Nigeria in 1min: Economic, Business and Financial Headlines – 180118


January 18, 2018 7:40 AM / Proshare News 


NSR H1 2018 (4)- Commodity prices crater from supply glut - We maintain a mixed outlook for commodity prices over 2018. Our expectation for barley and cocoa prices remain bullish buoyed by wider deficit while outlook for CPO, sugar, and wheat are bearish underpinned by favorable weather conditions which guides to higher production, elevated inventory levels as well as persisting market surplus. Source Proshare Read More 

We See Headline Rate Falling Again to 15.2% YoY in January 2018 - FBNQuest - The latest inflation report from the NBS shows headline inflation y/y at 15.4% in December. This was the eleventh successive monthly slowdown, and by a welcome 53bps on this occasion. Source Proshare Read More 

Drop in MoM Inflation Attributed to Massive Increase in Aggregate Output in December 2017 - Surprisingly, year-on-Year inflation declined sharply in the month of December to 15.37%. This will be the 11th consecutive decline in YoY headline inflation in 2017. Source Proshare Read More 

Average Price of 1kg of Yam Tuber Decreased by -3.67% YoY to N211.61 in December 2017 - NBS - Selected food price watch data for December 2017 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 12.40% and month-on-month by 6.76% to N494.43 in December 2017 from N463.11 in November 2017. Source Proshare Read More 

Average Fare Paid by Passengers for Water Transport Increased by 6.05% MoM to N631.55 in Dec 2017 - The Transport fare watch report for December 2017 covers the following categories namely bus journey within the city per drop constant route ; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and  water way passenger transport. Source Proshare Read More 

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AfDB projects 4.1% growth for Africa in 2018, but challenges remain - African Development Bank (AfDB) says it sees economic growth of the African region accelerating to 4.1 percent in 2018 and 2019 from 3.6 percent last year as growth recovery moves faster than envisaged, especially among non-resource–intensive economies. Source BUSINESSDAY Read More 

FG approves rehabilitation of N3.78bn water project in Jigawa - The Federal government has approved the rehabilitation of the water supply scheme in Kazaure, Jigawa State at the cost of N3.78 billion awarded to the CGC Nigeria Limited, just as it also raised a memo for the upgrading of Nigeria’s Flight Safety Laboratory with N656 million. Source BUSINESSDAY Read More 

Port and Terminal rakes in N98bn revenue - The Port Terminal Multi-service Limited (PTML) Customs Command of the Nigeria Customs Service, (NCS), in Apapa, Lagos has posted a ground-breaking revenue of N98. 825 billion for 2017, recording an increase of 57.4 percent of N62.803billion generated revenue in 2016. Source Leadership Read More 

Nigeria expects $700 mln from international sources: DMO - Nigeria expects to raise $700 million from international sources as part of a $3.5 billion in borrowing earmarked in the 2017 spending plan, the Debt Management Office (DMO) said on Tuesday. Source Reuters Read More 

FY 2018 Outlook - A Rising Tide - The IMF projects global GDP growth at 3.7 percent even as expectations for global economy remains upbeat. Domestic consumption, on the back of improving consumer confidence as well as tax cuts effect, is expected to further catalyze growth in the United States in 2018. Source Proshare Read More 

Geopolitical Wildcards Could Push Oil Beyond $70 - Two of this week’s main market highlights were the continued oil prices rally—with Brent touching above $70 a barrel on Thursday for the first time since December 2014—and a sell-off of U.S. Treasury bonds in the middle of the week. Source Proshare Read More

How Nigeria Can Achieve Restructuring-Tunde Bakare - At the recent 2018 State of the Nation broadcast at the Latter Rain Assembly, Pastor Tunde Bakare a former Vice-Presidential candidate in 2011 shared his perspective on how Nigeria can achieve restructuring. Source Proshare Read More 

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Market Extends Two-Day Gaining Streak by 1.89% as Sentiment Remains Positive - Equities market closed today on a positive note, as NSEASI appreciated by +1.89% to close at 44,885.24 basis points as against +2.17% appreciation recorded previously. Source Proshare Read More 

Invest in FGN Monthly Bond Auction – January 2018 - The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications Source Proshare Read More 

Reps ask NNPC, NAPIMS to re-award $260m JV contract - The House of Representatives yesterday asked the Nigeria National Petroleum Corporation (NNPC) and its subsidiary, National Petroleum Investment Management Services (NAPIMS), to re-award a $260 million Joint Venture Contract given to GMT Energy Limited to another company. Source Daily Trust Read More 

Oil up on threats of rebel attacks in Nigeria, falling US crude stocks - Oil prices rose on Thursday on a reported decline in U.S. crude inventories, and as rebels in Nigeria threatened to attack the country’s petroleum infrastructure Source Reuters Read More 

FG spends N784bn on fuel subsidy -A report submitted by the Senate Committee on Petroleum Resources (Downstream), yesterday, indicated that the Federal Government wasted a total of N784 billion on what it called fraudulent practices in the import of petroleum products in 2017. Source THE SUN Read More 

Shell and BP to Buy Libyan Oil as Country Recovers - Royal Dutch Shell Plc and BP Plc agreed annual deals to buy Libyan crude, underscoring how the North African country’s recovering production and improving security are enticing some of the world’s largest oil companies. Source Bloomberg Read More 

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NNPC engages original builders to revamp refineries - The Nigerian National Petroleum Corporation said it had engaged the original builders of the refineries in Port Harcourt, Warri and Kaduna, in a bid to return them to at least 90 per cent capacity utilisation before the end of 2019. Source Punch Read More 

Edo, Sahara Energy to convert flared gas to electricity - The Edo Government on Wednesday said it had reached a deal with Sahara Energy to power public utilities in the state with flared gas. Source Punch Read More 

Increased shale production threatens oil price ramp, OPEC cuts - The rising oil price has not only brought market stability to the global oil industry but joy to oil producing countries, especially those  whose economies depend on oil proceeds for survival but this joy is being threatened increased output from shale. Source THE NATION Read More 

FG To Boost National Grid With 2000MW To National Grid - Power outages may soon become a thing of the past as the federal government has approved a framework of investments to add another 2000mw to the national grid. Source Leadership Read More 


Women in Finance ng hosts its 1st 2018 Dinner in partnership with United Capital - To honour DG, DMO - Women in Finance ng (WIFng), an advocacy, development and networking platform for women in the Nigerian financial sector and in finance roles is pleased to announce its forthcoming 1st 2018 Quarterly Dinner. Source Proshare Read More 

Med-View Appoints Mr. Edmund Abayomi Jones and Mrs. Odigboh Terry Uzoh as Non-Executive Director - This is to formally notify shareholders and other stakeholders of Med-View Airline Plc that in line with the resolution of the Board of Med-View Airline in a recent meeting, the Board has approved the appointment of Mr. Edmund Abayomi Jones and Mrs. Odigboh Terry Uzoh as Non-Executive Directors on the Board of Med-View Airline Plc. Source Proshare Read More 

FirstBank Internet Banking, upgraded with exciting features to promote e-Banking - In order to maintain its leading edge in banking technology, First Bank of Nigeria Limited has upgraded its Internet Banking Solution, FirstOnline, with improved features to promote and safeguard the electronic banking experience of customers vis-à-vis payment efficiency, versatility and productivity in their business transaction. Source Proshare Read More 

Angola to issue $2 bln Eurobond in 2018 to ease debt burden - Angola plans to issue a Eurobond and renegotiate bilateral debt in 2018 as part of a series of measures aimed at restructuring the economy and controlling mounting debt payments, a government macroeconomic plan showed. Source Reuters Read More 

Asia stocks reach record highs after Wall St. surge, dollar edges back - Asian stocks struck record highs on Thursday, with a rally by Wall Street supporting bullish investor sentiment, while the dollar pulled back from three-year lows as comments by European Central Bank officials tempered the euro’s recent rally. Source Reuters Read More 

Fed Reports Tight Labor Markets but Modest Wage Gains in Beige Book - Economic activity across the U.S. expanded into 2018, with tight labor markets and modest wage and price growth, according to a Federal Reserve report released Wednesday. Source WSJ Read More 

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ADX Signs Memorandum To Support Adoption Of Distributed Ledger Technology - Abu Dhabi Securities Exchange (ADX), the region's leading financial market, has signed a Memorandum of Understanding (MoU) with the Society for Worldwide Interbank Financial Telecommunication (SWIFT) and seven leading global Central Securities Depository (CSD) companies to collaborate on Distributed Ledger Technology (DLT) implementation in post trade operations, as well as capital market transactions. Source Proshare Read More

Gemalto To Provide Ghana Central Bank With PURE Payment Technology - Digital security provider Gemalto is providing its PURE white-label payment solution to Ghana Interbank Payment and Settlement Systems, a subsidiary of Ghana’s central bank that manages the country’s interbank payment processing system. Source Proshare Read More 

Bitcoin Storms Back From Dip Below $10,000 in White-Knuckle Ride - Bitcoin’s wild start to 2018 turned breakneck on Wednesday, with the largest cryptocurrency plunging below $10,000 for the first time in six weeks before staging a rally to trade virtually unchanged. Source Bloomberg Read More 

Apple, Returning Overseas Cash, to Pay $38 Billion Tax Bill - Apple Inc. said it will bring hundreds of billions of overseas dollars back to the U.S., pay about $38 billion in taxes on the money and spend tens of billions on domestic jobs, manufacturing and data centers in the coming years. Source Bloomberg Read More 


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