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Nigeria in 1min: Economic, Business & Financial Headlines – 050717

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July 5, 2017 7:00 AM / Proshare News 

PROSHARE ECONOMY
Nigeria’s Borrowing Spree…Any Cause for Worry? - Much has been said on Nigeria’s aggressive borrowing spree from domestic and international capital markets since 2016, and deservedly so. Source Proshare Read More 

N3.57tn borrowed in 21 months to finance budget deficit –FG - The Federal Government said on Tuesday that it borrowed N3.57tn between June 2015 and March 2017 to finance budget deficits. Source Punch Read More 

FG provides N40bn bailout for MDAs electricity debts - The Federal Government on Tuesday in Abuja said it had provided N40 billion to settle reconciled outstanding electricity bills of its ministries and agencies. Source Vanguard Read More 

FIRS to probe 29 private jet owners for tax evasion - The Federal  Inland Revenue Services, FIRS, has said that it will probe tax payments and income source of Nigerian individuals and businesses that own the 29 private jets being hanged in South Africa. Source Vanguard Read More 

FG Introduces New Guidelines for Raw Sugar Allocation - The federal government has in response to what it views as unsatisfactory general performance of operators in the sugar production sector in recent times, introduced new guidelines as well as putting in place benchmarks for raw sugar allocation. Source Thisday Read More 

‘PFAs paid disengaged workers N4b in Q3’ - Pension Fund Administrators (PFAs) paid N4 billion to 12,464 disengaged workers in the third quarter of last year, a Quarterly Summary Report of the National Pension Commission (PenCom), has shown. Source THE NATION Read More 

Things To Note About The Current Nigeria Customs e-Auction Platform - The site was launched and bidding started by 12 noon yesterday Monday 3rd July, 2017. Source Proshare Read More 

Minimal Growth in Private Sector Lending - Credit is one of the several inputs in short supply in Nigeria. Private-sector credit extension at end-2016 represented just 21.9% of GDP, compared with 75.0% in South Africa. Nor is there impressive growth to suggest that the gap is narrowing. Source Proshare Read More  

The Mundell-Fleming Trilemma: The Nigerian Experience - The Mundell-Fleming trilemma is an economic model first articulated by Robert Mundell and Marcus Fleming in the early 1960s, to argue that an economy cannot simultaneously choose to implement policies of monetary autonomy, free flow of capital and fixed exchange rates. Source Proshare Read More

 

PROSHARE REGULATORS
CBN pumps fresh $195m into forex market - The Central Bank of Nigeria (CBN), in continuation of its drive to ensure liquidity and stability in the foreign exchange market, has further injected $195 million into various segments of the inter-bank forex market. Source Daily Trust Read More 

CBN says employment rate up by 51 per cent in June - The Central Bank of Nigeria (CBN) says the nation recorded a growth rate of 51.1 per cent in employment level last month (June). Source Daily Trust Read More 

 

PROSHARE MARKETS
Nigerian Stock Market Pares Gain as NSEASI Dips by -1.10% - Equities market closed today on a negative note, as NSE ASI depreciated by -1.10% to close at 32,410.20 basis points as against -1.05% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +20.60%. Source Proshare Read More 

Frontier Markets Growth Slowed in 2016 but Trade Now Picking Up - GDP growth in 'frontier' emerging markets slowed further in 2016 as Nigeria, Ecuador, Belarus and Angola saw outright declines in GDP. Source Proshare Read More  

Sub Saharan Africa – Regional Favourites Facing Headwinds - Rising political, regulatory and fiscal risks will present long-term economic headwinds to some of BMI's long-time regional favourites such as like Côte d'Ivoire, Uganda, Kenya, Ghana, Tanzania and Ethiopia. Source Proshare Read More  

Uganda - Shilling Set For Long-Term Depreciatory Trend - The Ugandan shilling is likely to trade sideways over coming months as increasing flows of foreign loans and donor aid into the economy support the currency against increasing imports. Source Proshare Read More

Nouriel Roubini: The Global Recovery’s Downside Risks - The first episode came in August/September 2015 when many observers feared that China’s economy could be headed for a hard landing. Source Proshare Read More

Tanzania - Development Expenditure To Widen After Downturn - Although Tanzania's fiscal deficit will narrow in fiscal year (FY) 2016/17 (running from July 2016 to June 2017) owing to an undershooting of capital spending targets, this trend will reverse course in the years ahead, with the country poised to report moderately higher budget deficits in FY2017/18 and FY2018/19. Source Proshare Read More 

Role of Debt in Nigeria - Debt has earned a bad reputation in recent times. Private debt spiralled out of control in the 2000s and fuelled the 2008 financial crisis. Public debt continues to cause jitters. Source Proshare Read More 

Kenya - Ongoing Drought Will Result In Growth Slowdown In 2017 - We have altered our forecasts to incorporate a dip in real GDP growth in Kenya over 2017, as the impact of an ongoing drought compounds the headwinds posed to the economy by declining credit growth. Source Proshare Read More  

Congo DRC - New Cabinet Reinforces Likelihood of an Election Delay - The Latest: President Joseph Kabila announced a new cabinet on May 9 for the Democratic Republic of Congo, naming a list of more than 50 ministers and deputy ministers. Source Proshare Read More  

Sudan - High Inflation Will Cloud Otherwise Bright Outlook - While Sudan's growth is set to be subdued in 2017, the longer-term outlook is more positive. Source Proshare Read More 

Flour Mills of Nigeria Reports Q4 2017 Results; Sales Grew by 71% YoY - Late yesterday, the NSE published Flour Mills of Nigeria’s (FMN) Q4 2017 (end-Mar) results which showed that PAT grew to N2.2bn from a post-tax loss of –N4.3bn in Q4 2016. Source Proshare Read More  

Glass-Steagall Act 2.0: Ripple Effects? - In a bid to maintain his rhetoric as ‘a man for the masses’, US President Trump intends to introduce banking legislation to sepa-rate the big banks and reduce excessive risk taking. Source Proshare Read More  

Guinness Nigeria gets SEC, NSE approvals to float N39.7bn issue - Guinness Nigeria Plc has received the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE)’s approvals to float a rights issue of N39.70 billion. Source BUSINESSDAY Read More 

Banking shares suffer as Etisalat gets new board and management - The shares of major lenders to Etisalat declined yesterday on the Nigerian Stock Exchange (NSE) as the telecom company announced a new management and board. Source BUSINESSDAY Read More 

Citibank gives Accion MfB N500m loan - Citibank Nigeria has extended a loan of N500m to Accion Microfinance Bank to promote the development of the microfinance sector in Nigeria. Source Punch Read More 

Time for administrative control of Naira over says Emefiele - In this third part of Businessday’s investors series on Looking in from the outside, Publisher Frank Aigbogun reports on the question and answer session held with investors by Central Bank Governor Godwin Emefiele. Source BUSINESSDAY Read More 

Finally, Nigerian Stock Exchange Delists Ashaka Cement - Ashaka Cement Plc was Tuesday voluntarily delisted from the Nigerian Stock Exchange (NSE). Source Thisday Read More 

FMDQ OTC: Investors Stake N54.8tn in Five Months - Investors have traded a total of N54.75 trillion in the fixed income and currency market between January and May 2017. Of the transactions, N9.49 trillion was exchanged in the month of May alone, which was 7.9 per cent higher than the N8.79trillion traded in April. Source Thisday Read More 

IOCs to Dispose of More Assets After PIB Passage, Licence Expiration - International oil companies (IOCs) operating in the country will continue to hold back on the divestment of onshore assets until after the passage of the Petroleum Industry Bill (PIB) that governs fiscal terms, and the expiration of some of the joint venture onshore assets in 2019, Source Thisday Read More 

NNPC secures $2bn discounts from renegotiated contracts – GMD - The Nigerian National Petroleum Corporation (NNPC) says it has secured $2 billion discounts in the last one year from renegotiated upstream contracts being executed by its various service providers. Source Daily Trust Read More 

NNPC, First E&P, Schlumberger sign $700m agreement for development of OMLs 83, 85 - The Nigerian National Petroleum Corporation (NNPC), FIRST Exploration & Production (First E&P), and Schlumberger last week signed a tripartite agreement for the development of the Anyala and Madu fields under oil mining leases OMLs 83 and 85, offshore Bayelsa State, Nigeria. Source Guardian Read More 

Pan Ocean’s 160,000bpd export pipeline ready in 2017 - The Amukpe Escravos Pipeline Project (AEPP) belonging to Pan Ocean Oil Corporation, an indigenous exploration and production company in Nigeria’s upstream oil sector, is expected to come on stream before the end of 2017. Source Guardian Read More 

 

PROSHARE BUSINESS
CBN deputy governor emerges Etisalat chairman - The Deputy Governor of the Central Bank of Nigeria, Joseph Nnanna, has emerged as the new Chairman of Etisalat Nigeria, and will henceforth lead the company’s new Board of Directors. Source Punch Read More 

Olusanya is Interim CEO as Etisalat Gets New Leadership - In a move aimed at resolving its debt crisis and attracting new investors, Etisalat Nigeria Tuesday announced the reconstitution of an interim board and executive management, naming Mr. Boye Olusanya as its new Managing Director/CEO. Source Thisday Read More 

Qatar Outlook Lowered to Negative by Moody's - Qatar’s credit outlook was cut to negative by Moody’s Investors Service, which cited economic and financial risks from an ongoing diplomatic spat between the OPEC nation and its Arab neighbors. Source Bloomberg Read More 

Monte Paschi Wins EU Backing for $6.1 Billion in State Aid - Banca Monte dei Paschi di Siena SpA won formal European Union approval to receive 5.4 billion euros ($6.1 billion) in aid from Italy’s government, removing a further source of turmoil from the country’s financial system. Source Bloomberg Read More 

Brent Oil Holds Below $50 as Russia Said to Oppose Deeper Cuts - Brent oil traded below $50 a barrel after ending the longest run of gains since 2012 as Russia was said to oppose any proposal to deepen OPEC-led production cuts. Source Bloomberg Read More 

China's $162 Billion of Dealmaker Debt Raises Alarm - China struck deal after deal to acquire companies abroad over the last few years. Now the bill is coming due. Source Bloomberg Read More 

Abu Dhabi Wealth Fund Long-Term Gains Slow for Second Year - The Abu Dhabi Investment Authority, one of the world’s biggest sovereign wealth funds, said its long-term investment gains fell for a second consecutive year. Source Bloomberg Read More 

Chinese Banks' Short-Term Debt to Fall for First Time This Quarter - China’s banks are weaning themselves off short-term debt -- with a little help from the authorities. Source Bloomberg Read More 

South Africa targets $98 bln in taxes in 2017/18 fiscal year: SARS - South Africa aims to collect 1.3 trillion rand ($98 billion) in taxes during the 2017/18 fiscal year that ends in March, versus the 1.14 trillion rand revenue a year earlier, the tax agency said on Tuesday. Source Reuters Read More 

Congo says in talks with Russia's VTB for $1 bln investment - Democratic Republic of Congo is in talks with Russian state-owned bank VTB over potential investments worth as much as $1 billion, Congolese officials said, though VTB said there had been no discussions about bilateral lending. Source Reuters Read More 

Namibia’s foreign currency reserves drop marginally in May - Namibia’s foreign currency reserves fell slightly to 25.4 billion Namibian dollars ($1.93 billion) at the end of May 2017 compared with N$25.7 billion in April, data from the Bank of Namibia showed on Tuesday. Source Reuters Read More 

PROSHARE FINANCE
A Dream of Schengen: Visa-Free Travel in Africa Remains Far Off - By 2063, according to the African Union’s (AU) rather long-range prediction, Africa will be “a continent of seamless borders”. Source Proshare Read More  

 

PROSHARE TECHNOLOGY
$547m debt: Etisalat, creditors reach amicable resolution – NCC - The Nigerian Communications Commission (NCC) has said Etisalat Nigeria and its creditors have reached an amicable resolution of key issues pertaining to its $547 million indebtedness. Source Daily Trust Read More 

Nigeria taps Microsoft to Oracle to recover from recession - Nigeria is hiring U.S. technology giants such as Oracle Corp. and Microsoft Corp. as the government invests more to save costs and fight corruption, Bloomberg reports. Source BUSINESSDAY Read More

Etisalat Simplifies Instant Loans Access with KwikCash - Etisalat, in partnership with Support Microfinance Bank has simplified access to loans through the launch of its new service, KwikCash. Source Thisday Read More

 

 

 

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