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Nigeria in 1min: Economic, Business & Financial Headlines – 030817



August 3, 2017 6:30 AM / Proshare News 


Nigeria and the Voluntary Cap: Battling With Fiscal Bumps - On Monday 24th July 2017, OPEC in a follow up to its earlier decision taken in December 2016 to protect its market share, implemented further cuts to its production, the cartel also capped Nigerian production to 1.8 million barrels per day.  Source Proshare Read More 

Nigerian economy to grow 0.8 pct this year, but risk remains, IMF says - Nigeria is expected to emerge from recession this year, but threats to recovery remained elevated and the economy will not grow enough to reduce unemployment and poverty, the International Monetary Fund said on Wednesday. Source Reuters Read More 

Nigeria in 2017: Whispers of Recovery - The global economy is expected to grow modestly stronger in 2017 than initially expected, according to the International Monetary Fund's (IMF) latest estimates. Source Proshare Read More 

FG grants tax holiday to 27 industries - The Federal Executive Council on Wednesday approved the inclusion of 27 enterprises to the list of pioneer industries and products that would enjoy pioneer status under the Industrial Development Income Tax Relief Act. Source Punch Read More 

Nigeria, Singapore trade volume hits N846bn – Adeosun - The Minister of Finance, Kemi Adeosun, said on Wednesday that the volume of trade between Nigeria and Singapore reached N846bn from 2011 to 2015 while the absolute balance of trade was N222 billion in favour of Nigeria. Source Punch Read More 

FEC awards N20.6bn road contracts in Kwara, Plateau - The Federal Executive Council yesterday approved N20.6 billion for the construction of roads in Plateau and Kwara States. Source Daily Trust Read More 

Nigeria needs $550m to acquire 2 new satellites – Minister - The Minister of Communications, Barrister Adebayo Shittu, has said Nigeria needs about $550 million to acquire two more communications satellite to adequately equip the Nigerian Communications Satellites Limited [NIGCOMSAT] to discharge its duties. Source Daily Trust Read More 

50% of production firms closed down in 5 years — MAN - The Manufacturers Association of Nigeria (MAN) said that not less than 75 manufacturing firms from about 150 in its membership list in the South East have shutdown in the last five years. Source Daily Trust Read More 

FG bars foreign professionals without Nigeria certification - THE Federal Executive Council, FEC, Wednesday approved a new policy that for any foreign professionals to practice in Nigeria, they have to be registered and certified by all the necessary regulatory bodies. Source Vanguard Read More 

$175m foreign airlines funds trapped in Nigeria - Foreign airlines have $175million  ticket sales proceeds trapped in Nigeia, the International Air Transport Association (IATA) said yesterday. Source THE NATION Read More 

Budget minister says Nigeria may “adjust” spending to curtail biggest deficit in 9 years - The uncharacteristic event venue and the absence of flamboyant banners and brochures at a consultative forum organised by the ministry of budget last week, were perhaps the biggest indicators that morning, that Nigeria’s revenues are overstretched and the need to cut down spending is supreme. Source BUSINESSDAY Read More 

Nigeria, Singapore sign agreement to curb double taxation - Nigeria’s federal government on Wednesday signed an agreement with Singapore that would help companies operating in the two countries avoid double taxation in their different bases. Source BUSINESSDAY Read More 

Governors must sign-off $1.585bn foreign loan before final approval – Reps insist - The House of Representatives on Wednesday disclosed that it is mandatory for all the Executive Governors and State Houses of Assembly of all the 10 State Governments seeking for the $1.858 billion external loan from Development Partners to sign-off the 2016-2018 external borrowing plan before its gives final approval. Source BUSINESSDAY Read More 

2015 Budget Tracking: N2bn Approved Capital Projects Unidentified in Six States - The Alliance for Credible Elections (ACE) has revealed that a total of 182 federal capital projects approved in the 2015 appropriation Act to the tune of N2,021,548,008 billion could not be identified in the six states of Benue, Imo, Ekiti, Jigawa, Cross River, and Gombe. Source Thisday Read More 

Step-up in FX Outflows Through the CBN - The net fx flows through the CBN were negative by US$760m in May but positive over the 12-month period to the tune of US$5.12bn. Inflows through the CBN, which consist of monies from the oil economy and the non-oil public sector, declined from US$2.87bn to US$2.26bn in May. Source Proshare Read More 

This Oil Price Rally Has Reached Its Limit - Last week, crude oil rallied the most so far this year, gaining more than 8 percent, or $4 per barrel. Source Proshare Read More  


FMDQ Lists Pioneer Infrastructure Debt Fund as SEC Directs CMOs and PLCs to Comply With VAIDS - Nigerian Stock Market sustained positive stance for the fifth consecutive month as the key benchmark indicator, NSEASI, closed the month of July 2017 in the green zone with +8.23% gain as against +12.27% uptrend recorded in the month of June 2017 while NSE ASI YTD performance stands at +33.37% at the end of the month under review. Source Proshare Read More

NSEASI Inches Up Further by +0.50% as Market Maintains Uptrend - Equities market closed today on a positive note, as NSE ASI appreciated by +0.50% to close at 36,905.06 basis points as against +2.43% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +37.32%. Source Proshare Read More

UAC Of Nigeria Plc. : Earnings dip as input and interest costs bite - UAC of Nigeria recently released its H1’17 financial results showing a strong 32% y/y growth in topline to ₦48 billion. Source Proshare Read More

FCMB Group - Retaining Neutral recommendation post Q2 - Following FCMB’s Q2 2017 results, we have increased our EPS estimates over the 2017-18E period by an average of 12%. Source Proshare Read More  

CCNN Plc - Strong H1 Earnings Amidst Pricing Boost - CCNN released its H1’17 results with profit lines coming in ahead of our estimates. As expected and in line with other cement manufacturers, stronger cement prices (over 70% y/y) continued to support topline growth with revenue up 31% y/y to ₦8.5 billion – beating our ₦8.2 billion estimate. Source Proshare Read More  

Nigeria Moves Closer to Single Naira Rate - Nigeria took a step to unify its multiple exchange rates by allowing banks to use a currency window for investors when quoting the naira rather than the official rate. The naira weakened on the interbank market. Source Bloomberg Read More 

Nigeria to extend gas pipeline to Cote d’ Ivoire - The Nigerian National Petroleum Corporation (NNPC) has said the West African Gas Pipeline (WAGP) would be extended from Ghana to Cote d’ Ivoire as part of the Federal Government West African energy integration policy. Source Daily Trust Read More 

NNPC, IOCs seal multi-billion dollar oil financing deals - The Nigeria National Petroleum Corporation (NNPC) and local arms of Chevron and Shell have signed alternative financing deals for key projects expected to boost Nigeria’s oil and gas reserves, improve power supply as well as support government’s effort to cut gas flaring. Source Daily Trust Read More 

High Profits Boost Foreign Refineries’ Scramble for Nigerian Crude - Shortage of certain grades of crude oil in the international market following production cuts by the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC, coupled with booming refinery profits, have forced foreign refineries in the United States and Asia to scramble for cargoes of Nigerian crude. Source Thisday Read More 

Siemens Nigeria unveils new mobile power generation unit - Siemens has announced the addition of a new solution, SGT-A45 TR mobile unit, to its gas turbine portfolio to address the growing market for power generation. Source Punch Read More 

MAN, power firm plan 30MW plant - The Manufacturers Association of Nigeria has said it will partner ASB Valiant Company Limited to develop a 30-megawatts independent power plant to provide electricity to its member companies. Source Punch Read More

FG appoints Idoko as Chairman of Investments and Securities Tribunal - The Federal Government yesterday approved the appointment of Mr Isiaka Isaiah Idoko as Chairman/CEO of the Investments and Securities  Tribunal. Source Proshare Read More 

IMF says Gabon's economic growth to narrow to about 1 pct in 2017 - Gabon's economy is expected to grow about 1 percent in 2017, down from 2.1 percent last year, largely due to weakness in the oil sector and a recession in the commercial and service sectors, the International Monetary Fund said on Wednesday. Source Reuters Read More 

Qatar passes landmark law to grant permanent residency to expats  - Qatar, facing a boycott by a Saudi-led alliance, approved a draft law that will grant permanent residency cards to some foreigners, an unprecedented action among Gulf Arab monarchies that have for decades relied on expatriate labor to run their economies. Source Bloomberg Read More 

China's Fear of Japan-Style Economic Bust Drives Crackdown on Deals, Says Source - President Xi Jinping’s top economic adviser commissioned a study earlier this year to see how China could avoid the fate of Japan’s epic bust in the 1990s and decades of stagnation that followed. Source Bloomberg Read More 

U.K. Budgets Millions to Train Inexperienced Trade Negotiators Ahead of Brexit - The U.K. government is budgeting millions of pounds to train staff to negotiate trade deals, to compensate for a lack of expertise as the country prepares for Brexit. Source Bloomberg Read More 

IKEA Starts Selling Solar Batteries to U.K. Homeowners - Home retailer IKEA of Sweden AB said it would start selling batteries for rooftop solar panels in the latest sign that once-costly storage technologies are becoming mainstream. Source Bloomberg Read More 

India’s Central Bank Cuts Key Lending Rate - India’s central bank cut its main lending rate to a more than six-year low Wednesday, as inflation and economic growth slowed. Source BUSINESSDAY Read More 

Egypt FX reserves hit record $36bn but debt surges to $74bn - Egypt’s foreign-currency reserves jumped to a record $36.04bn in July, as investor confidence surged since the country embarked on an International Monetary Fund-backed economic program last year. Source BUSINESSDAY Read More 

Omoyele, Okusaga to lead discourse on Nigeria’s rebrand at 2nd BRANDish Meeting of Minds - Leading marketing and public relations practitioners, Lampe Omoyele and Bolaji Okusaga are expected to lead discussions on the most profitable nation purpose strategies at the second edition of BRANDish Meeting of Minds, scheduled for August 4, 2017 at the Ibis Hotel, Toyin Street Ikeja Lagos. Source Proshare Read More  


Data Science is the new FOREX Earner - Nigeria has what it takes to raise a new generation of world-class data scientists, who can tap into the $125 billion big data analytics. Facts from the IDC already indicate a need for almost 200,000 people with deep analytical skills in the US by 2018, and a requirement of five times that number for positions with added data management and interpretation capabilities. Source Proshare Read More  


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