Nigeria in 1min: Economic, Business and Financial Headlines – 250418


Wednesday, April 25, 2018 / 7:30 AM / Proshare News



Low FGN Spending Due to Low FGN Revenue - The CBN’s latest quarterly Economic Report (for Q4 2017) points to the central challenge for the federal finance ministry. Source Proshare Read More 

Cocoa Rallies to 18-month High Amid Concerns of Tightening Global Supply - The oil markets shrugged off Donald Trump’s tweets about OPEC, as Brent gained 0.66% to close at $75.20pb. Source Proshare Read More 

Lagos Q1 IGR hits N103.4b - The Lagos State government yesterday said its internally generated revenue (IGR) for the first quarter (Q1) of this year stood at N103.476billion, as against N96.7billion recorded in the previous year. This accounts for 81 per cent of the total revenue of N141billion generated in the quarter under review. Source THE NATION Read More 

FG hasn’t done enough on infrastructure maintenance – Fashola - The Federal Government has not done enough in the area of maintenance of infrastructure across the country, the Minister of Power, Works and Housing, Babatunde Fashola, has said. Source Punch Read More 

FIRS generates N1.17tn in three months - The Federal Inland Revenue Service generated a total of N1.17tn in the first quarter of this year from the collection of various taxes, according to a document in the possession of our correspondent. Source Punch Read More 

Budget delay slows port business as importers suffer poor sales - The delay in the passage of the nation’s 2018 annual budget has started impacting negatively on port business as shippers now suffer poor sales caused by lack of patronage and shortage of money in circulation. Source BUSINESSDAY Read More 

NIS, NSCDC, NAICOM shun revenue disclosure meeting - The Nigerian Immigration Service, Nigerian Security and Civil Defence Corps and the National Insurance Commission yesterday shunned the stakeholder’s meeting organized by the Fiscal Responsibility Commission (FRC), in its bid to streamline public service compliance, accounting, and reporting system as prescribed by the provisions of the Fiscal Responsibility Act 2007. Source Daily Trust Read More 

Poor funding threatens Abuja airport 2nd runway - The construction of the second runway at the Nnamdi Azikiwe International Airport is suffering significant funding constraint, our correspondent has gathered. Source Daily Trust Read More 

AfDB expresses worry over yearly loss of $50b to illicit financial flows - The African Development Bank (AfDB) has expressed worry over yearly loss of over $50 billion to trade malpractices, abusive transfer pricing, criminality, corruption and outright theft of natural resources in Africa. Source Guardian Read More 

PMB Seeks Inclusion Of $496m Aircraft Fund In 2018 Budget - President Muhammadu Buhari has requested the House of Representatives to input the sum of N151, 394, 421, 335.00 in the 2018 Appropriation Bill, which is currently being considered by the National Assembly. Source Leadership Read More 

World Bank Disburses N8.6bn To Youths In 23 States - The World Bank, through the FADAMA III Additional Financing (AFII) programme, will soon disburse N8.6 billion to 5,916 youth across the country in the graduate unemployment youths support scheme (FADAMA GUYS). Source Leadership Read More 

Consumer Confidence Index Down in Q1 - The Consumer Expectations Survey (CES) for the first quarter (Q1) 2018 showed that the overall outlook of consumers deteriorated in the quarter, as fewer consumers were optimistic in their outlook. Source Thisday Read More 

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Nigerian Stock Market Resumes Uptrend as NSEASI Records 0.10% Gain - Equities market closed today on a positive note, as NSEASI appreciated by +0.10% to close at 40, 802.78. basis points as against -0.12% depreciation recorded previously. Source Proshare Read More 

Stanbic IBTC Directors Recommend 50 Kobo Dividend for Approval at the 6th AGM - We are once again advising our esteemed shareholders that in line with the authority granted to Directors by Shareholders at the Extra Ordinary General Meeting of Stanbic IBTC Holdings PLC (“the Company”) held on 06 August 2015, Shareholders have a choice of receiving dividends declared by the Company, up to year 2020, either in cash or may elect to receive their dividends as new ordinary shares in the Company (“scrip dividend”). Source Proshare Read More 

ETI 2017 Results In Light Of Guidance From Fitch And PWC On Exchange Rates Per IFRS - US Dollar reporting is of critical importance as ETI is based in Togo and its major shareholders (Four foreign shareholders make up 68.9% = Nedbank 21.2%, QNB 20.1%, IFC 14.1% and PIC 13.5%) will translate results from ETI using the US Dollar exchange rate. Source Proshare Read More 

A Look At Current Financial Reporting Issues In Fcy Transactions - The Naira deteriorated significantly against major currencies at the forex market as the nation’s economy dipped into recession in 2016. Source Proshare Read More 

CBN Continues Interventions in FOREX Market - The Central Bank of Nigeria (CBN) has stepped into the inter-bank sector of the Foreign Exchange market, yet again, intervening in the wholesale segment and other sectors of the market to the tune of $210 million. Source Proshare Read More 

CBN sells $210m as naira closes at 363/dollar - The Central Bank of Nigeria has stepped into the inter-bank sector of the foreign exchange market, yet again, intervening in the wholesale segment and other sectors of the market to the tune of $210m. Source Punch Read More 

Nigerian Breweries Reports Q1 2018 Results - PBT and PAT Declined By -13% and -11% YoY Respectively - Late yesterday, Nigerian Breweries (NB) published its Q1 2018 results which showed that sales of N83.0bn declined by -9% y/y. Source Proshare Read More 

GTBank Q1 2018 Results Review - On Track to Meet 2018E PBT Growth Guidance - GT Bank’s (GTB) Q1 2018 PBT came in only slightly ahead of our forecast. Consequently, we have raised our 2018-19E forecasts by just a touch (c.1.2%). Source Proshare Read More 

Dangote Cement Plc Q1 2018 - Improved Margins Underpin Earnings Growth - Dangote Cement (DANGCEM) released Q1 18 result this afternoon showing a double-digit growth of 29.1% YoY growth in EPS to N4.23 (missing our estimate of N4.29). Source Proshare Read More 

I and E Window: Taking Stock One Year After Formation - A year ago, precisely the 21st of April 2017, after increasing pressures, the Central Bank of Nigeria (CBN) rattled markets, announcing in a surprise move the establishment of the Investors’ & Exporters’ FX Window (IEW). Source Proshare Read More 

Dangote exports 211kt cement to 3 African countries in Q1 - Dangote Cement exported a total of 211 kilotons of cement to three African countries namely, Ghana, Togo and Niger in the first quarter (Q1) of 2018, while also significantly increasing its local supply by 5.3 per cent to nearly 4 million tons during the period. Source Vanguard Read More 

Nigeria’s LPG sector to record $10bn growth in 8 years — NLPGA - PRESIDENT of the Nigeria Liquefied Petroleum Gas Association, NLPGA, Mr. Nuhu Yakubu, has predicted the nation’s LPG sector to record $10 billion growth in the next eight years. Source Vanguard Read More 

Rising US Rig Count Forces Brent Crude To $73.89pb - Oil prices suffered a setback yesterday as a rising U.S. rig count pointed to further increases in the country’s output, underlining one of only few factors holding back crude markets in an otherwise bullish environment. Source Leadership Read More 

Strong demand pushes oil near $80 - Brent crude oil rose for a sixth day yesterday to hit its highest since November 2014 at over $75 per barrel. Source THE NATION Read More 

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Election2019:APC Inaugurates 68-man Convention Committee - Nigeria’s ruling political party, the All Progressives Congress is set after almost three years at the helm of affairs to host its National Convention which has been scheduled for May, 2018. Source Proshare Read More 

Switzerland returned $322.5m Abacha loot with interest — Envoy - Switzerland said it has returned all the money kept in the country by late Head of State, Gen. Sani Abacha, with $1.5 million interest. Source Vanguard Read More 

Zimbabwe may launch $3.5 billion sovereign bond issue post election: deputy minister - Zimbabwe is considering issuing between $2.5 and $3.5 billion in sovereign bonds after elections set for July and will use some of the money to clear arrears to foreign lenders, Deputy Finance Minister Terrence Mukupe said on Tuesday. Source Reuters Read More 

Saudi Shares Are the Most Expensive Since 2015 - Saudi Arabian stocks are trading at the most expensive level since 2015 relative to emerging markets as foreign investors continue buying into a potential status upgrade by MSCI Inc. as oil surges. Source Bloomberg Read More 

Saudi Arabia Is Delaying Stock Exchange IPO on Higher Valuation Hopes - Saudi Arabia is delaying the initial public offering of its stock exchange on hopes that a potential MSCI Inc. upgrade could boost its value, according to people with knowledge of the matter. Source Bloomberg Read More 

US Stocks Drop as Treasury Yields Touch 3% - The yield on the 10-year U.S. Treasury note hit 3% for the first time since 2014 in a vote of confidence for the economic expansion, but warnings from large companies that profits were peaking helped send the Dow industrials to their fifth straight decline. Source WSJ Read More 

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Eko Atlantic land prices up 16% to $1,690/sqm on FX, infrastructure push - Land price in Eko Atlantic City, the expansive new city being developed on land reclaimed from the Atlantic Ocean adjacent to Victoria Island in Lagos, has gone up 16 percent to $1,690/ N612,000 per square metre, up from $1,250 per square metre 12 months ago. Source BUSNESSDAY Read More 


FG plans 70m digital data base growth by 2019 - President Muhammadu Buhari yesterday in Abuja, disclosed plans to grow the country’s digital database to 70 million in 2019. Source Guardian Read More 

Nigeria, others lose $3.5b to cyber crime - Nigeria, Tanzania, Ghana, Kenya and Uganda – together lost $3.5 billion to cyber crooks last year, a cyber security firm Serianu, has said. Source THE NATION Read More 

FG Steps Up Fight against Cybercrime, Launches National Coordination Team - The federal government on Tuesday stepped up its fight against cyber criminals in the country with the inauguration of the Global Action Against Cyber Crime (GLACY) Project National Coordination Team in Abuja. Source Thisday Read More 

Bitcoin Is One of the Few Things Surging in a Sea of Losses - Amid a sea of red in financial markets, Bitcoin is still flashing green. Source Bloomberg Read More 

‘50% of Nigeria’s mobile capacity under-utilized’ - The Chairman, House Committee on Nigeria-US Relations/inter-parliamentary Relations, Ehiozuwa Johnson Agbonayinma, has lamented that 50 percent of Nigeria’s mobile capacity is under-utilized due to lack of service. Source BUSINESSDAY Read More 

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