Nigeria in 1min: Economic, Business and Financial Headlines – 060918


Thursday, September 06, 2018 / 7:10 AM / Proshare News



August Headline Inflation Expected to Inch Up to 11.15% - We forecast that headline inflation will inch up to 11.15% in August. If this forecast is accurate, it will bring to an end the 18-month consistent decline in the index. This inflection is not surprising as the rate of moderation in the price level had been noticeable over time. Source Proshare Read more 

Personal Statements by the MPC Members at the 119 MPC Meeting of July 23-24, 2018 - Very much like the two previous meetings (April and May) the July 2018 meeting of the Monetary Policy Committee (MPC) held against the backdrop of improvements in key (domestic) economic and financial system indicators relative to 2017. Source Proshare Read more 

A Second Monthly Decline in Reserves by US$1.28bn in August 2018 to US$45.84bn - Gross official reserves declined by US$1.28bn in August to US$45.84bn. This was the second successive monthly decline. July’s of US$670m was largely due to the repayment by the FGN of US$500m to holders of a maturing Eurobond that is yet to be refinanced. Source Proshare Read more 

Nigeria’s Exposure to Commercial Loans Rises by $7.3bn in 3 Years - Nigeria’s exposure to commercial foreign loans rose by $7.3 billion or 486.67 per cent in the last three years, data from the Debt Management Office (NBS) has shown. Source Thisday Read more 

FEC Approves N6.07tn for Revamp of Health Sector - The Federal Executive Council (FEC) presided over by Vice-President Yemi Osinbajo, wednesday in Abuja approved whopping N6.07 trillion for a thorough and comprehensive revamp of the health sector. Source Thisday Read more 

Commissioner: Niger Spends N4B on Health Services in Three Years - The Niger State government says it has spent about N4 billion on the provision of health services to the people since the inception of the administration over three years ago. Source Thisday Read more 

Nigeria okays $6.7b plan for Northeast reconstruction - THE Federal Government says it has developed a N6.7 billion plan for the reconstruction, rehabilitation and resettlement of northeast devastated by Boko Haram. Source THE NATION Read more 

Buhari gets China’s support for 3,050MW Mambila hydropower project - President Muhammadu Buhari on Wednesday secured the support of the Chinese President, Xi Jinping, for the building of the 3,050 megawatts Mambila hydroelectric power project. Source Punch Read more 

FG seeks one-year extension of World Bank’s $160m job creation fund - Following its inability to disburse $160m job creation funding provided by the World Bank, the Federal Government has sought for 12 months extension to enable it to fully implement the project known as Growth and Employment in States. Source Punch Read more 

Nigeria-China trade hits $7.2bn in six months - The trade volume between Nigeria and China from January to June this year was $7.2bn (N2.6tn). Source Punch Read more

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Swift Correction Of Honest Mistakes Helps Build Institutional Corporate Governance  - There have been recent interesting developments in Nigeria which reinforces the need for stakeholders to uphold global best practices in corporate governance as a key component of attracting and retaining investments in Nigeria. Source Proshare Read more

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Market Sentiment Closes Negative as NSEASI Sheds -1.49% to Erase Previous Day Gain - Equities market closed today on a negative note, as NSEASI depreciated by -1.49% to close at 34,414.37 basis points as against +0.28% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.01%. Source Proshare Read more 

System Liquidity support bullish interests in the Fixed Income Markets - The bond market traded with bullish sentiments today, as demand from local and off-shore players were witnessed across the mid- to long-end of the curve causing average yields to compress by c.4bps to close at 15.11%. Source Proshare Read more 

External Factors Propel Yields to New Frontiers - Eurobond yields for most Emerging market counters have been on an upward spiral with spread between JP Morgan’s Emerging Markets Bond Index (EMBI) and US treasuries expanding 85bps YtD. Source Proshare Read more 

May and Baker Nigeria Plc Filed An Application for a Rights Issue of 980,000,000 at N2.50 per Share - May and Baker Nigeria Plc filed an application for a Rights Issue of 980,000,000 ordinary shares of 50 kobo each at an offer price of N2.50 per share on the basis of one (1) new ordinary share for every one (1) ordinary shares held as at the close of business on Tuesday, 4 September 2018. Source Proshare Read more 

Oil demand to hit 100 mln bpd sooner than projected - OPEC's Barkindo  - World oil consumption will reach 100 million barrels per day (bpd) later this year, hitting that level much sooner than previously forecast, OPEC’s secretary-general said on Wednesday. Source Reuters Read more 

African gas output could make up 10 pct of global total by 2040 -official - African production of natural gas could contribute as much as 10 percent of the global total by 2040, an expansion of around 530 billion cubic metres, the secretary general of the Gas-Exporting Countries Forum, Yury Sentyurin, told a conference on Wednesday. Source Reuters Read more 

Oil dips on emerging market woes, but Iran sanctions support - Oil prices dipped on Thursday as emerging market woes weighed on sentiment, while a deadline neared for a potential new round of U.S. tariffs on another $200 billion of Chinese goods. Source Reuters Read more 

Emerging-Market Rout Is Longest Since 2008 as Confidence Cracks - For stocks, it’s 222 days. For currencies, 155 days. For local government bonds, 240 days. Source Bloomberg Read more

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Eko Atlantic City: 5 Things to Note -Eko Atlantic is a strategic new coastal city being built on Victoria adjacent to Lagos, Nigeria, to solve the chronic shortage of real estate in the world’s fastest-growing megacity. Source Proshare Read more 

Nigeria loses $50bn to illegal financial flows yearly, says CISLAC - Nigeria has been losing about $50 billion to illicit financial inflows (IFF) through money laundering, tax evasion and corruption yearly, the Civil Society Legislative Advocacy Centre (CISLAC), has said. Source Guardian Read more

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Data Science Nigeria Releases Free Artificial Intelligence eBook For Starters And Enthusiasts - Data Science Nigeria, a non-profit committed to accelerating Nigeria’s development through solution-oriented application of Big Data and Artificial Intelligence (AI) to solve social/business problems, has a released a free 167-page eBook, titled, Artificial Intelligence Simplified: 99 Use Cases and Expert Thoughts. Source Proshare Read more 

Unifying Fintech Communities in Africa - Ghana - As part of the moves towards the take-off of the Africa Fintech Network and Council, the President of Fintech Association of Nigeria and Convener of the Africa Fintech Network had an exciting engagement on Tuesday Source Proshare Read more 

MTN's Ghana unit up 4 pct on stock market debut -traders - The price of shares in MTN’s Ghana unit rose 4 percent to 0.78 cedis on its stock market debut on the Ghana bourse on Wednesday, traders and exchange managers said. Source Reuters Read more 

MTN's Nigeria Woes Become Political Fodder in Election Run-up - MTN Group Ltd. has become a battleground issue for Nigerian politicians vying for ascendancy ahead of a national election in February, with $10 billion worth of claims made against the South African wireless carrier. Source Bloomberg Read more 

Bitcoin Falls Off a Cliff Again as Cryptocurrency Slump Deepens - Cryptocurrencies dropped sharply for the second time in less than 24 hours, sinking toward a nine-month low amid concern that broader adoption of digital assets will take longer than some anticipated. Source Bloomberg Read more



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