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Nigeria in 1min: Economic, Business & Financial Headlines – 100417

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April 10, 2017 7:40 AM / Proshare News 

PROSHARE ECONOMY
What To Expect From The Markets This Week - 100417 - The inflation figures for March 2017 will be made available on 15th of April, it is expected that core inflation maintain its downward trend. At the same time, headline inflation will continue its re-correction, given the nature of the inflation. Source Proshare Read More 

Nigerian Economy Shows Positive Outlook - FSDH - The Nigerian economy is showing signs of positive outlook on the back of increase in oil price, oil production and increase in the supply of foreign exchange to both retail and corporate users Source Proshare Read More 

Inflation Rate to Drop Further to 16.52% - FSDH - We expect the March 2017 inflation rate (year-on-year) to drop to 16.52% from 17.78% recorded in the month of February 2017. Source Proshare Read More 

Inflation Expected To Slide Further To 16.4% In March 2017 - FDC - We are forecasting that Headline inflation will decline for the second month running to 16.4%, as a result of further waning of the 2016 base year effects. Source Proshare Read More 

Planned 2018 census to cost N272bn — DG - Director-General of National Population Commission, NPC, Ghaji Bello, has said the National Population Census will hold in 2018, if necessary logistics were provided, noting that the exercise would cost an estimated N272 billion Source Vanguard Read More 

Customs restricts rice import in free trade zones - Nigeria Customs Service (NCS) Comptroller-General,Col. Hameed Ali (retd), has restricted rice import in trade free zones. Source THE NATION Read More 

Nigeria Can Earn N200bn From Gaming Industry’ - The director-general of the National Lottery Regulation Commission (NLRC), Adolphus Ekpe, has disclosed that the gaming industry has the potential of bringing about N200 billion to the federal government’s coffers annually if properly harmonised. Source Leadership Read More 

Lagos to inject N1bn into mortgage bank - The Lagos State Government has agreed to inject the sum of N1bn into the Lagos Building Investment Company for it to meet the minimum capital required by the law to remain in operation as a primary mortgage bank. Source Punch Read More 

FBN General Insurance records N2.2bn premium - FBN General Insurance said its gross premium rose by 17.4 per cent to N2.2bn in the 2016 financial period from N1.8bn in 2015. Source Punch Read More 

Nigeria’s economic recession slows growth in Chad, Niger – IMF - Due to the intra-regional trade and remittance ties between Nigeria and neighbouring countries, the economies of the Chad and Niger had been significantly affected by the economic downturn in Nigeria, the International Monetary Fund has said. Source Punch Read More 

NPDC owes federation $5.531bn, N72.435bn, says NEITI - The Nigerian Petroleum Development Company owes the federation the sum of $5.531bn and N72.435bn, the Nigeria Extractive Industries Transparency Initiative has said. Source Punch Read More 

Sugar price rises 100% as investors look to close 1.4m MT gap - Prices of sugar in retail bags have soared above 100 percent, as refiners make investments to close the more than 1.4 million metric tonnes gap in the industry. Source BUSINESSDAY Read More 

Nigeria loses $29.3 billion yearly to inadequate power supply - Nigeria’s economy is currently losing $29.3 billion yearly due to inadequate power supply, according to the draft document of the Power Sector Recovery Programme (PSRP) seen by BusinessDay. Source BUSINESSDAY Read More 


 

PROSHARE REGULATORS
CBN Asks Banks to Report Cyber Crimes - The CBN Director, Banking and Payment Systems Department, Mr. Dipo Fatokun, who said this while responding to questions about the report from Russian cyber security firm Source Thisday Read More 

 

PROSHARE MARKETS
Corporate Earnings for the Week Ending 070417 - DANGFLOUR Declares N10.57bn PAT - Source Proshare Read More 

Wema Bank Plc 2016 FY Conference Call & Earnings Presentation - The Key Takeaways  - Wema Bank Plc today held its Q4’16 Investors and Analyst Conference Call Earnings Presentation. Proshare NG participated along with leading market analysts and professionals. Source Proshare Read More 

CBN’s $418m forex, T-Bills auctions tighten liquidity - The combination of foreign exchange (forex) and Treasury Bills (T-Bills) auctions by the Central Bank of Nigeria (CBN) last week, moderated the quantity of money in circulation as investors demanded every available naira to pay for their transactions. Source Guardian Read More 

Cost of funds rises as market liquidity drops to N96bn- THE shareholders of United Bank for Africa, UBA Plc have unanimously endorsed its Board of Directors proposed dividend of N19.9 billion for the financial year ended December, 2016, Source Vanguard Read More 

Shareholders okay UBA’s N27.2bn dividend, Africa’s expansion drive  - THE shareholders of United Bank for Africa, UBA Plc have unanimously endorsed its Board of Directors proposed dividend of N19.9 billion for the financial year ended December, 2016,  in addition to N7.3 billion interim dividend paid after the audit of its 2016 half year. Source Vanguard Read More 

Indorama-Eleme Petrochemicals targets listing on the NSE - … plans to raise investment to cumulative $4.2bn by 2020 Nigeria’s pioneer petrochemicals company, which has since been acquired by Indorama Group has revealed plans to enlist on the Nigerian Stock Exchange (NSE) in about three years. Source BUSINESSDAY Read More 

Interbank rate rises by 2.5% on payments for debt purchases - Nigeria’s overnight lending rate rose by 2.5 percentage points last  week after the Central Bank of Nigeria (CBN) debited bank accounts for debt purchases, draining liquidity in the money market. Source Daily Trust Read More 

Forex: BDCs meet today, to punish errant operators - The directors of over 3,000 Bureaux De Change operators will on Monday (today) hold a special meeting aimed at taking strategic decisions to force down the exchange rate on the parallel market. Source Punch Read More 

Cost of funds rises as market liquidity drops to N96bn - COST of funds rose significantly in the interbank money market last week following series of liquidity outflow which caused market liquidity to fall by 26 per cent to N96 billion, week-on-week (WoW). Source Vanguard Read More 

Fitch: Crude Oil Prices to Average $52.50/b this Year - Fitch Ratings has forecast that crude oil prices would average $52.50 per barrel this year, representing an increase of  $7.4 per barrel over $45.1 per barrel of 2016 . As Fitch’s estimation was simmering in the market, oil prices rose to a one-month high on the missile attacks on Syria by the United States. Source Thisday Read More 

TCN: Grid Capacity Now At 6,500 MW - Against recent comments from some stakeholders in the nation’s power sector accusing  the Transmission Company of Nigeria (TCN) of being the weakest link in the value chain owing to poor infrastructure, the General Manager (GM), Public Affairs, Seun Olagunju, has said the capacity of the national grid has improved significantly in the last few years to about 6, 500 megawatts. Source Leadership Read More 

DisCos reject 10,200 megawatts in 1 month - Eleven electricity Distribution Companies (DisCos) rejected 10,200 megawatts (mw) allocation in one month, industry figures have shown. Source Daily Trust Read More 

Petrol price template unaffected by bridging cost – PPPRA - The Petroleum Products Pricing Regulatory Agency has said that the additional N1 per litre transporters’ bridging fee for Premium Motor Spirit, popularly known as petrol, will not in any way affect the pricing template for the commodity. Source Punch Read More 

 

PROSHARE BUSINESS
Fitch downgrades South Africa's credit rating to "junk" status - Ratings agency Fitch downgraded South Africa's credit rating to sub-investment grade on Friday, saying a recent cabinet reshuffle that saw respected finance minister dismissed will likely result in a change in economic policy direction. Source Proshare Read More 

South Africa's net foreign reserves fall to $41.419 bln in March - South Africa's net foreign reserves fell to $41.419 billion in March from $41.506 billion in February, the Reserve Bank said on Friday. Source Proshare Read More 

A Foreign Threat to U.S. Treasuries That Dwarfs Fed's Debt Hoard -These days, it seems like everyone in the bond market is obsessed over what will happen when the Federal Reserve starts whittling down its mammoth, crisis-era investments in U.S. government bonds. Source Bloomberg Read More 

PROSHARE START-UPS
Fed Govt disburses N1b to MSMEs - The Minister of Industry, Trade and Investment, Okechukwu Enalemah has said the Federal Government, through the Growth and Empowerment Project (GEM) has released N1billion to 81 young graduates. Source THE NATION Read More 

 

 

 

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