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Nigeria in 1min: Economic, Business & Financial Headlines – 101116

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November 10, 2016 7:10 AM / Proshare News 

 

PROSHARE ECONOMY
W’Bank disburses $7.24bn to Nigeria in five years - The World Bank says it has disbursed a total of $7.24bn to Nigeria from 2012 to date.Statistics obtained from the bank’s web portal on Wednesday also showed that its current portfolio in Nigeria stood at $8.26bn as of July. Source Punch Read More

FG plans tariff review to attract investment - In order to attract more foreign and local investments into the economy, the Federal Government is planning to review the existing tariffs and incentives in favour of investors. Source Punch Read More

FEC approves N326.78m surveillance vehicles for ministry - The Federal Executive Council on Wednesday approved the purchase of 38 patrol jeeps worth N326.78m for the inspectorate divisions of the Ministry of Mines and Steel Development. Source Punch Read More

Nigeria Q3'16 Capital Importation - Higher Yields Spur Recovery in Portfolio Inflows - Following a dismal first half of the year, total capital imports into Nigeria reached $1,822 million in Q3’16 (Q1’16: $711 million, Q2’16: $1,042 million) on the back of a sharp uptick in foreign investments in financial assets (foreign portfolio inflows). Source Proshare Read More 

Cocoa - A Potential Revenue Booster - Nigeria’s current macro challenges have resulted in an urgent call to boost the non-oil economy and encourage non-oil exports in order to diversify the country’s revenue base. Source Proshare Read More 

Inflation to Maintain Its Upward Trajectory; to Rise to 18.2% - FDC - Our Year-on-Year (YoY) headline inflation forecast for the month of October is estimated to increase marginally to 18.2%. This is a 0.3% increase from the previous month’s rate of 17.9%. Source Proshare Read More 

Retirees to earn minimum pension from 2017 - Retirees under the Contributory Pension Scheme will from early next year enjoy a minimum pension payment irrespective of the balance in their Retirement Savings Accounts. Source Punch Read More

FG, Seven Energy sign $112m partial risk guarantee - Seven Energy International Limited has signed a $112m Partial Risk Guarantee with the Federal Government for the supply of natural gas by its wholly-owned subsidiary Accugas to the 560 megawatts power station built under the National Integrated Power Project scheme in Calabar, Cross River State. Source Punch Read More 

FG Okays 38 Made In Nigeria Cars To Tackle Illegal Mining, Bandits - The federal executive Council (FEC) on Wednesday approved 38 made in Nigeria vehicles at the cost of N326,781 million for the mines and steel ministry. Source Leadership Read More 

Nigeria’s population now 182 million —NPC - The Director-General of National Population Commission, NPC, Ghaji Bello, has said Nigeria’s population was currently 182 million, with more than half its people under 30 years of age. Source Vanguard Read More 

Okereke-Onyiuke to FG: Merge NDIC with AMCON to Improve Efficiency - A former Director-General of the Nigerian Stock Exchange (NSE), Prof. Ndi Okereke-Onyiuke, has called on the federal government to merge the Nigeria Deposit Insurance Corporation (NDIC) with the Asset Management Corporation of Nigeria (AMCON) in order to promote increased effectiveness in the financial sector. Source Thisday Read More 



PROSHARE REGULATOR

Activities of Illegal International Money Transfer Operators - The attention of the Central Bank of Nigeria (CBN) has been drawn to the increasing patronage of illegal Money Transfer Operators by Nigerians in the Diaspora for the purpose of home remittances. Source Proshare Read More 

Go after MMM promoters, Reps tell EFCC, CBN - The House of Representatives on Wednesday asked the Economic and Financial Crimes Commission and the Central Bank of Nigeria to immediately go after the promoters of the Mavrodi Mondial Moneybox, otherwise known as MMM, in Nigeria. Source Punch Read More 

CBN Fines Standard Chartered Bank N2bn for FX Infraction - The Central Bank of Nigeria has fined Standard Chartered Bank N2billion for foreign exchange infraction, an authoritative source told Thisday wednesday. Source Thisday Read More 

 

PROSHARE MARKETS
Market CAP sheds N278.11bn in 3days as stocks extend losses - The equities market closed today on a negative note, as NSE ASI depreciated by 0.72% to close at 26,173.69basis points, compared with the 1.95% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -8.62%. Source Proshare Read More

Unilever Nigeria Plc - Finance Costs Surprised Negatively - Unilever Nigeria’s Q3 2016 sales were stronger than we expected. However, PBT was weak and fell c.88% short of our estimate because of a negative surprise in net finance charges. Source Proshare Read More 

What a Trump victory portends for emerging markets and the local economy - Following Donald Trump's victory in the just concluded US presidential election, we highlight below our thoughts on the implications for emerging markets and specifically Nigeria. Source Proshare Read More 

NNPC To Name Firms For Nigeria’s 2017 Oil Lifting Next Month - Indications emerged yesterday that the Nigerian National Petroleum Corporation (NNPC) may announce the names of companies qualified for the lifting of the country’s crude oil for 2017 by mid-December. Source Leadership Read More 

Flow Station On Nigerian Escravos Oil Line Shut By Protesters – Shell - Royal Dutch Shell has shut down an Escravos crude oil flow station in Nigeria’s Niger Delta after villagers demanding aid staged a protest, the firm and residents said on Wednesday. Source Leadership Read More 

Forex scarcity forces Marketers to cut imports - Fuel marketers are cutting   imports because of their inability to get foreign exchange (forex), which now sells for N480 per dollar in the parallel market, The Nation has learnt. Source THE NATION Read More 



IOCs not oppose to $5bn oil debt deal
- International Oil Companies (IOCs) operating in Nigeria have said that they are not opposed to the  $5 billion oil  debt deal  with  the  Federal Government, as it will encourage  them resume  operations   in some  of  the abandoned  projects  and  boost their confidence in the government. Source BUSINESSDAY  Read More

80% of petroleum tank farms idle – Ex-PPPRA boss - About 80 per cent of petroleum tank farms across the country are currently lying idle as a result of massive divestment by oil marketers into the retail arm of the business, a former Executive Secretary of the Petroleum Products Pricing Regulatory Agency, Mr. Reginald Stanley, has said. Source Punch Read More 

Techno Oil to build Nigeria’s biggest LPG terminal - Techno Oil Limited and Cakasa Nigeria Company Limited have signed a deal for the construction of an automated Liquefied Petroleum Gas terminal in Lagos. Source Punch Read More 

Chevron begins gas production from Alder field - Chevron North Sea Limited has started production from the Alder high-pressure, high-temperature natural gas-condensate field 160 km from the Scottish coastline in the central North Sea. Source Punch Read More 

 



PROSHARE BUSINESS

OPEC's job has just become tougher with Trump win - OPEC's job of trying to prop up oil prices has just got much harder. Source Reuter Read More 

Ghana consumer inflation falls to 15.8 pct in October - Ghana's annual consumer price inflation fell to 15.8 percent in October from 17.2 percent in September, the statistics office said on Wednesday. Source Reuter Read More 

Angola's reserves fall to $21.95 billion in October - Angola's net foreign exchange reserves fell to $21.95 billion in October from a revised $22.928 billion the previous month, data posted on the central bank's website showed on Wednesday. Source Reuter Read More 

Asian Shares Jump With Metals as Trump Reassessed; Kiwi Weakens - Stocks in Asia rebounded from their steepest slide since Brexit, industrial metals surged and regional bonds tumbled after Donald Trump’s election victory and spending pledges spurred gains in U.S. shares. Source Bloomberg Read More 

U.S. Stocks Rise, Treasuries Fall as Trump Win Spurs Growth Bets - U.S. stocks and the dollar rose as heavily hedged markets bounced back from the worst selling in four months amid speculation Donald Trump and a Republican-controlled Congress will pursue business-friendly policies. Treasuries plunged, while copper led gains in commodities. Source Bloomberg Read More 

The World's Richest People Lose $41 Billion on Trump's Win - Mexico’s wealthiest person lost $5.1 billion in the wake of Donald Trump’s stunning upset over Democratic rival Hillary Clinton. Carlos Slim, who is fifth-richest in the world, shed 9.2 percent of his fortune after the peso dove as much as 12 percent on the news. Source Bloomberg Read More 

Yuan Falls to Six-Year Low Amid Concern Trump Will Target China - The yuan slipped to a six-year low as concern about China’s trade relationship with a more protectionist U.S. provided a new reason to sell the currency that’s heading for a third annual loss. Source Bloomberg Read More 

 



PROSHARE TECHNOLOGY

Shittu: 70% of Cyber Attacks in Nigeria Successful - The Minister of Communications, Mr. Adebayo Shittu, has said 70 percent of cyber attacks carried out by hackers in Nigeria’s Information Communication Technology (ICT), space were successful. Source Thisday Read More 

 

 

 

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