Nigeria in 1min: Economic, Business and Financial Headlines – 311017


October 31, 2017 7:10 AM / Proshare News 


The Recurring Challenge of Capital Spending- Having already commented on the revenue side of the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper Source Proshare Read More 

Sub-Saharan Africa: The Path to Recovery- The broad-based slowdown in sub-Saharan Africa is easing, and growth is expected to pick up to 2.6 percent in 2017 from last year's 1.4 percent Source Proshare Read More 

FG realises $50m from VAIDS, 2 months after –Fowler - Four months after the Federal Government launched the Voluntary Assets and Income Declaration Scheme (VAIDS), which commenced on July 1, an estimated $50 million has already been raised by tax authorities. Source THE SUN Read More 

FG to concession Lokoja, Baro, Ugota ports - The Federal Government has expressed its willingness to concession three ports, the Lokoja, Baro and Uguta river ports. Source Daily Trust Read More 

FG to acquire 100 wagons to move cargoes from Lagos ports - There are strong indications that the Federal Government may have purchased about 100 locomotive wagons to help move goods from Lagos ports by rail. Source Daily Trust Read More 

Government awards $195m maritime security deal to Israeli firm - The Federal government has approved a security contract valued at $195 million awarded to an Israeli firm to procure security equipment and assist in training Nigerian security personnel tackle crime along the nation’s waterways. Source Guardian Read More 

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FG Savings Bond Generates N6.7bn In 8 Months - A total of N6.694 billion has been raised so far in the past eight months from the Federal Government Savings Bond which debuted in March this year to encourage increased participation of low and middle income earners in the bond market. Source Leadership Read More 

IMF: Rising foreign borrowing raises exchange rate risks - Nigeria’s plan to increase its foreign borrowing to reduce debt-servicing costs could raise its exchange-rate risks,  the International Monetary Fund (IMF)has said. Source THE NATION Read More 

African Development Bank Calls Off Proposed Loans To Nigeria - The African Development Bank has called off a loan to Nigeria that would have helped fund the country’s budget, instead redirecting the money to specific projects, a vice president at the lender said on Monday. Source Leadership Read More 

‘$800b needed in 37 years to fix transport infrastructure deficit’  - About $800 billion would be required to fix critical transport infrastructure deficit in the next 37 years, a finance expert, Opeyemi Agbaje,  has said. Source THE NATION Read More 

Nigeria Loses $13.7bn To Herdsmen/Farmers Clashes – Abdulsalami - Former head of state, Gen Abdulsalami Abubakar has decried the economic effect of herdsmen and farmers  clashes, saying Nigeria has lost $13.7 billion within one year. Source Leadership Read More

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CBN Issues Further Clarification on the Enforcement of GIFMIS Revenue Reference Number- Further to our circular referenced BSPD/DIRGEN/CIR/04/009, dated 25th September 2017, requesting all Deposit Money Banks (DMBs) Source Proshare Read More 

SEC launches Capital Market Development Fund - The Securities and Exchange Commission (SEC) yesterday launched the Nigerian Capital Market Development Fund (NCMDF), to provide funding for the Nigerian capital market’s developmental initiatives. Source Daily Trust Read More 

CBN offers N5 billion maximum support for non-oil export project - A fresh vista for the growth of the non-oil sector and exports may have been opened, as the Central Bank of Nigeria said a maximum financing of project in the sector would now be N5 billion per project under the Non-Oil Export Stimulation Facility (NESF). Source Guardian  Read More 


Market Opens The Week Positive as NSEASI Inches Up by 0.06%- Equities market closed today on a positive note, as NSE ASI appreciated by +0.06% to close at 36,484.30 basis points as against -0.15% depreciation recorded previously. Source Proshare Read More

Dangote Cement Plc - Don’t Lose Much Sleep Over 2018- Over the last 10 months, Dangote Cement Plc. (DANGCEM) has steadily raised prices to support revenue at the expense of marked volume weakness with analysts, almost unanimously Source Proshare Read More 

Nestle Nigeria Reports Q3 2017 Results - Net FX Loss of –N6.0bn Offset Strong Underlying Profits- This morning, Nestle Nigeria (Nestle) reported Q3 2017 results which showed that sales were up 29% y/y to N63.3bn while PBT grew significantly Source Proshare Read More 

Afrinvest Stock Recommendation for the Week - 301017- Sentiment in the local bourse was largely bullish although the benchmark index declined on 3 of 5 trading sessions to close at 36,462.26 points Source Proshare Read More 

Diamond Bank Reported Pre-tax and After-tax Losses of -N4.1bn and -N2.3bn Respectively in Q3 2017- Diamond Bank’s (Diamond) Q3 2017 results which were published this afternoon came in weaker than expected.  Source Proshare Read More 

Reps ask CBN to enable access to N12bn cryptocurrency account - The House of Representatives has called Central Bank of Nigeria (CBN) to direct Diamond Bank to release the allotted token to Cashflowabi Network Ltd, to enable it access and pay over N12 billion accrued into the cryptocurrency account to over 60,000 depositors in overriding public interest Source BUSINESSDAY Read More 

Repatriation of Oil and Non-Oil Export Proceeds- Further to the provisions of the circular Ref: TED/FEM/FPC/GEN/01/005 of February 19, 2015 on the above subject Source Proshare Read More 

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34 Firms Bid To Secure NNPC’s Downstream Assets - The Nigerian National Petroleum Corporation (NNPC) has described the bid by a total of 34 firms to provide security services for its assets across the country as efforts to consolidate on steady supply and distribution of petroleum products in the country. Source Leadership Read More 

FG To Commence Crude Oil Tracking By 2019 - The federal government yesterday stated that from 2019, the country would begin tracking the nation’s crude oil and would be able to account for every drop of the commodity produced in the country. Source Leadership Read More 

Nigeria’s petrochemical market set to reach $5.8bn next year - It is coming a bit late, but for Nigeria it is better late than never. Africa’s largest oil producer is on its way to becoming a petrochemical hub with three plants expected to bring fertilizer output to 7.2 million metric tons next year, along with 900,000 thousand metric tons of polypropylene and 860,000 metric tons Source BUSINESSDAY Read More 

Russia Signs Agreement With Nigeria to Build Nuclear Power Plant - Russia has signed agreements with Nigeria to build and operate a nuclear power plant in the oil-rich West African nation that has a deficit of reliable power and faces security challenges by Islamist militants in the far northeast. Source Bloomberg Read More 

Abuja Disco: Electricity Tariff Should be N65 Per Kilowatt Hour - The Abuja Electricity Distribution Company (AEDC) has said that the average true cost of distributing electricity to customers within its network should be N65 per kilowatts hour (kWh) as against the N35/kWh it currently charges. Source Thisday Read More 

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NCCN holds discourse on Sub-National Competitiveness in Nigeria- As part of its efforts in driving the viability of States in Nigeria, the National Competitiveness Council of Nigeria today hosted a press panel discourse on the theme "Competitiveness: The Viable Path to Job Inclusive Growth". Source Proshare Read More 

President Buhari appoints new SGF, to takeover from Babachir Lawal- President Muhammadu Buhari has studied the report of the panel headed by the Vice President, Prof Yemi Osinbajo, SAN, which investigated allegations against the suspended Secretary to the Government of the Federation Source Proshare Read More 

CSCS increases automation, efficiencies with TCS BaNCS, apost trade service solution- The Central Securities Clearing System (CSCS) Plc recently announced in Lagos it would increase automation and improve efficiencies in the Nigerian capital market with the deployment of TCS BaNCS  Source Proshare Read More 

Nigeria Ordered to Pay $244 Million Damages for 1967 Civil War - Nigeria was ordered to pay 88 billion naira ($244 million) in damages to those affected by a 1967 civil war after failing to clear landmines and other explosives in the country’s southeast. Source Bloomberg Read More 

Two banks drop McKinsey in fallout from South Africa scandal - Barclays Africa and Standard Bank said on Monday they would stop working with McKinsey, a further blow to the global consultancy as it faces allegations of bribery for work done with friends of South African President Jacob Zuma. Source Reuters Read More 

Chad wants to cut off Glencore's oil supplies in debt row - Chad is on a collision course with top creditor Glencore as it wants to divert oil from the Swiss trading house to U.S. energy company ExxonMobil from the new year amid a dispute over debt restructuring. Source Reuters Read More 

Moody's says S.Africa budget credit negative; central bank flags growth fears - Ratings agency Moody’s said on Monday the budget statement presented by South African Finance Minister Malusi Gigaba last week was credit negative, while a central bank official raised concerns over economic growth. Source Reuters Read More 

IMF says rising debt, political risk dim sub-Saharan Africa's economic outlook - Economic growth is expected to rise to 3.4 percent in sub-Saharan Africa next year from 2.6 percent in 2017, the IMF said in a report on Monday, but warned that rising debt and political risks in larger economies would weigh down future growth. Source Reuters Read More

Bank of China Slumps as Lender Lags Peers in Taming Bad Loans - Bank of China Ltd. shares slumped the most in almost four months in Hong Kong after the lender failed to report the same improvements in asset quality as its rivals. Source Bloomberg Read More 

Xi Tells Zuckerberg and Cook China's Set for 'Unprecedented' Reform - Chinese President Xi Jinping used a meeting with Facebook Inc. founder Mark Zuckerberg and Apple Inc. CEO Tim Cook to announce that his nation is embarking on reform with "unprecedented determination and vigor." Source Bloomberg Read More 

Manafort, Gates Get House Arrest After Not Guilty Pleas - Former Trump campaign manager Paul Manafort and his associate Rick Gates were put under house arrest because they’re seen as a flight risk after they pleaded not guilty to tax crimes, money laundering, conspiracy and lying to the FBI. Source Bloomberg Read More 

Iraq's Kurds Resume Pumping Oil by Pipeline to Turkish Port - Oil exports resumed from Iraq’s Kurdish region after halting earlier Monday, a port agent said, highlighting uncertainty about pipeline shipments from OPEC’s second-biggest producer. Source Bloomberg Read More 

Chinese Consumer Stocks Are Up 65%, and Everybody Wants In - In most stock markets, consumer staples are a refuge from the hype. In China, they’re up 65 percent this year and everyone wants in. Source Bloomberg Read More 

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FirstBank Commemorates World Savings Day- First Bank of Nigeria Limited will be joining the rest of the world to commemorate the 2017 World Savings Day Source Proshare Read More 


Development Bank releases N5b for 20,000 MSMEs - The Development Bank of Nigeria (DBN), has started its lending activities to Micro, Small and Medium Enterprises (MSMEs) valued at over N5billion. Source THE NATION Read More 


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