Nigeria in 1min: Economic, Business and Financial Headlines – 050118


January 5, 2018 7:10 AM / Proshare News 


No Request from Presidency on Payment to Oil Marketers-Senate - The attention of the Senate has been drawn to a claim said to have been made by the Chief of Staff to the President, Mallam Abba Kyari, during a meeting with stakeholders in the oil industry on the perennial fuel scarcity in the  country to the effect that the payment of debt owed to oil marketers was being delayed because the National Assembly has not approved request presented to the legislature for loan meant for that purpose.  Source Proshare Read More 

Adequate External Buffer Now in Place; Reserves Increased by US$3.82bn in December 2017 to US$38.77b - Gross official reserves increased by US$3.82bn in December to US$38.77bn. This rapid accumulation was largely the result of the FGN’s successful Eurobond roadshow in November, which raised US$3.0bn and is reflected in the reserves on a 30-day moving average basis. Source Proshare Read More 

Economy Returned to Positive Growth in 2017 But the Non-Oil Sector Performance Remains Weak - Nigeria is the largest economy in Africa. However, growth has fallen sharply since 2010, with the economy falling into recession in 2016 due to an oil-induced crisis. Source Proshare Read More 

Nigeria PMI - 2017 Rounds Off With Record-high PMI - Rounding off a strong final quarter of 2017, Nigeria’s Purchasing Managers’ Index (PMI) readings for both manufacturing and non-manufacturing sectors came in at record highs in December – registering at 59.3 and 62.1 respectively, compared to 55.9 and 57.6 in the previous month. Source Proshare Read More 

FG needs $40bn for rail projects, says Amaechi - The Federal Government needs about $40bn to complete some ongoing rail projects and embark on new ones, the Minister of Transportation, Rotimi Amaechi, has said. Source Punch Read More 

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Banks credit to agric sector drops by N34bn – NBS - The total amount of credit granted by Deposit Money Banks to the agricultural sector declined by N34.45bn from October 2016 and September 2017, an analysis of the banking sector credit report by the National Bureau of Statistics has revealed. Source Punch Read More 

Customs 2017 revenue rises to N1.37tn - The Nigeria Customs Service has announced that five days to the end of 2017, it generated additional N25bn to bring its total revenue generated for the year to N1.37tn. Source Punch Read More 

Ogun invests N4b in rice - The Ogun State Government has invested N4billion to boost rice production. Agriculture Commissioner, Mrs Adepeju Adebajo, made this known in a statement. Source THE NATION Read More 

BPP Grants ‘Certificate of No Objection’ on N10bn Varsity Power Programme - The Bureau of Public Procurement (BPP) has granted the Rural Electrification Agency (REA) ‘certificate of no objection’ to award contracts for the first phase of its Energising Education Programme (EEP) which would collectively cost N10 billion. Source Thisday Read More 

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Market Resumes Uptrend as NSEASI Inches Up by 1.28% - Equities market closed today on a positive note, as NSEASI appreciated by +1.28% to close at 38,676.12 basis points as against -0.20% depreciation recorded previously.  Source Proshare Read More 

Domestic and Foreign Portfolio Participation In Equity Trading – November 2017 - On a monthly basis, The Nigerian Stock Exchange polls trading figures from major custodians and market operators on their Foreign Portfolio Investment (FPI) flows.  Source Proshare Read More 

Bond yields drop 20bps with significant demand for the 10- and 20-yr - The bond market traded today on a significantly bullish note with significant demand for the 10– and 20-yr bonds by some local and offshore clients. Average bond yields consequently declined by 20bps to close today at 13.63% Source Proshare Read More 

Debut Sovereign Green Bond records N101m oversubscription - The Federal Government’s debut Sovereign Green Bond recorded N101 million (0.94 percent) oversubscription by investors. Source Vanguard Read More 

CBN’s T-Bill slowdown may hurt banks’ profits, says Fitch - An international credit rating agency, Fitch Ratings, has predicted that the Central Bank of Nigeria’s Treasury Bills slowdown may impact negatively on banks’ profits in 2018. Source Punch Read More 

We’ve restored power generation to 3,906MW, says TCN - The Transmission Company of Nigeria on Thursday claimed that the country’s power grid, which collapsed to as low as five megawatts on Tuesday, attained 3,906.8MW late on Wednesday. Source Punch Read More 

Germany Set to Pay Customers for Electricity Usage as Renewable Energy Generation Creates Huge Power - Wind generation is forecast to climb to a record on Sunday, creating more output than needed and driving electricity prices below zero, broker data compiled by Bloomberg show. It would be the first time this year that the average price for a whole day is negative, not just for specific hours. Source Proshare Read More 

Morison Industries closes application for N502.2m rights issue - Morison Industries Plc will today close the application list for its ongoing rights issue. Morison Industries is raising about N502.2 million in new equity funds through new share sale to existing shareholders. Source THE NATION Read More 

Oil Markets Start 2018 With A Bang - In today’s update, we will take a quick look at some of the critical figures and data in the energy markets this week. Source Proshare Read More 

4501 loaded petrol tankers vanish in December - The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru said 4501 petrol trucks were simply untraceable, vanishing from the Nigerian radar, during the biting fuel supply crisis. Source THE NATION Read More 

Oil Hits $68, Boosts Nigeria’s Revenue, But Petrol Imports Hurt Finances - The price of crude oil rose further Thursday exceeding $68 per barrel, its highest since May 2015, supported by unrest in Iran and raising concern about risks to supplies, cold weather in the United States boosting demand, and output cuts led by the Organisation of Petroleum Exporting Countries (OPEC). Source Thisday Read More 

Fuel scarcity: Kachikwu calls for right pricing for oil marketers - Minister of State for Petroleum Resources, Ibe Kachikwu, has urged the Federal Government to address the disparity between the landing cost of Premium Motor Spirit (PMS), popularly called petrol and official pump price. Source BUSINESSDAY Read More

Oil producing Saudi Arabia and UAE raise fuel price but Nigeria digs in with subsidies - Nigeria has a fuel price that is currently lower than that of Saudi Arabia and the United Arab Emirates (UAE) as both countries recently increased their fuel prices in response to higher crude oil prices. Source BUSINESSDAY Read More 

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Saudi Arabia changes Aramco status to joint-stock company -official bulletin - Saudi Arabia has changed the status of national oil firm Aramco to a joint-stock company as of Jan. 1, the kingdom’s official bulletin said on Friday, in a major step ahead of a planned initial public offering. Source Reuters Read More 

Euro near three-year peak as dollar languishes, risk appetite hurts yen - The euro hovered near a three-year high against the sagging dollar on Friday, while improving investor risk appetite weighed on the yen. Source Reuters Read More 

Oil dips away from 2015 highs as doubts over rally emerge - Oil prices fell on Friday, dropping away from highs last seen in 2015, as soaring production in the United States undermined the 10 percent rally from lows hit in December that was driven by tightening supply and political tensions in OPEC member Iran. Source Reuters Read More 

Angola's depleting FX reserves led to currency easing: central bank - Angola’s depleting foreign exchange reserves prompted the central bank to ease currency controls, the regulator said on Thursday, a day after plans were unveiled to restructure foreign debt and allow looser trading of the kwanza. Source Reuters Read More 

Tanzania shuts 5 small community banks to protect financial stability - Tanzania’s central bank on Thursday revoked the licenses of five “critically undercapitalised” community banks to protect financial stability in East Africa’s No. 3 economy. Source Reuters Read More 

Global Debt Hits Record $233 Trillion - Global debt rose to a record $233 trillion in the third quarter of 2017, more than $16 trillion higher from end-2016, according to an analysis by the Institute of International Finance. Private non-financial sector debt hit all-time highs in Canada, France, Hong Kong, South Korea, Switzerland and Turkey. Source Bloomberg Read More 

U.S. suspends at least $900 million in security aid to Pakistan - The United States said on Thursday it was suspending at least $900 million in security assistance to Pakistan until it takes action against the Afghan Taliban and the Haqqani network militant groups. Source Reuters Read More 

Global Factory Boom Sends Commodities Prices Soaring - The strongest manufacturing activity since the aftermath of the global financial crisis is slowly draining commodities surpluses, sending prices to a 3-year high as investors pour money into everything from oil to copper. Source Bloomberg Read More 

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ProShares Files For Bitcoin ETF, And One To Bet Against It - ProShares, which has about $29 billion in assets under management, filed Wednesday with the U.S. Securities and Exchange Commission for a ProShares Bitcoin ETF and ProShares Short Bitcoin ETF. Source Proshare Read More 

Ethereum breaks new record by reaching $1,000 for the first time - Ethereum tokens (ethers) have reached $1,000 on multiple major exchanges for the first time ever. This is an all-time high and the result of a multiple-day rally. The total market capitalization of ethers currently available is now $100 billion. Source TECH CRUNCH Read More 

Uber ex-CEO Kalanick selling nearly a third of stake for $1.4 billion: source - Uber Technologies Inc co-founder Travis Kalanick, who was ousted as chief executive in June, is selling nearly a third of his 10 percent stake in the ride-services company for about $1.4 billion, a person familiar with the matter said on Thursday. Source Reuters Read More 

Intel shares fall as investors worry about costs of chip flaw - Intel Corp shares fell nearly 2 percent on Thursday as investors worried about the potential financial liability and reputational hit from recently disclosed security flaws in its widely used microprocessors. Source Reuters Read More 

Apple Says All Macs, iPhones and iPads Exposed to Chip Security Flaws - Apple Inc. said all Mac computers and iOS devices, like iPhones and iPads, are affected by chip security flaws unearthed this week, but the company stressed there are no known exploits impacting users. Source Bloomberg Read More 

Malaysia Mobile Giant Weighs $500 Million Tower IPO - Axiata Group Bhd. rose the most in more than two years after people with knowledge said Malaysia’s biggest wireless carrier is considering an initial public offering of its tower unit that could raise at least $500 million. Source Bloomberg Read More 

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