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Nigeria in 1min: Economic, Business & Financial Headlines – 070817



August 10, 2017 7:10 AM / Proshare News 

What To Expect From The Markets This Week - 070817 - On Wednesday the 2nd of August 2017, members of the International Monetary Fund admitted that figures from recent data at the end of the first half of 2017 suggests that the macro conduit is experiencing some degree of relief from earlier headwinds but the recovery remains fragile. Source Proshare Read More 

Nigerian’s Domestic Debt: A Ticking Time Bomb - LBS EBS – August 2017 - Nestle reported stellar earnings for H1’2017 and is now the only stock with a price in 4-digits (N1,026) on the Nigerian Stock Exchange (NSE). Source Proshare Read More 

Dangote, GrowAfrica, Nigeria Agribusiness Group sign MoU on investment in agriculture value chain - Dangote Group and two leading African agricultural organisations — GrowAfrica and Nigeria Agribusiness Group — have signed a Memorandum of Understanding (MoU) in a bid to boost private sector’s investment in agriculture. Source Vanguard Read More 

Customs generates N308m in July - The Nigeria Customs Service of Niger, Kogi and Kwara Area Command generated about N308 million as Internally Generated Revenue in July 2017. Source Guardian Read More 

Nigeria Spends N57.4bn On Debt Servicing In 6 Months - The Central Bank of Nigeria (CBN) has disclosed that a sum of N57.35 billion ($187.7million) was spent by the federal government on debt services/payments between January and June of 2017. Source Leadership Read More 

FMBN disburses N72.5bn mortgage loans in 25 years - As mortgage loans to homeowners under the National Housing Fund scheme rise, experts are of the opinion that a lot more needs to be done, MAUREEN IHUA-MADUENYI writes Source Punch Read More 


Reserves back to $31b, CBN gives OFIs new BVN deadline - The nation’s stock of foreign exchange reserves has recorded an upward swing to $31 billion, after declining to a near $30 billion mark two months ago due to market interventions, Source Guardian Read More 


Corporate Earnings for the Week Ending 040817 – OKOMUOIL Declares N6.24 bln PAT in Q2 2017 Results - Eight out of the thirteen quoted companies recorded growth in revenue while others recorded decline in revenue. Source Proshare Read More 

H2 2017 Outlook: Wema Bank to lead service delivery through technology - Wema Bank Nigeria’s longest surviving and resilient indigenous bank, is focusing on leading service delivery and driving the retail market through technology, in the second half of 2017 and beyond. Source Proshare Read More 

Market Maintains Positive Stance as NSEASI Records +4.40% Gain WoW - Equities market closed today on a positive note, as NSE ASI appreciated by +0.78% to close at 37,425.15 basis points as against +0.62% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +39.26%. Source Proshare Read More 

Financial stocks contribute 59.9% to NSE’s volume - The Financial Services industry dominated in volume terms at the end of last week’s transactions on the trading floor of the Nigerian Stock Exchange (NSE). Source Guardian Read More 

FG Offers Monthly Savings Bond At 13.535%, 14.535% For Retail Investors - The federal government has offered for subscription two-year and three-year savings bonds to investors at 13.535 per cent and 14.535 per cent, respectively from Monday, August 7 to Friday, August 11, 2017. Source Leadership Read More 

Banks in Dilemma as Customers, Investors Shun Deposits for Treasury Bills  - Nigerian banks are currently finding it extremely difficult to mobilise deposits from institutional investors such as Pension Fund Administrators and insurance companies as well as individuals due to the attractive treasury bills yields. Source Thisday Read More 

Kachikwu: Nigeria Lost $60bn to Non-enforcement of PSCs with Oil Majors   - Nigeria lost close to $60 billion to the non-enforcement of the terms of the Production Sharing Contracts (PSCs) signed between the federal government and the international oil companies (IOCs) in 1993, the Minister of State for Petroleum, Dr. Ibe Kachikwu, has said. Source Thisday Read More 

MPC rate slows over N200bn capital raise by corporates - Penultimate weekend, the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, was quoted as  saying, the bank would be failing in one of its key mandates if it cuts the Monetary Policy Rate (MPR) at this time. Source Daily Trust Read More 

FG to legalize mini refineries, supply them with crude oil - Nigeria will legalise currently outlawed mini refineries in the Niger Delta oil hub by the end of the year and supply them with crude at a reasonable price, the presidency said on Thursday, fulfilling demands from community leaders. Source Daily Trust Read More 

FG completes 1,000 km gas pipeline to up power generation - Determined to push enough gas to the power sector to ensure adequate generation of electricity, the Federal Government has laid and commissioned 1,000 kilometres of major gas pipelines with an additional 470km currently in construction phase Source BUSINESSDAY Read More 

Manufacturers spent N129.95bn on independent power in 2016 – Report - The instability in electricity supply from the national grid has continued to make businesses to look inwards through independent power generation, a new report has said. Source Punch Read More 

Power generation crashes by 1,835.6MW in three days - The total quantum of electricity on the nation’s power grid crashed by 1,835.6 megawatts within a period of three days. Source Punch Read More 

Nigeria's Forte Oil in talks on refinery deal to boost capacity - Nigeria's Forte Oil said on Friday it was in talks with a major refinery to form a strategic partnership for local refining of petroleum products in Africa's top oil exporter, its chief executive said. Source Reuters Read More 

South Africa considering $1 billion bailout for national airline - South Africa's Treasury is considering a 13 billion rand ($972 million) bailout to keep South African Airways (SAA) going as it battles a cash crunch, Finance Minister Malusi Gigaba said on Friday. Source Reuters Read More 

Congo injects $20 mln into forex market as franc tanks, inflation rises - Democratic Republic of Congo's central bank injected $20 million into the forex market on Friday to help shore up a depreciating franc, the bank's governor said. Source Reuters Read More 

Saudi Arabia Builds Cities in the Sand to Take Economy Past Oil - After relying on oil to fuel its economy for more than half a century, Saudi Arabia is turning to its other abundant natural resource to take it beyond the oil age -- desert. Source Bloomberg Read More 

Commonwealth Bank Blames Coding Error for Money-Laundering Suit - Commonwealth Bank of Australia has blamed a software coding error for more than 50,000 alleged breaches of money-laundering and terrorist-financing laws. Source Bloomberg Read More 

Biggest Qatar Bank Is Weighing Funding Options While Gulf Spat Drags On - Qatar National Bank QPSC is considering options to raise financing as an ongoing standoff with its Gulf neighbors threatens to weaken liquidity in the gas-rich country, people familiar with the matter said. Source Bloomberg Read More 

Electric Car Boom Drives Rush to Mining's $90 Billion Heartland - A scramble by the lithium market’s biggest players to tie up supply of the high-tech metal is gathering pace in the 170-year-old heartland of Australia’s $90 billion mining industry. Source Bloomberg Read More 

Hot-Stock Rally Tests the Patience of a Choosy Lot: Value Investors - Value funds around the globe are on track to post their worst performance since before the financial crisis Source WSJ Read More 

U.K. Economy Takes a Hit as Consumer Spending Slumps Further - U.K. consumers cut back on spending for a third month in July, putting them in their worst slump in more than four years and dealing another blow to the economy at the start of the the quarter. Source Bloomberg Read More 

London Home Rents Fall for Fourth Month in a Row  - The cost of renting a home in London fell for the fourth month in a row, continuing the first period of decline since 2009 as Britain’s exit from the European Union rattles the U.K. capital’s real-estate market. Source Bloomberg Read More 


Africa has entered the space race, with Ghana’s first satellite now orbiting earth - Ghana’s first satellite―began its orbit recently, with a little help from some friends. Source TECHCRUNCH Read More 

Kwara boosts SMEs with N2.2bn - Kwara state Governor Abdulfatah Ahmed has said his administration has spent about N2.25 billion to strengthen the capacity of small and medium enterprises (SMEs) in the state. Source THE NATION Read More 





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