Nigeria in 1min: Economic, Business and Financial Headlines – 250618


Monday, June 25, 2018 / 7:00 AM / Proshare News



What To Expect From The Markets This Week - 250618 - According to the Debt Management Office of Nigeria, the federal government domestic debt stock as at March 2018 stood at N12.576 trillion. Source Proshare Read more 

FAAC Disburses N701.02bn in May 2018 - NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N701.02bn to the three tiers of government in May 2018 from the revenue generated in April 2018. Source Proshare Read more 

N4.18tn commodities exported through Apapa Port in Q1 - Between January and March this year, commodities worth N4.18tn were exported through the Apapa Port in Lagos, figures obtained from the National Bureau of Statistics revealed. Source Punch Read more 

VAIDS: EFCC, FIRS begin recovery of unpaid taxes from July 1 - As the tax amnesty programme under the Voluntary Assets and Income Declaration Scheme comes to an end on Saturday, June 30, the Federal Inland Revenue Service and the Economic and Financial Crimes Commission have agreed to begin a massive clampdown on tax defaulters that fail to take advantage of the twelve months tax amnesty window. Source Punch Read more 

Terrorism undermines Nigeria’s GDP by $437m — Lloyds - LLOYD’s, world leading insurer, has warned that Nigeria could lose $437 million, about N157.32 billion, of its Gross Domestic Product, GDP, annually   to terrorism, to rank third in the world on forecast GDP loss. Source Vanguard Read more

 Proshare Nigeria Pvt. Ltd.


Market Review and Round-Up of Corporate News Announced During The Week Ending 220618 - The equities market recorded downwards performance – the listed equities market recorded -2.74% loss WoW while the NASD OTC also dropped by -1.03% WoW. Source Proshare Read more 

Cordros Capital launches Milestone Funds 2023 and 2028 for Nigeria - As part of its drive to create value for the Nigerian financial market, Cordros Capital Asset Management launched the first ever set of targeted funds in the country, the “Cordros Milestone 2023 fund” and “Cordros Milestone 2028 fund”. Source Proshare Read more 

T-bills Remain Bearish Despite Robust System Liquidity - Bond yields maintained a slightly downward trend on the back of a slowdown in offshore selloff which has consequently reduced the bearish pressures on the medium to long end of the curve Source Proshare Read more 

Interbank lending falls as govt redeems N444 billion T-Bills - There was near excess in the quantity of money in circulation last week, save for the increased mop up exercise by the Central Bank of Nigeria (CBN), following the repayments of N66.7 billion and N377.6 billion worth of Treasury Bills (T-Bills) and Open Market Operations. Source Guardian Read more 

6 banks pay N155.45bn into sinking fund in 3 years - AMCON - Six Commercial banks have made payments totaling N155.45 billion into the sinking fund of Asset Management Corporation of Nigeria (AMCON) within three years, the News Agency of Nigeria (NAN), reports. Source Daily Trust Read more 

Dollar rates: Nigeria records zero rise in budget, capital spending in 10 yrs – Data - In terms of the foreign exchange (forex) rates in the United States dollars equivalent, Nigeria may not have increased its budgetary and capital spending in the last 10 years, data from the Central Bank of Nigeria (CBN) have shown. Source Daily Trust Read more 

Uncollected power revenue hits N1.1trillion - This is even as the Senior Staff Association of Electricity and Allied Company (SSAEAC) has called for the immediate change of the management of the Transmission Company of Nigeria (TCN) over its anti-labour practices, or face industrial action. Source THE SUN Read more 

Fuel importation: Nigeria’ll lose $561.2m from NNPC’s 50% rebate –NPA boss - The Managing Director,  Nigerian Ports Authority (NPA), Hadiza Bala Usman, has said the country would lose the  sum of $561.2 million and N334.2 million revenue from the 50 per cent rebate approved by the Federal Government for the Nigerian National Petroleum Corporation (NNPC) to import Premium Motor Spirit (PMS) in 2018. Source THE SUN Read more 

NNPC loses N547bn in three years - The group monetary loss of the Nigerian National Petroleum Corporation for 2015, 2016 and 2017 is N547bn, the latest review of the oil firm’s financial and operations reports in the period has revealed. Source Punch Read more 

US cuts Nigerian crude oil imports by 62% - The United States cut its crude oil imports from Nigeria by 62.08 per cent to 3.92 million barrels in March, the lowest monthly level since February 2016. Source Punch Read more 

Power Supply Remains at 3,278MW Despite Conclusion of Gas Line Repairs - The total volume of electricity generated for transmission and distribution to homes and offices across Nigeria has remained at 3,278 megawatts (MW) despite the completion of repairs of gas pipelines ruptured last week, a daily report of the sector’s operation from the office of the Vice-President Yemi Osinbajo has shown. Source Thisday Read more

 Proshare Nigeria Pvt. Ltd.


Algeria’s forex reserves fell by $7.3 billion in Jan-May - PM - Algeria’s foreign exchange reserves fell by $7.3 billion in the first five months of this year and are expected to decline by $5 billion from now until the end of the year, Prime Minister Ahmed Ouyahia said on Saturday. Source Reuters Read more 

Oil falls on OPEC's announced output rise, but markets to remain tight -  Brent crude oil prices fell over 1.5 percent on Monday as traders factored in an expected output increase that was agreed at the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna on Friday. Source Reuters Read more 

South Sudan Begins Talks With Sudan on Oilfield Rehabilitation  - South Sudan and Sudan oil ministers began talks on the resumption of oil production and exports through the north African nation, according to a statement published by Sudan News Agency. Source Bloomberg Read more 

Tunisia raises fuel prices, third hike this year - Tunisia raised fuel prices on Friday by 4 percent, the third hike this year as the government seeks to a cut budget deficit, a key requirement of international lenders. Source Reuters Read more 

China cuts RRR by 50 basis points  - China will lower some banks' reserve requirement ratios (RRR) by 50 basis points on July 5, the country's central bank said Sunday. Source Reuters Read more 

The start of a new poverty narrative - Goalkeeper’s report, highlighting the extraordinary progress made in reducing extreme poverty around the world, while also warning that sustaining this progress would not be easy. Nigeria has overtaken India as the country with the largest number of extreme poor  - Source BROOKINGS Read more 

NEITI urges ‘urgent’ review of Nigeria’s deep offshore oil exploration agreements - The Nigeria Extractive Industries Transparency Initiative (NEITI) has urged the federal government to review the Deep Offshore and Inland Basin Production Sharing Agreement between the country and oil companies. Source PREMIUM TIMES Read more 

Full Text of Tinubu Speech at APC Convention - June 23, 2018 - Joined in goodwill by common purpose and noble endeavor, we assemble this day. The doubters who gave APC no chance of existence or of continued survival have gotten their reply in full. Their envious prayers and complaints have been answered in reverse. Source Proshare Read more

 Proshare Nigeria Pvt. Ltd.


Bitcoin Erases Loss, Bounces Back From Lowest Level in 2018 - Bitcoin erased its loss after setting a 2018 low earlier on Sunday, with the volatility reflecting increased scrutiny by government regulators on the embryonic digital-currency sector and global central bankers raising questions about its viability. Source Bloomberg Read more

 Proshare Nigeria Pvt. Ltd.


 Proshare Nigeria Pvt. Ltd.

Related News