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Nigeria in 1min: Economic, Business & Financial Headlines – 090617

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June 9, 2017 7:00 AM / Proshare News 

PROSHARE ECONOMY
May 2017 Inflation Rate to Drop on Base Effect - FSDH - The drop is expected to come mainly as a result of base effect from the increase in the pump price of Premium Motor Spirit (PMS) in May 2016 despite the elevated consumer prices recorded in May 2017.Source Proshare Read More 

Labour Productivity Rose to N684.43 in 2016 - NBS - Among important measures of the wellbeing of an economy, is the level and growth of economic output, commonly known as the Gross Domestic Product (GDP).  However, economists and policy makers are also interested in the factors of production that are used in generating such output, as well as the level of efficiency associated with those inputs.  Source Proshare Read More 

FG issues $300m diaspora bond - The Federal Government has announced the commencement of a global offering of up to US$300m (about N91.5bn) of its first Diaspora Bond. Source Daily Trust Read More 

BPE to determine listing of DisCos’ shares on NSE – Association - The Association of Nigerian Electricity Distributors (ANED) says listing shares of Electricity Distribution Companies (DisCos) on the Nigerian Stock Exchange (NES) will be determined by the Bureau of Pubic  Enterprises (BPE). Source Daily Trust Read More 

Afreximbank, Belarus sign $150m pact to boost African economy - As part of efforts aimed at addressing economic shocks arising from commodity price instability in Africa, the African Export-Import Bank (Afreximbank) has signed a $150 million framework agreement with the Development Bank of Belarus, to promote trade financing between Belarus and African countries. Source Guardian Read More 

Diversification: Leather Industry Generates N25bn Annually - Nigeria’s leather industry has generated N24.5billion ($700million) annually with limited support and has the capacity to create about 700,000 direct and indirect jobs. Source Leadership Read More 

Seasonal farming, R&D constrain Nigeria’s $10bn fruit industry - Nigeria’s inability to farm fruits all year round and carry out extensive research and development are major constraints to the nation’s $10 billion fruit industry. Source BUSINESSDAY Read More 

Ethiopia Airlines Renegotiating Management Contract for Arik Air with FG - After few months of prevarication, THISDAY can authoritatively report that the Ethiopia Airlines has been negotiating management contract for Arik Air, which was taken over by the Asset Management Corporation of Nigeria (AMCON) in February this year owing to the debts owed it by the owners of the airline. Source Thisday Read More 

Firm to Invest $20bn in Aircraft Leasing Facility in Nigeria - African Aircraft Leasing Company (AALC) plans to invest about $20billion in aircraft leasing facility in Nigeria. The proposed investment will enable indigenous airlines lease aircraft at cheaper rate and without the present cumbersome processes. Source Thisday Read More 

 

PROSHARE REGULATORS
Exports from Nigeria – Compliance with Memorandum 11 of the Foreign Exchange Manual - In the continued effort to ensure that all export transactions are carried out through the formal channels, bills of lading in respect of exports from Nigeria shall henceforth carry the Form NXP number of the underlying cargo. Source Proshare Read More 

 

PROSHARE MARKETS
Federal Republic of Nigeria to Issue Diaspora Bond - The Federal Republic of Nigeria ("Nigeria") announced today the commencement of a global offering of its first Diaspora Bond. Nigeria has filed a registration statement for the Bonds with the United States Securities and Exchange Commission. Source Proshare Read More  

Soaring cost of domestic debt service - While yesterday we commented upon the still exemplary ratio for domestic debt stock/GDP, today we note the alarming rise in domestic debt service (see chart). Payments have soared from N354bn in 2010 to N1.23trn last year. Source Proshare Read More  

NSEASI Inches Up Further by +0.77% to Maintain Uptrend - Equities market closed today on a positive note, as NSE ASI appreciated by +0.77% to close at 32,937.98 basis points, as against +1.51% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +22.56%. Source Proshare Read More  

Great Macro Trade of 2017 -Changing Narratives on Nigerian Equities as Macroeconomic Risks Dissipate - How quick narratives change in frontier markets investing. Just three months back, as the Naira weakened below N500.00/US$1.00 in the parallel market and business confidence waned due to foreign currency shortages, macroeconomic risk became the most fundamental short term basis for forecasting Nigerian equities despite cheap valuation of assets. Source Proshare Read More  

Bill to allow NSE list own shares scales second reading - The legislative framework for the demutualisation of the Nigerian Stock Exchange (NSE), which will see sub-Saharan Africa’s second biggest bourse become a public listed company, has scaled through second reading on the floor of the House of Representatives. Source BUSINESSDAY Read More 

Shareholders approve Lafarge’s N140 billion Rights Issue and merger with Unicem - Shareholders of Lafarge Africa have approved the company’s planned N140 billion rights issue, as well as proposal for merger of Unicem’s operations into its own. Source BUSINESSDAY Read More 

Dangote signs pact on $700m sugar project - The Dangote Group and the Nasarawa State Government have signed a $700m (about N220bn) sugar project. Source Daily Trust Read More 

Dangote increases capacity by 1.5mmt in Congo - DANGOTE CEMENT Plc has  further increased its production capacity across Africa through the addition of  1.5 million metric tonnes per annum  in the Republic of Congo. Source Vanguard Read More 

Fitch Rates UBA’s Senior Notes ‘B’ - Fitch Ratings has assigned United Bank for Africa Plc’s (UBA) $500 million 7.75% senior unsecured notes maturing on June 8, 2022 a final ‘B’ rating. Source Thisday Read More 

NCDMB, Dangote Group Begin Collaboration on 650,000bpd Refinery - The Nigerian Content Development and Monitoring Board (NCDMB) and Dangote Group, promoted by Africa’s richest man, Alhaji Aliko Dangote, have commenced collaborations towards ensuring maximum utilisation of local capacities in the construction of the company’s 650,000 barrels per day refinery. Source Thisday Read More 

Weekly dollar inflow into investors’ FX window hits $1bn —Fitch - Dollar inflow into the newly created Investors and Exporters, I&E, foreign exchange window has reached $1 billion per week. Source Vanguard Read More 

FG: $1.2bn required to fix refineries - Minister of State for Petroleum Resources, Dr Ibe Kachikwu yesterday said the Federal Government needs about $1.2 billion to repair and bring the three refineries in Port Harcourt, Warri and Kaduna to full capacity.Source Daily Trust Read More 

Nigeria loses N417 billion to oil production disruption in one month - Nigeria’s oil industry lost an accumulated 27.3 million barrels in the month of February to production disruptions arising from pipeline vandalism. Source Guardian Read More 

NNPC operating secret fuel subsidy — Senate - A Senate panel has uncovered secret operation of subsidy regime by the Nigerian National Petroleum Corporation (NNPC), despite its cancellation by the present administration. Source Daily Trust Read More 

44 ships arrive Lagos ports, 8 with 233,000 tonnes of petrol - A TOTAL of 44 vessels are expected to sail into the country with various items before the end of the month. Source Vanguard Read More 

N4.74tn spent on fuel imports in 2016 – Kachikwu - In the last one year, the country has spent about N4.74tn on the importation of petroleum products, an amount that is made up of N3.4tn for the actual products and N1.34tn on logistics. Source Punch Read More 

FG, AfDB open talks on coal-to-power financing - The Federal Government has opened talks with the African Development Bank for financing of coal-to-power projects across the country. Source Punch Read More 

Afam power station’ll generate 340MW by December – FG - The Federal Government said on Thursday that electricity generation from the Afam Power Station in Oyigbo, Rivers State, would increase to 340 megawatts by December from the current 100MW. Source Punch Read More 

PROSHARE BUSINESS
Airtel Builds Multimillion Naira, Ultra-Modern Apartment for Fire Victims - Leading telecommunications services provider, Airtel Nigeria, has built and donated a multimillion naira, ultra-modern 2-bedroom apartment to victims of a devastating inferno, the Aina family, in fulfillment of its pledge to the beneficiary in the just concluded Airtel Touching Lives Season 3. Source Proshare Read More 

Dangote Foundation is the largest donor to the reconstruction of Borno-Governor Kashim Shettima - Dangote Foundation has been described as the single largest donor to the reconstruction efforts of Borno State, post-insurgency era. Source Proshare Read More 

Legal Update On The Implementation Of The Stamp Duties Act And The Rights Of Bank Customers - The Central Bank of Nigeria (“CBN”) vide a circular BSD/DIR/GEN/CIR/03/015 dated 15th January, 2017 (the “Circular”) had directed that all deposit money banks (the “Banks”) should deduct N50 from every deposit of over N1,000 made into bank accounts (the “Deduction”) and remit the Deduction to the Nigeria Postal Service (“NIPOST”) in accordance with the CBN’s interpretation of the provisions of Federal Government Financial Regulations, 2009. Source Proshare Read More  

South Africa's manufacturing output shrinks 4.1 percent y/y in April - South Africa's manufacturing output contracted by 4.1 percent year-on-year in April, much weaker than expected, after nudging up by a revised 0.4 percent in March, Statistics South Africa said on Thursday. Source Reuters Read More 

South Africa aims to trim budget deficit to 3.3 pct in three years: Finmin - South Africa aims to cut its budget deficit to 3.3 percent of national output in the next three years from 3.8 percent currently, Finance Minister Malusi Gigaba said in parliament on Thursday. Source Reuters Read More 

Kenya to convert $243 mln debt in Kenya Airways into equity - Kenya will convert its $243 million in loans to Kenya Airways into equity, the government has said, as part of a broader restructuring to nurse the ailing airline back to financial health. Source Reuters Read More 

Nigeria to start international roadshow for diaspora bonds sale - Nigeria will start an international road show next week for the sale of a diaspora bond and has named Bank of America Merrill Lynch and Standard Bank of South Africa as joint lead managers, its debt management office said on Thursday. Source Reuters Read More 

Zimbabwe domestic debt at $4 billion by March 2017: treasury report - Zimbabwe's domestic debt rose 40 percent to $4 billion during the year to March while the budget deficit was $230 million in the first quarter of this year, the national treasury said in a report on Thursday. Source Reuters Read More 

Uganda close to deal on new airport credit of up to $365 mln - Uganda said on Thursday it hopes to close a loan deal of up to 325 million euros ($365.92 million) this month with a UK government credit agency and Standard Chartered Bank for an international airport to service its oil industry. Source Reuters Read More 

US House passes bill to erase a number of core financial regulations put in place by the Dodd-Frank Act - The House approved legislation on Thursday to erase a number of core financial regulations put in place by the 2010 Dodd-Frank Act, as Republicans moved a step closer to delivering on their promises to eliminate rules that they claim have strangled small businesses and stagnated the economy. Source NYT Read More 

Alibaba's Jack Ma Gets $2.8 Billion Richer in One Day - Jack Ma’s net worth surged $2.8 billion overnight as Alibaba Group Holding Ltd. forecast sales growth that topped every analyst’s estimate, despite China’s decelerating economy. Source Bloomberg Read More 

Iraq Seeks to Triple Refining Capacity With Slew of New Projects - Iraq, the world’s third-biggest crude exporter, plans to triple refining capacity by 2021 to shake off its reliance on refined-product imports. Source Bloomberg Read More 

Glut Keeps Oil Prices in Check as Turmoil Shakes the Middle East - Qatar and Saudi Arabia square off in a major diplomatic feud. Suicide bombers strike at the heart of the Iranian capital. Kurdistan moves toward independence, and war rages on in Syria and Yemen. Source Bloomberg Read More 

Egypt Annual Inflation Eases for First Time Since Float - Egypt’s monthly inflation rate held steady in May, offering new indications that the price surges triggered by the lifting of currency controls were plateauing as the government pushed ahead with its economic reform efforts. Source Bloomberg Read More 

Gold in Pounds Climbs to Seven-Week High on Hung Parliament Fear - Gold priced in sterling surged to the highest level in more than seven weeks after projections showed Prime Minister Theresa May will fail to win an overall majority in the U.K. general election, signaling further political turmoil less than a year after Britain voted to leave the European Union. Source Bloomberg Read More 

China Banks Brace for June Cash Squeeze as Fund Costs Jump - China’s deleveraging dilemma -- how to squeeze excess liquidity out of the financial system without spurring a full-blown cash crunch -- is facing its toughest test. Source Bloomberg Read More 

 

PROSHARE TECHNOLOGY
Young countries are using blockchain technology to create more efficient government services - While the blockchain originally sought a foothold in financial services, and digital currencies attracted early attention from investors, now interest in using the technology in the public sector is growing. Source The Economist Read More

Verizon's Yahoo deal closes next week, layoffs coming - Yahoo (YHOO, Tech30) shareholders voted Thursday to approve a revised agreement for Verizon to buy Yahoo's core Internet assets for $4.48 billion, according to preliminary results from a special shareholder meeting. Source CNN Read More

 

 

 

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