Nigeria in 1min: Economic, Business and Financial Headlines – 250518


Friday, May 25, 2018 / 7:15 AM / Proshare News



MPC: Trying To Hold On To Butterflies  - The Monetary Policy Committee (MPC) convene for the second time in 2018 on 21st and 22nd of May 2018. The monetary anchor was left unchanged as the committee stuck to its usual hawkish stance. Source Proshare Read More 

The Debt Challenge to African Growth - From increases in life expectancy to steep declines in infant mortality, many of Sub-Saharan Africa’s development indicators are heading in the right direction. But with public-debt levels increasing, fiscal reforms are needed to ensure that the region's progress isn't stifled by interest payments. Source Proshare Read More 

Nigeria’s GDP Per Head To fall For 8 Straight Years - IMF - Nigerians will see their real income per head fall every year until at least 2023, according to forecasts by the IMF, a potentially painful squeeze for a country with per capita gross domestic product of just $1,994. Source Proshare Read More 

Nigerian Government signs MoU with African Risk Capacity; Becomes Member-Country - Nigeria’s Minister of Finance, Kemi Adeosun and Director-General of African Risk Capacity, Mohamed Beavogui exchanging copies of the MoU in Busan, Republic of Korea. Source Proshare Read More 

2018 budget threatened over N2.7tr arbitration fine against Nigeria - A whopping $8.9 billion (N2.7tr) arbitration fine on Nigerian is threatening wipe off a sizeable chunk of its foreign reserves, derail the 2018 budget and plunge the economy back into recession if the Federal Government goes ahead to honour the obligation. Source THE SUN Read More 

N’Assembly Transmits 2018 Budget to Buhari Friday - All things being equal, the National Assembly will Friday in Abuja transmit the 2018 budget to President Muhammadu Buhari for his assent. Source Thisday Read More 

Kwara Revenue Agency Generates N7.7bn in Four Months - The chairman of the Kwara State Internal Revenue Service (KWIRS), Dr. Murtala Awodun has disclosed that the agency generated the sum of N7.7bn between January and April this year. Source Thisday Read More 

NCS FOU Rakes in N1.039bn in One Month - The Nigeria Customs Service (NCS), Federal Operations Unit, Zone ‘A’ Ikeja has announced that it has intercepted various contrabands and other goods on detention with a duty paid value (DPV) N1.010 billion between April 10th to May 15 2018. Source Thisday Read More 

‘AfCFTA implementation will push consumer spending to $1.4 trn by 2020’ - The Nigerian Office for Trade Negotiation (NOTN) says the African Continental Free Trade Agreement (AfCFTA) will assist to address the issue of unemployment, market access and economic growth for Nigeria and Africa. Source Guardian Read More 

AfDB disburses $7.81bn to African countries, highest ever - The African Development Bank, under the leadership of its president, Akinwumi Adesina, has increased disbursements to support the structural transformation of countries in Africa, according to its annual report, released during the Annual Meetings in Busan, Korea. Source Daily Trust Read More 

'90 percent of cargo are under-declared at Nigerian ports' - Shippers’ Council - The Executive Secretary, Nigerian Shippers Council (NSC), Bar. Hassan Bello has said about 90 percent of the cargo coming into Nigeria are under-declared at the Nigerian ports thus rubbing the country of billions of Naira in revenue. Source Daily Trust Read More 

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Lagos-Ibadan rail: Work begins on Lagos area June - FG - The Federal Government said yesterday that work would commence properly on the Lagos corridor of the $1.5bn Lagos-Ibadan standard gauge project by next month. Source Daily Trust Read More 

Credit Cuts Threaten Airlines’ Operations - Failure to effectively service their debts has prompted Nigerian banks to cut their credit facility to domestic carriers, thus denying them operational funds. Source Thisday Read More 

Nigeria Spends N288bn on Fish Importation Annually - Following ongoing effort by the federal government to diversify the nation’s economy, it has emerged that Nigeria can save over N288 billion ($800 million) being spent on the importation of fishes annually, if the nation’s deep ocean resources are optimally developed and harnessed. Source Thisday Read More 

APM Terminals Boosts Nigeria’s Export by 15% - A report of an impact assessment study conducted by Denmark-based consulting firm, Quantifying Business Impacts on Society (QBIS), has revealed that APM Terminals Apapa increased Nigeria’s manufactured export by up to 15 per cent corresponding to a value of about $0.5 billion (N152.5 billion) from 2006 to 2009. Source Thisday Read More 

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Three banks hold 60 per cent of N700b insider bad loans, says NDIC - Three commercial banks have been identified to have in their balance sheets, 60 per cent of the N700 billion insider-related bad loans bedevilling the industry, Nigeria Deposit Insurance Corporation (NDIC) has said. Source THE NATION Read More 


Losing Streak Continues In Nigeria’s Equities Market As NSEASI Sheds -1.06% - Equities market closed today on a negative note, as NSEASI depreciated by -1.06% to close at 39, 723.85. basis points as against -0.25% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +3.87%. Source Proshare Read More 

Funding Rates Crash to Single Digits as OMO Inflows Bolster System Liquidity - The bond market traded on a very quiet note with yields rising higher at the opening of the session, following the relatively higher clearing rates at the previous day’s auction. Source Proshare Read More 

Diamond Bank Plc FY 2017 and Q1 2018 Conference Call and Earnings Presentation - The Key Takeaways  - Diamond Bank Plc held its FY 2017 and Q1 2018 Investors and Analyst Conference Call Earnings Presentation. Proshare NG participated along with leading market analysts and professionals. Source Proshare Read More 

GSK Declares N8.4BN Special Dividend at 47th AGM - GlaxoSmithKline Consumer Nigeria Plc has declared a special dividend of 8.4billion Naira representing N7.10 and a final dividend of 40k per share respectively for its shareholders in the year ended December 2017. Source Proshare Read More 

Oil and Gas Trends 2018 -19 - Strategy Shaped By Volatility -  After several years of oversupply, the oil and gas industry could very well be moving headlong into a supply crunch. Source Proshare Read More 

5.67bn Litres of PMS Imported in Q1 2018 - NBS - The petroleum products importation statistics for Q1 2018 reflected that 5.67 bln litres of premium motor spirits (PMS), 954.47 mln litres of automotive gas oil (AGO), 66.914 mln litres of household kerosene (HHK) and  5122.067 mln litres of aviation turbine kerosene (ATK) were imported into the country in Q1 2018. Source Proshare Read More 

‘7 wells drilled in Bida Basin show signs of oil’ - There was renewed optimism that Niger may join the league of oil producing state soon, says the State Commissioner for Mineral Resources, Hajiya Ramatu Yar’Adua. Source Daily Trust Read More 

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NSACC Breakfast: Why Nigerians Businesses need to embrace Digital Technology - With the advent of the fourth industrial revolution driven by digital technology, nations and corporations across the globe are seeking to reposition themselves to utilize the opportunities that come with the “Digi-tech” era. Source Proshare Read More 

All about the Revolutionary Tax 247 App by PwC Nigeria - PwC launched the Tax 247 App in 2016 and has since upgraded same with the aim of providing a Digital Tax Encyclopaedia, designed to give instant access on the go to tax and business related information. Source Proshare Read More 

Oil prices dip as Russia warns of gradual production increase - Oil prices eased on Friday as Russia hinted it may gradually increase output, after having withheld supplies in concert with producer cartel OPEC since 2017. Source Reuters Read More 

IMF to add Islamic finance to market surveillance in 2019 - The International Monetary Fund will incorporate Islamic finance into its financial sector assessments of select countries starting next year, aiming to improve regulation in the growing sector. Source Reuters Read More 

The World's Most Profitable Banks Can Be Found in India - India’s economic and credit slowdown is revealing the strengths and weaknesses of its banking sector. Source Bloomberg Read More 

Trump Signs Biggest Rollback of Bank Rules Since Dodd-Frank Act - President Donald Trump has signed the biggest rollback of financial regulation since the Dodd-Frank Act was enacted in 2010, freeing smaller banks from the burden of being labeled too big to fail. Source Bloomberg Read More 

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How Lidya’s $6.9m in Series A Investment Round Will Help MSMEs - Lidya, the digital financial services platform focused on improving access to credit for micro-, small-, and medium-sized enterprises (MSMEs) in Africa, today announced that it has raised $6.9 million in a Series A investment round, one of the largest in Nigerian tech history. Source Proshare Read More 

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Project Targets Fraud in Advertising With Performance-Driven Smart Contracts for Campaigns - A company is creating a smart contract for advertising which it says could potentially ease two major issues that are plaguing the flourishing industry: fraud and a lack of transparency. Source Proshare Read More 

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