Nigeria in 1min: Economic, Business and Financial Headlines – 180418


Wednesday, April 18, 2018 / 7:30 AM / Proshare News



FG gives update on Nigeria’s 2018 Budget - As Nigerians await the passage and signing of the 2018 budget, The Minister of State, Budget & National Planning Mrs Zainab Ahmed recently gave a brief insight on the issues around the budget. Source Proshare Read More 

IMF Spots Trouble Ahead for the Global Economy After 2020 - The International Monetary Fund predicted the world economy’s strongest upswing since 2011 will continue for the next two years, but warned the seeds of its demise may have already been planted. Source Bloomberg Read More 

Nigeria’s economy projected to grow 2.1% in 2018 - Nigeria’s economy is projected to accelerate to 2.1 per cent this year, up from the 0.8 per cent in 2017, riding on the back of exit from its worst recession in over two decades. Source Guardian Read More 

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World Bank raises first bond worth $1.5bn - The International Development Association (IDA), the investment arm of the World Bank that mobilise credit facilities for world poorest countries on Tuesday launched a $1.5 billion-dollar bond, the first in its nearly 60-year history. Source THE SUN Read More 

RMAFC recovers N57.7bn unremitted revenue from banks - The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), on Tuesday, said it has so far recovered about N57.7 billion unremitted revenues from collecting banks in its efforts to boost revenue accruals into the federation account. Source THE SUN Read More 

Nigeria’s New Excise Regime: Is this the Right Time? - Barring any last minute reversal, locally manufactured alcoholic and tobacco beverages (“Excisable Products”) will be subject to a new excise regime from 4 June 2018.Source Proshare Read More 

IMF sees Nigeria’s inflation in double digits on possible monetary policy accommodation - The International Monetary Fund (IMF) says it is sees inflation levels for Nigeria and Angola, Africa’s two key large economies remain in double digits, eventhough commodity prices in the region could ebb slightly in 2018 through 2019 Source BUSINESSDAY Read More 

Govt to issue 2,000 land titles to investors - The Federal Government on Thursday announced its readiness to issue over 2,000 land titles to investors across the country in order to enable them raise investible funds for the establishment and growth of new and existing business outfits. Source Punch Read More 

You Won’t Be Lucky If Oil Plunges Again, IMF Warns Nigeria, Others - The International Monetary Fund (IMF) has cautioned Nigeria and other oil exporting countries yet to utilise the opportunity created by the prolonged stability in crude oil prices to reform their economies, saying they would not be so lucky if crude prices plunge again. Source Thisday Read More 

KPMG Business Survey Highlights Forex Risk in Nigeria - A survey of 94 executives of multinationals, large sized public and private companies across various industries that was conducted by KPMG Nigeria has ranked foreign exchange (forex) risk as the highest hurdle that might impact organisations over the next two years. Source Thisday Read More 

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US SEC Unveils Public Service Announcement To Promote Background Checks On - The Securities and Exchange Commission today unveiled a public service announcement (PSA) to encourage investors to check the background of their investment professional by using the free search tool on before investing. Source Proshare Read More 

Consumer confidence index worsen in Q1 – CBN -  The consumers’ overall confidence outlook worsened in the first quarter of 2018, as fewer consumers were optimistic in their outlook according to a report by the Central Bank of Nigeria (CBN). Source BUSINESSDAY Read More 

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Nigerian Stock Market Resumes Uptrend as NSEASI Inches Up by 0.63% - Equities market closed today on a positive note, as NSEASI appreciated by +0.63% to close at  40,788.68 basis points as against -0.97% depreciation recorded previously. Source Proshare Read More 

Bond Yields hit Two-year low, as DMO releases Q2 Calendar - The Bond market remained significantly bullish with yields compressing significantly by another 20bps, consequently capping a c.70bps decline in yields for the third consecutive session since the last OMO auction, Thursday by the CBN. Source Proshare Read More 

UACN Property Development Company Plc 5-Year Bond Has Been Extended - Please be informed that an offer for up to N15 billion fixed rate guaranteed bonds by UPDC officially opened on April 3rd, 2018. Kindly submit your orders during the 2-week book building period which will end by 4:00 pm on Friday, 20th April, 2018. Source Proshare Read More 

Fine Start by Lagos, and Now a lack of Direction - The Lagos all-share index (NSEASI) far outshone both Nairobi (NSE 20) and Johannesburg (all-share) in 2017 in local currency unit terms and remains ahead ytd this year. Source Proshare Read More 

Invest in FGN Monthly Bond Auction – April 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 

NNPC still faced with funding constraint – Baru - Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mr. Maikanti Baru, has stated that funding remained a major constraint to the corporation. Source Vanguard Read More 

Oil prices edge up on lower U.S. crude inventories, global supply risks - Oil prices edged up on Wednesday, lifted by a reported fall in U.S. crude inventories and by the ongoing risk of supply disruptions. Source Reuters Read More 

Oil, gas reserves to witness drastic reduction over climate change - The future of oil and gas across the world is coming under intense pressure following reports by Shell, which plans to empty reserves by over 80 per cent in the next 12 years. Source Guardian Read More 

‘Oil partners have invested over N8.4b in Nigeria’ - The Star Deepwater Petroleum Limited (a Chevron Company) and all the parties in the Agbami Field, Famfa oil Limited, Nigerian National Petroleum Corporation (NNPC), Statoil Nigeria Limited and PetroleoBrasileriro Nigeria Limited, on Monday in Jos disclosed that they have so far invested over N8.4 billion in the Agbami Medical and Engineering Professional Scholarships (AMEPS) in Nigeria. Source Guardian Read More 

NNPC begins oil search in Benue - The Nigerian National Petroleum Corporation (NNPC) exploration team has arrived Benue State to start the search for oil and gas in the Benue trough. The team is expected to acquire seismic data that would guide it in deciding the next stage of the exploratory work in the state. Source THE NATION Read More 

No authentic data on Nigeria’s daily fuel consumption –NBS - The National Bureau of Statistics (NBS) has revealed that there is no comprehensive data on the quantum of refined fuel consumed daily by Nigerians despite various figures being bandied about by the Nigerian National Petroleum Corporation (NNPC). Source THE SUN Read More 

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Wema Bank Introduces Agent Banking in Bauchi, Targets Informal Retail Sector in the North - Wema Bank Plc, Nigeria’s longest serving indigenous Bank and pioneer of Africa’s first fully digital bank ALAT, has introduced its agent banking service in Bauchi as it seeks to deepen its retail footprint across informal economic sectors of the country. Source Proshare Read More 

Waste managers sue LASG over new environmental law - Two members of the Association of Waste Managers of Nigeria, Lagos State have filed a new action in court to challenge the state’s new Environmental Management Protection Law, 2017, arguing that it is unconstitutional, null and void. Source Punch Read More 

IMF Sees Ethiopia Beating Ghana as Fastest-Growing Africa Economy - Ghana has lost its mantle as the African economy likely to grow the quickest this year to Ethiopia, which has held the position for most of the past decade, International Monetary Fund data showed. Source Bloomberg Read More 

Reps probe loss of $10bn revenue yearly, due to cancellation of metrology contract - The House of Representatives Committee on Petroleum Resources (Upstream) on Tuesday commenced investigation into the cancellation of metrology contract which led to the loss of $10 billion revenue yearly. Source BUSINESSDAY Read More 

South Africa's auditor general cancels all contracts with KPMG - South Africa’s Auditor General said on Tuesday he is terminating all contracts with auditing firm KPMG over a string of recent scandals that have cast doubt over the international audit firm’s professional and ethical conduct. Source Reuters Read More 

Uganda to borrow $412 mln from China and World Bank for health, education projects -  Uganda said on Tuesday it intends to borrow a total of $412 million from the World Bank and China’s Exim Bank to fund projects in education, health and energy sectors. Source Reuters Read More 

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Fitch Highlights Key Macro Risks for Global Insurance Sector - The global insurance industry is weathering key macro risks that could have a lasting effect on the sector globally, risks that Fitch Ratings identifies in a new report that details global and regional insurance sector outlooks. Source Proshare Read More 


Barclays Asking Clients About Crypto Trading - International investment bank Barclays has been reviewing the possibility of opening a cryptocurrencies trading desk, sources familiar with the matter told Bloomberg April 16. Source Proshare Read More 

Mobile Internet users hit 100.9m in February, says NCC - Internet users in Nigeria increased in number from 100.2 million in January to 100.9 million in February, the Nigerian Communications Commission (NCC) has said. Source THE SUN Read More 

Charging Infrastructure is Needed for Wider Electric Vehicles Adoption - Technological advances and political backing have paved the way for a rapid acceleration in the adoption of electric vehicles (EVs) in EMEA in recent years. Source Proshare Read More 

Apple Is Planning to Launch a News Subscription Service - Apple Inc. plans to integrate recently acquired magazine app Texture into Apple News and debut its own premium subscription offering, according to people familiar with the matter. The move is part of a broader push by the iPhone maker to generate more revenue from online content and services. Source Bloomberg Read More 

New York Attorney General's Office Launches Inquiry Into Cryptocurrency Trading Platforms - Virtual Markets Integrity Initiative Seeks To Improve Transparency And Accountability Of Major Cryptocurrency Trading Platforms To Protect Virtual Currency Investors Source Proshare Read More 

Blockchain Platform Prepares To Test Cryptocurrency Payment System In Major Shopping Mall - A Blockchain-driven platform has announced it will begin testing a brand-new transaction system for cryptocurrency payments within the coming days. Source Proshare Read More 

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