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Nigeria in 1min: Economic, Business & Financial Headlines - 060317

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March 06, 2017 7:30 AM / Proshare News  

PROSHARE ECONOMY
Merchandise Trade Grows in Q4 2016 - Records First Quarterly Positive Trade Balance Since Q4 2015 - The total value of Nigeria’s merchandise trade at the end of Q4, 2016 was ₦5,286.6 billion. This was 10.6% more than the value of ₦4,781.1 billion recorded in the preceding quarter. Source Proshare Read More  

FG Scraps 10% Equity Contribution on Housing Mortgage Within N5m Range - The federal government has said henceforth, housing mortgages below N5 million will no longer attract the usual initial payment of 10 per cent equity from approved off-takers. Source Thisday Read More 

FG Creates Central Assets Register to Track MDAs’ Assets - The federal government has launched an Asset Tracking and Management Project (ATMProject), a mechanism designed to enable it locate, identify, assess and evaluate all its moveable and fixed assets. Source Thisday Read More

 

Kaduna increases workers pension savings to 20% - While the Pension Reform Act 2014 stipulates that employers should pay a minimum of 18 per cent of workers total monthly emolument to their Retirement Savings Accounts, the Kaduna State Government says it has increased its contributions to 20 per cent. Source Thisday Read More 

NLNG pays FG lowest dividend in 10 years - Dividend payments to the federal government for its 49 per cent stake in the Nigeria Liquefied Natural Gas (NLNG) has dropped to its lowest since 2007 Source Daily Trust Read More 

Can we be Optimistic on our Economic Expectation? - Despite an aggregate contraction of 1.51% GDP in December 2016, some industries ran counter to the downturn. Source Proshare Read More 

BUA disburses over N600m loan to Kano rice farmers - Over 2,000 rice farmers in Kano have received soft loans from the management of BUA Group of Companies as part of the company’s attempt to boost massive rice production in Kano State as pledged by the company. Source Daily Trust Read More

PROSHARE REGULATORS
CBN orders 24-hour processing of forex for retail customers - he Central Bank of Nigeria (CBN) has ordered commercial banks to henceforth process and meet foreign exchange demands between 24 to 48 hours after retail customers receive applications. Source Guardian Read More  

PROSHARE MARKETS
Equity Market Halts Downtrend With +0.73% Gain; Records -0.94% Loss WoW - Equities market closed today on a positive note, as NSE ASI appreciated by 0.73% to close at 25,012.08 basis points, as against 1.40% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.93%.  Source Proshare Read More 

Banking Sector: Economic factors pressure N5.2trn risk assets - WITH last week’s announcement of the first full year results in the banking sector, that of Zenith Bank Plc, there is now a heightened concern in the banking industry that more risk assets would go into distress. Source Vanguard Read More 

Vitafoam outlines growth strategies as shareholders get N125m dividend - Vitafoam Nigeria Plc will launch a new finance strategy, strengthen its operations through innovative products and reposition its foreign operations further for sustainable profitability as part of a broad growth plan for the 2017 business year. Source THE NATION Read More 

IEI gets shareholders’ approval to raise N13bn - International Energy Insurance Plc says it is set for repositioning as shareholders have given the interim board the approval to recapitalise the company for growth and competitiveness. Source Punch Read More 

Firm to invest $6bn in electricity generation - A private firm, Eta-Zuma Group West Africa Limited, has announced an investment outlay of $6bn to boost Nigeria’s electricity supply by 1,200 Megawatts. Source Punch Read More 

Banks, customers spot forex weekly transactions rise to $508.70m - … naira to appreciate as CBN again intervenes with $350m … directs banks to open teller points in all locations Hope Moses-Ashike Source BUSINESSDAY Read More 

US increases imports of Nigerian oil by 287% - The United States almost tripled the volume of crude oil bought from Nigeria last year, seven years after it began to depend less on the country’s crude as shale oil production surged. Source Punch Read More 

 

PROSHARE BUSINESS
China's Credit Target Implies Adding Entire German GDP This Year - China’s credit engine will keep humming this year, adding the rough equivalent of Germany’s annual economic output to its already massive stock of total social financing, according to estimates derived from the nation’s 2017 targets. Source Bloomberg Read More 

Libya's Biggest Oil Port Shut, Crude Output Cut on Clashes - Libya halted exports from two of its biggest oil ports and reduced production from some fields after clashes threatened to reverse the North African country’s progress in reviving crude output and sales. Source Bloomberg Read More

Signs Egypt's Economy May Be Recovering as PMI Rises - Economic activity for Egypt’s non-oil private sector accelerated the most since 2014, a sign that growth may be recovering after authorities abandoned currency controls and secured a $12 billion IMF loan deal. Source Bloomberg Read More 

Morocco central bank okays five Islamic financial products - Morocco's central bank has approved the use of five types of Islamic banking transaction, giving a final regulatory nod for the country to launch an Islamic finance industry. Source Reuters Read More 

Germany offers Egypt $500 million to support economy - Germany has offered Egypt $500 million to support its economic programme and medium-sized and small businesses, the Egyptian ministry of investment and international cooperation said on Friday. Source Reuters Read More 

Cameroon inflation at 2.5 pct in 2016, down slightly from previous year - Cameroon's inflation rate was 2.5 percent in 2016, down slightly from 2.7 percent the previous year, the National Statistics Institute (INS) said on Friday. Source Reuters Read More 

 

PROSHARE TECHNOLOGY
China Is Developing its Own Digital Currency  - After assembling a research team in 2014, the People’s Bank of China has done trial runs of its prototype cryptocurrency. Source Proshare Read More 

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