state. Source Vanguard Read More 

Nigeria plans $2.3 bln in oil asset equity restructuring: DMO - Nigeria plans to raise 710 billion naira ($2.26 bln) via restructuring its equity in joint venture oil assets and increasing private sector participation, the Debt Management Office (DMO) said on Thursday. Source Reuters Read More 

Petrobras, BTG Pactual to sell Nigerian oil venture - State-controlled oil company Petroleo Brasileiro SA (Petrobras) is leading an effort to sell Petrobras Oil and Gas BV (Petrobras Africa), after being joined in the sale by shareholders Grupo BTG Pactual SA and Helios Investments. Source Punch Read More 

Nigeria generates 4,900mw peak electricity in October – FG - The Federal Ministry of Power, Works and Housing has said that peak electricity generation reached 4,900 megawatts on October 31, 2017 being the highest peak generation in 19 months. Source Daily Trust Read More 

Fashola to sign Mambilla Hydro project today – Ministry - The China Gezhouba Group Company Limited (CGGC) has said it would soon launch the 3050 megawatts (mw) Mambilla Hydroelectric Project in Taraba state, just as the minister of power, works and housing, Babatunde Fashola would sign the project contract today at the ministry. Source Daily Trust Read More 

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How important is the Ease of Doing Business to Nigeria?- Nigeria scaled up 24 spots in the Ease of Doing Business Index, moving from 169th (out of 190) to 145th on the rankings. Source Proshare Read More 

$50bn water resources stolen from Africa annually, Obasanjo says - Former President Olusegun Obasanjo has said $50bn worth of water resources and fisheries are being illegally taken away through waterways across Africa annually. Source Punch Read More 

Senegal – BBY Victory Bodes Well For Continued Reform- The convincing victory of President Macky Sall's Benno Bokk Yakaar (BBY) alliance in the July parliamentary election bodes well for the continuation of Sall's reform program Source Proshare Read More 

Ghana – Hydrocarbons to Fuel Strong Growth- Ghana will see a rebound in real GDP growth in the coming years, following a challenging 2016. Economic gains will be led primarily by the strong performance of the hydrocarbons sector Source Proshare Read More 

Nigeria – Central Bank Will Pursue Gradual Easing Cycle- We believe the Central Bank of Nigeria (CBN) is likely to pursue looser monetary policy over the coming quarters as economic growth makes only a slow recovery. Source Proshare Read More 

Côte d’Ivoire – Strong Growth Dented By Weak Cocoa Prices - Côte d'Ivoire will continue to see strong economic growth in the coming quarters, driven by the construction, transport and mining sectors. Source Proshare Read More 

Cameroon – Anglophone Concerns Will Keep Political Landscape Tense - Renewed violence within the English-speaking regions of Cameroon will pose a key challenge to political stability over the coming months. Source Proshare Read More 

Cement: Nigeria saves $2bn yearly from local production - The Executive Chairman of BUA Group, Abdulsamad Rabiu, has stated that over $2bn is saved yearly from more than 25 million metric tonnes of cement produced by local manufacturers. Source Punch Read More 

Zimbabwe budget deficit widens sharply on runaway government spending - Zimbabwe’s budget deficit will soar to $1.82 billion or 11.2 percent of GDP this year from an initial target of $400 million, new Finance Minister Ignatius Chombo told parliament on Thursday. Source Reuters Read More 

Mozambique needs IMF, open to new probe on hidden loans - finmin - Mozambique needs financial support from the International Monetary Fund (IMF) and is open to another investigation into $2 billion of undisclosed debt to hasten the restoration of aid, the finance minister said on Thursday. Source Reuters Read More 

Algeria sees GDP growth at 4 pct in 2018 vs 2.2 pct this year -document - OPEC member Algeria expects its economy to grow by 4 percent in 2018 compared with a 2.2 percent growth forecast for this year, the government said in a document seen by Reuters. Source Reuters Read More 

AfDB approves $172 mln financing for South Africa's Nedbank - The African Development Bank (AfDB) has approved a $172 mln financial package for South Africa’s Nedbank Group for infrastructure, banking and housing projects, it said on Thursday. Source Reuters Read More 

China Allows Foreign Firms to Take Up to 51% in Securities Companies - Source Bloomberg Read More 

One of the World's Biggest Miners Is About to Go Coal-Free - Just five years ago it would have been almost unthinkable that one of the world’s biggest mining companies would not dig any coal. It’s now likely to become a reality. Source Bloomberg Read More 

Loeb's Third Point Boosts Alibaba Stake to More Than $1 Billlion - Daniel Loeb’s Third Point increased its stake in Chinese Internet giant Alibaba Group Holding Ltd. by almost 50 percent in the third quarter. Source Bloomberg Read More 

South Africa's Central Bank Says There’s Room to Support the Economy - The South African Reserve Bank can provide support for the economy even as it remains focused on inflation, Governor Lesetja Kganyago said. Source Bloomberg Read More 

Saudi Arabia to Cut Oil Exports to All Regions Next Month - Saudi Arabia said it plans to cut oil exports to all the regions it ships to next month as the kingdom and fellow OPEC nations press on with their effort to clear a global glut. Source Bloomberg Read More 

Saudi Official Says at Least $100 Billion Misused Over Decades - A Saudi Arabian official estimated that at least $100 billion of funds have been misused through “systemic corruption and embezzlement over several decades,” as authorities widened a declared crackdown on corruption that’s targeted some of the kingdom’s wealthiest and most powerful men. Source Bloomberg Read More 

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PFAs as the Next Investment Destination - A Case study of FCMB and Legacy Pension- If a pension is deemed to be an invaluable source of income for the retired, and the Federal Government of Nigeria so motivated Source Proshare Read More 


MTN Extends Gains After Nigeria Funds-Transfer Case Is Dropped - MTN Group Ltd. extended gains after Nigerian lawmakers ruled that allegations of illegal repatriation of almost $14 billion were unfounded and the wireless company hadn’t violated the law. Source Bloomberg Read More 

Facebook, Twitter to Provide Data on Energy Market Manipulation - Facebook Inc., Twitter Inc. and Google parent Alphabet Inc. agreed to turn over information to Congress on Russian entities purchasing ads that may have been used to manipulate U.S. energy markets, according to the chairman of the House Science Committee. Source Bloomberg Read More 

Chinese Media Giant to Buy Karaoke App for $800 Million - Beijing ByteDance Technology Co., the company behind giant Chinese media startup Jinri Toutiao, has acquired buzzy teen social video app for about $800 million, according to people familiar with the deal. Source Bloomberg Read More 

Chinese Fintech IPO Euphoria Wanes as Regulators Weigh Crackdown - The euphoria around Chinese fintech listings is starting to wane. Source Bloomberg Read More 

Apple has acquired imaging sensor startup InVisage Technologies - As Apple continues to work on ever-smaller but more powerful computing devices, it has acquired a startup focusing on nanotechnology, and specifically as it relates to image sensors. TechCrunch has learned and confirmed that Apple has picked up InVisage Technologies, a startup that develops solutions to improve imaging capabilities on space-constrained devices, like smartphones. Source TECHCRUNCH Read More 

Uber CEO says 2019 is the target for IPO - Uber CEO Dara Khosrowshahi was on stage at the New York Times’ Dealbook conference today, and the ride hailing company’s top executive put a timeline on Uber’s plans for going public. Source TECHCRUNCH Read More 

Chinese search engine Sogou up 4% following IPO - Sogou, the Chinese search engine, debuted on the New York Stock Exchange on Thursday, under the ticker “SOGO.” Source TECHCRUNCH Read More 

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Kwara Injects N2 Billion into SMEs - The Kwara state government has injected about N2billion into small and medium scale enterprises and micro credit schemes. Source Thisday Read More


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