Nigeria in 1min: Economic, Business and Financial Headlines – 151117


November 15, 2017 7:30 AM / Proshare News 


Senate Approves $5.5bn Foreign Loan as External Debt Rises to $15.4bn - The Senate Tuesday approved the request by the executive to raise $3 billion from the international capital market (ICM) through a Eurobond or Diaspora Bond issue or a combination of both to refinance maturing domestic debts, and raise another $2.5 billion from multilateral donor institutions to fund the capital component of the 2017 budget. Source Thisday Read More 

DMO: Nigeria’s debts hit N20tr - Data made available by the Debt Management Office (DMO) yesterday showed that Nigeria’s debt stock has hit N20 trillion—as at September 30. Source THE NATION Read More 

Nigeria’s debt grows by N8tn in two years - Nigeria’s total debt stock rose by N8tn between September 2015 and September 2017, according to statistics provided by the Debt Management Office. Source Punch Read More 

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2018 budget: FG targets N311bn from asset sale, privatisation - The Federal Government is aiming to generate of N311bn from privatisation of public properties and the sale of national assets next year to partly finance the 2018 budget. Source Punch Read More 

2017 Budget: recurrent expenditure releases hit N4.24trn – Udoma - Sen. Udoma Udo Udoma, the Minister of Budget and National Planning, said recurrent releases to Federal Ministries, Departments and Agencies (MDAs) under the 2017 budget had reached N4.24 trillion. Source THE NATION Read More 

FG budgets N8.3bn for 2nd Abuja runway for 2018 - The Federal Government has set aside N8.3 billion for the second runway of the Nnamdi Azikiwe International Airport, (NAIA) Abuja in the 2018 appropriation bill, the minister of Budget and National Planing, Udoma Udo Udoma, has said. Source Daily Trust Read More 

FG plans tax hike for tobacco, marijuana - The Minister of Budget and National Planning, Udoma Udo Udoma, yesterday disclosed the Federal Government’s plans to hike taxes paid on tobacco, marijuana and other abused, yet harmful substances to make them commercially unattractive. Source THE SUN Read More 

Adeosun, Foreign Investor Hold Talks on Textile Industry - Dutch textile and design company, Vlisco Group on Tuesday held a high-level discussion with the Minister of Finance, Mrs. Kemi Adeosun, over the former’s proposed investment in the Nigerian cotton textile industry. Source Thisday Read More 

Rail Transport on the FGN’s Agenda - Drawing on data provided by the Nigerian Railway Corporation, the National Bureau of Statistics (NBS) has released its maiden report on railway passenger traffic. The report estimates total traffic in Q2 2017 at 596,792 passengers, representing decreases of -22% q/q and -20% y/y. Source Proshare Read More 

New vehicle sales drop by 80% - The total number of new vehicle sold in Nigeria may not exceed 10,000 units at the end of the year, dropping from 50,000 units before the introduction of a new automotive policy in 2013. Source Punch Read More 

‘FG not adequately patronising local auto firms’ - The Chairman/Chief Executive Officer, Forgo Battery Company Limited, Mr. Joseph Offorjama, has said the Federal Government is not sufficiently patronising indigenous auto companies, contrary to its campaign for the patronage of made-in-Nigeria products. Source Punch Read More 

Jigawa pumps N1.6bn into health sector - Jigawa State government has injected over N1.6 billion for the upgrade of health facilities across the state as part of efforts towards enhancing effective health care delivery. Source Vanguard Read More 

World Bank embarks on rural development in Abia, to invest $25 million on rural roads - UMUAHIA—IN line with the Federal Government’s attention to rural development, 17 states selected from across the nation have been selected by the World Bank to benefit from its $500 million for rural development under the Rural Access and Agricultural Marketing Project, RAAMP, programme. Source Vanguard Read More 

Poor fiscal policies threaten maritime sector growth - For Nigeria to revive the maritime industry and attract Foreign Direct Investment (FDI), there is urgent need for the Federal Government to review the fiscal policies in the sector. Source Guardian Read More 

75% of world’s poorest countries in Africa, says BoI chief -  The Managing Director, Bank of Industry (BoI), Olukayode Pitan, said 75 per cent of the world’s poorest countries are in Africa, adding that by 2030, it is estimated that 90 per cent of the world’s destitute children would be living on the continent. Source THE NATION Read More 

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NSEASI Erases Previous Gains; Dips by -0.96%  - Equities market closed today on a negative note, as NSE ASI depreciated by -0.96% to close at 36,953.41 basis points as against +0.52% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +37.50%.  Source Proshare Read More 

Bond Yields decline further as Senate approves FG’s $5.5bn External Loan Plan  - Bond yields declined further in today’s session, as news of the senate’s approval of the FG’s $5.5bn external loan plan fueled some buying interests in the market. The 2027 and 2037 bonds were however the most patronized, as their yields declined by 11bps each. Source Proshare Read More 

Outcome of MSCI Semi-Annual Review: FBNH, GUINNESS, PZ and FO out of the Frontier Market Index - MSCI has announced the results of its just concluded November 2017 Semi-Annual Index Review with notable changes across its major equity indexes. These changes are expected to be implemented at close of November 30, 2017. Source Proshare Read More 

CBN sells dollars at 305/dollar on spot market - The Central Bank of Nigeria on Tuesday sold dollars at N306 for the second time, after maintaining a level around 305/dollar on the official spot market for two months, traders said. Source Punch Read More 

I & E forex window attracts $17.86bn transaction value in 6 months - The Investors & Exporter, I &E Foreign Exchange, FX Window has attracted $17.86 billion transactions value since April this year when it was introduced, according to data from the FMDQ OTC Securities Exchange Plc. Source Vanguard Read More 

Banks’ Loan To Real Sector Drops To N14trn In Q3 2017 - With banks getting more income from trading in foreign exchange and government securities, lending to the real sector has been on the decline as the loan book of banks dropped slightly by one per cent in the nine months period of 2017. Source Leadership Read More 

Rising Crude Oil Price Driving Short-Term Stability - The rising price of crude oil in the international market puts the Nigerian economy in a good position to maintain macroeconomic stability in the short-to-medium term Source Proshare Read More 

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Oil market rebalancing very fast – OPEC boss - There are indications that the crude oil market is rebalancing at an accelerating pace and stability is fast returning, the Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Mohammad Sanusi Barkindo has said. Source Daily Trust Read More 

NPDC worst debtor in oil and gas – DPR - The Department of Petroleum Resources (DPR) yesterday said the National Petroleum Development Company (NPDC), a subsidiary of the Nigeria National Petroleum Corporation (NNPC), is the worst debtor in the oil and gas sector. Source Daily Trust Read More 

Oil Falls for Third Day over Rising US Shale Output - Crude oil prices dropped for a third day from close to two-year high yesterday as rising United States output hampers efforts by the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC to cut output and rebalance the oil market. Source Thisday Read More 

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Swaziland: Weak South Africa and EU Demand Will Stymie Growth - A rebound in agricultural sector production coupled with the ramping up of a number of infrastructure projects will support real GDP growth in Swaziland in the coming quarters. That said, changing European Union agricultural regulations and subdued South African demand for Swazi textiles will weigh on long-term growth. Source Proshare Read More 

Tanzania: Expropriation Reinforces Investment Risks - A recent dispute between the Tanzanian government and the London-listed mining company Petra Diamonds highlights the challenging operating environment in Tanzania which will only further stymie investor confidence in the African state. Source Proshare Read More 

Economic Activity to Accelerate Over the Coming Quarters in Namibia - Economic activity will accelerate over the coming quarters in Namibia, having struggled with significant fiscal constraints and limited investment in 2017. Major increases in mining output and growth in the agriculture sector will help drive a recovery in 2018. Source Proshare Read More 

Mozambique: Narrowing Deficit Belies Constrained Fiscal Position - Limited access to financing in the wake of Mozambique's unresolved sovereign default will see the government's budget deficit narrow further over the coming quarters. Source Proshare Read More 

Mauritius: Faltering Exports to Widen Current Account Deficit - Mauritius will experience a sharp widening of its current account deficit in 2017 on the back of weaker demand for its exports in key markets. Source Proshare Read More 

EgyptAir signs $1.1 bln preliminary deal for 12 Bombardier CSeries jets - State-owned EgyptAir signed a letter (LOI) of intent on Tuesday to order 12 Bombardier CSeries jets valued at $1.1 billion at list prices. Source Reuters Read More 

Kenya central bank governor sees 5 pct inflation in 2018 and beyond - Kenya’s central bank governor said on Tuesday he expects inflation of around 5 percent in 2018 and beyond, less than half the rate it reached earlier this year. Source Reuters Read More 

Kenya's Economy Could Face a Bleak 2018 - Kenya is facing an economic storm in 2018 in the aftermath of two disputed elections. Source Bloomberg Read More 

Sweden's $370 Billion Mortgage Market Gets a New Investment Fund - As investors wonder whether Sweden’s housing market is headed for a correction, the country’s first mortgage fund is about to enter the $370 billion Swedish home-loan industry. Source Bloomberg Read More 

SEC Rejects Last-Minute Push to Delay Stock Surveillance System - Regulators rejected a last-minute request from U.S. stock and options exchange operators to delay by a year the start of a far-reaching new market-surveillance system. Source Bloomberg Read More 

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South Africa's Debt Costs Leap on Record 3.3 Billion-Rand Sale - South Africa’s embattled Treasury had no trouble selling a record amount of debt at its weekly fixed-rate auction Tuesday -- but at a cost. Source Bloomberg Read More 

Egypt in Talks to Import Saudi Aramco Crude for Local Refining - Egypt is in talks with Saudi Arabian Oil Co. to import crude oil and refine it domestically, giving the North African country more control over its own gasoline and diesel supplies. Source Bloomberg Read More 

Investors Scoop Up $90 Oil Bets as Saudi-Iran Tensions Escalate - Oil options traders are making increasingly bullish bets on how high crude can go, and tensions between Saudi Arabia and Iran are fueling their optimism. Source Bloomberg Read More 

A Mortgage Scandal Cost Ireland's Biggest Lender More Than $200 Million - When Francesca McDonagh arrived to take over at Bank of Ireland Group Plc last month, she flew straight into the biggest storm to hit the organization since the financial crisis. Source Bloomberg Read More 

Eni's Giant Gas Field Prompts Egypt to End LNG Imports in 2018 - Egypt will stop importing liquefied natural gas in 2018 and may eventually export gas after it starts producing this year at the giant Eni SpA-operated Zohr field off the country’s Mediterranean coast, Oil Minister Tarek El-Molla said. Source Bloomberg Read More 

China Is Back to Building Oil Inventories - China is back to building its oil inventories in November, a rebound from September and October, when stockpiles fell by more than 120 million barrels, according to commodities intelligence firm Orbital Insight Inc. Source Bloomberg Read More 

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Bharti Airtel and Tigo merge in Ghana to form AirtelTigo - Bharti Airtel has merged with Millicom’s Tigo in Ghana to become the country’s second largest mobile operator, the new company AirtelTigo said on Tuesday. Source Reuters Read More 

Microsoft is building a new version of Skype for tutors and consultants - Microsoft is prepping to preview Skype Professional Account, which will make it easier for people who provide training, tutoring, consulting and counseling sessions via video chat to run their services – for free. Source TNW Read More 

Feds reveal technical details of North Korea's cyber attacks - NK has apparently been using a malware called FALLCHILL to infiltrate aerospace and telecom networks. Source Engadget Read More 


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