Nigeria in 1min: Economic, Business and Financial Headlines – 120418


Tuesday, April 12, 2018 / 7:10 AM / Proshare News 


Nigeria Produces 461,000mt of Sesame Seeds a Year - Nigeria produces 461,000mt of sesame seeds a year, generating over $700 million in export revenue, ahead of cocoa ($500m). Nigeria is the world’s 6th largest producer of the commodity, which hardly has a domestic market. Source Proshare Read More 

Toward a Healthier Current Account - From the balance of payments (BoP) for Q4 2017 we see that the current-account surplus widened from the equivalent of 2.1% of GDP in Q3 to 3.6%. Source Proshare Read More 

FGN’s N2.7trn Promissory Notes to Its Creditors - Impact on Liquidity and Interest Rates - The Federal Government on July, 2017 approved to issue N2.7trn of promissory notes to offset its debt to local contractors. Source Proshare Read More 

The Impact of the Delayed Budget Passing - The National Assembly has announced that the 2018 national budget will be passed in May. This is contrary to an earlier announcement by the speaker of the house, Yakubu Dogara that the N8.6trn budget will be passed on April 24th. Source Proshare Read More 

FGN Awards $2.8bn to the Implementation of the Akk Gas Pipeline - Impact on Power - Gas power plants contribute approximately 70% of Nigeria’s total electricity on the national power grid. However, gas constraint remains a critical issue as it pre-vents power generation on a daily basis. Since the start of the year, gas constraints account for 74.25% (186,331MWH/H) of total constraints (250,967MWH/H) despite the underutilization of over 192 trillion standard cubic feet of gas reserves. Source Proshare Read More 

Improved Wheat Production: An Aid to Nigeria’s Diversification Strategy - Wheat farming has been the most complicated area of Nigerian agriculture for the last decade, owing to high temperatures unsuitable for the crop. Source Proshare Read More 

The Economic Cost of Social Insecurity in Nigeria - Nigeria has been marred by social unrest, including Boko Haram terrorism9 and herdsmen attacks10 just to mention a few. Source Proshare Read More 

President Buhari Extends VAIDS Deadline to June 30 - President Muhammadu Buhari has approved the extension of the Voluntary Assets and Income Declaration Scheme (VAIDS) to June 30, 2018. Source Proshare Read More 

IMF Lagarde says Belt and Road progressing but warns of debt risks - International Monetary Fund Managing Director Christine Lagarde said on Thursday China’s Belt and Road initiative is showing signs of progress but warned of potential debt risks for partner countries involved in joint projects. Source Reuters Read More 

EFCC, FIRS to track tax evaders - The Federal Inland Revenue Service and the Economic and Financial Crimes Commission have pledged to strengthen their collaboration to track both individuals and organisations who refuse to pay the right taxes. Source Punch Read More 

Global debt rises by 42% to $237tn - Global debt rose to a record $237tn in the fourth quarter of 2017, more than $70tn higher from a decade earlier, according to an analysis by the Institute of International Finance. Source Punch Read More 

Customs intercepts N1.5bn contraband in Lagos, Ogun in two weeks - The Federal Operations Unit (FOU) of the Nigeria Customs Service (NCS) yesterday said it impounded over N1.461 billion contraband from suspected smugglers in Lagos and Ogun states in the past two weeks. Source Daily Trust Read More 

Africa accounts for 10% of Nigeria’s N101.74trn trade in 5yrs - Nigeria has done transactions worth N10.31 trillion with Africa in the last five years, translating to 10.13 per cent of the country’s total global trade of N101.74 trillion within the same period. Source Daily Trust Read More 

FG Approves N47bn for Reconstruction of Aba-Port Harcourt, Lagos-Ota Roads, Others - The federal government wednesday in Abuja approved contracts for three road projects at the total rate of N47 billion including the redesign and reconstruction of Aba-Port Harcourt road. Source Thisday Read More 

Afreximbank Signs $100m Agreement with Indonesia Eximbank - The African Export-Import Bank (Afreximbank) and the Indonesia Eximbank yesterday in Bali, Indonesia, entered into an agreement to commit up to $100 million to support businesses and trade activities between Indonesia and African countries. Source Thisday Read More 

NPC Puts Nigerian Population at 198m, Seventh Largest in the World - The National Population Commission (NPC) has put Nigeria’s current population at 198 million people with urban population growing at an average annual growth rate of about 6.5 per cent. Source Thisday Read More 

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NSEASI Firms Up by 0.86% as Market Maintains Positive Sentiment - Equities market closed today on a positive note, as NSEASI appreciated by +0.86% to close at  40,846.24 basis points as against +0.17% appreciation recorded previously. Source Proshare Read More 

Bond Yields Compress Slightly on Lower Inflation Expectations - The Bond market witnessed renewed improvement  in trading activities, with yields compressing by  c.4bps on average , as initial strong bullish sentiments, largely due to lower inflation rate expectations were moderated by some profit taking later in the day. Source Proshare Read More 

NSE Gives Update on the Trading of Oando Shares - The Nigerian Stock Exchange (“NSE or “Exchange”) will like to clarify and confirm the status of trading in the shares of Oando Plc (“Oando”) which are currently on full suspension. Source Proshare Read More 

Update: OANDO Shares Remain Suspended - A source from the Nigerian Stock Exchange just confirmed that the shares of Oando Plc remain suspended. No further reason was given for the continuous placing of the company shares on technical suspension. Source Proshare Read More 

SEC lifts technical suspension on Oando PLC - Sources are reporting that the Securities and Exchange Commission of Nigeria has formally lifted the 6-month old technical suspension on Oando PLC, a leading Nigerian energy company listed on the Nigeria and Johannesburg Stock Exchanges. Source Proshare Read More 

Forte Oil Plc - Earnings Beat On Strong Power Performance - FO released its FY’17 results last week, reporting stronger y/y earnings growth for the Group despite mixed performances across its four business lines. Source Proshare Read More 

Oando Plc Announces the Approval of FY 2017 Financial Statements - This is to inform the public and our stakeholders that the Board of Directors of Oando Plc held a meeting on Tuesday, April 10, 2018 and approved the 2017 Audited Financial Statements (the “Accounts”). Source Proshare Read More 

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Average Prices of PMS, AGO, HHK and Cooking Gas – March 2018 - Average price paid by consumers for premium motor spirit (petrol) increased by 9.4% year-on-year and -5.3% month-on-month to N163.4 in March 2018 from N172.5 in February 2018. Source Proshare Read More 

Oil Options Traders Are Most Bullish Since Crude Was Over $100 - The last time oil options traders were this bullish, crude was selling for $105 a barrel. Source Bloomberg Read More 

Crude Oil Hits $72, Highest in Three Years over Middle East Tensions - The price of crude oil Wednesday rose to $72 per barrel, its highest in more than three years, after Saudi Arabia said it intercepted missiles over Riyadh, worsening tensions in the Middle East. Source Thisday Read More 

India's Energy Future Has Four Pillars - Energy access, efficiency, sustainability and security - I am happy to see such a large participation of Energy Ministers from producing and consuming nations, Heads of International Organisations and CEOs in this forum. Source Proshare Read More 

Eight power plants shut down over operational constraints - At least Eight out of the 27 power plants in Nigeria were shut down on April 9, due to gas, line and frequency management constraints, data from the Power Generation Report by the Ministry of Power, Works and Housing, has shown. Source Guardian Read More 

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Ghana provisional 2017 GDP growth reached 8.5 pct - statistics office - Ghana’s economy expanded by 8.5 percent last year, according to a provisional estimate announced from the West African nation’s statistics office on Wednesday, up from 3.7 percent in 2016. Source Reuters Read More 


Card Failure Issues: Why Banks must step up Seamless Services - In an era of rapid transformation of financial services by technology through banking card services, mobile apps, text services, USSD, Point-of-sales (POS) and the Automated Teller Machines (ATMs), Nigerian banks are positioning for digital financial services for a global market space. Source Proshare Read More 

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Nigeria-Investing in a Cashless Future - In the face of recession, increasing unemployment and rising inflation, Nigerian policymakers are looking to new tools to revive the economy.  Source Proshare Read More 

Financial Inclusion: Status and Progress – Financial Inclusion is a key enabler to economic, social and transaction security of a country, thereby driving inclusive growth. Source Proshare Read More 

Digital Retail in the Age of Technology - As businesses shift from the traditional brick and mortar approach of engaging customers to e-commerce, it has become more evident that financial institutions, especially banks’ business models must change. Banks cannot afford to carry on business as usual, hence the need to evolve from building more banking halls to creating technological solutions which allow customers to conduct seamless transactions online to aid financial inclusion. Source Proshare Read More 

Central Bank of Kenya Starts Implementation of Interoperability of Mobile Phone Financial Services - The Central Bank of Kenya (CBK) welcomes the implementation of interoperability of mobile phone financial services from April 10, 2018. Customers will be able to transfer funds across networks in real time, at low cost, and in a secure environment. Source Proshare Read More 

Tech Webinars To Attend In Q2 2018 - has released the schedule of new webinars for April and May 2018. Below are a few great opportunities where you can learn something new (and hot) for free. Source Proshare Read More 

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