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Nigeria in 1min: Economic, Business & Financial Headlines - 100817

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August 10, 2017 7:10 AM / Proshare News  

PROSHARE ECONOMY
Monthly Economic and Financial Market Outlook - Nigerian Economy Signals a Turnaround - A review of the latest Purchasing Managers’ Index (PMI) report that the Central Bank of Nigeria (CBN) published for the month of July 2017 shows that the Nigerian economy is gathering more momentum for a turnaround. Source Proshare Read More   

Headline Inflation in July to Marginally Increase to 16.26% - Year-on-Year headline inflation is expected to increase by 0.16% to 16.26% in July, leading to a reversal of a positive trend of the last 5 months. Source Proshare Read More 

FBN Merchant Bank Signs MOU with Oxford Business Group To Publish 2017 Report On Nigeria - FBN Merchant Bank will team up with the global research and consultancy firm, Oxford Business Group (OBG) to produce the financial chapter of The Report: Nigeria 2017, highlighting the pivotal part Nigeria’s banks are playing in the country’s broader diversification efforts by boosting lending to the private sector. Source Proshare Read More  

Nigeria, Indonesia To Deepen Trade And Investment Relations - Nigeria and the Republic of Indonesia are to deepen bilateral relations especially in the areas of sharing information on National planning and development as well as trade and investment. Source Proshare Read More  

Nigeria Economic Update – FMDQ Ignites Further FX Liquidity Flame - The naira extended gains at the parallel market to a sixth consecutive month in July (+0.3% MoM to N365/$) following sustained CBN dollar injections into various FX market strata and increase in foreign portfolio inflows. Source Proshare Read More 

Plateau State, BlackPace Sign $65m MoU to Increase Potato Production - BlackPace Africa, an Africa focused investment management and advisory firm and the Plateau State Government have signed a Memorandum of Understanding (MoU) towards a joint development arrangement to upscale potato production in Plateau State and set up a potato processing facility in Jos, the state capital. Source Thisday Read More 

The Oyo/Osun Area Command of the Nigeria Customs Service(NCS) generated N8.895bn - Revenue generated and collected from import and export during the period under review stands at N7. 245 billion Source BUSINESSDAY Read More 

Government losing more revenue on vehicles import to Cotonou port - Federal Government efforts to discourage importation of vehicles through neighbouring countries may remain a mirage, as importers appear to have taken solace in the range of incentives offered by the Port of Cotonou in Benin Republic. Source Guardian Read More

 

PROSHARE MARKETS
Analysing the Performance of FBN Holdings Plc - A Comprehensive Report - FBN Holdings’ (FBNH) rich history and the critical role the bank has played in both financial inclusion and intermediation precipitated the need for a performance assessment report. Source Proshare Read More   

Market Extends Six-Day Gaining Streak by +0.38%; Closes With a Negative Breadth - Equities market closed today on a positive note, as NSE ASI appreciated by +0.38% to close at 38,144.02 basis points as against +1.26% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +41.93%. Source Proshare Read More

Alleged Partnership Between FO & Local Refineries for the Refining of Petroleum Products in Nigeria - Pursuant to rule 17.10 of the Rulebook of the Nigeria Stock Exchange, Forte Oil Plc. (the Company) wishes to bring to your attention that we recently became aware of publications by various online media outlets of a strategic partnership between Forte Oil and local refineries for the refining of petroleum products in Nigeria. Source Proshare Read More 

Nigeria to refinance $3 bln worth of T-bills with dollar debt: minister - Nigeria plans to refinance $3 billion worth of maturing naira-denominated short-term treasury bills with dollar borrowing of up to three years' maturity, to lower costs and improve its debt position as the economy recovers from a recession. Source Reuters Read More 

Nigeria to raise 62.4 bln naira in Treasury bills next week - Nigeria plans to sell 62.43 billion naira ($171 mln) of treasury bills at an auction next Wednesday, the central bank said on Wednesday. Source Reuters Read More 

External reserve hits 2yr high as Naira appreciates in NAFEX - Then nation’s external reserve has risen to a two year high of $31.2 billion even as the naira yesterday appreciated to N367.5 kobo at the Investors & Exporters (I&E) window. Source Vanguard Read More 

Court Strikes out FG’s Suit against Seven Banks over TSA - A Federal High Court in Lagos Wednesday struck out a suit filed by the federal government seeking to recover $793.2 million allegedly concealed by seven commercial banks in violation of the Treasury Single Account (TSA) policy. Source Thisday Read More 

First oil expected from Egina field in Q4 2018 - Egina oil field, a major deepwater development in Nigeria, is expected to achieve first oil in the fourth quarter of 2018, with a capacity to increase the nation’s oil production by 200,000 barrels per day. Source Punch Read More 

Nigeria loses N11tn to power sector corruption — SERAP - A new report on Wednesday indicated that over N11tn meant to provide adequate electricity in the country was squandered under the governments of former Presidents Olusegun Obasanjo, Umaru Yar’Adua and Goodluck Jonathan. Source Punch Read More 

Nigeria, US, Libya’s rising oil output threaten prices - The increase in the production of light sweet crude from Nigeria, United States and Libya has been said to be capable of contributing to a narrower price spread between light and medium crudes. Source Punch Read More 

Itakpe iron ore firm upgrade gulps N4bn - A total of N4bn was spent on the upgrading of the facilities of the National Iron Ore Mining Company after the sacking of Indian concessionaire, Global Infrastructure Nigeria Limited, the Federal Government has said. Source Punch Read More 

Pan Ocean’s Amukpe Pipeline to Boost Nigeria’s Crude Exports by 160,000bpd - Pan Ocean’s Amukpe-Escravos Pipeline Project (AEPP) in Delta State, which is scheduled to come on stream before the end of the third quarter of 2017, will boost Nigeria’s crude oil exports by 160,000 barrels per day and also serve as an alternative to the much troubled Trans Forcados Pipeline (TFP) for oil companies operating in the western Niger Delta, the company has said. Source Thisday Read More 

PROSHARE BUSINESS
Informal economy not enough to handle Africa's workforce explosion - Unemployment in Nigeria, sub-Saharan Africa's largest economy, is running at more than 14 percent and climbing; in South Africa, the second largest economy, it is over 27 percent. For youth in both places, it is far more. Source Reuters Read More 

Ghana inflation falls to 11.9 pct in July vs 12.1 pct in June - Ghana's annual consumer price inflation fell to 11.9 percent in July from 12.1 percent the previous month, the statistics office said on Wednesday. Source Reuters Read More 

Tanzania's year-on-year inflation slows to 5.2 pct in July - Tanzania's year-on-year inflation slowed to 5.2 percent in July from 5.4 percent a month earlier, the statistics office said on Wednesday. Source Reuters Read More 

Zimbabwe to Spend $1 Billion on University Honoring Mugabe -  A minister says Zimbabwe's Cabinet has approved spending at least $1 billion to create a university in honor of President Robert Mugabe. The amount represents about a quarter of the country's $4.1 billion budget. Source Bloomberg Read More 

Almost Half of Qatar's Traditional Investor Base Has Cut Ties With the Country - Banks in the world’s wealthiest nation per capita will need to raise borrowing costs if they tap the market, as almost half of their traditional investor base has cut ties with the country. Source Bloomberg Read More 

Hong Kong's Crowded Currency Trade Enters Perilous Territory - One of the world’s most reliable currency bets is suddenly looking like less of a sure thing. Source Bloomberg Read More 

London Property Slump Drags U.K. Home-Price Growth to Standstill - U.K. property prices stagnated in July as a slump in London values spread to neighboring areas, according to the Royal Institution of Chartered Surveyors. Source Bloomberg Read More 

Amazon Joins Major Asian Backers of Android Creator's New Phone -  Amazon.com Inc. has joined Tencent Holdings Ltd. and the main assembler of iPhones in backing Essential Products Inc., the startup co-founded by Android-creator Andy Rubin that’s getting ready to sell a new smartphone. Source Bloomberg Read More 

 

PROSHARE TECHNOLOGY
The Journey to Digital Transformation: Nigeria’s Readiness - In 2017, it is no news that with the increasing rise in technologies, going digital is the optimal route to attain success and longevity as a business or organization. Source Proshare Read More  

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