Nigeria in 1min: Economic, Business and Financial Headlines – 130318


March 13, 2018 7:30 AM / Proshare News 


QoQ Dip in Air Passenger Traffic for Q4 2017 - Drawing on data provided by the Federal Airports Authority of Nigeria, the National Bureau of Statistics (NBS) has released its latest report on air passenger traffic. Source Proshare Read More 

Additional Policies Required to Stimulate Broad-Based Growth - FSDH Research notes that the Nigerian Economy requires additional policies to achieve sustainable growth, particularly in the non-oil sector. Source Proshare Read More 

Boosting Rice Production Through Increased Mechanisation - We estimate that increasing the mechanisation rate in Nigeria from 0.3hp/ha to 0.8hp/ha in the next 5 years, can double rice production to 7.2 million tonnes. Source Proshare Read More 

FG: We have right business policies, incentives for investors - The Federal Government has told investors from Tunisia that Nigeria has the right business policies and incentives for them to do business in the country. Source Daily Trust Read More 

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LIRS targets N1bn monthly consumption tax with ePayment - The Lagos State Internal Revenue Service (LIRS) has deployed an electronic payment remittance platform aimed at increasing monthly consumption tax revenue to N1 billion. Source Vanguard Read More

Fed Govt eyes N141b from mining sector - The Federal Government is eyeing a sectoral contribution of N141 billion from Minerals and Metals to the gross domestic product (GDP). Source THE NATION Read More 

FAAN Generates N38bn From Passenger Service Charges In 2017  - The Federal Airports Authority of Nigeria (FAAN) has generated ₦38 billion from Passenger Service Charges (PSC) in 2017 collected on its behalf by airlines from air travellers flying in and out of the over 22 airports managed by the agency in the country. Source Leadership Read More 

Shea butter export hit 350,000mt, annual income of $200m –Minister - Minister of State, Ministry of Industry, Trade and Investment, Hajia Aisha Abubakar, has said that shea butter export volume from producing countries, especially Africa, has grown to over 350,000 metric tonnes per annum, indicating about 600 per cent increase when compared with what it was 20 years ago. Source THE SUN Read More 

Banks not impacting on the Nigerian population, 40% under-banked – Osinbajo - The Vice President, Prof Yemi Osinbajo, on Monday decried the low impact of commercial banks on the citizenry with no fewer than 40 per cent of the people under-banked. Source THE NATION Read More 

Moody’s: Lower Capital Will Constrain Nigerian Banks’ Capacity to Expand - Analysts at Moody’s Investor Service have said that lower capital by Nigeria’s midsize banks will constrain the financial institution’s capacity to grow their business, harm their revenue and delay their capital recovery through profit retention. Source Thisday Read More 

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Market Breadth Closes Negative as NSEASI Dips by -0.26% to Open The Week Southwards - Equities market closed today on a negative note, as NSEASI depreciated by -0.26% to close at  43,056.51 basis points as against +0.18% appreciation recorded previously. Source Proshare Read More 

Mutual Fund Assets Cross The Half Trillion Mark - Helped by performance in equity market and net inflows, Nigeria’s mutual fund the industry added N84 billion to end with total assets worth N0.513 trillion as at March 2, 2018. Source Proshare Read More 

PMA Holds on Wednesday; Average Yield Stay Flat at 13.9% - Performance in the Treasury Bills ("T-Bills") market was mixed but largely bullish as the CBN held OMO auctions on 3 of the 5 trading sessions. Accordingly, average rates across tenors remained relatively stable shedding 3bps to close at 13.9% on Friday. Source Proshare Read More 

Cordros Weekly Stock Recommendation- 120318 - The shares of CADBURY appreciated by 18.71% last week to N18.40. CADBURY trades at a significant forward PE above its 5-year historical average of 24.9x. Source Proshare Read More 

Afrinvest Stock Recommendation for the Week - 120318 - The local bourse sustained a positive performance for the second consecutive week as the All Share Index (ASI) rose 0.7% W-o-W to 43,167.87 points while YTD return improved to 12.9%. Source Proshare Read More 

CBN Buoys Forex Market with $210m - The Central Bank of Nigeria (CBN), in its quest to guarantee the availability of forex for customers’ needs in various segments of the market, has injected another sum of $210million into the inter-bank Foreign Exchange Market. Source Proshare Read More 

DMO Slashes Q2 NTB Offer in Half as FX reserves hit $46bn - The bond market traded on a bullish note with significant interests on some short tenured maturities (20s - 24s) and some buys on the 2027s as well, taking yields lower by c.4bps across the curve. Source Proshare Read More 

Nigeria earns N3.8trn from crude oil, gas export in 3 months - Nigeria earned N3.738 trillion from the export of crude oil and petroleum products in three months, from October to December 2017, according to latest data released by the National Bureau of Statistics, NBS. Source Vanguard Read More 

Gas flaring increased by 17.5% last year – NNPC - The total volume of natural gas flared by oil and gas companies in the country rose by 17.46 per cent year-on-year to 287.59 billion standard cubic feet in 2017. Source THE NATION Read More 

NNPC has not explained missing $22.7bn – NEITI - The Nigeria Extractive Industries Transparency Initiative, an agency tasked with cleaning up the country’s oil industry, has said even though financial accountability has improved, the Nigerian National Petroleum Corporation still has not explained billions of dollars of missing revenue. Source THE NATION Read More 

Power sector records 230 systems breakdown in 8 years - DESPITE the fact that the nation’s natural gas reserves rose by 4.067 trillion cubic feet (tcf) from 187.998tcf in 2014 to 192.065tcf in 2015, the power sector continues to suffer various setbacks as it recorded 230 systems breakdown or collapses in eight years. Source Vanguard Read More 

$12b trans-Saharan gas project to miss 2018 deadline - The $12 billion Trans-Saharan Gas Pipeline Project (TSGP), expected to help Nigeria achieve zero gas flaring by 2020, remains an illusion, 17 years after it was conceived. Source Guardian Read More 

Nationwide blackout imminent over 92% payment shortfall to Gencos - Nigerian electricity consumers might soon be thrown into a nationwide blackout following a recent warning letter to power generation companies (Gencos) for termination of gas supplies contract over mounting debt, Daily Sun has learnt. Source THE SUN Read More 

Other firms can now provide meters to power consumers – NERC - Power distribution companies do not have the sole responsibility of providing meters to electricity consumers anymore, the Nigerian Electricity Regulatory Commission declared on Monday. Source THE SUN Read More 

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NDIC to Investigate Banks for Failure to Make Returns on Fraud Cases - The Nigeria Deposit Insurance Corporation (NDIC) is to investigate some banks for the inadequate rendition of returns to the Corporation on instances of fraud, forgeries, and cases involving members of their staff who were either dismissed or had their appointments terminated on grounds of fraudulent activities. Source Proshare Read More 

South Africa's Cape Town faces severe economic troubles over drought: Moody's - Rating’s agency Moody’s warned on Monday the water crisis affecting Cape Town would cause the city’s borrowing to rise sharply and the provincial economy to shrink the longer the situation lasted. Source Reuters Read More 

Asia stocks rally stalls as Wall St. loses steam, dollar sags - Asian stocks stalled on Tuesday as Wall Street shares lost steam, while the dollar sagged on the back of declining U.S. yields. Source Reuters Read More 

Oil prices fall on relentless rise in U.S. crude output - Oil prices fell on Tuesday, extending losses from the previous session, as the inexorable rise in U.S. crude output weighed on markets. Source Reuters Read More 

Ghana May Struggle to Repay Lenders for $1.3 Billion Cocoa Loan - Ghana Cocoa Board may struggle to fully pay back loans of $1.3 billion as this season’s harvest will likely be smaller than first anticipated, according to the head of the industry regulator. Source Bloomberg Read More 

Mideast's Biggest Banks Climb on Plans to Lure Foreign Investors - Shares of two of the Middle East’s biggest lenders surged Monday after saying they plan to boost foreign ownership limits. Source Bloomberg Read More 

At $232 Billion, World's 3rd-Largest Oil Major Looks Cheap - With its earnings outlook improving and massive pipeline assets expected to be restructured, analysts are forecasting a rally in PetroChina Co.’s Hong Kong shares, which are still trading at 2008 crisis levels. Source Bloomberg Read More 

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Lagos State Land Use Charge Act 2018 - An Uncalled For Outrage(?) - In simple term, the law repeals an earlier one of 2001, therefore, it is not new. It also consolidated ground rent, tenement rate and neighbourhood improvement levy, therefore, Lagosians would not be victims of multiple taxations under the new law. Source Proshare Read More 

Land Use Charge : Group Sues Lagos State Govt, Seeks An Order Striking Out Section 3. 5 and 6  - The EIE project LTD/GTE has filed an action with suit no: Temp/35082 against the Lagos State Government, the Attorney General of Lagos State and the House of Assembly of the State for the interpretation of Section 7 (5), Item 1 (J) Fourth Schedule of the 1999 Constitution as amended. Source Proshare Read More 

6m Applicants Denied Varsity Admissions In 5 Years – NUC - About six million applicants for university admissions within the last five years were denied admission due to shortage of space and capacities by the existing universities in the country, National Universities Commission ( NUC)  has disclosed. Source Leadership Read More 

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An Advice To Tech Start Up Founders – Incorporation, Fund Raising and Equity Sharing - I've spent this morning with my head in my hands. Yet another early-stage tech startup has been screwed over by bad advice from people claiming to represent the sector. Source Proshare Read More 

MTN Seeks to Cash In on IPO of Africa's Biggest Tower Company - MTN Group Ltd. could cash in from an initial public offering of Africa’s largest telecommunication towers company by selling a stake valued by the wireless carrier at about 27 billion rand ($2.3 billion). Source Bloomberg Read More 

Ntel To Sign Roaming Agreement With 9Mobile, MTN - Ntel, Nigeria’s first 4G LTE broadband operator is set to sign a national roaming agreement with MTN and 9Mobile networks which would allow the new entrant roam its services on the 2G and 3G starting from the second quarter of 2018. Source Leadership Read More 


The MIT Sloan Africa Business Club presents Africa Innovate Conference 2018 - The MIT Sloan Africa Business Club is proud to announce the 8th MIT Africa Innovate Conference at the MIT Media Lab in Cambridge, MA on April 7th, 2018. Source Proshare Read More 

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