Nigeria in 1min: Economic, Business and Financial Headlines – 160818


Thursday, August 16, 2018 / 7:10 AM / Proshare News


Inflation Declines in July, But Upside Risk Abounds- In terms of impact, we expect the passthrough of the higher haulage costs by importers to instigate price increases on imported food, clothing & footwear, and processed food inflation which account for 13%, 7.7% and 4% of headline inflation. Source Proshare Read more 

Headline Inflation Drops to 11.14% in July 2018; 0.09% Lower Than June 2018 Rate- The consumer price index, (CPI) which measures inflation increased by 11.14 percent (year-on-year) in July 2018. This is 0.09 percent points less than the rate recorded in June 2018 (11.23) percent and represents an eighteenth consecutive disinflation in headline inflation year on year. Source Proshare Read more 

Buhari approves N61.4bn for Kano water, agric projects - President Muhammadu Buhari has approved N61.4bn for the development of water and agricultural facilities in Kano State, the Governor of Kano State, Abdullahi Ganduje, has disclosed. Source Punch Read more 

FG increases Enugu-Onitsha road contract sum by N5.4bn - The Federal Executive Council on Wednesday approved the increase of the cost of the rehabilitation of Enugu-Onitsha road by N5.4bn. Source Punch Read more 

Nigerian ports handled 96.6 million MT cargo in H1 - The Nigerian Maritime Administration and Safety Agency has declared that between January and June, total cargo throughput was 96,626,737.96 metric tonnes, representing an increase of 31.24 per cent from 73,628,546.62MT recorded in the corresponding period of 2017. Source Punch Read more 

India’s investment in Nigeria hits $10bn - Envoy - Indian High Commissioner to Nigeria, B.N Reddy, has said the investments of Indian companies in Nigerian economy stands at $10 billion. Source Daily Trust Read more 

NIMASA: floating dockyard to save N36b - The Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dakuk Peterside, has said the agency’s floating dockyard will save the country N36 billion annually. Source THE NATION Read more 

World Bank Approves $20m to Support Nigeria’s BHCPF - As part of efforts to improve primary healthcare services across Nigeria, the Global Financing Facility of the World Bank Group has announced an investment of $20 million to support the recently approved Basic Healthcare Provisions Fund (BHCPF) by the federal government. Source Thisday Read more 

El-Rufai Presents 2019 Budget - The Governor of Kaduna State, Nasir el-Rufai, has presented the proposed 2019 budget to the state house of assembly. Source Thisday Read more 

Oil and Gas Financing through the Nigerian Content Intervention (NCI) Fund – The Nigerian Content Intervention Fund is a pool of funds made available by the Nigeria Content Development and Monitoring Board (NCDMB) to be managed by the Bank of Industry (BOI) to meet the funding needs of indigenous manufacturers, service providers and other key players in the Nigerian Oil and gas Industry. Source Proshare Read more 

FG secures $1.5bn fund for power transmission - The Transmission Company of Nigeria (TCN) said it has secured $1.55 billion from multilateral agencies to revive some critical projects and expand the transmission grid. Source Daily Trust Read more
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Stocks Listed Between 2008 and 2018: 8 Out of 50 Stocks Trade Above Their Listing Prices- As at the close of trading on August 14th, 2018, eight (8) out of fifty (50) stocks listed between 2008 and 2018 on the floor of the Nigerian Stock Exchange currently trade above their listing prices. Source Proshare Read more 

Sell Pressure Continues; Stock Market Records 9-Day Losing Streak as NSEASI Sheds -0.62%– Equities market closed today on a negative note, as NSEASI depreciated by -0.62% to close at 35,069.34 basis points as against -0.35% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -8.30%. Source Proshare Read more 

GTBank Q2 2018 Results Review: Buying Opportunity Post Recent Weakness- Consolidating on its Q1 2018 results, GT Bank’s (GTB) Q2 2018 earnings surprised positively. As such, we expect the bank to meet or slightly surpass management’s 2018E PBT guidance of N205bn. Source Proshare Read more 

DMO Releases Public Debt Data for June 2018; FGN Domestic Debt Declines- The Debt Management Office held a Media Briefing session on Tuesday, August 14, 2018 at which it presented the nation’s Public Debt figures as at June 30, 2018. Source Proshare Read more 

August bond auction oversubscribed by N10.09bn, says DMO - The Debt Management Office (DMO) said the Federal Government’s bond auction for August conducted on Wednesday was oversubscribed by N10.09 billion. Source Vanguard Read more 

Stop rates close higher at the fifth consecutive DMO FGN Bond auction - Activities in the bond market were muted as participants awaited the results of the DMO’s FGN Auction. Source Proshare Read more 

Qatar Cash Helps Lira Recover With $15bn Of Investment In Turkey’s Financial Sector - Qatar has come to Turkey’s aid today, pledging to invest $15bn in the country to help it ride out its currency crisis. The offer came as Turkish president Erdoğan hosted Sheikh Tamim bin Hamad Al-Thani, emir of the Gulf state (photos). Source Proshare Read more 

Kainji, Jebba power plants attain 922MW generation capacity - The cumulative power generation capacity of Kainji and Jebba Hydro Power plants has increased from 582 megawatts to 922MW. Source Punch Read more

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IFRS Reporting – Matters Arising On Derivatives- It is over six years that Nigeria adopted the International Financial Reporting Standards (IFRS) to align the country with global reporting. Initially, there was deep apprehension around the success potentials of the implementation roadmap. Source Proshare Read more 

South African rand slumps after Moody's warning, stocks tumble - South Africa’s rand slumped on Wednesday as ratings agency Moody’s warned that the pace of fiscal consolidation in Africa’s most industrialised nation had slowed and retail sales data disappointed, underlining the fragility of the economy. Source Reuters Read more 

Oil edges up as China, U.S. set for trade talks - Oil prices on Thursday recouped some of the previous day’s losses after Beijing said it would send a delegation to Washington to try to resolve trade disputes between the United States and China that have roiled global markets. Source Reuters Read more 

China-U.S. to Resume Low-Level Talks in Bid to Resolve Trade War - China will dispatch Vice Commerce Minister Wang Shouwen to the U.S. for low-level trade talks in late August, the first official exchanges since earlier negotiations broke down two months ago. Source Bloomberg Read more 

Australian Dollar Suffers Collateral Damage in Trade War - Investors have brushed aside Australia’s world-beating economic growth to make its currency the whipping boy of the trade war. Source Bloomberg Read more 

Emerging markets index falls into bear territory - EM equity benchmark has dropped nearly 20% from January high Source FT Read more 

SIFAX signs deal with Gambian govt to build, operate multi-million dollar dry port - SIFAX Group, a multinational company with interests in various sectors has signed a Memorandum of Understanding (MOU) with the government of Gambia to Source BUSINESSDAY Read more

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N76.9bn disbursed from N220bn MSMED fund in 2017 -  total of N76.9 billion out of the N220 billion Micro Small and Medium Enterprises Development (MSMED) fund has been disbursed to MSMEs from inception Source BUSINESSDAY Read more

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The Newly Redesigned Proshare Market: 8 Things to Note- As part of its commitment to provide credible, timely and reliable information to its subscribers across the globe, Proshare - Nigeria’s leading financial information hub, today launched its newly redesigned “Proshare Markets Platform”. Source Proshare Read more 

MTN, 12 banks sign N200b medium term loan facility - Mobile telephone operator MTN on Wednesday signed a seven-year N200 billion medium term loan agreement with a consortium of 12 banks. Source THE NATION Read more 

Science, technology needs N180bn for three years — FG - The Federal Government has said that it requires N180bn for effective funding of science, technology and innovation in the country in the next three years. Source Punch Read more 

Blockchain benefits still murky for most commodities trading - Commodity firms and banks have been diving into blockchain pilot schemes over the last two years but the new technology’s application for most trading has likely been over-hyped, a report by Boston Consulting Group (BCG) said. Source Reuters Read more



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