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Nigeria in 1min: Economic, Business & Financial Headlines – 010917

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September 1, 2017 7:30 AM / Proshare News 

 

PROSHARE ECONOMY
How Rail and Energy Will Deliver a Robust Economy for Nigeria - The infrastructural deficit witnessed in Nigeria especially in critical sectors such as Energy and Rail has held back the growth of real asset in the country. Source Proshare Read More  

A Recovery in Capital Imports in Q2 2017 - The headline figure in the NBS report on Nigerian Capital Importation for Q2 2017 is an increase from US$910m to US$1.79bn. Source Proshare Read More 

Headline Inflation to Slide Marginally to 16.03% In August 2017 - We forecast that headline inflation will decline slightly for the seventh consecutive month to 16.03%, as base year effects wear out. Source Proshare Read More  

Fitch forecasts Nigeria GDP growth of 1.5% in 2017 - Fitch Ratings forecasts Nigeria GPD growth of 1.5percent in 2017 and 2.6perent in 2018, following first contraction in 25 years in 2016. Source BUSINESSDAY Read More 

Nigeria: Transitioning or Traversing? - Coming off its first full-year recession in 25 years, the Nigerian economy looks to have turned a corner in 2017. Notwithstanding continued efforts to further diversify the economy. Source Proshare Read More 

Ethiopian Airlines bids to take over Arik Air - Ethiopian Airlines has submitted a formal offer to take charge of Arik Air, which accounts for more than half of Nigerian air passenger traffic, according to official statistics. Source Daily Trust Read More 

Shortage of alternative airports for night landing hurting Nigerian airlines - The failure of government agencies such as the Federal Airports Authority of Nigeria (FAAN) and the Nigerian Airspace Management Agency, (NAMA) to provide instrument landing systems at less travelled airports, close to the busier ones across the country, is resulting in huge losses for airlines. Source BUSINESSDAY Read More 

Nigeria Airports Fail United States FAA Audit - It has been confirmed that Nigeria’s major airports which operate international services were unable to meet security and safety standards during the recent audit carried out by the US Federal Aviation Administration (FAA) for the renewal of Nigeria’s Category 1 safety status. Source Thisday Read More 

PTAD pays over N7bn to 236,705 pensioners in August - The Pension Transitional Arrangement Directorate (PTAD) says it has concluded payment of August monthly pensions of retirees under the Defined Benefit Scheme (DBS). Source Daily Trust Read More 

U.S. Business Deterred by Nigeria's Capital Curbs, Senator Says - U.S. companies are deterred from investing more in Nigeria by its capital controls, according to the head of a congressional delegation visiting Africa’s largest economy. Source Bloomberg Read More 

FG unveils guidelines on revived export grant - The Federal government has unveiled new guidelines on the revived Export Expansion Grant. Source Punch Read More 

Kano targets N721.2bn crop output - The Kano State Government has targeted crop production of N721.bn. Source Punch Read More 

‘Local farmers produce 30% of Nigeria’s poultry demand’ - The Chairman, Poultry Association of Nigeria, Kwara State chapter Mr. Oladapo Robinson, on Wednesday stated that Nigeria’s annual demand for the poultry value chain was over N500bn. Source Punch Read More 

Olam inaugurates 720,000MT poultry feed mills - Olam has moved to close the demand gap for poultry feed in the country with its state-of-the-art feed mills in Kaduna and Kwara States. Source Punch Read More 

Britain Donates £200m for N’East Humanitarian Efforts, Says Nigeria Has Amazing Future - The United Kingdom Thursday announced an additional donation of £200million in response to the humanitarian crisis in the North-east, region which has been devastated by the Boko Haram insurgency. Source Thisday Read More 

 

PROSHARE REGULATORS
CBN: Foreign reserves hit 30-month high at $31.6b - The nation’s foreign exchange reserves have stood at a 30-month high at $31.59 billion, as at August 18. The Central Bank of Nigeria(CBN) data have shown. Source THE NATION Read More

 

PROSHARE MARKETS
Stock Market Sustains Downtrend With -0.35% Loss as NSEASI Dips by -3.12% WoW - Equities market closed today on a negative note, as NSE ASI depreciated by -0.35% to close at 35,504.62 basis points as against -1.48% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +32.11%. Source Proshare Read More  

Corporate Earnings for the Week Ending 310817 - STANBIC Declares N24.12bn PAT in Q2 2017 Results - During the week ending August 31, 2017, four (4) quoted firms declared their results. Source Proshare Read More 

NASD USI Down by -2.4% WoW - NASD closed its trading day on Friday 31 August  2017 lower compared to last Friday. The Market Capitalisation closed the week 2.4% lower at ₦393.26 billion against ₦403.02 billion previously. Source Proshare Read More 

Titans of Nigerian Industry to discuss the Economy with Global Investors in London  - The Nigerian Capital Markets Forum (NCMF) London returns for its 4th Edition of insightful conversation and deal making. Source Proshare Read More

Union Bank Receives SEC Clearance on N50bn Rights Issue - Subscription Expected to Open in September - Following the announcement that it will float a N50 billion rights issue in 2017, Union Bank has now received the required approvals from the Securities and Exchange Commission (SEC) to move forward on raising the Tier 1 capital. Source Proshare Read More

The Financial Stability Board (FSB) Completes Peer Review Of Argentina - The Financial Stability Board (FSB) published today its peer review of Argentina. The peer review examined two topics relevant for financial stability in Argentina: the macroprudential policy framework, and the framework for crisis management and resolution.  Source Proshare Read More  

CBN injects $547m into forex market in one week - The Central Bank of Nigeria yesterday further injected $297 million into the Retail Secondary Market Intervention Sales (SMIS) segment of the foreign exchange market, raising the total intervention for the week to the sum of $547m. Source Daily Trust Read More 

‘Over 40m Nigerians Still Don’t Bank Their Money’ - Despite the awareness being created by financial institutions on financial inclusion, it has been revealed that over 40 million Nigerians still do not keep their money in the bank. Source Thisday Read More 

Oil Rises Slightly as Hurricane Harvey Hits Demand - Crude oil prices rose slightly Thursday, contrary to the expectations of the Organisation of Petroleum Exporting Countries (OPEC), as oil traders focused more on Hurricane Harvey’s hit on oil demand than the impact on supply disruptions. Source Thisday Read More 

OPEC output falls by 170,000 bpd - OIL output from the Or-ganization of Petroleum Exporting Countries (OPEC) fell in August by 170,000 barrels per day (bpd), a Reuters survey said. Source Vanguard Read More 

Private Refineries: Only 2 Licensees Making Progress – FG - The federal government has revealed that only two out of 50 licensees granted authorisation to operate private refineries across the country in recent time are making what it described as meaningful progress. Source Leadership Read More 

Power generation drops by 248MW in 24 hours - A total of 16 hydro, gas and steam power stations recorded various degrees of reduction in the quantum of electricity they produced within a period of 24 hours. Source Punch Read More 

PROSHARE BUSINESS
Ghana - Monetary Easing Cycle Set To Continue in 2017 - The Bank of Ghana (BoG) looks poised to continue monetary easing in coming months, after having cut by 100 basis points (bps) in May. Source Proshare Read More 

Cote D`Ivoire - Subdued Exports Will See Current Account Deficit Widen - Côte d'Ivoire will see its external account position deteriorate modestly in coming quarters. Lower cocoa prices will cut export revenue despite elevated production and new opportunities in oil and gold mining.  Source Proshare Read More 

Senegal - Ruling Coalition To Retain Parliamentary Power After Opposition Split - The fracturing of an opposition coalition in Senegal bodes well for President Macky Sall's governing Benno Bokk Yakaar (BBY) alliance holding onto its parliamentary majority at legislative elections on July 31.  Source Proshare Read More  

Kenya year-on-year inflation rises to 8.04 pct in August - Kenya’s annual inflation rose to 8.04 percent this month from 7.47 percent in July, the statistics office said on Thursday. Source Reuters Read More 

Zambia's year-on-year inflation slows to 6.3 percent in August -  Zambia’s annual consumer inflation slowed to 6.3 percent in August from 6.6 percent July, the Central Statistical Office said on Thursday. Source Reuters Read More 

Norway's $980 Billion Fund Reveals Bleak View on Global Trade - The man running the world’s biggest sovereign wealth fund says there’s every indication that global trade is suffering from something more serious than a temporary slowdown. Source Bloomberg Read More 

Canada's Economy Surges 4.5% on Consumer Spending - Canada’s economy unexpectedly accelerated at a 4.5 percent pace in the second quarter -- tops among Group of Seven countries -- led by the biggest binge in household spending since before the 2008-2009 global recession. Source Bloomberg Read More 

Stock Breadth, Yields and a Bearish Tipping Point in the S&P 500 - Bond rates in free fall, flattening the yield curve, and a narrowing stock market leader board -- at some point their message starts to matter for the S&P 500, right? A few analysts say yes. Source Bloomberg Read More 

Strategic Oil Reserve Tapped in First Emergency Draw Since 2012 - The U.S. government will release 1 million barrels of oil from the Strategic Petroleum Reserve to a Gulf Coast refinery, the first emergency discharge in five years, after Hurricane Harvey halted foreign-crude deliveries to the heart of the nation’s refining industry. Source Bloomberg Read More 

PROSHARE FINANCE
Master in Islamic Finance - The Islamic Banking and Finance Industry (IBFI) is experiencing tremendous growth, leading to a greater need for new products, services and human capital in the sector. Source Proshare Read More  

 

PROSHARE TECHNOLOGY
Initial Coin Offerings: Know The Risks Before You Buy - The Financial Industry Regulatory Authority (FINRA) today issued an Investor Alert warning investors about the potential risks of participating in initial coin offerings, commonly referred to as ICOs. Source Proshare Read More 

Nigerians spend N197bn monthly on internet data - Telecoms subscribers in Nigeria spend over N197 billion on internet data every month, Daily Trust’s analysis of mobile users’ average data usage per month has shown. Source Daily Trust Read More 

Etisalat Loan: 10 Banks’ Provision For Loans Loss Rises By 3% - The involved 10 banks in 9mobile, the mobile operator formerly known as Etisalat Nigeria take over loans loss provision increased by three per cent to N206.1billion in the half year (H1) ended June 30, 2017 Source Leadership Read More 

 

 

 

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