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Nigeria in 1min: Economic, Business & Financial Headlines – 041017

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October 4, 2017 7:10 AM / Proshare News 

PROSHARE ECONOMY
We Are Faced With Twin Gluts Globally - Dr. Teriba - The Economic Associates Q3 2017 quarterly conference on Nigeria’s Economic Outlook: Global Realities and Domestic Responses started with a focus on the Global Realities. Source Proshare Read More  

Nigeria's total revenue at 2.305 trillion naira as of June 2017: budget office - Nigeria had taken 2.305 trillion naira ($7.53 billion) in total revenue as of June 2017, the budget office said on Tuesday. Source Reuters Read More 

FG asks MDAs to move 60% of 2016 projects to 2018 - The Federal Government on Tuesday said its Ministries, Departments and Agencies had been asked to roll over between 50 and 60 per cent of their capital projects to the next fiscal year. Source Punch Read More 

Lagos, FCT, Delta owe domestic creditors N683.16bn - Lagos and Delta states and the Federal Capital Territory Administration are the most exposed to domestic creditors, statistics obtained from the Debt Management Office have shown. Source Punch Read More 

Nigeria plans Eurobonds, still in talks with World Bank: DMO - Nigeria will issue at least a $2.5 billion Eurobond this year and is still in talks with the World Bank for concessionary loans, the head of the Debt Management Office (DMO) told Reuters on Tuesday in an interview. Source Reuters Read More 

2017 budget: Capital expenditure to hit N440.9bn next week, says Adeosun - The Federal Government plans to release N100 billion for capital projects to take its total spending in the 2017 budget for infrastructure to N440.9 billion by next week, the Finance Minister, Mrs Kemi Adeosun, has said. Source THE SUN Read More 

FG saves N192bn from capital flight - Federal Government through National Office for Technology Acquisition and Promotion (NOTAP), said over N192 billion has been saved from capital flight. Source THE SUN Read More 

Pension fund hits N6.6 tr - Pension fund assets under the Contributory Pension Scheme (CPS) has hit N6.6 trillion, the National Pension Commission (PenCom) Acting Director-General, Mrs. Aisha Dahir-Umar, has said. Source THE NATION Read More 

#NigeriaAt57: Former Finance Minister speaks on economic restructuring - As Nigeria marked its 57th year of Independence. The former minister of state, finance Mr Aderemi Babalola shared his perspective on the economic restructuring of Nigeria, in a recent interview with Proshare Webtv.  Source Proshare Read More 

FG Grants Tax Reliefs To TStv Africa - The federal government has granted a 3-year tax relief to the newly inaugurated Pay TV operator in the country, TStv Africa, as well as tax free dividends to all investors in the Source Leadership Read More 

Osinbajo launches 60-day action plan on ease of doing business - Vice President Yemi Osinbajo yesterday launched the second National Action Plan on Ease of Doing Business as part of the administration’s medium term Economic Growth and Recovery Plan (EGRP) to build a globally competitive economy. Source Guardian Read More 

Nigeria to earn $22bn in diaspora remittances in 2017 says World Bank - Global remittances from the diaspora will grow this year by about five per cent to around $450 billion with Nigeria receiving about $22bn to occupy the fifth position among the league of recipient nations, the World Bank said Tuesday. Source BUSINESSDAY Read More 

PMI Reading No 54: A Pause for Breath - Our manufacturing Purchasing Managers’ Index (PMI), the first in Nigeria, is a little weaker in September at 58.1, compared with the previous month’s 58.5. Source Proshare Read More 

Nigeria PMI- Record Manufacturing Reading in September - Economic activity improved in September with Purchasing Managers’ Index (PMI) numbers showing strong readings across both the manufacturing and non-manufacturing sectors. Source Proshare Read More 

PROSHARE REGULATORS
CBN injects another $195m into Forex market - The Central Bank of Nigeria (CBN), in continuation of its efforts to sustain FOREX liquidity in the country, on Tuesday, October 3, 2017, intervened in the inter-bank Foreign Exchange Market to the tune of $195million. Source Proshare Read More 

PROSHARE MARKETS
Nigerian Capital Market and FX Online Trading Portals Ranking Report H2 2017 - The advent of online trading system, no doubt, has changed the experience of stock trading for good and has positioned the Nigerian Capital Market as one of the frontier market that considers the adoption of global best practices as the norm and new normal. Source Proshare Read More

Dangote Debunks Proposed 10-Year Tax Holiday story - The Management of Dangote Group on Monday debunked a story alleging that the company will benefit 10-year tax holiday after constructing 35 km Apapa to Oworonshoki highway end of the Lagos-Ibadan Expressway. Source Proshare Read More

NSEASI Opens the Month in Red; Dips by -0.38% - Equities market closed today on a negative note, as NSE ASI depreciated by -0.38% to close at 35,306.09 basis points as against +0.03% appreciation recorded previously. Source Proshare Read More  

Moving Towards Debt Sustainability - The drop in government’s revenue in the face of the rising government expenditure has led to an increase in Nigeria’s public debt (external and domestic debt). Source Proshare Read More 

Oando to boost gas supply with 8.5km PH infrastructure - OANDO Plc, yesterday, said it is set to expand the country’s gas capacity, through its partnership with Rivers State government on completion and expansion of the 8.5 km natural gas distribution network in Port Harcourt Franchise Area. Source Vanguard Read More 

S&P Revises Ecobank Nigeria’s Outlook to ‘Stable’ - Standard & Poor’s (S&P) has revised its outlook on Ecobank Nigeria Limited to ‘stable,’ from ‘negative’ and affirmed the bank’s ‘B/B’ long and short-term counterparty credit ratings. Source Thisday Read More 

Companies Raise N1.896tn from Equities Market in Seven Years - Companies have raised a total of N1.896 trillion from the nation’s equities market from 2010 to 2016, according to data compiled by the Securities and Exchange Commission (SEC), the apex regulator of the market Source Thisday Read More 

Banking, pension stocks outperform as stocks gain N2.9 trillion in nine months - Stocks listed in the banking and pension sectors of the Nigerian Stock Exchange (NSE) outperformed the stock market in the first nine months of the year. Source BUSINESSDAY Read More 

11 Banks Interest Expenses Surge By 62% - A total of 11 Tier I and Tier II Commercial Banks operating in Nigeria have seen interest expenses increased significantly pulled by tight monetary environment, resulting in elevated cost of funding despite sluggish customers’ deposits. Source Leadership Read More 

In letter to Buhari, Kachikwu accuses NNPC boss of insubordination - Minister of State for Petroleum Dr. Ibe Kachikwu has accused the Group Managing Director of the Nigeria National Petroleum Corporation (NNPC) Dr. Maikanti Baru of “insubordination and humiliating conducts” in a letter to President Muhammadu Buhari. Source Daily Trust Read More 

‘NLNG lost $475m over 22-day Bonny Island blockade’ - Immediate past Managing Director and Chief Executive Officer,  Nigeria Liquefied Natural Gas Limited (NLNG), Babs Omotowa, yesterday revealed that NLNG lost  $475 million  when Nigerian Maritime And Safety Agency (NIMASA), its export from Bonny Island for 22 days. Source THE SUN Read More 

PPPRA has no business in downstream sector – Lagos Govt - Mr Wale Oluwo, the Lagos State Commissioner for Energy and Mineral Resources, on Tuesday said the Petroleum Products Pricing Regulatory Agency (PPPRA) has no business operating in the downstream oil sector. Source Daily Trust Read More 

PROSHARE BUSINESS
Southeast Asia Faces More Currency Risk Than Rest of Region, World Bank Says - Malaysia, and to a lesser degree Indonesia, Thailand and the Philippines, remain more exposed to exchange rate risk than other developing economies in East Asia and the Pacific as global financial conditions tighten, the World Bank said. Source Bloomberg Read More

Uganda Prepares for Debate on Bill Removing Age Limit on Presidency - Uganda’s parliament asked a legislative committee to scrutinize a proposed constitutional amendment that would enable President Yoweri Museveni to extend his three-decade rule. Source Bloomberg Read More 

South Africa's weak growth threatens government spending plan: Treasury - Weaker-than-expected growth is threatening the South African government’s spending plans, the National Treasury told parliament on Tuesday. Source Reuters Read More

Guinea Bissau GDP seen at 5 percent in 2018 - IMF - Guinea Bissau’s GDP is expected to grow five percent in 2018, in line with the previous two years and buoyed by an increase in cashew nut prices, the International Monetary Fund said on Tuesday. Source Reuters Read More

Egypt's non-oil business activity hits 3-month low -PMI - Egypt’s non-oil private sector business activity shrank at its sharpest pace in three months in September amid contractions in new orders and outputs, but companies were optimistic that growth will pick up in the coming year, a survey showed on Tuesday. Source Reuters Read More

Fitch downgrades Wells Fargo on concerns about risk controls - Fitch has downgraded Wells Fargo’s credit rating to its lowest level since 1996, citing shortcomings in the US bank’s “risk controls”. Source FT Read More

BOE Sees 'Substantial' Brexit Threat to Derivatives Clearing - The U.K.’s withdrawal from the European Union poses a “substantial risk of disruption” to cross-border clearing of financial contracts, according to the Bank of England. Source Bloomberg Read More 

Foreigners Desert South Africa's Stock Market Like Never Before - Amid robust demand for emerging-market equities, there’s one place global investors are avoiding: Africa’s biggest stock market. Source Bloomberg Read More 

Saudi Arabia Gets Cheapest Bids for Solar Power in Auction - Saudi Arabia received offers to supply solar electricity for the cheapest prices ever recorded, marking the start of a $50 billion program to diversify the oil producer’s domestic energy supplies away from fossil fuels. Source Bloomberg Read More 

UBS Says Giving Up on Oil Pact ‘Not an Option’ for Saudi, Russia - OPEC and its partners, including Russia, need to extend their oil-production cuts for at least three more months to keep crude prices at current levels, according to UBS Group AG. Source Bloomberg Read More 

Abu Dhabi Returns to the Bond Market With $10 Billion Offering - Abu Dhabi, whose government has one of the highest investment grades in the Middle East, raised $10 billion in bonds, pushing regional sales to a record. Source Bloomberg Read More 

U.K. Construction Unexpectedly Shrinks as Confidence Weakens - U.K. construction unexpectedly shrank for the first time in more than a year in September as Brexit weighed on investment in commercial building. Source Bloomberg Read More 

Oscar Onyema Receives Professional Excellence Award - The Chief Executive Officer (CEO) of The Nigerian Stock Exchange (“NSE” or “The Exchange”), Mr Oscar N. Onyema, OON was given the Professional Excellence Award - Capital Market Category at the Business Hallmark People of the Year Awards Ceremony held at the Civic Center, Lagos on Saturday, September 30, 2017. Source Proshare Read More 

Oil could be hit hard by 3 major geopolitical risks that may be 'coming to a head in October' - The three risks come from uncertainty surrounding Iraq's Kurdish region, the nuclear deal with Iran, and the ongoing crisis in Venezuela, according to RBC Capital Markets' Helima Croft. Source BUSINESS INSIDER Read More 

PROSHARE FINANCE
Accion Mfb marks 10th anniversary, commits to deepening financial inclusion in Nigeria - Accion micro finance bank, one of Nigeria's leading micro finance institutions has pledged to contribute immensely to deepening financial inclusion in the country. Source Proshare Read More  

 

PROSHARE TECHNOLOGY
FirstBank’s Payment Card Issuance Hits 10 Million, bags Three Accolades at the Interswitch Awards - The premier financial institution and Nigeria’s most valuable bank brand, First Bank of Nigeria Limited has been named the first financial institution in Nigeria and the West-Africa sub-region to issue 10 million cards to customers across the country. Source Proshare Read More 

Google Pulls Russia's RT Network From Premium YouTube Ad Program - Alphabet Inc.’s Google recently removed Russia Today from a package of premium YouTube video inventory that the company sells to advertisers, a spokeswoman said on Tuesday. Source Bloomberg Read More 

Australia Has Slower Internet Than Kenya, Russia and Hungary - Australia’s A$49 billion ($38 billion) broadband network was meant to spearhead a digital revolution. Instead, the botched project risks becoming a poster child for government mismanagement. Source Bloomberg Read More 

Now Robots Are Coming After India’s Low-Cost Labour - Butler, a stubby, orange robot, crawls along the aisles to fetch everything from smartphones to shampoos from warehouse shelves. Source Bloomberg Read More 

Cyber Attacks: Nigeria Jumps To 9 Spot As Banking Trojans Wreck Havoc - Nigeria remains amongst the top ten countries at highest risk of cyberattack, currently sitting at number nine on the list after having climbed one position from last month according to Check Point Software Technologies Ltd August Global Threat Impact Index released at the weekend. Source Leadership Read More 

Uber board decides to move forward with SoftBank talks - Uber’s board of directors unanimously voted today to move forward with a proposed investment by SoftBank and Dragoneer Investment Group. Source TECH CRUNCH Read More 

Yahoo now thinks all 3B accounts were impacted by 2013 breach, not 1B as thought - Internet giant Yahoo’s massive 2013 security breach has dealt the company yet another blow. Source TECH CRUNCH Read More 

PROSHARE MSME
Fidelity Bank disburses N3bn to SMEs - Fidelity Bank says it has disbursed over N3 billion to small businesses from the N220 billion CBN SME fund being disbursed by participating deposit money banks. Source Daily Trust Read More 

Mozilla funds open source projects with half a million in grants - Mozilla has announced the latest recipients of its Open Source Support grants, totaling $539,000. The web tech company regularly helps out smaller projects, and this round in particular favored ones aimed at safety and security. Source TECH CRUNCH Read More 

 

 

 

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