Nigeria in 1min: Economic, Business and Financial Headlines – 070218


February 7, 2018 7:30 AM / Proshare News 


Daily Energy Generation Attained a Peak of 94,627MWh in Q4 2017 - NBS - The power generation statistics for Q4 2017 reflected that a total average of 94,627 MWh of energy was generated daily by power stations. Source Proshare Read More 

FG requires $245bn to implement ERGP – Minister - The Federal Government says it requires $245.13 billion to implement the Economic Recovery and Growth Plan (ERGP) over its four-year period. Source Daily Trust Read More 

Edo gov commences privatisation, commercialisation of state-owned firms - The Edo State Governor, Godwin Obaseki, yesterday, inaugurated a 10-man Technical Committee on Privatisation and Commercialisation (TCPC), to take inventory of all non-operational enterprises owned by the state government and provide guidelines for their privatisation and commercialisation. Source Daily Trust Read More 

Insecurity: Over N200bn planned investment put on hold – LCCI - Lagos Chamber of Commerce and Industry (LCCI), yesterday, decried the impact of security challenges on business and investors’ confidence in the country, saying that an estimated N200 billion planned investment in agro allied industries has been put on hold. Source Daily Trust Read More 

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Customs impounds N1.4bn cars in Lagos, Ogun - Authority in charge of the Federal Operations Unit (FOU), Ikeja, yesterday said it impounded about 24 exotic cars value at about N1.43 billion in Lagos and Ogun states. Source Daily Trust Read More 

AfDB Approves $10m Loan To Boost Fund’s Portfolio In Africa - The Board of African Development Bank (AfDB) has approved a 10-million dollar loan for African Local Currency Bond Fund (ALCBF) to boost its portfolio in Africa. Source Leadership Read More 

Nigeria Loses N15bn To Fake Products Annually - The Standards Organisation of Nigeria (SON) has disclosed that the federal government loses N15 billion annually to counterfeiters. Source Leadership Read More 

NPA makes N299bn revenues as businesses suffer from Apapa gridlock - Access into the major economic gateways, Apapa and Tin-Can Island seaports by motorists, commuters and port users, has again become a hard nut to crack as the traffic gridlock into the Apapa port city, worsened in the past few days, without any hope in sight. Source BUSINESSDAY Read More 

Nigeria drops on KPMG’s ranking - Nigeria dropped five places to be ranked 158 in a new report released by KPMG, audit and financial advisory firm. Source THE NATION Read More 

ERGP: Private sector to get priority attention –Osinbajo - Vice President Yemi Osinbajo, has assured that the Federal Government would give priority attention to the Nigerian private sector in an effort to achieve the objectives of the Economic Recovery and Growth Plan (ERGP). Source THE SUN Read More

US firms invest $8.1bn in Nigeria – Envoy - The United States Consul-General in Lagos, Mr. John Bray, has said that the private investments of US companies in Nigeria are more than $8.1bn. Source Punch Read More 

6.8m Nigerians Benefitting Directly from Social Investment Programme, Says FG - The federal government has put the total number of direct beneficiaries under its National Social Investment Programme (NSI-P) as of January 9, 2018, at 6.802million. Source Thisday Read More 

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NSE Notifies of Effective Date of Rules on Large Volume Trades and Block Divestment - Please be advised that The Exchange has received the Securities and Exchange Commission’s approval to the Rules set out below. NOTICE IS HE REBY GIVEN THAT, the following Rules, which are available on The Exchanges website, shall become effective on the dates set forth beside each of them. Source Proshare Read More 

CBN Scraps Commission On Forex Purchase In Banks - The Central Bank of Nigeria (CBN) has pegged the buying rate of dollars for invisible uses such as school fees, medical bills and travelling allowance at N360 to the dollar whilst removing all bank charges and commissions. Source Leadership Read More 


Malaysia And Singapore To Set Up Stock Market Trading Link - The Monetary Authority of Singapore (MAS) and the Securities Commission Malaysia (SC) will work together to facilitate the establishment of a stock market trading link between Bursa Malaysia (BM) and Singapore Exchange (SGX) by the end of this year. Source Proshare Read More 

Biggest One-Day Fall For The Dow Jones Industrial Average - A sell-off in U.S. stocks sent the Dow Jones industrial average down more than 1,000 points today, erasing all the gains made so far this year. Source Proshare Read More 

Nigerian Stock Market Maintains Downtrend as NSEASI Dips Further by -0.87% - Equities market closed today on a negative note, as NSEASI depreciated by -0.87% to close at 43,877.30. basis points as against -0.85% depreciation recorded previously. Source Proshare Read More 

Stock Selloff Spreads Around the World - The Dow Jones Industrial Average was set for further losses, while shock waves from its biggest-ever daily point plunge rippled through markets, sparking steep selloffs in equity benchmarks from Tokyo to Madrid.  Source Proshare Read More 

Access Bank Plc Announces Details of Shareholder With 5pct and Above Stake - In line with the provisions of the above mentioned Roles, we hereby furnish the Exchange with the details of the shareholder holding 5% and above stake In the Issued Share Capital of the Bank. Source Proshare Read More 

Wall Street Rally Picks Up Pace; Looking Like A Correction, Not A Crash - Instead of sinking into the mire, the Dow is now up 350 points, or 1.4%. That means leading shares have recovered around a third of Monday’s tumble. Source Proshare Read More 

CSCS unveils 5 pillars for its 3-year strategic plan 2018-2020 - The Central Securities Clearing System (CSCS) today hosted a gathering of relevant stakeholders to unveil its 3-Year (2018-2020) strategic plan. Source Proshare Read More 

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Banks’ lending to private sector drops to N15.74tr - Banks reduced lending to the private sector to N15.74 trillion in the fourth quarter of 2017 (Q4’17). Source Vanguard Read More 

Intervention fund: FG pays N252bn to GENCOs in seven months – Investigation - THE Federal Government has disbursed about N252 billion to the electricity generation companies, GENCOs for power generated within seven months (January to July 2017). Source Vanguard Read More 

NDPHC begins construction of N5.53bn power transmission station - The Niger Delta Power Holding Company, a firm owned by the three tiers of government, commenced the construction of a N5.53bn power transmission and transformation substation on Tuesday. Source Punch Read More 


Stakeholders harp on Credible Online Media, at OPAN Inaugural Media Conference - Stakeholders harped on a credible Online media space in Nigeria, at the inaugural Online Publishers Association of Nigeria (OPAN) annual new media conference in Lagos. Source Proshare Read More 

Tunisia's annual inflation hits 6.9 pct, highest in 20 years - Tunisia’s annual inflation rate rose to 6.9 percent in January, the highest level in 20 years, up from 6.4 percent in December, the statistics office said on Tuesday. Source Reuters Read More 

Angola oil minister sees no further OPEC cuts, expects to become gold producer - Angola sees no further OPEC cuts in 2018 and Africa’s No. 2 crude exporter hopes to join the ranks of gold producers next year as it strives to diversify an economy long based on oil and diamonds, its minerals and petroleum minister said on Tuesday. Source Reuters Read More 

Oil rises on report of lower U.S. crude inventories, stock market recovery - Oil prices rose on Wednesday amid a share market recovery and supported by a report that U.S. crude inventories fell last week, although analysts warned that soaring U.S. output and a seasonal demand drop could soon weigh on crude. Source Reuters Read More 

U.S. Oil Heads to Middle East in Latest Sign of Shale's Spread - U.S. oil headed to the Middle East in December, an unthinkable trip just a few years ago. Source Bloomberg Read More 

Saudi Aramco and Petronas Are Close to Raising $8 Billion Loan - Saudi Arabian Oil Co. and Malaysia’s state-owned oil firm are close to raising an $8 billion loan to partly finance the construction of a planned refinery and a petrochemical complex in the Southeast Asian nation, people familiar with the matter said. Source Bloomberg Read More 

Ivory Coast Plans $1.2 Billion Sale of Eurobonds - Ivory Coast plans to sell the equivalent of as much as $1.2 billion of bonds as the nation seeks to lock in borrowing costs before further U.S. Federal Reserve rate hikes, according to three people familiar with the matter. Source Bloomberg Read More 

Iran Orders Armed Forces to Sell Off All Energy, Business Assets - Iran’s armed forces, some of which are under U.S. sanctions, must divest from energy assets and other businesses to help save the Persian Gulf nation’s economy, President Hassan Rouhani said. Source Bloomberg Read More 

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Still Limited Reach of The PFAs - The assets under management (AUM) of the Nigerian regulated pension industry increased by 22.0% y/y in December to N7.52trn (US$24.6bn), and by 1.5% m/m. Source Proshare Read More 

Lagos State House of Assembly Passes Land Use Charge Bill - The Lagos State House of Assembly, on Monday, 29 January 2018, passed the Land Use Charge Law, 2018 (LUCL). LUCL, with the Governor’s assent, will replace the extant Land Use Charge Law, No. 11 of 2001. Source Proshare Read More 


Facebook Joins Hands with Partners across Africa for a safer Internet - Celebrating Safer Internet Day (SID) under the connected theme of “Create, connect and share respect: A better internet starts with you”, Facebook today announced a number of partnerships across Africa with over 20 non-governmental organisations and government agencies. Source Proshare Read More 

FirstBank ATMs – More than a Cash Machine - First Bank of Nigeria Limited, Nigeria’s most valuable bank brand has again validated its leadership position with the efficiency and creativity of the Bank’s Automated Teller Machines (ATMs) as it presently accounts for 37 percent of bills payment services on ATMs in Nigeria’s banking industry. Source Proshare Read More 

Bitcoin Is Less Volatile Than Stock Market Volatility Index, SEC Chair Says - Jay Clayton, chairman of the U.S. Securities and Exchange Commission (SEC), speaks during a Senate Banking, Housing and Urban Development Committee hearing in Washington, D.C., U.S., on Tuesday, Feb. 6, 2018. Cryptocurrency exchanges roiled by the rout in Bitcoin prices may face more turbulence as the two top U.S. market regulators ask Congress to consider federal oversight for the trading platforms. Source Fortune Read More 

Bitcoin bounces back from three-month low in volatile trade - Bitcoin rallied from three-month lows below $6,000 in choppy trading on Tuesday, but worries lingered about a global regulatory clampdown and moves by banks to ban buying bitcoin with credit cards. Source Reuters Read More 

Get Ready for Most Cryptocurrencies to Hit Zero, Goldman Says - The tumble in cryptocurrencies that erased nearly $500 billion of market value over the past month could get a lot worse, according to Goldman Sachs Group Inc.’s global head of investment research. Source Bloomberg Read More 

$60b wipes off value of crypto currency market in 24 hours - Investors in the crypto currencies may be going through difficult times, as over $60billion is being wiped off the value of crypto currencies, while bitcoin fell below $8,000 again for the third time in four days. Source Guardian Read More 

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NEXIM Bank urges SMEs to access N500bn export facility - The Nigeria Export-Import Bank on Tuesday called on export-oriented Small and Medium Entrepreneurs in the South-East and Niger Delta region to access the N500bn Export Stimulation Facility and the N50bn Export Development Fund being managed by the lender. Source Punch Read More 


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