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Nigeria in 1min: Economic, Business & Financial Headlines – 040917

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September 4, 2017 7:00 AM / Proshare News 

 

PROSHARE ECONOMY
What To Expect From The Markets This Week - 040917 - On the 27th of August 2017, the National Bureau of Statistics published the nation’s inflation figure for July 2017.  Expectedly, core inflation caved inwards from 12.64% to 12.21%, maintaining the earlier trend of softening in non-volatile items. Source Proshare Read More

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  

Aircraft maintenance, others cost Nigeria $2bn annually - Nigerian aviation industry repatriates over $2 billion annually as revenues accrued to foreign airlines and funds expended by domestic airlines for aircraft maintenance, spares and emoluments for expatriate workforce, it has been revealed. Source Daily Trust Read More 

Lagos, Ogun exceed other states, as 60% revenue generated internally - Lagos and Ogun states are fast moving away from other states in the country in financial capacity, following their ability to generate over 60 percent of their revenue internally. Source BUSINESSDAY Read More 

FG shuts down two companies over N100bn illegal mining - The Federal Government has said that two illegal mining companies – Solid Unit Limited and Geotess Nigeria Limited – were shut down in Zurak, Wase Local Government Area of Plateau State last month, for illegally taking out minerals worth over N100 billion. Source BUSINESSDAY Read More 

Nigerian airlines risk US ban over poor local airports - Nigerian airlines will be barred from flying to the United States of America within the next 54 days, if the Nigerian Civil Aviation Authority (NCAA) and the Federal Airports Authority of Nigeria, (FAAN) fail to resolve specified security issues. Source BUSINESSDAY Read More 

FG, states agree on monthly rent payment - The clamour for the monthly payment of rent by clients in the housing sector received attention at the recently concluded sixth meeting of the National Council on Lands, Housing and Urban Development. Source Punch Read More 

Akwa Ibom Attracts N9.2bn First  Syringe Company in Nigeria - Investor confidence in the Nigerian economy is rising as Jubilee Syringe Manufacturing Company Limited (JSM) is getting set for production in Onna Local Government Area of Akwa Ibom State. Source Thisday Read More

 

PROSHARE MARKETS
FMDQ Launches Investor Protection Fund as SEC Issues Final Directives to CMOs on Reg Info Update - Nigerian Stock Market retracted after five months of positive stance as the key benchmark indicator, NSEASI, closed the month of August 2017 in the red zone with -0.96% loss as against +8.24% uptrend recorded in the month of July 2017 Source Proshare Read More 

States raised N791.2bn bonds in 40 years - States in the federation have raised N791.2 billion through issuance of bonds in 40 years to carry out infrastructural development projects or service loans. Source Daily Trust Read More 

H1 2017: Customer resistance, other factors cost 5 banks N363bn decline in deposits - THE top five banks in the country recorded N363 billion decline in customers’ deposit in the first half of 2017, H1’17, reflecting their inability to meet up with demand for higher interest rate by customers. Source Vanguard Read More 

NNPC: Petrol now N130/ltr at depots, N142/ltr at stations - The Nigerian National Petroleum Corporation (NNPC) has said the ex-depot price of petrol has dropped from N138 to N133.28 per litre in most of its depots, indicating a gain of N4.72 for marketers. Source Daily Trust Read More 

Biggest Nigerian power plant owed $352m - Nigeria’s Egbin power plant, the biggest in Africa’s most-populous nation, is owed N125 billion ($352 million) by the government and half of its output is wasted because of inadequate transmission infrastructure, its chief officer said. Source Daily Trust Read More 

Egbin expansion: Investors shop for $1.2b - Owners of Egbin Power Plc are looking for about $1.2 billion to expand the power plant by additional 1,500 megawatts (Mw) by 2020, it was learnt. Source THE NATION Read More 

700mw of electricity trapped at Egbin power plant - Despite the hue and cry about lack gas for power generation in the country, about 700 megawatts of electricity is stranded at Egbin Power plant daily, because of weak transmission infrastructure. Source BUSINESSDAY Read More 

FG Awaits N’Assembly Approval to Settle N2tn Liabilities to Oil Marketers, Contractors - The Federal Government has said it is awaiting approval of the National Assembly to settle its liabilities to fuel marketers for subsidy claims. Source Thisday Read More 

Kachikwu: Transparency Index in Oil Sector Still Low Despite Reforms - The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said the country’s oil industry is still lacking in sufficient transparency and trust. Source Thisday Read More 

Kachikwu: Boosting Oil Revenues to End Recession - When President Muhammadu Buhari gave Dr Emmanuel Ibe Kachikwu marching orders to take charge of the dysfunctional, opaque NNPC in August 2015, the oil sector and national revenues were in turmoil. The previous year had witnessed one of the most turbulent periods in the history of the global oil industry marked by turbulent and crashing crude prices. Source Thisday Read More 

PROSHARE BUSINESS
Africa's two biggest economies likely out of recession - Africa’s two biggest economies likely emerged from recession in the second quarter but strong growth won’t show up until business confidence is restored, a Reuters poll suggested on Friday. Source Reuters Read More 

Nickel Prices Leap to Highest Level in Over Two Years - Nickel surged to the highest level in more than two years, and copper chalked up its best mark since 2014, as bets on tighter markets, especially in top consumer China, keep metals buoyant after their longest run of weekly gains in a decade. Source Bloomberg Read More 

Asian Stocks Fall, Yen Jumps After Korea Bomb Test: Markets Wrap - Asian stocks fell as investors turned to haven assets after the dictatorship tested a nuclear bomb on Sunday, sending the yen, gold and Treasury futures higher Source Bloomberg Read More 

Russia Likely to Back Extension of OPEC Deal as Prices Stabilize - Russia is likely to back a further extension of the OPEC agreement cutting oil output, judging that it has helped to stabilize the market, the country’s deputy prime minister said. Source Bloomberg Read More 

Sequoia, IDG to Invest in China Bitcoin Mining Giant - Sequoia Capital and IDG Capital are investing in Beijing-based Bitmain Technologies Ltd., the world’s largest bitcoin mining organization, according to people familiar with the matter. Source Bloomberg Read More 

Harvey Has Made the World’s Most Important Chemical a Rare Commodity - Few Americans care about ethylene. Many have probably never heard of it. Source Bloomberg Read More 

 

 

 

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