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Nigeria in 1min: Economic, Business & Financial Headlines – 110717



July 11, 2017 7:00 AM / Proshare News 

An Alarming North-South Divide - While every economy has regional disparities in income and wealth, Nigeria’s are particularly striking. Source Proshare Read More 

Only 3m Nigerians have insurance policies, says Adeosun - The Minister of Finance, Mrs kemi Adeosun, on Monday said that only three million out of 180 million Nigerians possessed insurance policies to protect themselves from uncertainties. Source THE NATION Read More 

FG moves to insure national assets - The Federal Government has said that it will ensure adequate insurance of its assets. Source Punch Read More 

FG to Restructure Discos’ Debts to Other Operators - The federal government Monday disclosed that it would restructure the total debts owed to service providers in Nigeria’s privatised electricity market by the 11 electricity distribution companies (Discos) with the aim of easing the debt burden and allowing them to source for monies to fund their capital projects. Source Thisday Read More 

FG’s New Industrial Council Unfolds Commitment to Infrastructure Development - The newly inaugurated Nigeria Industrial Policy and Competitiveness Advisory Council chaired by acting President Yemi Osinbajo held its first meeting in the State House on Monday with a resolve to drive critical infrastructure development in the country. Source Thisday Read More 

Nigeria’s GDP to Hit $595bn by 2020 - Nigeria’s gross domestic product (GDP) is projected to hit $595 billion in the next three years (2020), according to the latest Africa Investment Index 2016 released by Quantum Global Lab. Source Thisday Read More 


Market Opens The Week Positive as NSEASI Records +0.48% Gain - Equities market closed today on a positive note, as NSE ASI appreciated by +0.48% to close at 32,614.60 basis points as against +0.32% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +21.36%. Source Proshare Read More

Afrinvest Stock Recommendation for the Week - 100717 - Sentiment was bearish on the Nigerian Bourse in the first week of the month as the market sustained losses on the first three days before staging a mild rebound in the last two sessions. Source Proshare Read More

GTI 5 Weekly Stock Picks - 100717 - The equity market on Friday gained 0.32%, extending bullish-run to two trading sessions. Similarly, market breadth closed positive recording 28 gainers against 17 losers. Source Proshare Read More  

Eterna shareholders approve 30 kobo dividend - Shareholders of Eterna PLC at its 24th Annual General Meeting (AGM) held in Lagos, approved the board’s proposal for the payment of 30 kobo per share amounting to N391 million for its financial year ended December 31, 2016. Source Daily Trust Read More 

World Bank advocates single regulatory authority for free zones - THE World Bank has advocated  a single authority for the regulation of operations of free zones in Nigeria. Mr. Craig Raymond Giesze, Senior Operations Officer, Trade & Competitiveness, Global Practice, World Bank Group, made the case at the public hearing organised by the House of Representatives Committee on Commerce Source Vanguard Read More 

Liquidity squeeze: Banks to borrow N45trn from CBN - WITH   persistent scarcity   of funds plaguing the banking industry, prompting   banks to   increasingly rely on the Central Bank of Nigeria (CBN) for liquidity support, banks’ borrowing from the apex bank   is set to hit N45 trillion this year, with interest payment of N36 billion. Source Vanguard Read More 

Trade hits $3.8bn at I&E window, CBN sells $142m - The Central Bank of Nigeria’s Investors and Exporters Foreign Exchange window has traded about $3.83bn since it was established on April 24, it has been learnt. Source Punch Read More 

DPR issues new guidelines for establishment of modular refineries - The Department of Petroleum Resources (DPR) has issued new guidelines for the establishment of hydrocarbon processing plants. It also issued an addendum “supplementary guidelines for the design, construction and operation of modular refinery plants in Nigeria. Source Guardian Read More 

Oil Holds Gains Above $44 as U.S. Crude Stockpiles Seen Falling - Oil held gains above $44 a barrel before U.S. government data forecast to show crude stockpiles extended declines, trimming a glut. Source Bloomberg Read More 

OPEC Caps for Libya and Nigeria Wouldn't Be Enough to Fix Oil Glut - A proposal that Libya and Nigeria could have to accept limits on their crude production probably wouldn’t be enough to put OPEC’s faltering efforts to eliminate a global supply glut back on track. Source Bloomberg Read More 

Gas supply shortage: Electricity grid loses 603mw in 24 hours - The Nigerian electricity generation dropped to 3,511 megawatts (mw) on Monday, losing 603mw about 24 hours after a peak capacity of 4,114mw was reached. Source Daily Trust Read More 

Ikeja Electric Debt Rises To N88bn - Ikeja Electric has said that its metering project is currently facing some challenges due to financial constraints which has prompted the management to alter original meter roll out plan. Source Leadership Read More 

NERC begins forceful revenue collection from power firms - The Nigerian Electricity Regulatory Commission on Monday stated that it had commenced enforcement procedures against power distribution companies in respect to the remittance of revenue. Source Punch Read More 

Executive Orders: Key Enablers for Driving Execution & Impact - In recent times, the term “Executive Order” has become commonplace in global political and economic discourse. Source Proshare Read More 

FirstBank appoints Abdullahi Ibrahim as Executive Director - First Bank of Nigeria Limited, Nigeria’s most valuable banking brand and foremost financial institution, today announced the appointment of Mr. Abdullahi Ibrahim as an Executive Director. Source Proshare Read More 

Qatar’s Wealth Enough to Weather Any Shock, Central Bank Says - Qatar has enough cash reserves and assets to weather the standoff with the Saudi-led alliance, now in its second month, with inflows into the country still exceeding money heading out, central bank Governor Sheikh Abdullah bin Saoud Al Thani. Source Bloomberg Read More


Etisalat quits Nigeria, gives three-week ultimatum for brand phase out - Etisalat has terminated its management agreement with its Nigerian arm and has given Etisalat Nigeria three weeks to phase out the brand in the country. Source THE NATION Read More





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