Nigeria in 1min: Economic, Business and Financial Headlines – 180518


Friday, May 18, 2018 / 7:00 AM / Proshare News



N269.79bn Generated as VAT in Q1 2018 - NBS - Sectoral distribution of Value Added Tax (VAT) data for Q1 2018 reflected that the sum of N269.79bn was generated as VAT in Q1 2018 as against N254.10bn generated in Q4 2017 and N221.38bn in Q1 2017 representing 6.17% Increase Quarter-on-Quarter and 21.87% increase Year-on-Year. Source Proshare Read More 

W’Bank: Economic Mobility Stalls in Nigeria, Others in Last 30 Years - Generations of poor people in developing countries are trapped in a cycle of poverty determined by their circumstance at birth and unable to ascend the economic ladder due to inequality of opportunity, a recent report by the World Bank Group has stated. Source Thisday Read More 

FG Establishes Presidential Infrastructure Development Fund; NEC Approves $650M Seed Funding - President Muhammadu Buhari has approved the establishment of a Presidential Infrastructure Development Fund (PIDF), which is to be managed by the Nigeria Sovereign Investment Authority (NSIA), and invested specifically in critical road and power projects across the country. Source State House Read More 

AfDB approves $100m for Nigeria’s fertiliser expansion - The African Development Bank has approved $100 million senior loan to Nigerian firm, Indorama Eleme Fertilizer & Chemicals Limited, to support the company’s plans to double its fertilizer production from 1.4 million tons of urea to 2.8 million tons per annum. Source Daily trust Read More 

Pension fund rises to N7.94tn - The total pension fund under management by pension operators rose to N7.94tn at the end of March this year, figures released by the National Pension Commission on Wednesday showed. Source Punch Read More 

FG opens online portal for investors - The Federal Government has launched an up-to-date online portal, `iGuide Nigeria’, containing necessary information and relevant data for willing investors. Source Vanguard Read More 

Nigerians Pay N9.7bn For US Visa In 2017 - Nigerians who traveled to the United States of America (USA) as non-immigrants in 2017 had spent a total of N9.733 billion as payment for visa fees, this excludes what was spent by those that obtained immigrant visas and those whose visa applications were rejected. Source Leadership Read More 

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Stock Market Resumes Downtrend as NSEASI Dips by -0.77% -Equities market closed today on a negative note, as NSEASI depreciated by -0.77% to close at 40,676.26. basis points as against +0.93% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +6.36%.  Source Proshare Read More 

Remittances: A Smoothening Agent - The recent 2018 migration and development brief of the World Bank stated that remittances to low-income countries experienced a rebound as remittances to the low-income countries (LIC) rose by  8.5% to reach $456 billion. The renewed momentum was on the back of firmer growth in Europe and America. Source Proshare Read More 

Market Players Under-subscribe CBN OMO due to System Liquidity Strain - The bond market traded on a mixed note, with yields compressing by c.2bps on average, due to some client flows on the shorter end of the curve, while the medium to long end remained slightly bearish, due to some sell off (mostly offshore) on the 10– and 20-yr. Source Proshare Read More 

CCNN Plc Completes Sokoto Plant Expansion - CCNN recently announced that it would be commissioning a new production line with an annual capacity of 1.5 million MT, increasing the company’s cement annual production capacity to 2 million MT. Source Proshare Read More 

IEA: High Oil Prices "Taking A Toll" On Demand  - Geopolitics has taken over the oil market, driving oil prices up to three-year highs. The inventory surplus has vanished, and more outages could push oil prices up even higher. Yet, there are some signs that demand is starting to take a hit as oil closes in on $80 per barrel. Source Proshare Read More 

NNPC, Nigeria’s Oil Behemoth Records N547bn Losses in Three Years - It’s meant to be a cash cow, but the state oil company of Africa’s biggest producer is bleeding money. Source Thisday Read More 

Govs Seek to Take Over Fuel Subsidy Payments - The governors of the 36 states of the federation are canvassing a novel initiative that will see each state taking responsibility for subsidising petroleum products consumed within its territory. Source Thisday Read More 

Oil steady on OPEC cuts, strong demand and looming Iran sanctions - Oil prices held firm on Friday on strong demand, ongoing supply cuts led by producer cartel OPEC and looming U.S. sanctions against major crude exporter Iran. Source Reuters Read More 

Shell declares force majeure on Bonny Light exports - Shell Petroleum Development Company of Nigeria Limited has declared force majeure on exports of Bonny Light crude, one of the country’s major sources of oil revenue. Source Punch Read More 

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NEC orders NNPC, NPDC, FIRS, Customs, others to refund N8trn unremitted fund - THE National Economic Council, NEC, Thursday, directed the federal government revenue agencies like the Nigeria National Petroleum Corporations, NNPC, Nigerian Petroleum Development Companies, NDPC, Nigerian Custom Service, Nigerian Ports Authority among others to refund N526 billion and $21 billion which is about N8 trillion that was under-remitted to federation account. Source Vanguard Read More 

FG, states, others diverted N320bn Natural Resources Fund – Dogara - The Speaker of the House of Representatives, Mr. Yakubu Dogara, on Thursday disclosed how the Federal Government, states and private organisations allegedly diverted N320bn from the Natural Resources Fund over the years. Source Punch Read More 

Mauritius 2017 unemployment falls to lowest since 2008 - The unemployment rate in Mauritius fell to 7.1 percent last year from 7.3 percent in 2016, its lowest level since 2008, official data showed on Thursday. Source Reuters Read More 

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CBN approves N1bn for SMEs in Niger - The Central Bank of Nigeria (CBN) has approved the release of second tranche of N1 billion from the Micro Small and Medium Enterprises Development Fund (MSMEDF) for disbursement to Small and Medium Enterprises (SMEs) in Niger State. Source Vanguard Read More 

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9Mobile Sale And The Distress Signals From Nigeria’s Telecom Industry - The recent reports of Smile’s possible insolvency raise critical questions not only about the future of the company, but also about its reported bid for 9mobile. What was its exact objective for bidding to acquire 9mobile? If it is indebted to the tune of USD125m to Afrexim Bank/Diamond Bank, how did it intend to raise the USD 300million offer it made for 9mobile? Source Sahara Reporters Read More 

Whatsapp, other OTTs slash 81% of operators’ revenue in 13 years - Operations of the Over the top (OTT) players, including WhatsApp, WeChat, Viper, Skype, Google, have slashed about $17.8 (81%) from the Average Revenue per User (ARPU) of the Mobile Network Operators in the country within the last 13 years. Source Guardian Read More 

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PENCOM Issues Draft Guidelines for The Micro Pension Plan - Section 2(3) of the Pension Reform Act, 2014 (PRA 2014) provides that employees of organizations with less than three employees as well as the self-employed persons shall be entitled to participate in the Contributory Pension Scheme in accordance with Guidelines issued by the Commission. Source Proshare Read More 

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