Nigeria in 1min: Economic, Business and Financial Headlines – 021117


November 2, 2017 7:20 AM / Proshare News 


Manufacturing PMI Stands at 55.0% in October 2017 from 55.3% in September 2017 - CBN- The October 2017 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period October 9 - 13, 2017.  Source Proshare Read More 

PMI Reading No 55: Higher and Higher- Our manufacturing Purchasing Managers’ Index (PMI), the first in Nigeria, surged in October to 64.8 from the previous month’s 58.5. Source Proshare Read More 

Udoma tasks CIPM on Developing templates and capacity modules for improved productivity- Minister of Budget and National Planning, Senator Udoma Udo Udoma has challenged the Chartered Institute of Personnel Management of Nigeria (CIPMN)  Source Proshare Read More 

Senate calls for Adequate Financial Provision for NEDC in 2018 Budget- The Senate on Wednesday urged the Federal Government to make adequate financial provision in the 2018 Budget for the take-off of the North East Development Commission (NEDC). Source Proshare Read More 

BSR 2017:Diversifying The Nigerian Economy-Opportunities For Investors-The Nigeria Capital Markets and Banking Forum which held on October 27, 2017 at the London Stock Exchange, 10 Paternoster Square Source Proshare Read More 

NCAA suspends automation of payment systems by airlines - The Nigerian Civil Aviation Authority (NCAA) has temporarily suspended its introduction of the Aviation Revenue Automation Project (ARAP) for revenue collection. Source Daily Trust Read More 

Sokoto Customs makes 103 seizures, generates N829.4m in 6 months - The Nigeria Customs Service, Sokoto Area Command has made 103 seizures including 39 assorted vehicles with the duty paid value of N83.6 million in six months. Source Daily Trust Read More 

Nigeria lost $100bn export revenues in 2 years –Awolowo - Executive Director, Nigerian Export Promotion Council (NEPC), Olusegun Awolowo, has hinted Nigeria lost more than $100 billion of national export revenues between  2015 to 2017 due to the crash in oil prices. Source THE SUN Read More 

Lagos, Delta rank top in states’ first sub-national index - Lagos State came out on top, followed closely by Delta and River states, on the maiden National Competitiveness Council of Nigeria (NCCN) index, which ranked all 36 states and the Federal Capital Territory across four key areas: Human Capital, Infrastructure, Economy and Institutions. Source BUSINESSDAY Read More 

W’Bank Earmarks $520m for Rural Roads in Ten States - The World Bank has earmarked a sum of $520 million for rural roads infrastructure across ten states in the country, including Kwara. Source Thisday Read More 

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SEC Warns Celebrities Against Endorsing Stock and Coin Offerings - Celebrities who pitch investors on stock sales and initial coin offerings without disclosing their pay may be breaking the law, a top U.S. markets regulator said Wednesday. Source WSJ Read More 

BVN Enrolment Rises To 30m – NIBSS - Followinmg the 14 days given banks by the a Federal High Court in Abuja on October 17, 2017 on the release of bank accounts without Bank Verification Numbers (BVN), customers who were yet to comply have been doing so as the number of BVN issued has risen to 30.655 million. Source Leadership Read More 


Market Records Improved Sentiment as NSEASI Inches Up by 0.56%-Equities market closed today on a positive note, as NSE ASI appreciated by +0.56% to close at 36,887.20 basis points as against +0.54% appreciation recorded previously. Source Proshare Read More 

CBN Pumps Another $195m into Forex Market- The Central Bank of Nigeria (CBN), on Tuesday, October 31, 2017, injected another $195 million into the inter-bank Foreign Exchange market. Source Proshare Read More 

NSE hosts Capital Market Security Information Forum in Lagos- The Nigerian Stock Exchange, on October 31 2017 hosted the National Capital Market Information Security  forum to discuss the theme: “Defending against Cybercrime  Source Proshare Read More 

Lafarge Africa Plc - Proposed Rights Issue- Dealing Members are hereby notified that Lafarge Africa Plc has through its Stockbrokers;  Source Proshare Read More 

Flour Mills of Nigeria plans share sale to reduce debt - Flour Mills of Nigeria plans to sell shares via a rights issue to cut debt and is registering a 70 billion naira ($223 million) bond programme to refinance short-term loans, the conglomerate said on Wednesday. Source Reuters Read More 

CBN sells 100 billion naira treasury bills on Wednesday - Traders - Nigeria is set to sell 100.83 billion nairas of treasury bills at an auction on Wednesday, traders said. Source Daily Trust Read More 

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VAIDS collects data on 5m Nigerians - The Value Assets and Income Declaration Scheme (VAIDS) has collected data of over five million corporate organisations and individuals. This was disclosed in a statement issued by the VAIDS office in the Federal Ministry of Finance. Source THE NATION Read More 

Nigeria spent N9tr on fuel subsidy in 10 years – PPPRA - The Petroleum Products and Pricing and Regulatory Agency (PPPRA) has said that over N8.97 trillion has been expended on fuel subsidy under Petroleum Support Fund (PSF) scheme between 2006 to 2016. Source Daily Trust Read More 

Kachikwu: govt eyes more oil, extra $9b yearly, others - The Federal Government plans to increase oil output from two million barrels per day (bpd) to between 2.2 and 2.3 million bpd, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said. Source THE NATION Read More 

NNPC to build biofuel refinery in Ondo - The Nigerian National Petroleum Corporation (NNPC) has signed a Memorandum of Understanding (MoU) with Ondo State Government to establish a 65 million litres per annum biofuel plant in Okeluse, Ondo State. Source Daily Trust Read More 

NNPC Commences Exploration Activities In Benue - Following the directive of President Muhammadu Buhari to the Nigerian National Petroleum Corporation NNPC, to resume oil exploration activities in some of the nation’s inland basins which include Chad and Benue Trough, the group managing director, NNPC, Dr. Maikanti Kacalla Baru, yesterday announced the siting of two biofuel projects in Benue state. Source Leadership Read More 

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IMF lowers forecast for Rwanda's 2017 GDP growth from 6.2 pct to 5.2 pct -  The International Monetary Fund issued a revised forecast for Rwanda’s gross domestic product this year, lowering its projected growth from 6.2 percent to 5.2 percent. Source Reuters Read More 

South Africa's Absa PMI rises to 47.8 in October - South Africa’s seasonally adjusted Absa Purchasing Managers’ Index (PMI) rose to its best level in five months helped by an increase in new sales orders, a survey showed on Wednesday. Source Reuters Read More 

HSBC Is Focus of Criminal Probe Sought by U.K. Lawmaker - HSBC Holdings Plc is the unnamed bank that is the focus of a senior British lawmaker’s demand for a criminal probe into a relationship with South Africa’s Gupta family, according to two people with knowledge of the allegations. Source Bloomberg Read More 

One of the Most High-Profile Initial Coin Offerings Has Crashed 50% - Bancor, one of the most successful initial coin offerings in the short history of digital tokens, is proving to be a dud for investors. Source Bloomberg Read More 

U.K. Parliament Pushes May to Release Brexit Impact Studies - The U.K. Parliament passed a motion calling on the government to release Brexit impact studies into 58 sectors of the British economy, in a victory over Prime Minister Theresa May by the opposition Labour Party, which has sought the studies for months. Source Bloomberg Read More 

World's First AI-Run Global ETF Makes Its Own Managers Nervous - The first global equity ETF run by robots made its trading debut even as its managers expressed anxiety about investing in an exchange-traded fund lacking the human touch. Source Bloomberg Read More 

OPEC Output Drops in October as Kurdistan Tensions Weigh on Iraq - Tensions in Iraq between the semi-autonomous northern region of Kurdistan and the central government in Baghdad weighed on OPEC’s production last month. Source Bloomberg Read More 

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World Savings Day: Wema Bank DMD Adebise encourages Students to Save- Wema Bank Plc., the pioneer of Nigeria’s digital bank ALAT, on Tuesday joined the world in celebrating the World Savings Day​​​ under the theme “Our future starts with savings”. Source Proshare Read More 


Data Science Nigeria Bootcamp: Passion, Learning, and a Lady Hackathon Winner- Data Science Nigeria hosted its industry engagement summit and a four-day, intensive, all-expense paid bootcamp from 12-15 October 2017 at the Peninsula Resort in the Lekki axis of Lagos. Source Proshare Read More 

MTN Focused on Preparing for Nigerian Unit IPO in Six Months - MTN Group Ltd. is focused on laying the groundwork for an initial public offering of its Nigerian business and should complete the process in the next six months, Chief Executive Officer Rob Shuter said. Source Bloomberg Read More 


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