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Nigeria in 1min: Economic, Business & Financial Headlines – 050917

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September 5, 2017 7:30 AM / Proshare News 

 

PROSHARE ECONOMY
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  

FIRS Generates N2trn In 7 Months - The Federal Inland Revenue Service (FIRS), through tax collections, generated the sum of N2.11 trillion as revenue from January to July, 2017. Source Leadership Read More 

Adeosun confirms N350bn release for capital projects - The Minister of Finance, Mrs. Kemi Adeosun, on Monday confirmed the release of the sum of N350bn to Ministries, Departments and Agencies of the Federal Government for the implementation of capital projects contained in the 2017 budget. Source Punch Read More 

DMO sets borrowing limit for FG at $22bn - The Federal Government can borrow up to but not more than $22bn in the 2017 fiscal year, the Debt Management Office has said. Source Punch Read More 

Credit to Private Sector Rises to N22.2tn - Banking sector credit to the private sector increased year-on-year to N22.172 trillion at the end of July 2017, compared with the N21.978 trillion it stood at the end of June 2017. Source Thisday Read More 

Arik: No discussion with Ethiopian Airlines, says AMCON - The Asset Management Corporation of Nigeria has said it is not aware of any current discussion or negotiation with the management of Ethiopian Airlines regarding Arik Air Limited for the carrier to render management services to Arik. Source Punch Read More 

FG revokes concession of Lagos Trade Fair complex, approves Afam power plants’ privatisation - THE Federal Government, through the National Council on Privatisation, NCP, has approved the commencement of the privatisation of Afam Power plants 1-5 to inject additional power into the national grid and improve electricity nationwide. Source Vanguard Read More 

Manufacturing sector PMI show 6 months growth in August - The production level index for manufacturing sector grew for the sixth consecutive month in August 2017, according to the Central Bank of Nigeria (CBN). Source BUSINESSDAY Read More 

Nigeria loses $2b to aviation sector - Over $2 billion generated by foreign airlines, as well as funds expended by domestic airlines for aircraft maintenance, spares and emoluments for expatriate workforce, are repatriated annually Source THE NATION 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 

Nigeria - Banking Crisis to Be Averted As Liquidity Constraints Ease - Despite concerns raised in the media that the Nigerian banking sector is looking close to a repeat of the 2009 banking crisis which saw non-performing loans top 33%, we hold a more positive view. Source Proshare Read More 

Turnover on fixed income market falls by N1.09bn in July - TOTAL turnover volume in the fixed income market fell by N1.09 billion at the end of July, 2017. Data from the FMDQ OTC Securities Exchange showed that N11.53 trillion turnover was recorded during the month compared to N12.62 trillion in June, representing 8.6 per cent decline. Source Vanguard Read More 

Nigeria Loses $1bn to Illegal Bunkering Annually as Oil Companies Patronise Illicit Market - Nigeria loses an estimated $1 billion yearly in the West African bunkering market valued at over $3 billion as some oil companies operating in the country patronise cheaper petroleum products sourced from illegal bunkering activities to fuel marine vessels and Floating Production Storage Offloading vessels (FPSOs), THISDAY’s investigation has revealed. Source Thisday Read More 

Kachikwu: Militancy, Vandalism Responsible for 54% Production Loss - The Minister of State for Petroleum Resources, Ibe Kachikwu, has attributed the loss of 54 per cent of the nation’s daily oil production to militant attacks and pipeline vandalism in the Niger Delta. Source Thisday Read More 

BEDC, Thames Delta, sign MOU on 20 MW Isoko power plant - EFFORTS at ensuring that over 200 commercial entities around Ozoro in Isoko Local Government areas of Delta State benefit from power supply has got a boost as Benin Electricity Distribution Plc (BEDC) signed a Memorandum of Understanding (MOU) with Thames Energy Limited and the Delta State Government on the construction of 20 megawatts Source Vanguard Read More 

 

PROSHARE BUSINESS
China's Xi Sees Risks to Global Economy, Opposes Protectionism - Chinese President Xi Jinping said downward risks and uncertainties for the global economy are on the rise, and pledged to boost the power of emerging markets on the world stage. Source Bloomberg Read More 

Russia's Rosgeo in $400 mln deal to drill for South African gas - Russian exploration company Rosgeo will drill for gas off the southern coast of South Africa under a $400 million deal with PetroSA to help build the African country’s reserves. Source Reuters Read More 

South Africa's petrol, diesel pump prices to rise in September - The retail price of petrol and the price of wholesale diesel in South Africa will increase from Sept. 6, the energy department said. Source Reuters Read More 

Gold prices near 1-year high in wake of N.Korea nuclear test - Gold prices climbed 1 percent to their highest in almost a year on Monday after North Korea’s latest and most powerful nuclear test drove investors towards safe-haven assets. Source Reuters Read More 

U.K. Retail Sales Tick Up as Food Prices Drive Faster Inflation - Shoppers are spending more, but retailers shouldn’t get too excited just yet. Source Bloomberg Read More 

U.S. Gulf Coast Refiners Begin Recovery - As much of the U.S. shut down for Monday’s Labor Day holiday, Gulf Coast refiners continued their recovery from the devastation of Hurricane Harvey. Source Bloomberg Read More 

Aramco Raises Oil Pricing to Asia in Sign of Greater Demand - Saudi Arabia raised oil pricing for October sales to Asia, increasing its lighter grades for a second consecutive month, in an indication the world’s largest crude exporter sees strengthening demand in its biggest market. Source Bloomberg Read More 

World's Richest Mines Slipping From Hands of Multinationals - Outnumbered and outflanked, Freeport-McMoRan Inc. Chief Executive Officer Richard Adkerson made an about-face. Source Bloomberg Read More 

 

PROSHARE TECHNOLOGY
Telcos: 100% tariff hike on data, calls is inevitable - The rapidly declining average revenue per user (ARPU) for voice calls, continued constraint on access to foreign exchange (forex), government policy, naira devaluation, revenue loss to Over The Top (OTT) and others are reasons why a 100 per cent tariff hike on calls and data by the Nigerian Communications Commission (NCC) would be inevitable from the perspective of telcos. Source THE NATION Read More

                                                                                                

Fed Govt seeks capital market support for tech firms - The Federal Government has called for a more concerted effort to use the capital market as a growth platform for technological companies and start-ups. Source THE NATION Read More

Digital currency falls as much as 11 percent, most since July -  Bitcoin tumbled the most since July after China’s central bank said initial coin offerings are illegal and asked all related fundraising activity to be halted immediately, issuing the strongest regulatory challenge so far to the burgeoning market for digital token sales. Source Bloomberg Read More

Six global banks join forces to create digital currency - SIX of the world’s biggest   banks have joined a project to create a new form of digital cash that they hope to launch next year for clearing and settling financial transactions over blockchain, the technology underpinning bitcoin. Source Vanguard Read More 

 

 

 

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