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Nigeria in 1min: Economic, Business & Financial Headlines – 080617

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June 8, 2017 7:00 AM / Proshare News 

 

PROSHARE ECONOMY
Foreign-Currency Liquidity Improving for Nigerian Banks - Fitch - Nigerian banks' ability to access foreign currency (FC) has improved considerably since the Central Bank of Nigeria (CBN) introduced a foreign exchange "window" at end-April aimed at investors and exporters, Fitch Ratings says. Source Proshare Read More  

Expected Surge in Domestic Debt Stock - The FGN’s domestic debt stock amounted to N11.97trn (US$39.2bn) at end-March, equivalent to 11.7% of 2016 GDP. We should view the steep increase of 8% or N910bn in Q1 in the context of the DMO’s deliberate front-loading of issuance, which totalled N535bn over the three months. This was a repeat of the pattern over the two previous years. Source Proshare Read More 

Commodity Prices Maintain Upward Trajectory as Forcados Terminal is Set to Resume Operations - Commodity prices have maintained their upward trajectory this week with further spikes in the price of garri and beans. Garri has increased by 23% to N32, 000 while beans has increased by 18% to N26,000. Source Proshare Read More  

Nigeria’s N19tn debt profile sustainable, says Akabueze - The Director-General, Budget Office of the Federation, Mr. Ben Akabueze, has said that the country’s total indebtedness of N19.16tn is sustainable. Source Punch Read More 

Domestic debt servicing gulped N474.06bn in first quarter – DMO - The size of Federal Government’s loans has reflected on the debt servicing expenses as it spent N474.06bn to service domestic debts in the first three months of this year. Source Punch Read More 

FG cuts agencies at seaports to seven - The Federal Government has streamlined the number of agencies operating at the nation’s seaports, permitting only seven agencies at the ports. Source Punch Read More 

IGR: Kwara makes N6.6bn in three months - The Executive Chairman, Kwara State Internal Revenue Service, Dr. Muritala Awodun, on Wednesday stated that the agency collected N6.6bn in internally-generated revenue in the first quarter of this year. Source Punch Read More 

‘Manual inspection of cargo to stall gains of single window for cargo clearance’ - Current physical and manual examination of consignments by officials of the Nigeria Customs Service (NCS) and other agencies of government, known to be obsolete and time consuming, will stall the expected gains of establishing a Single Interface for cargo clearance, popularly known as Single Window, as directed by the new Presidential Executive Orders, stakeholders say. Source BUSINESSDAY Read More 

IFC sceptical of Nigeria’s $12bn costly investment in standard gauge rail lines - The International Finance Corporation, the private sector arm of the World Bank, says there can hardly be a strong economic justification for abandonment of the narrow gauge rail network by cash-strapped African countries including Nigeria, for the so called standard gauge specification, especially because of its huge cost implication. Source BUSINESSDAY Read More 

FEC Approves Tech Roadmap for Creation of 2.5m Jobs, ICT University - The Federal Executive Council (FEC) wednesday approved a new information communication technology (ICT) package, tagged ICT Roadmap 2017 to 2020 with the intention of creating 2.5 million jobs and a specialised ICT University by 2020. Source Thisday Read More 

After Recovering N11.6bn, FG Pays N375.8m to 20 Whistleblowers - The federal government wednesday confirmed that it had released N375,875,000 to the first batch of 20 providers of information under the Whistleblower Policy, culminating in the recovery of N11,635,000,000. Source Thisday Read More 

 

PROSHARE REGULATORS
Central bank to sell dollars to airlines, fuel importers - Nigeria's manufacturers, airlines, fuel importers and agriculture businesses will be able to buy dollars at a special market intervention to clear a backlog of foreign exchange obligations now due, the central bank said on Wednesday. Source Reuters Read More 

CBN to raise N236.6 billion in short-dated debt note - Nigeria plans to sell 236.66 billion naira ($777.1 million) of short-dated treasury bills at an auction on June 14, the central bank said on Wednesday. Source Daily Trust Read More 

Exporters to register forms NXP prior to shipment – CBN - The Central Bank of Nigeria (CBN) has with immediate effect directed all exporters to register Forms NXP with an authorised dealer of their choice prior to shipment. Source BUSINESSDAY Read More 

 

PROSHARE MARKETS
Market Resumes Uptrend as NSEASI Inches Up by +1.51%; Thanks to Big CAPs - Equities market closed today on a positive note, as NSE ASI appreciated by +1.51% to close at 32,686.72 basis points, as against -1.16% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +21.63%. Source Proshare Read More  

Nigerian Stock Exchange and Bloomberg Set to Host Third CEO Roundtable - The Nigerian Stock Exchange (NSE) in collaboration with Bloomberg is set to host the third annual NSE Bloomberg CEO Roundtable on Friday, June 16, 2017 at Stock Exchange House, Marina, Lagos. Source Proshare Read More 

Nigeria's Oil Output to Jump After Force Majeure Lifted - The Shell Petroleum Development Company of Nigeria Ltd (SPDC) has lifted the force majeure on crude oil exports from Forcados Terminal. Exports has been under force majeure since February 2016 following a militant attack on the main export route, the Trans Forcados Pipeline. Source Proshare Read More  

Lafarge seeks N140b to reduce debts, currency exposure - Lafarge Africa Plc has announced that the N140 billion rights issue proposed by the company’s directors would help reduce its debt profile, improve cash flow and position the firm for future expansion exercise. Source Guardian Read More 

Nigeria loses N7.5tr yearly to poor electricity supply - Nigeria is losing $25 billion (N7.5 trillion at the current exchange rate of N305 per dollar) yearly due to irregular electricity supply.Besides, accumulated power sector cash deficits from January 2015 to December 2016 amounted to N931billion ($2.9 billion). Source Guardian Read More 

N701bn Stimulus: 10 GenCos Get N12bn As FG Begins Disbursement - The Nigerian Bulk Electricity Trader (NBET) has disclosed that about 10 generating companies (GenCos) have received N12 billion from the N710 billion intervention fund earmarked to sustain steady power generation in the country. Source Leadership Read More 

NERC proposes monthly electricity tariff review - The Nigerian Electricity Regulatory Commission (NERC) is set to cut the minor review period of Multi Year Tariff Order (MYTO) methodology from six months to either monthly or quarterly. Source Daily Trust Read More 

LNG: Nigeria lags behind as Mozambique attracts $7bn - While several liquefied natural gas projects in Nigeria continue to suffer from lack of final investment decision by shareholders, Italian oil giant, Eni, and others have signed off on a $7bn investment to export natural gas from Mozambique. Source Punch Read More 

US bought $1.3bn crude oil from Nigeria in Q1 - The United States’ import of Nigeria’s crude oil rose to 25.97 million barrels in the first three months of this year from 18.62 million barrels in the same period of 2016. Source Punch Read More

NEITI: Crude Oil Worth $15.9bn Lost in Four Years - The Executive Secretary, Nigerian Extractive Industry Transparency Initiative (NEITI), Mr. Waziri Adio, wednesday disclosed that a whopping $15.9 billion in crude oil was either lost or not accounted for between 2011 and 2014. Source Thisday Read More

PROSHARE BUSINESS
South Africa's business confidence at seven-months low in May: survey -  Business confidence in South Africa fell to a seven-month low in May, hit by political tension, doubts over the course of economic policy and credit ratings downgrades, a survey showed on Wednesday. Source Reuters Read More 

Japan GDP Growth Revised Down on Decline in Oil Inventories - Japan’s economy grew less than the government initially reported in the first quarter, weighed down by a drop in inventories of oil and other raw materials and a downward revision to private consumption. Source Bloomberg Read More 

U.K. Housing Weakens Further as Market Emits 'Ominous' Signals- Britain’s housing market weakened in May and a shortage of properties means it’s showing increasing signs of dysfunction, according to a report from the Royal Institution of Chartered Surveyors. Source Bloomberg Read More 

China’s Exports Rise in May as Global Trade Outlook Brightens- China’s overseas shipments accelerated in May from a year earlier, as global demand shows signs of picking up. Source Bloomberg Read More 

Libya’s Biggest Oil Field Halted by Workers’ Protest  - Libya’s biggest oil field shut down due to a protest by workers, stalling a revival in the politically divided country’s production of crude. Source Bloomberg Read More 

PROSHARE FINANCE
Solvency II Implementation in Nigeria …Toeing the line of Global Best Practice - In a bid to build a stronger and more stable industry, a little over a year ago, the National Insurance Commission (NAICOM) began the transition from a compliance based regulatory framework to the Risk Based Insurance Solvency Regime (RBISR). Source Proshare Read More  

 

 

 

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