Nigeria in 1min: Economic, Business and Financial Headlines – 080618


Friday, June 08, 2018 / 7:00 AM / Proshare News



POCKET Economics: Addressing Income Inequality- Evidently, there has been erosion in growth largely due to years of policy summersaults and uncertainty. As a result, output gaps have been inevitable which led to a recession.  Interestingly, qualitative indicators such as the Human Development Index (HDI) have been weak and have become accentuated in the macro space, as household wallets shifted inwards and real incomes were suppressed. Source Proshare, Read more 

FG to Remove VAT on Residential Properties, Amends Company Income Tax Law - The federal executive council has approved two executive orders and five amendment bills to remove value-added tax on residential properties and amend the company income tax law. Source Proshare Read more 

Additional Expansionary Policies Required for Inclusive Growth- The recovery path of Nigeria’s economy decelerated in Q1 2018. FSDH Research however observed steady recoveries recorded in both the manufacturing, and information and communication sectors. Agriculture recorded the lowest growth rate since Q1 2016. Source Proshare, Read more 

FG makes $7.8bn from privatisation of assets – BPE - The Bureau of Public Enterprises (BPE) attracted $7.8 billion Foreign Direct Investments through the sale of 53 public enterprises in the last 18 years. Source Vanguard Read more 

‘Trade between Commonwealth countries to hit $1tr by 2020’ - The International Trade Centre (ITC) has announced that the trade between commonwealth countries estimated to be about $700 billion in 2015 is expected to hit $1 trillion by 2020. Source Guardian Read more 

FG requires N100bn to complete East West road – Amaechi - The East-West road under construction for about 12 years now will soon be delivered as the federal government is sourcing for N100billion to complete the remaining sections. Source Daily Trust Read more 

Customs collects N100.1bn for May, seeks salary upgrade - The Nigeria Customs Service (NCS) has recorded the highest monthly revenue collection ever attained in the sum of N100.1 billion in May 2018 just as it advocated for an upward review of its remuneration structure. Source Daily Trust Read more 

Excise duty: Manufacturers to raise alcoholic beverage prices by 15% - Following the implementation of a new excise duty regime on alcoholic beverages and tobacco products from Monday, June 1, 2018 by the Minister of Finance, Mrs. Kemi Adeosun, sales of the affected products have already slowed down as the manufacturers work on a new pricing structure. Source Punch Read more

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NSEASI Firms Up By 1.58% as Key Market Indicator Closes Above 39,000bpts- Equities market closed today on a positive note, as NSEASI appreciated by +1.58% to close at 39,042.11.  basis points as against +1.53% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +2.09%. Source Proshare, Read more 

More Local FGN and Corporate Issuances Expected in H2 2018 - Zedcrest- In our Previous Market outlook (Nigeria: Political Risk Brewing) published in April 2018, we advised on the need for investors to maintain a cautious outlook on the market despite the significant downtrend in FI yields which was witnessed following the significant reduction in OMO issuance rates by the CBN. Source Proshare, Read More 

FMDQ Partners FSD, Climate Bonds to Launch Nigeria’s Pioneer Green Bond Market Development Programme - FMDQ, in partnership with the Financial Sector Deepening Africa (FSD) and Climate Bonds Initiative (CBI), supported by the Securities and Exchange Commission (SEC) and Access Bank PLC (Access Bank), hosted a  Nigerian Green Bond Market Development Programme launch  in Lagos. Source Proshare Read More 

System Liquidity Rises above N500bn, bolstered by Net OMO Repayments - The Bond market traded on a mixed note, with some demand on the shorter end  of the curve (2019s) offset by some sell on the longer end  (34s & 36s). Yields consequently rose by c.2bps avg, as market players remained relatively risk off especially on the longer tenured maturities. Source Proshare Read More 

Senate Approves Interim Report of the Ad-hoc Committee on Promissory Notes and Bond Issuance Program - The Nigerian Senate has today approved the Interim report of the Ad-hoc Committee on Promissory Note Programme and a Bond issuance to settle inherited local debts and contractual obligations Source Proshare Read More 

Government fails to review oil contract despite $21b loss - The Federal Government has remained docile over the need to review the Production Sharing Contract (PSC) signed about 25 years ago between the Nigerian National Petroleum Corporation (NNPC) and International Oil Companies (IOCs). Source Guardian Read More 

External reserves fall by $169m in six days - The nation’s foreign exchange reserves fell by $169m to $47.436bn on Wednesday, the latest data from the Central Bank of Nigeria showed on Thursday. Source Punch Read More 

RMAFC backs Buhari on oil production sharing contracts’ review - The Revenue Mobilisation Allocation and Fiscal Commission has thrown its weight behind President Muhammadu Buhari on the approval given to the Nigerian National Petroleum Corporation to enable it undertake a review of all Production Sharing Contracts between it and its various partners to reflect current realities. Source Punch Read more 

Oil prices stable on Venezuelan supply trouble, but surging U.S. supply looms - Oil prices were stable on Friday, supported by Venezuela’s struggles to meet its supply obligations and by ongoing output cuts led by producer cartel OPEC, although surging U.S. crude output was looming over markets. Source Reuters Read More 

NLNG needs $12b to boost expansion - The Nigerian Liquified Natural Gas (NLNG) will require investment of about $12 billion to fund the construction of two new processing units, known as trains. Source THE NATION Read More 

DisCos lose N30b monthly to energy theft, others - Electricity Distribution companies (DisCos) suffer N30billion revenue deficit monthly due to government’s fixed pricing per unit of electricity and theft, Ikeja Electric Plc said yesterday. Source THE NATION Read More 

Power sector risks collapse over N1.1 trn debt burden - The country’s power sector risks collapsing under a heavy debt burden of N1.1 trillion if nothing is done to deal with the problem. The bad debt situation in the sector is now rising by N30 billion a month with total unpaid liabilities in the sector now standing at N1.1 trillion as against N800 billion that government officials always claim. Source BUSINESSDAY Read More

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Women in Finance to host Q2-2018 Breakfast " Induction Ceremony  - Women in Finance ng (WIFng), an advocacy, development and networking platform for women in the Nigerian financial sector and in finance roles is pleased to announce its Q2- 2018 Breakfast Meeting and Induction Ceremony. The event will hold on Wednesday, June 27, 2018 at Oriental Hotel, Lagos. Source Proshare, Read more 

FRSC Lagos Solicits Stakeholders Support For Deepening Road Safety Curriculum in Schools - The Federal Road Safety Commission Lagos Sector Command has solicited the support of stakeholders in deepening the road safety education in schools. Source Proshare, Read more 

Finance and Accounting Outsourcing- The hyper-competitive nature of the global economy is linking the world’s major economies and changing the landscape of international business. This fast pace of change is compressing internal investment cycles into shorter payback periods thus creating a pressure on earnings expectation. Earnings are products of operational efficiency while engaging people, process, and technology. Source Proshare, Read more 

Broke Zimbabwe Plans Spending Spree as Elections Approach - Zimbabwean President Emmerson Mnangagwa has pledged to spend money his government doesn’t have on increasing its 350,000 workers’ salaries as the country gears up for next month’s elections. Source Bloomberg Read more 

Argentina Secures $50 Billion in IMF Backing to Bolster Economy - Argentina secured a $50 billion stand-by arrangement from the International Monetary Fund to help restore investor confidence as the government takes aim at double-digit inflation and a widening budget deficit. Source Bloomberg Read more

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NCC wades into N165b interconnectivity debt - The Nigerian Communications Commission (NCC), yesterday said it has waded into the N165 billion interconnectivity debt dragging, so as to avert another major debt crisis in the industry. Source THE NATION Read More 

NCC directs telecoms operators to start data rollover June 26 - The Nigeria Communications Commission (NCC) has directed operators in the telecommunication industry to begin data rollover from June 26. Source Daily Trust Read more

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CBN Mandates All Banks to Comply With Cybercrime Act 2015 - Pursuant to the provisions of Section 44 (S.1and 2) of the Cybercrime [Prohibition, Prevention, etc.], Act 2015, which established the National Cyber Security Fund and mandated the payment of a levy of 0.005% into the Fund Account in the Central Bank of Nigeria, a National Cyber Security Fund account has been opened and domiciled in the Central Bank of Nigeria. Source Proshare Read More 

CBN Issues Regulations for Transaction with Authorized Dealers in Renminbi - In line with the statutory mandate of the Central Bank of Nigeria (CBN) as set out in the Central Bank of Nigeria Act, 2007, the CBN and The People's Bank of China (PBoC) executed the PBoC-CBN Bilateral Currency Swap Agreement (BCSA). Source Proshare Read More 

CBN Issues Circular to All Banks on the Redesigned CRMS - The CBN Circular Ref: FPR/DIR/GEN/CRM/06/012 (dated February 27 2017), on Regulatory Guidelines for the Redesigned Credit Risk Management System for Commercial, Merchant and Non-Interest Banks in Nigeria’ (the CRMS Regulatory Guidelines), refers. Source Proshare Read More

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