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Nigeria in 1min: Economic, Business & Financial Headlines - 120117

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January 12, 2017 6:10 AM / Proshare News 

 

PROSHARE ECONOMY
Headline Inflation Set to Decline to 18.3%, First Drop in 14 Months - Nigeria’s headline inflation is forecast to slide to 18.3% in December, the first decline in 14 months. The direction of the inflation downwards will come as a relief to the monetary policy committee, which has been waiting for the change in trend for almost an eternity. Source Proshare Read More  

Nigeria Macro Outlook for 2017 - Policy in the Limelight - 2016 took Nigeria into unchartered waters, with the country likely to have suffered its first full-year recession in two decades. Whilst rising inflation and foreign exchange market rigidity constrained monetary policy, a delayed passage of the 2016 “Budget of Change” limited the impact of fiscal policy during the year. Source Proshare Read More 

S&P Global Ratings Publishes Global Sovereign Rating Trends For 2017 - The average rating as weighted by the GDP of a country has also trended downward, currently standing at 'A+', one notch below the 'AA-' peak during 2008-2011. Negative outlooks outnumber positive outlooks, and the outlook balance (positive minus negative outlooks) has tilted negative, to -23 for year-end 2016 from -17 at year-end 2015. Source Proshare Read More 

Nigeria’s GDP ‘ll grow by 1%, says World Bank - After plunging into its worst recession in over two decades, the World Bank projects that Nigeria will get out of recession, and grow its gross domestic product (GDP) by one per cent this year. Source THE NATION Read More 

FG, states budget N5.6tr for salaries, overheads - The federal and 36 state governments will spend half of their N13.5 trillion total budgets for the year on salaries and overheads Source Daily Trust Read More 

China plans $40bn investments in Nigeria’s oil pipeline - The Chinese Foreign Affairs Minister, Mr Wang Yi, has disclosed that his government is planning to invest another $40billion on Nigeria’s oil pipeline. Source Daily Trust Read More 

Senate rejects FG’s ban on land border car importation - THE Senate, yesterday, rejected the Federal Government’s ban on the importation of vehicles through the land borders in the country. Source Vanguard Read More 

FG plans review of trade Policy - The Federal Government will soon commence a comprehensive review of the country’s trade policy in order to avoid dumping of substandard products in Nigeria by some foreign trade partners Source Vanguard Read More 

FG to sell Diaspora bond in March - The Federal Government is planning to issue a Diaspora bond by March to raise funds from Nigerians living abroad, after completing a $1bn Eurobond sale this month, a source in the Ministry of Finance has said. Source Punch Read More 

2016 in Retrospect - A Review of The Major Tax Events of The Year - Generally, tax authorities across the country became more aggressive with revenue drive including the use of consultants and unconventional methods for tax audits. Business premises of alleged tax defaulters were sealed up with visible non-compliance stickers posted in some cases. Source Proshare Read More 

2016 Fiscal Policy Measures - How Changes in Tariffs Affect You -  Source Proshare Read More 

Nigeria’ll get out of recession this year – W’Bank - The World Bank has predicted that Nigeria will get out of recession and grow its Gross Domestic Product by one per cent this year after plunging into its worst recession in over two decades. Source Punch Read More 

Domestic airlines abandon planes abroad over rising cost of maintenance - Domestic airlines are increasingly finding it difficult to bring back their airplanes sent abroad for maintenance due to rising costs. Source BUSINESSDAY Read More  

Abuja, Lagos, PH account for 65% of real estate activity - Despite improved investment climate in some other cities in Nigeria, such as Enugu, Kaduna, Akwa Ibom, etc, Abuja the country’s administrative capital, Lagos, the commercial nerve centre, and Port Harcourt, the country’s oil city, remain top real estate investment considerations for investors. Source BUSINESSDAY Read More

PROSHARE MARKETS
Equities market oscillates, ends volatile session positive - The equities market closed today on a positive note, as NSE ASI appreciated by 0.15% to close at 26,385.80 basis points, compared with the 0.88% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.82%.  Source Proshare Read More 

Oil & Gas Sector – TOTAL, SEPLAT Top Gainers as FO Closes 2016 with Negative Price Return - The Oil & Gas sector remains one of the most critical sectors of the Nigerian economy and currently has thirteen (13) companies listed on the floor of the Nigerian Stock Exchange. Source Proshare Read More 

Flour Mills of Nigeria Plc Series 8, 9 & 10 Commercial Paper Issue - Offer Now Open - Flour Mills of Nigeria PLC Series 8, 9 & 10 Commercial Paper is now open for subscription and is due to close on Friday, January 13, 2017. Please find below a summary of the terms of the offer. Source Proshare Read More 

Med-View Airline to list on Nigerian Stock Exchange - One of Nigeria’s domestic carriers, Med-View Airline, will on Tuesday, January 31, lists its shares valued at N14.63 billion by way of introduction on the Nigerian Stock Exchange (NSE). Source BUSINESSDAY Read More 

Standard Chartered says higher oil prices are no panacea to Nigeria slump - Higher oil prices alone, is no solution to Nigeria’s economic growth slump, according to Razia Khan, the Regional Head of Economics, Africa, at Standard Chartered Bank, which forecasts oil prices will average $66 in 2017. Source BUSINESSDAY Read More 

PH, Kaduna, Warri refineries resume kerosene, diesel production - NIGERIAN National Petroleum Corporation, NNPC, yesterday, announced that the Kaduna, Port Harcourt and Warri refineries had resumed production of Dual Purpose Kerosene, DPK, and Automotive Gas Oil, AGO, otherwise known as kerosene and diesel respectively. Source Vanguard Read More 

NEITI asks NPDC to settle $4.977bn liabilities - THE Nigeria Extractive Industries Transparency Initiative, NEITI, yesterday, told the Senate that the Nigeria Petroleum Development Company Source Vanguard Read More 

NUPENG Suspends 3-day Warning Strike - The National Union of Petroleum and Natural Gas Workers (NUPENG) yesterday suspended it’s 3-day warning strike following a resolution reached with Government, International Oil Companies  (IOCs), and other stakeholders in the industry over the issues of contentious. Source Leadership Read More 

Power supply to Nigerian households drops to 37% in Q4 2016  - Nigerian households experienced a decline in power supply during the fourth quarter of 2016, as only about 37 percent of Nigerians reported improvement in power supply in their residences. Source BUSINESSDAY Read More 

 

PROSHARE BUSINESS
Egypt's H1 2016/17 budget deficit narrows to 5 pct: Finance Minister - Egypt's budget deficit in the first half of 2016/17 narrowed to 5 percent from 6.3 percent in the same period a year earlier, Finance Minister Amr El-Garhy said on Wednesday. Source Reuters Read More  

Africa Finance Corp plans maiden sukuk soon: sources - Africa Finance Corp (AFC), a pan-African multilateral institution based in Nigeria, is likely to make a debut U.S. dollar sukuk issue by early February, banking sources close to the deal said on Wednesday. Source Reuters Read More 

Ghana Dec consumer inflation falls slightly to 15.4 pct - Ghana's annual consumer price inflation fell marginally to 15.4 percent in December from 15.5 percent the previous month, the statistics office said on Wednesday. Source Reuters Read More 

Gold holds near six-week peak on safe-haven demand - Gold on Wednesday held near a six-week high hit in the previous session, with economic and political uncertainty boosting its safe-haven appeal. Source Reuters Read More 

Stocks Rise, Dollar Drops as Trump Effect Fades: Markets Wrap - Donald Trump’s first press conference as president-elect spurred a brief bout of volatility on U.S. financial markets before stocks, the dollar and Treasuries drifted back toward pre-event levels with investors still awaiting details on the Republican’s policy prescriptions. Source Bloomberg Read More

U.A.E. Says $50 Oil ‘Isn’t Going to Cut It’ for Most Producers - Crude oil at $50 a barrel is too low for most producing countries, according to United Arab Emirates Energy Minister Suhail Al Mazrouei. Source Bloomberg Read More

The Three Worst Currencies of 2017 Show That Politics, Not Economics, Are Driving Markets - The new year's currency action suggests politics is trumping economics in the world's foreign-exchange markets, according to Societe Generale Global Strategist Kit Juckes. Consider the three worst-performing currencies in the first ten days of the year, he said in a note on Wednesday. Source Bloomberg Read More

Kenya to Raise $1.05 Billion Syndicated Loans to Fund Budget - Kenya is raising at least $1.05 billion through syndicated loans, including $250 million already secured from lenders led by PTA Bank, as East Africa’s biggest economy seeks to plug a widening budget deficit. Source Bloomberg Read More

Emerging-Market Currencies Fall; Lira in Worst Rout Since 2008 - Emerging-market currencies dropped as the lira posted its biggest five-day loss since the global financial crisis. Stocks in developing nations rose with commodities. Source Bloomberg Read More

Oil Climbs Most in Six Weeks After Record U.S. Refinery Runs - Oil increased the most in almost six weeks after a government report showed U.S. refiners processed a record amount of crude last week. Source Bloomberg Read More

Volkswagen pleads guilty to 3 charges, will pay $4.3b for emissions scandal - Volkswagen is pleading guilty to three criminal charges and will pay $4.3 billion to the U.S. government for cheating on emissions tests and destroying evidence in an elaborate cover-up. Source Business & Tech Read More

 

 

PROSHARE STARTUP
CBN approves N1 billion for SMEs in Imo - The Central Bank of Nigeria (CBN), has approved of the sum of N1 billion soft loan for the Imo State Government for disbursement to the operators of Micro Small and Medium Scale businesses in the state, out of N2 billion applied for in 2014. Source Guardian Read More    

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