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Nigeria in 1min: Economic, Business & Financial Headlines – 100717

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July 10, 2017 7:10 AM / Proshare News 

PROSHARE ECONOMY
What To Expect From The Markets This Week - 100717 - The recent monthly economic publication made available by the apex bank showed that corporate taxes grew lean from 165 billion naira to 50 billion. Thus reflective of a 225% slump in corporate taxes compared to the previous month. Source Proshare Read More 

NOW OUT! - 36 States & FCT Economic Report plus Estimated 2016 States GDP, Well-Being Profiles  - In furtherance of its quest to make available factual inputs into economic decision-making in Nigeria, while providing you, discerning users of economic data a clearer perspective on economic opportunities across sectors, states and regions; Economic Associates (EA) announced the release of its much awaited 36 States of Nigeria plus FCT Report - Economic, Fiscal, Sector and Well-Being Profiles; July 2017 Edition. Source Proshare Read More

Nigeria A Country in Despair? Trouble Ahead?  - According to monthly report by the Nigerian National Petroleum Corporation (NNPC) for the month of April, the NNPC, on behalf of the federal government, recorded total export proceeds receipts of $142.12 million in April 2017, compared to $404.55 million recorded in March 2017, with contribution from crude oil amounting to $71.81 million while gas and miscellaneous receipt stood at $70.29 million and $0.013 million. Source Proshare Read More 

‘FG needs N3tr annually to bridge infrastructure deficit’ - The Nigerian Institute of Quantity Surveyors (NIQS) has said that the Federal Government needs N3 trillion annually to fix infrastructure deficit in the country. Source Daily Trust Read More

Ogun Customs generates N1.1b in 60 days - The Ogun State Area Command of Nigeria Customs Service (NSC) has generated the sum of N1.1b in the last two months, with assurance to partner with  genuine businessmen and women in the field of commerce and industry in the state. Source Daily Trust Read More 

China Invests $600m In Kano’s Textile Industry - A Chinese multinational company, Shandong Ruyi Technology Group is set to invest $600 million in the textile and garment industry in Kano State. Source Leadership Read More 

Nigerians spend N600bn on vehicle imports—Jalal - DIRECTOR-General, National Automotive Council, NAC, Mr Aminu Jalal, said that Nigerians spend about  N600 billion annually on  import of vehicles. Jalal informed  that about 50,000 new and 150,000 used vehicles were imported into the country yearly. Source Vanguard Read More 

World Bank to boost Lagos’ school infrastructure with $620m - World Bank has indicated it will provide support to Lagos State in school infrastructure projects and other critical areas as well as encourage out-of-school children to return to the classroom with grants up to $620 million. Source BUSINESSDAY Read More 

FG engages experts to track tax evaders’ assets - The Federal Government has engaged an asset recovery firm to track the exact assets of tax defaulters that fail to take advantage of its nine months amnesty period under the Voluntary Assets and Income Declaration Scheme. Source Punch Read More 

W’Bank raises concerns over Nigeria’s debt servicing costs - The World Bank has expressed concerns about Nigeria’s rising debt servicing costs in relations to the government’s dwindling revenue. Source Punch Read More

Nigeria, Three Others Get Trump’s $639m Aid - United States President, Mr. Donald Trump at the weekend promised $639 million in aid to feed people facing starvation because of drought and conflict in North-eastern part of Nigeria, Somalia, South Sudan and Yemen. Source Thisday Read More 

 

PROSHARE REGULATORS
NAICOM releases draft guidelines on microinsurance operations - The National Insurance Commission has released a draft of revised guidelines for microinsurance operations in Nigeria. Source Punch Read More 

Emefiele: CBN Developing Home-grown Solutions to Tackle Economic Crisis - Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, Sunday said the bank has been developing home-grown policies to surmount challenges that confronted the economy in recent times. Source Thisday Read More 

NAICOM Approves Accounts of 39 Insurance Firms - The National Insurance Commission (NAICOM), has approval the accounts of seven more firms, bringing to 39, the number of insurance and reinsurance firms whose accounts have been approved by the commission for the 2016 financial year. Source Thisday Read More 

 

PROSHARE MARKETS
Equities Market Maintains Uptrend as NSEASI Records -1.99% Loss WoW - Equities market closed today on a positive note, as NSE ASI appreciated by +0.32% to close at 32,459.17 basis points as against +0.16% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +20.78%. Source Proshare Read More 

NASD USI Down by -1.5% WoW - NASD closed its trading day on Friday 07 July 2017 lower compared to last Friday. The Market Capitalisation shed 1.5% to close at ₦421.16 billion against ₦427.37 billion previously. The NASD USI also closed 1.5% lower at 622.35 points, as against 631.52 points last Friday. Source Proshare Read More 

Mobil: NIPCO Receives SEC’s Approval to Extend Mandatory Takeover Bid - The Securities and Exchange Commission (SEC) has approved an extension in the period for the minority shareholders of Mobil Oil Nigeria Plc to sell their shares to NIPCO Investment Limited (NIL). Source Thisday Read More 

FOREX: CBN Boosts Retail Segment With $254.3m - Players in the retail segment of the Nigerian inter-bank foreign exchange market received a $254.3m boost from the Central Bank of Nigeria (CBN) on Friday, July 7, 2017, following bids received from forex dealers by the apex Bank. Source Proshare Read More 

CBN Sells $7.8bn To Boost Forex Liquidity In 6 Months - Since the Central Bank of Nigeria (CBN) commenced its aggressive interventions in the interbank and bureau de change segment of the foreign exchange market, the bank, as of Friday last week, had pumped a total of $7.766 billion into the market. Source Leadership Read More 

12 Banks Spend N1.6trn To Settle Customers’ Court Cases - As a result of increased legal actions filed against commercial banks by customers, 12 of the financial institutions were forced to settle some cases in court, leading to N1.6trillion spent for litigations in 2016. Source Leadership Read More 

NSE okays N59b rights issue for Unilever Nigeria - The Nigerian Stock Exchange (NSE) has approved Unilever Nigeria PLC’s plan to raise N58.9 billion in new supplementary equity issue. Source THE NATION Read More 

IBN boosts market with N10b investment - An insurance broking firm, Insurance Brokers of Nigeria Limited, has invested over N10 billion in the insurance market. Source THE NATION Read More 

Interbank, BDC rate gap drops from 150% to 23% - The Central Bank of Nigeria (CBN) backed Monetary Policy Committee (MPC) members have lauded the convergence of foreign exchange rates, including the drop in the gap between the interbank rate and the bureau de change (BDC) from 150 per cent to 23 per cent. Source THE NATION Read More 

‘N88b debt, recession threaten metering’ - Over N88 billion debt owed by customers and the economic downturn are responsible for the slow metering of consumers in Ikeja Electric Plc, The Nation has learnt. Source THE NATION Read More 

Nigeria’s gas export to China, Turkey, others rises - The export of Liquefied Natural Gas (LNG) from Nigeria to China, Turkey, India and other countries has risen over the last six months. Source THE NATION Read More 

International consumers owe power firms N30.5bn — FG - International electricity consumers who get their supply from Nigeria owe the power producers $100m (N30.5bn at the official exchange rate of N305 to a dollar), the Federal Government has said. Source Punch Read More 

Gas Shortage Grounds NIPP Power Stations - The operations of eight brand new power stations built under the National Integrated Power Project (NIPP) by the administration of former President Goodluck Jonathan to supply 4,201 megawatts of electricity have been grounded by inadequate supply of gas to fire their turbines for power generation Source THE NATION Read More 

Kwara varsity, firm sign $150m power project MoU - The Vice-Chancellor, Kwara State University, Malete, Prof. AbdulRasheed Na’Allah; and the boss of the KWASU Renewable Power Generation Project, Mr. Teslim Balogun, on Friday said the institution planned to generate 100 megawatts of power. Source Punch Read More 

PROSHARE BUSINESS
A 5-mile island built to save Lagos’s economy has a worrying design flaw - From the sea Lagos rose, from humble port city to economic and political powerhouse and sprawling home to around 22 million. It’s the water that the city is named for—“Lagos,” from the Portuguese word for lakes. Many of the poor, who make up 70% of the city’s population, live in floating shanty slums in the city’s lagoons. Source Quartz Read More 

World's Biggest Metals Exchange Takes on the Gold Elite - The world’s biggest industrial metals exchange is taking on the most powerful players in the gold market with the launch on Monday of its first futures contract for the commodity since the middle of the 1980s. Source Bloomberg Read More 

Nigeria Delta Communities Demand Stake in Ex-Shell Oil Block - A group of communities in Nigeria’s Niger River delta demanded a stake in an oil block it said it was promised when Royal Dutch Shell Plc sold its share to a local company six years ago. Source Bloomberg Read More 

Libya, Nigeria May Be Asked to Cap Oil Output Soon, Kuwait Says - Libya and Nigeria, which have both boosted oil production since they were exempt from global cuts this year, may be asked to cap their crude output soon in an effort to help rebalance the market, Kuwait Oil Minister Issam Almarzooq told Bloomberg. Source Bloomberg Read More 

Sunac in Deal to Buy Wanda Projects, Hotels for $9.3 Billion - Sunac China Holdings Ltd., the developer that has been on an aggressive acquisition spree, agreed to buy hotels, land and projects from Dalian Wanda Group Co. for 63.2 billion yuan ($9.3 billion), marking the country’s biggest property acquisition. Source Bloomberg Read More 

China Takes Lead in Pacific Shipping After $6.3 Billion Deal - State-owned Cosco Shipping Holdings Co.’s $6.3 billion offer to buy Orient Overseas International Ltd. would create an entity that’s the biggest shipping company moving boxes to the North American continent from Asia, beating Copenhagen-based A.P. Source Bloomberg Read More 

 

PROSHARE TECHNOLOGY
The Future of Digital Currency in Africa - ACCPA - Like many churches across Africa, the United Family International Ministries in Harare, Zimbabwe has always collected Sunday offertory by passing around a bowl of cash from pew to pew. This manner of collecting offertory has become deeply engrained in Sunday worship at the church alongside singing and dancing. Source Proshare Read More 

Tim Harford: what we get wrong about technology - Blade Runner (1982) is a magnificent film, but there’s something odd about it. The heroine, Rachael, seems to be a beautiful young woman. In reality, she’s a piece of technology — an organic robot designed by the Tyrell Corporation. She has a lifelike mind, imbued with memories extracted from a human being. Source FT Read More 

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