Nigeria in 1min: Economic, Business and Financial Headlines – 071117


November 7, 2017 7:40 AM / Proshare News 


Ease of Doing Business Report: Nigeria’s Policy Reforms Bearing Fruit!- Against the backdrop of several deep-seated structural challenges stifling operating environment for businesses Source Proshare Read More 

PMB Presents 2018 Budget - President Muhammadu Buhari will today lay the 2018 budget estimates to a Joint session of the National Assembly by 2:00pm. Source Leadership Read More 

A Further Healthy Rise in Reserves- Gross official reserves increased by US$1.33bn in October to US$33.83bn. Source Proshare Read More 

Fayemi: FG, States, LGAs Shared N9.9bn Solid Mineral Revenue in July 2017 - The Minister of Mines and Steel Development and Chairman, National Stakeholders’ Working Group (NSWG) of the Nigeria Extractive Industries Transparency Initiatives (NEITI), Dr. Kayode Fayemi, has stated that N9.9billion revenue generated directly from the solid mineral sector was shared by the three tiers of government in July, 2017. Source Thisday Read More 

FG targets 16% reduction in domestic debt - The Federal Government plans to reduce the proportion of the country’s domestic debt by 16 per cent in order to lower the sustainability challenges posed by high interest payment on that part of the country’s total debt burden. Source Punch Read More 

FG to demolish Costain, Jibowu bridges for Lagos/Ibadan standard gauge rail line -  Minister of Transportation Rotimi Amaechi on Monday said the laying of tracks of Lagos-Ibadan standard gauge rail line would start in December. Source Punch Read More 

NCCN Sub-National Competitiveness Index: Lagos leads overall ranking- The National Competitiveness Council of Nigeria (NCCN) focused on boosting the competitive advantage of the nation, last Thursday launched the first ever Sub-National Competitiveness Index for Nigeria in Lagos. Source Proshare Read More 

596,792 Passengers Travelled Via the Rail System in Q2 2017 - NBS- The rail transportation data for Q1 2016 to Q2 2017 reflected that a total of 596,792 passengers travelled via the rail system in Q2 2017 Source Proshare Read More 

Nigeria’s trade deficit in manufactured goods hits N4.21tr - Nigeria is largely disadvantaged in international trade involving manufactured goods across the world. Source Daily Trust Read More 

Domestic carriers delayed over 70% flights in Q3 – Eight domestic carriers operated 13,255 flights in the third quarter of 2017 while 8,173 of the flights were delayed, according to the summary of flight operations by the Nigeria Civil Aviation Authority (NCAA). Source Daily Trust Read More 

Nigeria, others need $2.5tr investments to achieve global competitiveness - Participants at a High Level Policy and Private Sector Trade and Investment Facilitation Partnership Forum, have reiterated the need to attract over $2.5trillion investments yearly across competitive industries in order to achieve the 2030 Sustainable Development Goals (SDGs). Source Guardian Read More 

Afreximbank unveils programme to unlock over $100b intra-African investments - By creating and modifying trade finance instruments, the African Export-Import Bank (Afreximbank), has stated that it hopes to unlock about $100billion worth of investments within the continent, hitherto not mobilised via informal trade and Diaspora funds, through its newly launched Guarantee Programme (AFGAP). Source Guardian Read More 

Banks shun real estate as lending rates near 36% - Nigerian banks are pulling back from extending credit to the housing sector leading to a gradual rise in landing rates for real estate and construction. Source Businessday Read More 


CBN Moves to Open More Opportunities with Collateral Registry - The Central Bank of Nigeria (CBN) says it is opening more business opportunities in Nigeria through the National Collateral Registry (NCR). Source Proshare Read More 

FCA Publishes Future Approach To Consumers- The Financial Conduct Authority (FCA) has today published its ‘FCA Mission – Our Future Approach to Consumers’. Source Proshare Read More 

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Market Opens The Week Negative as NSEASI Dips Marginally by -0.02%- Equities market closed today on a negative note, as NSE ASI depreciated by -0.02% to close at 36,930.83 basis points as against +0.17% appreciation recorded previously. Source Proshare Read More 

Afrinvest Stock Recommendation for the Week - 061117- Sentiment in the local bourse was bullish last week as the All Share Index (ASI) rose 1.3% W-o-W while YTD returned expanded to 37.5%.  Source Proshare Read More 

FSDH Expects The Corporate Bond Market to Rebound- The economic and financial market developments in the last few months in Nigeria point to a possible rebound of activities in the Corporate Bond Market (CBM). Source Proshare Read More 

Short-term Bills Remain Attractive Amid Increased Buying Interest- The Treasury Bills ("T-Bills") market performance was bullish last week after 3 consecutive weeks of sell-off traceable to improved system liquidity which triggered buying interest. Source Proshare Read More 

Notification of Effective Dates of Rules of The NSE - Pricing Methodology and Par Value Rules- Please be informed that the following Rules and Amendments to The Exchange’s Rules, which had earlier received the SEC’s approval Source Proshare Read More 

Lafarge shareholders endorse merger with Unicem, Atlas Cement - Lafarge Africa Plc shareholders, on Monday, approved the proposed scheme of merger with United Cement Company of Nigeria Limited and Atlas Cement Company Limited. Source Punch Read More 

BVN: Banks engage law firm to appeal court ruling - The ongoing issue around a court order asking the Central Bank of Nigeria and 19 Deposit Money Banks to release the details of all accounts without the Bank Verification Number with a view to seizing the funds in them took a new twist on Monday as indications emerged that the lenders named in the suit had engaged the services of a top law firm to address the matter. Source Punch Read More 

NNPC’s IDSL begins sea data search after 30 yrs operations - The Integrated Data Services Limited (IDSL), the seismic data gathering arm of the Nigeria National Petroleum Corporation (NNPC) is set to venture into marine or offshore seismic data capturing for the oil industry. Source Daily Trust Read More 

Barkindo unveils OPEC’s 2017 Oil Outlook - The Organization for Petroleum Exporting Countries (OPEC) will unveil its annual World Oil Outlook in Vienna today, Tuesday. Source Daily Trust Read More 

Oil Holds Near Two-Year High on Prospect of More Saudi Arrests -Oil traded near the highest close in more than two years as political upheaval in top crude exporter Saudi Arabia reverberated through a market where prices were already elevated by signs of tightening supply. Source Bloomberg Read More 

OPTS: Costs of Nigeria’s Oil and Gas Projects Higher By 100% .Over $500m spent on security in 2016 - A new report released by oil and gas companies operating in Nigeria has shown the existence of a Nigeria-specific cost premium for the petroleum sector, with operating costs and projects costs significantly higher than in other countries by as much as 100 per cent. Source Thisday Read More 

We’ll support oil cut with right terms –Kachikwu - Minister of Petroleum Resources, Mr. Ibe Kachikwu, has said that Nigeria will support an extension of a deal between OPEC, Russia and other non-members to cut oil supply until the end of 2018 as long as the right terms are put in place. Source THE SUN Read More 

FG: Customers now to buy electricity direct from GenCos - The Minister of Power, Works and Housing, Mr Babatunde Fashola, yesterday endorsed the regulation for the ‘Eligible Customer’ for four categories of customers that he declared on May 15, 2017. Source Daily Trust Read More 

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CBN Has Only One Website-The attention of the Central Bank of Nigeria (CBN) has been drawn to a scam being perpetrated by some fraudulent persons whereby unsuspecting members of the public are diverted to a fake website purported to belong to the Central Bank of Nigeria. Source Proshare Read More 

Courteville Business Solutions Plc Announces Retirement of Mr. Rotimi Olaoye from its Board- The Board of Directors (the “Board”) of Courteville Business Solutions Plc. (the “Company") hereby announces the retirement of Mr. Rotimi Olaoye who served on the Board of the Company as an Executive Director Source Proshare Read More 

False Allegation: No Application for Issuance of Bench Warrant against Innoson- Our attention has been drawn to a false publication on some news mediums purporting that the Nigeria Police applied for a bench warrant to arrest the boss of Innoson Motors Source Proshare Read More 

All On Makes First Investments in Nigerian Off-Grid Energy Businesses - All On, an independent impact investing company, has made its first set of transactions aimed at facilitating increased access to affordable, reliable and sustainable energy sources for low income households, SME’s, and communities. Source Proshare Read More 

UK's Aldermore agrees $1.3 bln takeover by FirstRand -  South African lender FirstRand has agreed a 1.1 billion pound ($1.3 billion) takeover of British banking newcomer Aldermore Group to boost its business in developed markets. Source Reuters Read More 

Congo copper production up 9 pct in first nine months of year -  Copper production in Democratic Republic of Congo, Africa’s top producer of the metal, was up by 9.3 percent this year through September, at 831,000 tonnes, the central bank said on Monday. Source Reuters Read More 

Liberia Supreme Court Halts Presidential Second-Round Vote - Liberia’s Supreme Court ruled that Tuesday’s presidential runoff vote may not proceed until a complaint over alleged irregularities in the Oct. 10 first round poll is heard. Source Bloomberg Read More 

Ghana Misses $816 Million Bond Target After Extended Bidding - Ghana fell short of selling a targeted 3.6 billion cedis ($816 million) in non-sovereign bonds for settling the debt of energy utilities as demand for the securities fell short even after the offer was extended for a week. Source Bloomberg Read More 

Mugabe Fires Deputy After Wife Says She Can Lead Zimbabwe - Zimbabwean President Robert Mugabe dismissed Emmerson Mnangagwa as his deputy, a day after first lady Grace Mugabe accused him of planning a coup and said she’s prepared to succeed her husband as leader of the southern African nation. Source Bloomberg Read More 

U.K. Rewrites Customs Laws in Bid to Deliver ‘Successful' Brexit - Theresa May’s ministers took the first steps to delivering their promise to make the U.K a global trading nation after Brexit, setting out customs and trade laws that will come into force when the country quits the European Union. Source Bloomberg Read More 

Saudi Corruption Purge Snares $33 Billion of Net Worth in Riyadh - Crown Prince Mohammed bin Salman’s crackdown on some of Saudi Arabia’s richest and most powerful men has put $33 billion of personal wealth at risk. Source Bloomberg Read More 

South African Airways Seeks Investor to Revive Its Fortunes - South African Airways will revive a plan to seek an equity partner that’s able to provide cash and operational savings to help turn around the state airline, according to its new chief executive officer. Source Bloomberg Read More 

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First Nigeria Investment Performance Stakeholders Conference- The Global Investment Performance Standards – GIPS standards, are a set of global industry minimum requirements and recommendations for calculating and reporting investment performance. Source Proshare Read More 


Structuring an ICO through the Cayman Islands - It seems that 2017 will be remembered as the year of the initial coin offering (ICO). Although still not mainstream, the pool of people in the financial services sector who have never heard of Bitcoin, cryptocurrencies, the blockchain or an ICO is quickly diminishing. Source Proshare Read More 

Bitcoin Risks Consolidation as $8,000 Approaches, Goldman Says - While bitcoin might hit $8,000, Goldman Sachs Group Inc. analysts say that could be the last big number we see for a while. Source Bloomberg Read More 

Singapore’s Central Bank Chief Has a Warning for Fintech Investors - Source Bloomberg Read More 

Nigeria Needs 120,000km of Fibre for Efficient Broadband - The Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC) Prof. Umar Garba Danbatta, has disclosed that Nigeria needs 120,00 kilometers of optic fibres for her to achieve efficiency in broadband penetration. Source Thisday Read More 

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