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Nigeria in 1min: Economic, Business & Financial Headlines – 020517

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May 2, 2017 7:30 AM / Proshare News 

PROSHARE ECONOMY
What To Expect From The Markets This Week -  On May 4, 2017 there will be an auction of Federal Government Treasury bills, which has tenors for 91 days, 182 days and 364 days; with maturity of 45.17 billion, 23.42 billion and 82 billion naira, respectively. We expect this to cause liquidity strains in the money market in the week ahead. Source Proshare  Read More 

FG Resumes Payment into Excess Crude Account with $87m - The Minister of Finance, Mrs. Kemi Adeosun, said on Monday that the federal government has commenced payment into the Excess Crude Account (ECA), in line with efforts to rebuild fiscal buffers. Source Thisday Read More 

Adeosun: How we’re building a resilient economy - The Minister of Finance, Mrs Kemi Adeosun, has said that the administration of President Muhammadu Buhari is building a productive Nigerian economy for a sustainable and inclusive economic growth. Source Daily Trust  Read More  

Illicit financial flows from Nigeria, others hit $3.5tr - A report on the level of illicit financial flows in and out of Nigeria, Africa as a whole and emerging market economies has been put at between $2 trillion and $3.5 trillion yearly. Source Guardian Read More 

Dwindling cargo volume grounds ports’ operations - Cargo handling operations at the nation’s ports are at a low ebb, as cargo throughputs have fallen below the Guaranteed Minimum Tonnage (GMT). The benchmark was captured in the agreement entered by the Federal Government and the concessionaires 10 years ago. Source Guardian Read More 

Nigeria’s first month revenues miss target by 50% - Nigeria’s actual earned revenue for January 2017 has missed the target by as a much as 50 percent, an indication that the country will struggle to meet its revenue projection as presented in the 2017 budget. Source BUSINESSDAY Read More 

Cashew value chain: Nigeria loses $1.4bn in 2016 - Nigeria has lost $1.4bn in 2016 due to inability to process significant cashew nuts for export. Source Daily Trust  Read More 

Nigeria’s tax to GDP ratio unacceptably low – Adeosun - The Minister of Finance, Mrs. Kemi Adeosun, has said that the nation’s tax to Gross Domestic Product ratio, which is currently put at six per cent, is one of the lowest in the world. Source Punch Read More 

 

PROSHARE MARKETS
Stock Market Maintains Uptrend as NSEASI Records +2.26% Gains WoW - Equities market closed today on a positive note, as NSE ASI appreciated by +0.02% to close at 25,758.51 basis points, as against +0.52% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.15%. Source Proshare Read More

W’Bank blames Nigeria’s forex crisis on fixed exchange regime - The World Bank has blamed Nigeria’s enduring foreign exchange instability on the fixed exchange regime in the official forex market. Source Punch Read More 

Dangote’s Offshore Plants Raise Revenue to N208.2bn - Sales recorded by Dangote Plants across Africa has significantly impacted on the revenue of the company for the first quarter ended on March 31, 2017 by 74 per cent to a whopping N208.2billion. Source Thisday Read More

CBN Loans To Banks Drop By 6% To N1.8trn - Loans from the Central Bank of Nigeria (CBN) to banks dropped by 6.7 per cent to N1.8 trillion last week. Source Leadership Read More

N152bn CBN Loan Hindering Access To Commercial Banks’ Financing –DisCos - The Association of Nigerian Electricity Distributors (ANED) has said that about N152.16billion which is part of the N201.61 billion fund released by the Central Bank of Nigeria (CBN) is reflecting on the Distribution Companies (DisCos) accounts, thereby blocking their access to funds from commercial banks. Source Leadership Read More 

Despite Recession, Banking Sector Loans to Customers Rise to N16.372trn - The audited results of 2016 for 14 banks quoted on the Nigerian Stock Exchange (NSE) have shown a 22 per cent increase in total loans and advances to their customers from N13.315 trillion in 2015, to N16.372 trillion in the year under review. Source Thisday Read More

Nigeria, World Bank Inch Closer to Sealing Deal on Electricity Recovery Plan - Nigeria and the World Bank have taken further steps to close out a harmonious deal on a recovery plan to bail out the country’s ailing electricity market. Source Thisday Read More

NEITI Begins Audit of Oil Companies, FG’s Revenues in 2015, 2016 - The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that it has started the processes of a comprehensive independent audit of the oil and gas sector, as well as revenues earned by Nigeria in the sector in 2015 and 2016. Source Thisday Read More

NLNG exports 4,000th cargo to Turkey - Nigeria LNG Limited (NLNG),yesterday said it exported its 4000th cargo of Liquefied Natural Gas (LNG) from its Bonny Island Terminal in Rivers State to Mamara LNG Terminal in Turkey. Source Daily Trust  Read More 

Electricity grid loses 429mw, drops to 3,598mw - The Nigerian electricity grid has lost 429 megawatts (mw) last Sunday as it dropped to 3,598mw, when the April month ended. Source Daily Trust  Read More 

Local, foreign oil firms gain N3.6 trillion in price recovery - Five local and International Oil Companies (IOCs) operating in Nigeria witnessed a record-breaking profit of over $10 billion (N3.6 trillion) during the first quarter of 2017. Source Guardian Read More  

NDDC to invest in modular refinery, search for partners - THE Niger Delta Development Commission, NDDC, has indicated interest to invest in modular refinery in order to increase petroleum products supply in the Niger Delta and other parts of the nation. Source Vanguard Read More 

Danger as some non-OPEC members still over-produce oil – Barkindo - THE Organisation of Petroleum Exporting Countries, OPEC has raised alarm that the volatile market remains under threat because of an alleged over-production of non-OPEC members. Source Vanguard Read More 

Libya's oil production hits 760,000 bpd, highest output since 2014 - NOC - Libya's oil production has risen above 760,000 barrels per day (bpd), its highest level since December 2014, the National Oil Corporation (NOC) said on Monday. Source Reuters Read More 

Oil slips below $52 on U.S. drilling - Oil edged below $52 a barrel yesterday as rising crude output and drilling in the United States (U.S.) countered the Organisation of Petroleum Exporting Countries (OPEC)-led production cuts aimed at clearing a supply glut. Source THE NATION  Read More 

 

PROSHARE BUSINESS
Biggest Gold Miner ETF Just Saw Largest Outflows on Record - The U.S. equity exchange-traded fund that experienced the largest withdrawals last week was the $10.3 billion VanEck Vectors Gold Miners (GDX), the biggest ETF that invests in gold-mining companies. The SPDR Gold Shares ETF (GLD), the world’s largest commodity ETF at $34.8 billion, also saw the most outflows among commodity funds in the period ending April 28. Source Bloomberg  Read More 

OPEC May Need to Extend Production Cuts to End of Next Year - OPEC is certain to extend cuts in oil output when its ministers meet later in May and will need to keep limiting production until as late as the end of 2018, a veteran market analyst said. Source Bloomberg  Read More 

Saudi Aramco Boosts Fuel-Trading in Fight for Asia, Africa Sales - Saudi Aramco is seeking to boost its fuel-trading volume by more than a third as the world’s biggest crude exporter expands its capacity to refine oil to grab a bigger share of growing markets in Asia and Africa, the head of the company’s trading unit said. Source Bloomberg  Read More 

UBS Pays $445 Million to Settle Mortgage Securities Probe - UBS Group AG has paid $445 million to settle National Credit Union Administration claims that the bank contributed to the collapse of corporate credit unions by selling them faulty mortgage-backed securities, the regulator said in a statement on Monday. Source Bloomberg  Read More 

 

 

 

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