Nigeria in 1min: Economic, Business and Financial Headlines – 220318


March 22, 2018 7:10 AM / Proshare News 

The Kigali AU Summit: Nigeria’s Diplomatic Blunder - President Muhammadu Buhari’s 12th hour decision to snub the African Union Extra-ordinary summit on the endorsement of the African Continental Free Trade Agreement (AfCFTA), in Kigali, March 20 – 22 is a diplomatic blunder. Source Proshare Read More 

Fact File on Crude Palm Oil (CPO) in Nigeria, Cote d’Ivoire and Ecowas
- Nigeria is the fourth largest producer of palm oil in the world accounting for 3% of global production. The Nigerian Institute for Oil Palm Research (NIFOR) estimates that upstream palm oil production is 0.98 million tons. Source Proshare Read More 

Nigerian parliament aims to pass 2018 budget on April 24
- Nigerian lawmakers aim to pass the country’s 2018 spending plan on April 24, House Speaker Yakubu Dogara said on Wednesday. Source Reuters Read More 

Whistle blower policy generates N9.12b, says FG
- The implementation of the whistle blower policy of the Federal Government has so far raked in N9.12 billion into government coffers. Source Guardian Read More 

FG releases N1.248trn for capital projects —Adeosun
- The Federal Government has released N1.248 trillion for capital projects, Minister of Finance, Mrs Kemi Adeosun, disclosed, yesterday. Source Vanguard Read More 

Federal Reserve Issues Statement and Release Economic Projections From Mar 20-21 FOMC Meeting
- Information received since the Federal Open Market Committee met in January indicates that the labor market has continued to strengthen and that economic activity has been rising at a moderate rate. Job gains have been strong in recent months, and the unemployment rate has stayed low. Source Proshare Read More 

FG Saves N68bn On Personnel Cost
- The federal government has said it saved N68 billion on personnel cost in 2017. Source Leadership Read More 

Communiqué Of The First G20 Meeting Of Finance Ministers And Central Bank Governors Of 2018
- The global economic outlook has continued to improve since we last met in October 2017, with the broadest synchronised global growth upsurge since 2010, and a pick-up in investment and trade. Source Proshare Read More 

Why Are Oil Prices Soaring?
- In today’s newsletter, we will take a quick look at some of the critical figures and data in the energy markets this week. Source Proshare Read More 

Sovereign Ratings for Nigeria Affirmed by S and P
- S&P last week affirmed its B long-term sovereign credit rating for Nigeria. It therefore remains in line with Moody’s, which downgraded the credit last year, and one notch below Fitch’s B+ (with a negative outlook). Source Proshare Read More 

Nigeria Produces 250,000 Tonnes Of Coconut Annually and is Ranked 18th in the World
- Coconut is grown in 22 states of the country, with Lagos State being the largest producer. The country produces 250,000 tonnes annually and is No. 18 in the world. Its yield and rank make it a fringe and sub-optimal producer. Source Proshare Read More 

NSIA okays $20m for three healthcare facilities
- The Nigerian Sovereign Investment Authority (NSIA) has set aside $20 million to develop three healthcare facilities in three states. Source THE NATION Read More 

DBN, NIRSAL sign MoU to promote agric lending
- Hopes of easier access to loans were bolstered on Wednesday when the Development Bank of Nigeria Plc (DBN) and the Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) signed a Memorandum of Understanding (MoU) aimed at promoting lending to the agricultural sub-sector of the economy and its value chains. Source THE SUN Read More 

FG award N6b contract for UN building infrastructure
- Federal Executive Council has approved contracts for the provision of security infrastructure at the United Nation’s building in Abuja at the cost of N6.9billion. Source BUSINESSDAY Read More 

MAN seeks reversal of alcohol, tobacco excise duty hike
- The Manufacturers Association of Nigeria has called on the Federal Government to forget the proposed hike in the excise duty on alcohol and tobacco products, saying if it goes ahead to implement the proposal, the firms producing the products will shut down and increase job losses. Source Punch Read More 

We’ve increased tax revenue by over N700bn – Fowler
- Through the deployment of Information and Communications Technology, the Federal Inland Revenue Service has been able to raise tax revenue by over N700bn in the last two years. Source Punch Read More 

Don’t sell NLNG, RMAFC tells FG
- The Revenue Mobilisation Allocation and Fiscal Commission has warned the Federal Government against the proposed sale of national assets, especially the Nigerian Liquefied Natural Gas. Source Punch Read More 

FG saved N288bn through integrated payroll system – Adeosun
- Between 2007 and 2017, the Federal Government was able to save the sum of N288bn in personnel costs through the implementation of the Integrated Personnel and Payroll Information System. Source Punch Read More 

NIPC says fresh $5.4bn investments coming to Ogun as focus shifts to solid minerals
- Yewande Sadiku, Executive Secretary of Nigeria Investment Promotion Commission (NIPC) has disclosed that some new foreign investors have shown interest in inject $5.4 billion in various sectors of Ogun state economy in the next few years, saying the investments are part new foreign direct investments recently tracked by the Commission. Source BUSINESSDAY Read More 

LUTH, others receive $20m investment from NSIA
- The Nigeria Sovereign Investment Authority (NSIA) announced on Wednesday that it is committing some $20m of its capital to build and run cancer and diagnostic centres in three healthcare institutions. Source BUSINESSDAY Read More 

Global Shea industry worth $200m globally – Minister -
The Minister of State for Industry, Trade and Investment, Hajiya Aisha Abubakar, has said that countries with shea industry make over $200 million every year. Source Daily Trust Read More 

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Stock Market Extends 5-Day Losing Streak; Sheds -0.46% as Profit Taking Persists - Equities market closed today on a negative note, as NSEASI depreciated by -0.46% to close at  41,496.25 basis points as against -0.35% depreciation recorded previously. Source Proshare Read More 

Bond Yields Decline as Auction rates clear c.35bps lower on the 5- and 10-yr -
The bond market traded on a slightly bullish note with some lifts especially on the short end of the curve, as market players cautiously tracked proceedings at the bond auction Source Proshare Read More 

Guaranty Trust Bank Q4 2017 Results Review - Modest 2018 PBT Growth Guidance
- GT Bank’s 2018 PBT guidance of N205bn implies PBT growth of just 2.4% (excluding recoveries). If that figure is achieved, it would mark the weakest year of PBT growth since 2010, although close to the 4% in 2013 and 2015. Source Proshare Read More 

Ahead of Next T-bills Auction Scheduled 21st March, 2018
- The Central Bank of Nigeria (CBN) is scheduled to hold a Treasury Bills (T-Bills) Primary Market Auction (PMA) on the 21st of March 2018. T-Bills worth NGN107.91bn will mature, while an amount of NGN53.96bn is expected to be issued in 91-day, 182-day and 364-day instruments. Source Proshare Read More 

NSE Proposes To Amend Rulebook on Special Purpose Vehicles; Calls For Comments
- Following an assessment of the current market structure, the Nigerian Stock Exchange (”The Exchange”) is embarking on changes to its equities market structure in order to create an optimal market design that facilitates improved market depth, liquidity provision and price efficiency. Source Proshare Read More 

Unity Bank Clarifies Speculation on Investment of USD1bn from Milost Global Inc
- This is to formally notify shareholders of Unity Bank Plc and other stakeholders of the Bank that Contrary to media reports claiming that Milost Global Inc plans to invest USD1bn in Unity Bank Plc, the Bank hereby unequivocally states that it has not reached any agreement with Milost to warrant such speculation. Source Proshare Read More

Dangote Cement Plc Plans to Raise $833m Via Bonds to Fund Expansion - Bloomberg is reporting that Dangote Cement Plans to Sell $833m in bonds for expansion. The debt will be issued in tranches over next three years, says the Chief Financial Officer (CFO) and the company is also considering sale of Eurobonds to improve funding. Source Proshare Read More 

Forty-four countries Sign Historic African Union Free Trade Agreement
- Forty-four African countries have signed up to a historic trade agreement aimed at paving the way for a liberalized market for goods and services across the continent. Source Proshare Read More 

NNPC to cut daily loss on fuel supply to N516m
- The Nigerian National Petroleum Corporation (NNPC) is to reduce its daily loss from N774 million to N516 million, Group General Manager, Public Affairs Division, Ndu Ughamadu, has said. Source THE NATION Read More 

Eni, ADNOC seal $875m deal on two UAE fields
- Italian oil firm, Eni, has signed  two concession agreements with Abu Dhabi National Oil Company (ADNOC) for the acquisition of five per cent stake in the Lower Zakum offshore oil field and 10 per cent stake in the oil, condensate and gas offshore fields of Umm Shaif and Nasr.The stake acquisition is for  for a participation fee of about $875 million for 40 years. Source THE NATION Read More

N650bn Debt: Oil Marketers Begin Workers’ Disengagement
- Oil marketers have commenced a reduction of their workforce due to their inability to pay staff salaries, the News Agency of Nigeria (NAN) reports. Source Leadership Read More

Funding constraint stalls 10,000bpd Delta modular refinery
- The Managing Director/Chief Executive Officer, Energia Limited, Mr. Felix Amieye-Ofori, said funding constraint slowed down the establishment of a modular refinery in Kwale, Delta State. Source Punch Read More

Prepaid meter providers must deliver in 10 days –NERC
- Meter asset providers are expected to supply and install meters within 10 working days of payment on the premises of electricity customers who choose the option of paying for the meters. Source Punch Read More 

Gas shortage: 12 power plants suffer setback, 2000MW idle
- The challenge of gas supply in the nation’s power sector left nearly 2,000 megawatts capacity idle at 12 power plants on Wednesday. Source Punch Read More 

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#BullionLecture2018: Moghalu advocates Entrepreneurial Capitalism for Nigeria - Political economist and Presidential Aspirant for the 2019 general elections, Professor Kingsley Moghalu has advocated “Entrepreneurial Capitalism” as the bedrock for driving Nigeria’s economy. Source Proshare Read More 

New York Attorney General Announces $230m Settlement With UBS Over Misconduct Leading Up To Financia
- Settlement Secures $189 Million In Consumer Relief For New Yorkers Impacted By The Housing Crash - $41 Million In Cash For New York State - Today’s Settlement Brings Total Cash And Consumer Relief Secured By AG Schneiderman In Aftermath Of Financial Crisis Up To $3.93 Billion Source Proshare Read More 

Bill Gates, Dangote in Sokoto, Sign MoU with Six Northern Govs on Extension of Immunisation
- The Co-chair of Bill and Melinda Gates Foundation, Mr. Bill Gates, wednesday signed a Memorandum of Understanding (MoU) with six northern governors on the extension of routine immunisation in the region with a call on them to review their campaigns to ensure the eradication of polio. Source Thisday Read More 

China’s Central Bank Raises Borrowing Costs After Fed Hikes
- China’s central bank increased the cost of short-term loans to commercial lenders, tightening policy in step with the U.S. Federal Reserve. Source Bloomberg Read More 

For the First Time, Goldman's Not Among the Top Commodity Banks
- Goldman Sachs Group Inc., for decades Wall Street’s dominant commodities trader, has lost its place among the top three banks in the sector for the first time, according to research group Coalition Development Ltd. Source Bloomberg Read More 

Saudi Grand Tour to Include Goldman Sachs, Citigroup, JPMorgan
- Senior Saudi officials touring the U.S. to drum up business will visit investment banks including JPMorgan Chase & Co., Morgan Stanley, Goldman Sachs Group Inc., Citigroup Inc. and Bank of America Corp., Saudi Finance Minister Mohammed Al-Jadaan said. Source Bloomberg Read More 

Kuwait Raises Key Rate for First Time in a Year to Follow Fed
- Kuwait raised its key interest rate on Wednesday for the first time in a year, tracking a quarter point increase in U.S. Federal Reserve benchmark rate. Source Bloomberg Read More

Kenya Airways May Add as Many as 20 New Routes in Five Years
   - Kenya Airways Plc plans to add as many as 20 new destinations in Africa, Europe and Asia in the next five years, Chief Executive Officer Sebastian Mikosz said. Source Bloomberg Read More

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Teleology meets deadline to acquire 9mobile - Teleology holdings Limited, preferred bidder for the 9mobile sale has met up with its payment deadline set for today, March 22, 2018 for the sum of $50 million dollars as a non-refundable deposit to acquire the fourth largest telecommunications network in Nigeria, BusinessDay has gathered.
Source BUSINESSDAY Read More

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