Nigeria in 1min: Economic, Business and Financial Headlines – 090218


February 9, 2018 7:10 AM / Proshare News 


Nigeria: Economic Report and Update for January 2018 - In the month of January, daily average turnover at the Investors and Exporters Window (IEW) touched an all-time high of $274million, 35% higher MoM with a total of ~$6.1 billion sold. Source Proshare Read More 

IMF and BIS—Working Together to Boost Financial Stability - It is a major part of how the IMF and the BIS are promoting financial stability, which underpins durable and inclusive growth. Source Proshare Read More 

Inflation to plunge to 14.90 Percent - We forecast that year-on-year headline inflation will plunge to 14.9% in January 2018. This is a 0.47% decline from 15.37% in December 2017. Source Proshare Read More 

Likely Improvement in Credit Extension Ahead - The outlook for Nigeria’s economy is now relatively stable as some uptick in growth is expected on the back of an increased fiscal stimulus, and a pick-up in both oil prices and production as well as selective private sector investments. Source Proshare Read More 

Of Drowning Men and National Security - Jimoh Moshood, the current Police Public Relations officer in Abuja is probably the most unprofessional occupier of that office since 1999.  His lack of professionalism and ready capacity to perpetually say the wrong thing at the right time is the reason why he should be relieved forthwith of that important position. Source Proshare Read More 

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VAIDS: We’ll Expose Tax Debtors With Data On Property, Bank Accounts, Shares – Adeosun - Minister of Finance, Mrs. Kemi Adeosun, yesterday, advised wealthy Nigerians to take advantage of the Voluntary Assets and Income Declaration Scheme (VAIDS) to regularise their tax status and escape unsavoury consequences. Adeosun offered the advice in Enugu during the hosting of VAIDS by the Enugu State government. Source Leadership Read More 

$2.5bn Won’t Increase Nigeria’s Public Debt Stock – DMO - The Debt Management Office (DMO) has said the approved external borrowing of another $2.5 billion through Euro-bond to refinancing the domestic debts will not increase the nation’s debt stock. Source Leadership Read More 

AfDB Hits Highest Annual Disbursement Of $7.67bn In 2017 – Adesina - The President of African Development Bank (AfDB), Dr Akinwumi Adesina, said that the Bank, 2017, achieved its highest annual disbursement ever of 7.67 billion dollars on supports. Source Leadership Read More 

2018 Budget: FG To Release N1.3trn For Capital Projects - The federal government has disclosed that it will release about N1.3 trillion to fund capital projects from the 2018 budget (when passed) in line with the President Muhammadu Buhari administration’s commitment to reduce the rate of infrastructure deficit in the country. Source Leadership Read More 

Govt to redeem N762.5bn T-bills with planned Eurobond sale - The Federal Government is planning to redeem N762.5bn ($2.5bn) worth of Treasury bills from the proceeds of its planned $2.5bn Eurobond, to lower borrowing costs for the government, Finance Minister, Kemi Adeosun, has said. Source Punch Read More 

Ban on Nigeria’s beans export still in force – EU - The European Union on Thursday insisted that Nigeria must implement appropriate risk management measures and provide required guarantees before it could export dried beans to Europe. Source Punch Read More 

FG Targets $24bn Investments through Policy - The federal government has said that its newly launched Economic Recovery Growth Plan (ERGP) focus lab would help the country attract$24 billion worth of investments, saying 80 per cent of the amount is expected to come from the private sector of the economy. Source Thisday Read More 

Palletisation to Cost Importers N21.6bn Yearly - Maritime sector stakeholders have expressed concerns over the federal government’s policy on cargo palletisation, noting that it will cost Nigerian importers about $60million (N21.6 billion) annually. Source Thisday Read More 

Northeast humanitarian response to cost N378bn in 2018 - Humanitarian response in the Northeast of Nigeria will require $1.05 billion (nearly N378 billion) this year, according to the latest appeal launched yesterday. Source Daily Trust Read More.

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Nigeria makes N7.3tr from oil in 2017—CBN - Nigeria’s total revenue from crude oil rose by 29 percent to N7.3 trillion in 2017, reflecting impact of increases production and in crude oil price. Source Vanguard Read More 

EFSF Board Of Directors Elects Harald Waiglein As New Chairman - The Board of Directors of the European Financial Stability Facility (EFSF) today elected Harald Waiglein as its Chairman. Mr Waiglein replaces Hans Vijlbrief, who served as Chairman of the Board since 2014 and was appointed President of the Eurogroup Working Group (EWG) on 22 January 2018. Source Proshare Read More                                


NSEASI Records -0.49% Loss as Market Sentiment Remains Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.49% to close at 43, 326.89. basis points as against -0.77% depreciation recorded previously. Source Proshare Read More 

Custodian and Allied Plc Announces Details of Shareholder with 5pct and Above Stake - In line with the provisions of Rule 12.1 of the Amendments to the NSE Listing Rules, Custodian and Allied Plc hereby notifies the Exchange that the following shareholder now owns 5% and above stake in the issued share capital of the Company. Source Proshare Read More 

Guinness Nigeria Plc -Lacking Catalyst! Has it all been priced in? - Guinness Nigeria (Guinness) earnings has shown remarkable turnaround. In the six-months ending December 2017, profit after tax printed at N2.1 billion versus N4.7 billion losses in the corresponding period of 2017.  Source Proshare Read More 

Currency outside banks rises to N2.2trn - Currency outside the banking system grew in the fourth quarter of 2017, leading to 21.1 percent increase in currency in circulation to N2.2 trillion. The Central Bank of Nigeria (CBN) disclosed this on Thursday in its economic report for the fourth quarter of 2017. Source BUSINESSDAY Read More 

Signposting Confidence, Nigeria’s FX Inflow Hits $30.45bn in Q4 - In a mark of rising confidence in the Nigerian economy, aggregate foreign exchange (FX) inflow into the economy grew to $30.45 billion in the fourth quarter (Q4) of 2017, indicating an increase by 14.5 per cent, compared to the preceding quarter. Source Thisday Read More 

Oil falls for sixth day as supply fears mount - Oil prices fell for a sixth day on Friday after Iran announced plans to boost production and U.S. crude output hit record highs, adding to concerns about a sharp rise in global supplies. Source Reuters Read More 

NNPC To End Fuel Scarcity With 100m Litres Daily Supply - Lagos Nigerian National Petroleum Corporation (NNPC) said it plans to bring in two cargoes of petrol per day for the rest of February 2018 to ensure sufficient supply of the product across the country. Source Leadership Read More 

‘Over 50% of electricity users are not metered’ - The National Bureau of Statistics (NBS), has put the number of unmetered customers at 5.025 million as at December 2017, representing over 50 per cent of electricity users in the country. Source Guardian Read More 

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Top 5 Business Risks for West Africa - As Nigeria exits the recession of 2017, investor sentiment across West Africa is likely to experience uplift in 2018. Source Proshare Read More 

PTCIJ Launches National Fact-Checking Platform: DUBAWA - The Premium Times Centre for Investigative Journalism (PTCIJ) is taking a giant leap forward by setting up an online fact-checking platform that proposes to unmask misinformation and propaganda in the public domain and ultimately empower Nigerians with the knowledge necessary for making rational decisions. Source Proshare Read More 

UDEME: The Brain Child of PTCIJ Shines The Light On Capital Projects In Nigeria - The Premium Times Centre for Investigative Journalism (PTCIJ) today announced the launch of “UDEME”, its leading-edge initiative focusing on Nigeria’s public procurement and budget implementation practices. Source Proshare Read More 

Asian shares fall after Wall Street plunge - China’s stock market benchmark plunged 5.5 percent on Friday and other Asian markets were off sharply after the Dow Jones industrials on Wall Street plummeted more than 1,000 points, deepening a week-long sell-off. Source AP Read More 

Dow plunges 1,000 points, first correction in 2 years - The Dow plunged more than 1,000 points just before the final bell clanged Thursday. It represented a full market correction, defined as a 10 percent drop from its 52-week high, the first time it had done so since 2016. Source NBC Read More 

Ethiopia's inflation eases to 13.4 pct y/y in January - Ethiopia’s year-on-year inflation rate edged down to 13.4 percent in January, the statistics agency said on its website. Source Reuters Read More 

Oil Hunger to Grow in Nation Aiming For Only Electric Car Sales - Even though India aspires to sell only electric vehicles by 2030, it still sees gasoline and diesel consumption doubling over that period. The two ideas may not be contradictory. Source Bloomberg Read More 

U.S. Oil Reserve Would Fall Nearly in Half Under Budget Deal - The U.S. is poised to sell half of its emergency oil reserves to help pay its bills, something critics say defies the reason the stockpile was created decades ago as a hedge against supply disruptions. Source Bloomberg Read More 

Market Tumble Wipes Out Almost $100 Billion From World's Richest - Swooning markets Thursday cost the world’s 500 richest people $93 billion in net worth, and 20 of them lost at least $1 billion each. Source Bloomberg Read More 

Jim Rogers Says Next Bear Market Will Be Worst in His Life - Jim Rogers, 75, says the next bear market in stocks will be more catastrophic than any other market downturn that he’s lived through. Source Bloomberg Read More  

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E-Commerce Platforms Closing Down in Nigeria: Models or Market Environment - To imagine that with all the promise (discounting the exaggerated consumer numbers) that Nigeria offers, the embracement of technology, expansion in coverage and usage of smartphones and the convergence it offers; Nigeria lags behind in penetration and sustainability. Source Proshare Read More 

9mobile sale to be concluded February 26 – Barclays Africa - Barring last minute changes, the sale of 9mobile is expected to be concluded on 26th February, 2018, BusinessDay has gathered. No fewer than 17 bidders expressed interests in the transaction which commenced on 7th September, 2017; following the exit of core investors into Etisalat. Hasnea Varawalla, Barclays Africa Managing Principal disclosed this during the investigative Source BUSINESDAY Read More 

Internet Users Hit 98.3 Million In December – NCC - The internet users increased marginally to 98.3million in November, the Nigerian Communications Commission (NCC), has said. Source Leadership Read More 

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Dealing with Debt – Part 3 - Get in touch with the people you owe. It would not be nice for them to come after you for repayments only to find out that you are unable to repay. Source Proshare Read More 

LSETF disburses N4.1bn to 4,762 applicants - The Lagos State Employment Trust Fund (LSETF) said it has successfully disbursed N4.1 billion loans to 4,762 applicants as at the end of 2017, even as it has provided 16 percent of its allocation to tech startups. Source Vanguard Read More 

Sokoto, BoI to Disburse N2bn to Small Businesses - Sokoto state government and the Bank of Industries (BoI) will disburse the sum of N2 billion to support small scale businesses in the state. Source Vanguard Read More 


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