Nigeria in 1min: Economic, Business and Financial Headlines – 120918


Wednesday, September 12, 2018 / 7:50 AM / Proshare News



Agro Allied Sector H2 2018 Outlook: Smuggling to Weigh on Earnings - Over the last six months, performances of the companies in the agro allied sector have been plagued by the perennial challenge from the Apapa gridlock, smuggling in the North East region of the country, and volatility in the commodities market despite the improved FX liquidity. Source Proshare Read More 

Pension asset hits N8.5tr - Nigeria’s pension assets are currently worth over N8.5trillion, the Acting Director General, National Pension Commission (PenCom), Hajia Aisha Dahir-Umar, has said. Source THE NATION Read More 

Apapa gridlock: Firms close offices as businesses count losses - As Apapa, Nigeria’s premier port city, gets messier with continued siege on roads/bridges by trailers and tankers coupled with worsening port congestion and crippling gridlock, the few banks still operating in the traumatised city are closing shop while other businesses count their losses on daily basis. Source BUSINESSDAY Read More 

Ibadan-Kano double gauge rail to cost $8billion – Amaechi - The Minister of Transportation, Mr. Romti Amaechi, has said the Ibadan to Kano double gauge rail line will cost about $8billion (about N2.44trn). Source Daily Trust Read More 

PenCom recovers N14.38bn unremitted pensions from employers - The National Pension Commission says it has recovered N14.38bn from employers who had been deducting the pension contributions of their employees but refused to remit the funds into the workers’ Retirement Savings Accounts with their respective Pension Fund Administrators. Source Punch Read More 

World Bank’s GEM project undergoing restructuring – Enelamah - The Minister of Industry, Trade and Investment, Okechukwu Enelamah, on Tuesday said the Growth and Employment Programme being implemented by the ministry and sponsored by the World Bank was currently being restructuring. Source Punch Read More 

IFAD commits $1.3bn to drive Africa’s agriculture - The International Fund for Agricultural Development (IFAD) has earmarked $1.3 billion to support agriculture in Africa and reduce post-harvest losses over the next three years, Gilbert Houngbo, president of IFAD said. Houngbo made this know while speaking to journalists at the just concluded African Green Revolution Forum in Kigali, Rwanda. Source BUSINESSDAY Read More 

Nigeria's Cocoa Main Crop Harvest Threatened by Floods, Disease - Nigeria’s cocoa harvest is threatened by floods and an outbreak of fungal disease as heavy rains fall in the West African country’s main growing regions, the cocoa association said. Source Bloomberg Read More 

NEXIM Earmarks N37bn to Promote Agricultural Products in 36 States, FCT - The Nigerian Export-Import Bank (NEXIM) said it has earmarked N37 billion to develop and support export commodities from primary production to exporting stage across the 36 states of the federation, including the Federal Capital Territory (FCT), Abuja. Source Thisday Read More

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Nigerian Stock Market Extends Losing Streak as Sell Pressure Persists; NSEASI Dips Further by -0.48% - Equities market closed today on a negative note, as NSEASI depreciated by -0.48% to close at 33,449.17 basis points as against -1.25% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -12.54%. Source Proshare Read More 

Ahead of Next T-bills Auction Scheduled for 12th Sept, 2018 - The Central Bank of Nigeria(CBN) is scheduled to hold a Treasury Bills (T-Bills) Primary Market Auction (PMA) on the 12thof September 2018. T-Bills worth NGN136.31bn will mature Source Proshare Read More 

Discourse on Deepening the Nigerian Capital Market -  At a recent forum Dr Tayo Orekoya President/CEO of the Pearl Awards shared his perspective on deepening the Nigerian Capital market. Source Proshare Read More 

Oil prices rise on lower U.S. crude inventories, looming Iran sanctions - Oil prices rose on Wednesday following a report that crude inventories in the United States fell and as looming sanctions against Iran raised expectations of tightening supplies, with top producer Russia warning of a “fragile” global crude market. Source Reuters Read More 

India’s Oil Import From Nigeria Drops To 279,000bpd - India’s monthly oil imports from Nigeria has declined by about 34 per cent to about 279,000 barrels per day, data from industry and shipping source showed. Source Leadership Read More

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FG Bars States Owing Salaries From Accessing $2.7bn Paris Club Refund - The federal government has told state governments that they must clear the backlog of salaries and other related staff arrears before they would be able to access the remaining $2.69 billion Paris Club Refund. Source Leadership Read More 

Leadership Lessons In Alibaba''s Jack Ma Succession Plan Letter - Full Text - Jack Ma Yun, founder and chairman of Chinese e-commerce empire Alibaba Group Holding, on Monday announced plans to step aside a year from now. In a letter, Ma said he would make way for CEO Daniel Zhang, and would work with him over the coming 12 months to ensure a smooth transition. Source Proshare Read More 

2018 Annual Directors’ Conference Now Holds On Thursday 8th November - The Governing Council of the Institute of Directors (IoD) Nigeria has approved a new date for the 2018 Annual Directors’ Conference (ADC). It will now hold on Thursday 8th November 2018 as against the initial date of Thursday 20th September 2018. Source Proshare Read More 

Ethiopia, Eritrea reopen border points for first time in 20 years - The leaders of Ethiopia and Eritrea re-opened crossing points on their shared border for the first time in 20 years on Tuesday, cementing a stunning reconciliation and giving Addis Ababa a direct route to its former foe’s Red Sea ports. Source Reuters Read More 

NIB, Afreximbank seal €100m loan deal - A new opportunity to tackle the infrastructure deficit in Africa has opened as the Nordic Investment Bank (NIB) and the African Export-Import Bank (Afreximbank) have signed a 10-year loan programme of EUR 100 million to finance various infrastructure projects in various nations on the continent. Source THE SUN Read More 

Saudi Wealth Fund Prepares to Sign $11 Billion Loan - Saudi Arabia’s sovereign wealth fund will sign an $11 billion loan this week, marking its first-ever borrowing, according to people familiar with the matter. Source Bloomberg Read More 

Lagarde warns of US-China trade war ‘shock’ to emerging markets - Concern that crisis hitting Argentina and Turkey could spread across developing world Source FT Read More 

U.K. and EU Plan Special Summit to Sign Brexit Deal - Source Bloomberg Read More 

Asia stocks slip to 14-month lows on simmering trade worries -  Asian stocks slipped to 14-month lows on Wednesday, as investor confidence was chilled by the latest round of verbal threats in an intensifying U.S.-China trade conflict. Source Reuters Read More

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NCC And CPC Commence Joint Regulatory Consumer Protection Investigation In The Telecoms Sector - Today as a nation, we take a very important step with respect to protecting consumers and ensuring that the telecommunication industry remains robust, continues it leading role in its our economic growth and expanding prosperity to citizens. Source Proshare Read More 

Africa is not ready for super fast 5G network - MTN's CEO - Africa is not ready for next-generation 5G network but would likely be ready to embrace the super-fast technology in about five years from now, MTN’s chief executive of said on Tuesday. Source Reuters Read More 

Uber Accused of Saving $500 Million a Year by Cheating Drivers - Uber Technologies Inc. may be saving more than $500 million a year by misclassifying its California drivers as independent contractors, according to a lawsuit that claims the ride-hailing company is flouting a ruling by the state’s highest court. Source Bloomberg Read More

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#CIBNBFC2018: CIBN to commence SME Finance Certification Course in April, 2019 - The Chartered Institute of Bankers of Nigeria is set to commence a certification programme on SME financing, from April, 2019. Source Proshare Read More 

AfDB approves $15m equity fund for SMEs - The Board of Directors of the African Development Bank has approved a $15 million equity investment in Verod Capital Growth Fund III, a private equity fund that will make investments in high growth middle market companies in Anglophone West Africa including Nigeria, Ghana, Liberia, Sierra Leone and the Gambia. Source THE NATION Read More 



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