Nigeria in 1min: Economic, Business and Financial Headlines – 280218


February 28, 2018 7:10 AM / Proshare News 


Nigeria’s GDP Grows in Real Terms by 1.92% in Q4 and 0.83% for Full Year 2017 - The nation’s Gross Domestic Product (GDP) grew in Q4 2017 by 1.92% (year-on-year) in real terms, maintaining its positive growth since the emergence of the economy from recession in Q2 2017. Source Proshare Read More 

States get N1.9tr excess crude account loans - The Federal Government said, as of September 2017, it has disbursed a total of N1.91 trillion loans to states from the Excess Crude Account (ECA), the budget support facility and the Paris Club refunds. Source Daily Trust Read More 

Maritime sector to grow by 5 % in 2018 - The Nigerian Maritime industry has been projected to grow by 2.5 - 5 % between 2018-2019. The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Adol Petersid has said. Source Daily Trust Read More 

FG says 3.5% projected 2018 growth rate is on course - Federal government has assured that the estimate of the Buhari administration that the Nigerian economy will grow this year up to 3.5% is on course as the just released GDP figures indicate a further growth in the fourth quarter of 2017. Source BUSINESSDAY Read More 

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IFAD To Spend N8bn To Boost Agricultural Production In 7 States - The International Funds for Agricultural Development (IFAD) said on Tuesday that N8billion has been earmarked to boost agricultural production in seven states that were in partnership with the fund. Source Leadership Read More 

PenCom: No fund to pay 2017 pension - The Federal Government is yet to release money for payment of pension benefits to its former workers who retired from March 2017, the National Pension Commission (PenCom) has said. Source THE NATION Read More 

We Recovered N5bn Loans Under Anchor Borrowers’ Scheme, Says BOA MD - At least N5 billion has been recovered out of the N26.2 billion disbursed to 140,000 farmers under the Anchor Borrowers Scheme of the Central Bank of Nigeria (CBN) from 2015 to date. Source Thisday Read More 

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NSEASI Halts Gaining Streak as Market Dips by -0.66% - Equities market closed today on a negative note, as NSEASI depreciated by -0.66% to close at  42,299.56 basis points as against +0.02% appreciation recorded previously. Source Proshare Read More 

Online Banks Gain U.S. Deposit Share as Branch Banks Keep Rates Low - U.S. retail deposit growth for the largest online banks has outpaced that of traditional branch-based banks over the course of the Federal Reserve's (Fed) five interest rate increases since December 2015, according to a new report from Fitch Ratings on deposits in the digital age. Source Proshare Read More 

We’ll flood market with lower naira denominations, says CBN - The Central Bank of Nigeria, in a bid to address the acute shortage of lower denomination currencies, on Tuesday commenced an exercise aimed at flooding the market with N100, N50, N20, N10 and N5 notes. Source Punch Read More 

Visionscape issuing N4bn bond priced at 15.75% - Visionscape, the new waste management company employed by Lagos State, is issuing a N4 billion bond the second tranche of its N50 billion debt programme to implement an initiative to rid Nigeria’s economic hub of festering waste dumps marring its street corners. Source BUSINESSDAY Read More 

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Flour Mills completes N50bn sugar production facility - Flour Mills of Nigeria has increased its investments in the country’s agricultural sector with a N50 billion sugar production facility in Niger state, as a way of improving the company’s capacity for backward integration and to gradually eliminate the need for importation. Source BUSINESSDAY Read More 

Nigeria in final talks with firms to overhaul refineries - Nigeria’s state oil firm NNPC is in the final stages of talks with two consortiums that include top traders, energy majors and oil services companies to revamp its dilapidated refineries, sources familiar with the matter said. Source Reuters Read More 

Kogi, NNPC sign MoU on fuel ethanol plant - The Kogi State Government, Tuesday, signed a Memorandum of Understanding, MoU, with the Nigerian National Petroleum Corporation, NNPC, for the setting up of an ethanol biofuel plant and refinery in Kogi state. Source Vanguard Read More 

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Goldman Sachs, Adviser to the Elite, Wants to Be Your Local Bank -In a glass-walled tower in Utah’s capital, hundreds of Goldman employees are building what amounts to one of the world’s most ambitious consumer-finance startups. Source WSJ Read More 

Oil prices fall on weak China factory data, rise in U.S. crude stocks - Oil prices fell for a second day on Wednesday as weak Chinese factory data triggered concerns of an economic slowdown that could lower oil demand and, in the United States, industry data showed an increase in crude stockpiles amid its soaring output. Source Reuters Read More 

China factory growth slows the most in over 1-1/2 years; smog war, Lunar New Year hurt - Growth in China’s manufacturing sector in February slowed more than expected to the weakest in over 1-1/2 years as the Lunar New Year holidays disrupted business activity and tougher pollution rules curtailed factory output. Source Reuters Read More 

OPEC Head to Meet U.S. Shale Producers for Dinner Next Week - The head of OPEC plans to dine with U.S. shale company executives on Monday in Houston, the second consecutive year that the secretary general has met with some of the cartel’s top rivals. Source Bloomberg Read More 

Plans for World's Biggest IPO Attract Attention of U.K. Cabinet - Prime Minister Theresa May’s cabinet talked about Saudi Arabian oil giant Aramco’s pending initial public offering, which could be the largest in history, as part of preparations for a trip to London by Crown Prince Mohammed bin Salman. Source Bloomberg Read More 

Deutsche Bank Plans Saudi, Dubai Hires as Sovereigns Drive Deals - Deutsche Bank AG is expanding in Saudi Arabia and the United Arab Emirates as the lender expects sovereign bond sales and initial public offerings to drive deals this year. Source Bloomberg Read More 

Japanese Are Selling U.S. Bonds Over Budget, Dollar Fears - They are shifting toward selling U.S. Treasury bonds and other dollar-based debt after fears have picked up in recent weeks that the Trump administration’s budget and other policies add up to a weak dollar. Source WSJ Read More

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The New Land Use Charge Law of Lagos State - To increase its internally generated revenue and continue to expand its tax base, the Lagos State Government (“LSG”) recently repealed its 2001 Land Use Charge Law, and replaced this 2001 Law with a new Land Use Charge Law, 2018. Source Proshare Read More 

Vehicles and Properties for Sale - Prospective buyers are hereby notified of the following Vehicles and properties available for sale. Interested Individuals or Corporate bodies can send a mail to contact details below. Also, do remember to contact your financial advisor before making any commitment. Source Proshare Read More 

PROSHARE TECHNOLOGY launches bus service digital payment platform - The prospects for a convenient, affordable and innovative digital bus service platform in Nigeria, received a boost with the launch of in Lagos.  Source Proshare Read More 

MTN sticks to June listing for Nigeria unit - The much expected initial public offering (IPO) by MTN Group for its Nigerian unit will not exceed June 2018, BusinessDay can disclose. Ahead of that target, MTN Group hopes to get all necessary approvals for the listing including that of the Securities and Exchange Commission (SEC) and Nigerian Stock Exchange (NSE). Source BUSINESSDAY Read More 

BoI Grants N1.5bn Direct Funding to 28 Businesses in Nigeria - The Bank of Industry (BoI) has announced that over 28 other businesses in Nigeria had been granted N1.5billion from its own direct funds. Source Thisday Read More 

Call masking: NCC sanctions operators, bars 750,000 lines - The Nigerian Communications Commission on Tuesday announced a number sanctions to some operators in the telecommunications industry for their involvement in masking of international calls. Source Punch Read More 

Visible Increase in Internet Subscriptions - The latest data released by the NCC, the industry regulator, show that internet subscriptions stood at 98.4 million in December, representing y/y growth of 7.1%. Source Proshare Read More 

Tech Mogul Gets $13 Billion Richer Just by Leaving New York for China - Why be content with almost $2 billion when your net worth can be multiples more simply by moving your company from one stock exchange to another? Source Bloomberg Read More 

Amazon Acquires Ring, Maker of Video Doorbells - Inc. acquired Ring, maker of video doorbells, in a deal valued at more than $1 billion, a person familiar with the transaction said, giving the online giant a bigger foothold in the burgeoning internet business of home security. Source WSJ Read More 

Bill Gates Thinks Cryptocurrency Is Killing People 'In a Fairly Direct Way' - Microsoft co-founder Bill Gates, whose recent takes have included that Apple should just build a backdoor into the iPhone because the government might demand it anyway, is now warning that cryptocurrency is killing people. Source GISMODO Read More 

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China Devt Bank, UBA sign $100m loan for SMEs in Africa - United Bank for Africa (UBA) and China Development Bank (CDB), the world’s largest development finance institution, has announced the signing of a $100 million seven-year loan agreement to finance the development of small and medium enterprises (SMEs) in Africa. Source THE NATION Read More 

Chamber Advocates Targeted Funding Mechanism for SMEs - The President, Abuja Chamber of Commerce and Industry, Adetokunbo Kayode, said stakeholders have advocated for targeted funding mechanism for the Small and medium enterprises (SMEs) to boost the country’s economy. Source Proshare Read More 

The 7th Africa Banking " Finance Conference to hold in Lagos from April 10 - The conference themed "Making Financial Inclusion a Reality in Africa: Connecting people to Banking & Financial Service" will be a continuation of the discussions of the 2016 edition which was held in Ghana and a preview of the implementation strides made thus far, as we continue to push the Financial Inclusion agenda in the continent. Source Proshare Read More 


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