Nigeria in 1min: Economic, Business and Financial Headlines – 070618


Thursday, June 07, 2018 / 7:30 AM / Proshare News



Merchandise Trade in Both Directions Grew Significantly in Q1 2018  - The total value of Nigeria’s merchandise trade was N7,211.61 billion in the first quarter of 2018, which was a 19.74% growth from the f2igure recorded in Q4, 2017 (N6,022.93 billion) and a 35.07% growth from Q1, 2017 (N5,339.24 billion). Source Proshare Read More 

World Bank expects global growth at 3.1 per cent - The World Bank has assured that the global economy would return a growth of 3.1 per cent in 2018, despite recent softening and headwinds. Source Guardian Read More 

Fed Govt rakes in N30b from VAIDS - The Federal Government has raked in nearly N30 billion through the Voluntary Assets and Income Declaration Scheme (VAIDS), the Chairman, Federal inland Revenue Service (FIRS) Mr. Tunde Fowler, said yesterday. Source THE NATION Read More 

FEC approves review of Nigerian tax policies  - The Federal Executive Council (FEC), presided over by President Muhammadu Buhari, has approved the National Tax Policy Implementation Committee on the country’s Tax Laws Reform just as about N1.6billion was also approved for the procurement of 68 new Ford pick up operational vehicles for Nigeria Customs Service (NCS). Source THE NATION Read More 

AMCON Plans Sale of Arik, Aero, PAN, Others in 2018 - The Asset Management Corporation of Nigeria (AMCON) has indicated plans to sell some of its assets in 2018, which it listed to include Arik Air, Aero Contractors, Peugeot Automobile Nigeria (PAN), Delta Queen, among others. Source Thisday Read More 

Local shipowners turn to foreign lenders for funds - The high cost of funds in local banks, coupled with the non-disbursement of the Cabotage Vehicle Financing Fund, has driven operators in the local shipping industry to foreign financiers. Source Punch Read More 

Smuggling: FG approves N1.6bn vehicles for Customs - The Federal Executive Council on Wednesday approved the contract for the procurement of 68 new pick-up operational vehicles for the Nigeria Customs Service. Source Punch Read More 

3,000 containers trapped in Apapa over truck drivers’ protest - No fewer than 3,000 containers are said to be  trapped inside the Lagos Port Complex Apapa as a result of the lockdown created by a new policy introduced by the Nigerian Ports Authority  on the return of containers to the port. Source Punch Read More

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Nigeria’s Equities Market Sustained Third Consecutive Gaining Streak as NSEASI Inches Up By 1.53%  - Equities market closed today on a positive note, as NSEASI appreciated by +1.53% to close at 38,435.29.  basis points as against +2.46% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +0.50%. Source Proshare Read More 

Position for Choppier Waters – Shorten Up! - In a follow-up to our post-MPC note (Monetary Policy: When will the ‘Dove’ coo?) published last month where we analysed the basis behind MPC’s decision to leave all policy parameters unchanged at its last MPC meeting and posited that the Source Proshare Read More 

Assets Invested In ETFs and ETPs Listed In Middle East and Africa Fell By $343m In April 2018  - ETFGI, a leading independent research and consultancy firm on trends in the global ETF/ETP ecosystem, reported today that assets invested in ETFs and ETPs listed in Middle East and Africa decreased by 1.03% during April 2018 to reach US$37.92 Bn at the end of the month. (All dollar values in USD unless otherwise noted.) Source Proshare Read More 

NMRC N11bn series II Bond records 200% over subscription - As part of its primary mandate of providing liquidity to the Nigerian mortgage market, Nigeria Mortgage Refinance Company (NMRC) recently completed its N11billion 13.80 percent Series 2 Bond Issuance under its N440 billion Medium Term Note Programme. Source BUSINESSDAY Read More 

CBN to sell N1.1trn Treasury Bills in 3 months - The Central Bank of Nigeria (CBN) has rolled plans to issue N1.1 trillion worth of Treasury Bills (NTBs) in the next three months to August 30, 2018. Source Vanguard Read More 

Naira Appreciates to a 2-yr high of N360.50/$ in the Parallel Cash Market - The bond market traded on a relatively quiet note, with slight interests witnessed on the 2021s and 2027s.  Investors however remained net sellers on the longer end (2036s especially) consequently pushing yields higher by c.2bps on average. Source Proshare Read More 

Nigeria’s gas sector holds $51 billion investment opportunity - About $51 billion worth of investment opportunities currently exists in Nigeria’s gas sector.This investment could be spread to Free Trade Zones (FTZ), central gas processing facilities, fertilizer plants, gas exploration & production, pipe milling & local fabrication yards Source BUSINESSDAY Read More 

African Oil Giant Needs $12 Billion to Avoid Missing LNG Boat - On a tropical island just off the coast of Nigeria, hundreds of engineers work around the clock to produce liquefied natural gas at a plant the size of Lower Manhattan. Source Reuters Read More 

NNPC to invest $2.5bn in LPG plants - The Nigerian National Petroleum Corporation has revealed plans to invest $2.5bn in revamping Liquefied Petroleum Gas plants in the country. Source THE NATION Read More 

Power sector loses N201.3bn in six months – The daily financial losses in Nigeria’s power sector since the beginning of this year have risen to N201.3bn, findings from the Office of the Vice President showed on Wednesday. Source THE NATION Read More 

DisCos need N299b to bridge metering gap - The electricity Distribution Companies (DisCos) yesterday said they require  about N299 billion  to bridge the 4.1 million metering gap.  They seek more capital expenditure (capex) window and legislative actions for mobile courts to swiftly tackle energy theft and meter bypassing. Source THE NATION Read More

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Criminal Cartel Charges Laid Against ANZ, Citigroup And Deutsche Bank - Citigroup Global Markets Australia Pty Limited (Citigroup), Deutsche Bank Aktiengesellschaft (Deutsche Bank) and Australia and New Zealand Banking Group Ltd (ANZ) have been charged with criminal cartel offences following an investigation by the ACCC. Source Proshare Read More 

UK’s FCA Fines And Imposes A Restriction On Canara Bank For AML Systems Failings - The Financial Conduct Authority (FCA) has fined Canara Bank £896,100 and has imposed a restriction, preventing it from accepting deposits from new customers for 147 days. Source Proshare Read More 

US court issues $8.89bn default judgment against Nigeria - A United States District Court on Tuesday issued a default judgement affirming a $6.59 billion arbitral award against the Federal Government (FG), plus $2.3 billion in interest in a dispute that arose over a natural gas supply and processing agreement between it and a firm called Process and Industrial Developments Limited (P&ID). Source BUSINESSDAY Read More 

Nigeria Says It Recovered $83 Million From Tax-Amnesty Scheme - Nigeria’s government has recovered 30 billion naira ($83 million) under an amnesty program for tax defaulters, according to the finance ministry. Source Bloomberg Read More 

Fight for American Oil to Heat Up as U.S. Keeps More for Itself - The U.S. is set to get a bit more possessive about its own oil, sparking a bidding war with eager buyers in the other side of the world. Source Bloomberg Read More 

China’s regional banks poised for $14bn IPO fundraising - Seventeen Chinese commercial banks are seeking approval for mainland initial public offerings that could raise up to $14bn Source FT Read More 

Oil prices rise on Venezuelan supply troubles, but U.S. output surges - Oil prices rose on Thursday to shake off some of the previous session’s losses, supported by plunging exports by OPEC-member Venezuela. Source Reuters Read More

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IFC to invest $60 million in Bank of Africa to support SME lending in eight African countries - IFC, a member of the World Bank Group, today announced a $60 million investment in a regional risk-sharing facility to support Bank of Africa Group’s lending to small and medium enterprises in eight African countries, facilitating growth and job creation in the region. Source CNBC Read More

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Firstbank Partners with WorldRemit for Digital Money Transfers To Nigeria - Leading digital money transfer service WorldRemit has joined forces with First Bank of Nigeria Limited (FirstBank) for instant money transfers directly to FirstBank accounts in Nigeria. Source Proshare Read More 

Machine Learning FICO Analytics Can Be Used By Lenders To Match Offers To Risk And Ability To Pay  - FICO and Equifax have launched the FICO® Risk and Affordability Decision Suite, powered by Equifax®, which uses advanced predictive analytics to assess a consumer's repayment risk as well as their ability to afford new credit Source Proshare Read More 

‘Nigeria Achieved 5% Reduction in Financial Exclusion in 8yrs’ - The Central Bank of Nigeria (CBN) has expressed worry that a large number of Nigerians are financially excluded and are without bank accounts. This it said, negates its financial inclusion drive to bring in more Nigerians into the financial sector and boost cashless transactions. Source Thisday Read More 

Twitter Plans to Sell $1 Billion in Convertible Debt - Twitter Inc. said Wednesday it plans to sell at least $1 billion in bonds that convert to equity, joining a rush of tech companies taking advantage of soaring share prices to issue convertible debt. Source WSJ Read More 

Private sector investment in telecoms hits $68bn - The Nigerian Communications Commission (NCC), yesterday disclosed that private sector investments in the nation’s telecom industry since 2001 have risen to $68 billion. Source Leadership Read More

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