Nigeria in 1min: Economic, Business and Financial Headlines – 220518


Tuesday, May 22, 2018 / 7:00 AM / Proshare News


IMF tasks Nigeria on Private investments, Revenue Mobilization for Growth - The International Monetary Fund is asking Nigeria to give top priority to attracting significant private investments and driving robust domestic revenue mobilization, to boost economic growth. Source Proshare Read More 

Nigeria’s GDP Grew in Real Terms by 1.95% in Q1 2018 - Nigeria’s Gross Domestic Product (GDP) grew by 1.95% (year-on-year) in real terms in the first quarter of 2018. This shows a stronger growth when compared with the first quarter of 2017 which recorded a growth of –0.91% indicating an increase of 2.87% points. Source Proshare Read More 

Monthly IGR in Lagos now N34bn- The Lagos State Government on Monday said that it has so far achieved an average monthly Internally Generated Revenue (IGR) of N34billion in 2018 compared to monthly averages of the last three years. Source Vanguard Read More 

Lagos debt stock hits N874.3bn, earns N327m from oil - The Lagos State Government through the Ministry of Finance has revealed that the state’s debt stock is currently at N874.38 billion. Source Daily Trust Read More 

Leasing industry maintains upward trend, grows by 14.5% in 2017 - Nigeria’s outstanding lease volume increased to N1.44trillion in 2017 from N1.26trillion the previous year, representing a growth of 14.5 percent, according to a recent report released by the Equipment Leasing Association of Nigeria, ELAN. Source Vanguard Read More 

Airlines lose $1.5b yearly to maintenance, others - African airlines lose over $1.5billion yearly to maintenance, repairs and overhaul of airlines outside the shores of the continent, it was learnt yesterday. Source THE NATION Read More 

China-style State-led Growth Won’t Work in Africa, Okonjo-Iweala Warns - China has funnelled billions of dollars into aid, loans and business deals on the African continent in recent years. Source Thisday Read More 

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Nigerian Stock Market Maintains Downtrend to Open The Week Negative Amid Positive Breadth - Equities market closed today on a negative note, as NSEASI depreciated by -0.12% to close at 40,425.07. basis points as against -0.44% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +5.71%. Source Proshare Read More 

Bond Yields Tick Higher as GDP Growth slows in Q1 2018 - The Bond market opened the week on a weaker note, with yields rising higher by c.14bps. This was following fears of continued selloff from offshore investors which pushed bid prices significantly lower, despite the relatively scanty volumes traded. Source Proshare Read More 

Oil Breaks $80 And Gasoline Prices Spike - Both oil and gasoline prices have continued to rally this week, with Brent breaking, albeit briefly, the psychologically important $80 mark and gasoline prices moving towards $3 as driving season approaches. Source Proshare Read More 

Oil prices edge up on Venezuela, Iran supply worries - Oil prices rose on Tuesday on concerns that Venezuela’s crude output could drop further following a disputed presidential election and potential U.S. sanctions on the OPEC-member. Source Reuters Read More 

Nigeria produces 3.054trn cubic feet of gas in one year - The Nigeria’s gas production from January 2017 to January 2018 has reached 3.054.33 trillion cubic feet (tcf), representing an average daily production of 7.709.89 billion standard cubic feet per day (bscfd) during the period. Source Guardian Read More 

Nigeria’s oil output drops by 150, 000 bpd under Shell’s force majeure - NIGERIA’s daily oil output has dropped by 150,000 barrels per day (bpd) as a result of the shutdown of Nembe Creek Trunk Line. Source Vanguard Read More 

Oil sector attracts $86m foreign capital in three months - Foreign investment inflow into the Nigeria’s oil and gas industry rose by 259 per cent to $85.62 million in the first quarter of 2018, according to data obtained from the National Bureau of Statistics, NBS. Source Vanguard Read More 

FG, others plan N1.7tn investment in Niger Delta - The Federal Government on Monday announced that about N1.7tn would be invested by various stakeholders in the Niger Delta between this year and 2021. Source Punch Read More 

DisCos owe GenCos N33bn in February - Eight of the 11 electricity Distribution Companies (DisCos) have remitted N11.38 billion only from the invoices of N44.44bn they received from the Generation Companies (GenCos) for the electricity they purchased in February 2018, data from the Nigerian Bulk Electricity Trading Plc (NBET) has revealed. Source Daily Trust Read More 

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Dismissal Of UK Serious Fraud Office Charges Against Barclays PLC And Barclays Bank PLC - Barclays announces that the Crown Court has today dismissed all charges brought by the Serious Fraud Office (“SFO”) against Barclays PLC and Barclays Bank PLC regarding matters which arose in the context of Barclays’ capital raisings in 2008. Source Proshare Read More 

The UK House Of Commons Foreign Affairs Select Committee Russian Money Laundering Report - The UK House of Commons Foreign Affairs Committee today published a report, The Moscow's Gold: Russian Corruption in the UK, on the scale of Russian money being laundered in the UK. Source Proshare Read More 

CBN sacks E-tranzact directors - The Central Bank of Nigeria (CBN) has asked the chief executive officer, Valentine Obi, and two executive directors, Sulivan Akala and Ike Eze of e-Tranzact an electronic payment platform, to resign, BusinessDay can reveal. Source BUSINESSDAY Read More

Ghana central bank cuts policy rate to 17 pct - Ghana’s central bank cut its benchmark interest rate by 100 basis points to 17 percent on Monday, saying it was on track to meet its medium-term inflation target as the economy stabilised. Source Reuters Read More 

Biggest India Stock Exchange Sues Singapore Bourse - The National Stock Exchange of India Ltd. sued Singapore Exchange Ltd. in a Mumbai court, escalating a dispute that threatens to leave international investors without one of the world’s most widely-used offshore futures contracts. Source Bloomberg Read More 

Gold hits 2018 low as trade comments lift stocks, dollar - Gold marked a new low for the year on Monday after U.S. Treasury Secretary Steven Mnuchin’s declaration that a trade war between China and the United States was “on hold” helped boost appetite for higher risk assets such as stocks and the dollar. Source Reuters Read More 

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Land LayBy Ghana Launches Debut Land Management Blockchain Masterclass - In an attempt to consolidate the benefits of the market innovation, Land Layby is adopting Blockchain Technology through its sister Companies - Land LayBy Technologies registered in Australia and Kenya. New technologies, however, come with a hefty price to pay; a price that involves implementation and education of the masses and stakeholders. Source Proshare Read More 

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