Nigeria in 1min: Economic, Business and Financial Headlines – 070818


Tuesday, August 07, 2018 / 7:10 AM / Proshare News



Single Digit Inflation Rate Now Unlikely- FSDH Research expects the inflation rate (year-on-year) to drop to 11.01% in July 2018 from 11.23% recorded in the month of June. The expected decrease in the inflation rate is largely attributable to the base effect of the previous year. Source Proshare Read more 

4.79bn Litres of PMS Imported into Nigeria in Q2 2018 - NBS- The petroleum products importation statistics for Q2 2018 reflected that 4.79 bln litres of premium motor spirits (PMS), 1.11 bln litres of automotive gas oil (AGO), 43.79 mln litres of household kerosene (HHK) and  200.39 mln litres of aviation turbine kerosene (ATK) were imported into the country in Q2 2018. Source Proshare Read more 

Importers abandon over N10b vehicles at Lagos ports - About 6,000 vehicles worth over N10 billion have been abandoned by importers at the Lagos ports, investigation has revealed. Source THE NATION Read more 

World Bank asks Nigeria to raise non-oil tax collection - The World Bank has urged Nigeria to lift its internally generated revenue by raising non-oil income from federal and state levels. Source THE NATION Read more 

‘Illegal miners constitute 90% of Nigeria miners’ - Minister of State for Mines and Steel Development, Hon. Abubakar Bwari, has said over two million miners, representing 90 per cent of miners in the country operate illegally. Source THE NATION Read more 

NIRSAL targets N1.6tn revenue for smallholder farmers - The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending is planning to assist smallholder farmers to generate a total revenue of N1.6tn. Source Punch Read more 

Nigeria Needs N4bn to Tackle Infectious Diseases, Says NCDC’s DG - The Chief Executive Officer of Nigerian Centre for Disease Control (NCDC), Chikwe Ihekweazu, yesterday said that Nigeria needs N4 billion to tackle infectious diseases. Source Thisday Read more

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Nigeria’s Equities Market Opens The Week Negative as NSEASI Records -0.06% Marginal Loss- Equities market closed today on a negative note, as NSEASI depreciated by -0.06% to close at 36,479.42 basis points as against +0.21% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.61%. Source Proshare Read more 

Fixed Income Market Monitor- Average Bond Yield Fell by 3bps to Close the Week At 13.97%- The money market rate decreased last week as the Overnight rate (OVN) and Open Buy Back rate (OBB) fell to 5.33% and 4.33% respectively. Source Proshare Read more 

NSE Releases Notification of Suspension of Trading in the Shares of Conoil PIc- Pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (”Default Filing Rules”), which provides that; ”If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: Source Proshare Read more 

Expected System Liquidity Boost to Sustain Bullish Performance- In line with our expectation, the T-Bills market reversed its bearish performance last week on the back of improved system liquidity from matured bills as well as Federal Accounts Allocation Committee (FAAC) inflows.  Source Proshare Read more 

Cordros Weekly Stock Recommendation – 060818- The shares of CADBURY dropped by 8.88% to NGN9.75. CADBURY trades at a significant forward PE above its 5-year historical average of 24.9x. Source Proshare Read more 

Afrinvest Stock Recommendation for the Week – 060818- Bearish sentiments returned to the market last week as the All Share Index (ASI) shed 0.4% W-o-W to close at 36,499.67 points while YTD loss deteriorated to 4.6%. Source Proshare Read more 

ZENITHBANK Declares N81.74bn PAT in Q2 2018 Results, Proposes 30 Kobo Interim Dividend (SP:N23.85k)-  The Zenith Bank Group recorded a Profit before Tax (PBT) of N107.4 billion for the period representing a 16% growth over N92.2 billion in H1 2017. Source Proshare Read more 

NNPC, international banks sign $3bn finance deals - Managing Director of Nigerian National Petroleum Corporation, NNPC, Dr. Maikanti Baru, said, yesterday, that the corporation had signed a third party financing deals with international banks to the tune of $3 billion for the development of oil and gas industry. Source Vanguard Read more 

Nigeria needs $7bn annually to up oil production – Baru - The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, has said the nation’s oil industry will need $7 billion annually to achieve incremental production to meet its 40 billion barrels oil reserve target by 2020. Source Daily Trust Read more 

ExxonMobil invests $6.6bn in exploration - ExxonMobil has committed $6.6 billion into exploration and other capital projects, indicating 69 percent up from the prior year. Source Vanguard Read more 

Electricity: Nigeria loses 4,379MW to distribution, gas constraints - Nigeria lost 4,379 megawatts (MW) capacity of electricity on Saturday. This was partly due to distribution constraints and inadequate gas supply. Source Daily Trust Read more 

New power policy’ll raise tariff by 14% – Discos - The Eligible Customer policy introduced by the Federal Government in the power sector will lead to a 14 per cent increase in the electricity tariff payable by residential consumers across the country, power distribution companies have said. Source Punch Read more 

Despite Improved Rainfalls, Power Supply Remains Below 4,000MW - Power generation in the country has remained below 4,000 megawatts (MW) despite the increase in rainfalls, which boost the water levels at the hydro power stations at this time of the year Source Thisday Read more

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Nigerian Patient’s Bill of Rights: 5 Things to Note- On July 31, 2018 Vice-President Prof Yemi Osinbajo in Abuja launched Nigeria’s first Patients’ Bill of Rights (PBoR) developed by the Consumer Protection Council (CPC) in collaboration with the Federal Ministry of Health. Source Proshare Read more 

FIRS to GE: show evidence of $2m tax remittenace - The Federal Inland Revenue Service (FIRS) has demanded evidence that General Electric International Operations Nigeria Ltd remitted the excessive tax it withheld from Arco Group Plc, a Nigerian oil servicing company, for nine years. Source THE NATION Read more 

Ghanaian president sacks energy minister, gives no reason - Ghanaian President Nana Akufo-Addo sacked Energy Minister Boakye Agyarko on Monday, a statement from the presidency said, giving no official reason. Source Reuters Read more 

Oil rises after OPEC sources say Saudi crude output fell - Oil futures gained on Monday after OPEC sources said Saudi crude production unexpectedly fell in July, raising concerns about global oil supplies as the United States prepares to reinstate sanctions against major exporter Iran. Source Reuters Read more 

Tanzania wants to build pipeline to pump gas to Uganda - Tanzania wants to build a pipeline to pump natural gas to neighbouring Uganda, another step in the two countries’ bid to expand energy cooperation. Source Reuters Read more 

U.S. to Reimpose Sanctions Targeting Iranian Economy - The U.S. moved to reimpose punishing sanctions on Iran and threatened even-tougher measures for later this year as the Trump administration sought to increase pressure on the Tehran regime to negotiate or step aside. Source WSJ Read more

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Anchor Borrowers’ Fund To Be Disbursed Within 5-days Of Receipt Of Term Sheets By CBN – NIRSAL- The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) management said they are committed to disburse funds to farmers under the CBN Anchor Borrowers’ Program within five days of receipt of loan term sheets from the CBN. Source Proshare Read more 

VP Osinbajo To Inaugurate Lagos MSME Clinic On Aug 07, 2018- The Acting President, Prof.  Yemi Osinbajo will on Tuesday, August 07, 2018 inaugurate the Lagos edition of the National Micro, Small and Medium Enterprises (MSME) Clinic. Source Proshare Read more

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Facebook recently started asking banks for your financial data - According to the Journal, Facebook has approached the likes of Wells Fargo, JP Morgan Chase, and Citigroup with an eye toward partnership. In exchange for users’ banking data, it proposed to offer a bank’s customers the ability to conduct business within Facebook itself. Source TNW Read more 


Mobile Insurance: Underwriters Lose N20bn Annually - Players in insurance industry are losing about N20 billion expected premium from mobile insurance products as a result of non-approval of these products by the concerned regulatory authorities, LEADERSHIP can exclusively reveal. Source Leadership Read more

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SEC Nigeria 2018 Q2, CMC Meeting To Discuss Capital Market Masterplan, Others- The Securities and Exchange Commission (SEC) has announced that the Second Capital Market Committee (CMC) meeting in 2018 has been scheduled to hold from Thursday August 9th to Friday August 10th 2018 at the Federal Palace Hotel, Victoria Island, Lagos. Source Proshare Read more 

NCC, NLRC sign MoU on lottery regulation - The Nigerian Communications Commission on Monday signed a new Memorandum of Understanding with the National Lottery Regulatory Commission for the use of telecommunications networks to conduct lotteries in the country. Source Punch Read more
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