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Nigeria in 1min: Economic, Business & Financial Headlines – 121017

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October 12, 2017 7:10 AM / Proshare News 

PROSHARE ECONOMY

NSR Q4 2017 - Crude Oil: Will Crude Oil ‘Roller Coaster’ Linger?- Crude oil market rebalancing in the third quarter of 2017 was ahead of our forecast Source Proshare Read More 

NSR Q4 2017 (2) - GDP: Uphill with the Handbrake On- After five quarters of negative growth, Nigeria’s recession ended in the second quarter of 2017 (0.5% YoY) majorly driven by growth on the oil front Source Proshare Read More 

NSR Q4 2017 (4) - Nigeria’s Net Creditor Status Diminishes Again- In Q2 17, Nigeria retained its net creditor status with the rest of world after posting current account (CA) surplus of $1.4 billion.  Source Proshare Read More 

IMF warns Nigeria, others over rising foreign debt - The International Monetary Fund (IMF) yesterday warned the Federal Government about its rising debt profile, especially of foreign loans. Source THE NATION Read More 

Sub-Saharan Africa to grow at a slower rate this year, World Bank says - The economy of sub-Saharan Africa is seen growing more slowly this year than previously forecast, largely due to weak investment and productivity, the World Bank said on Wednesday. Source Reuters Read More 

FG setting up focused labs to drive public, private sector partnership, Udoma tells Senate - The Federal Government is working on modalities for setting up focused labs in some critical areas of the Economic Recovery and Growth Plan (ERGP) to further consolidate the gains of the economic diversification programme. Source Proshare Read More 

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FG approves transaction advisor for C’River Deep Seaport - The Federal Government has approved a transaction advisor for the Bakassi Deep Seaport project in the state. Source Punch Read More 

FG to bar doctors from private practice - The Federal Government is considering barring doctors in public hospitals from private practice, Minister of Health, Professor Isaac Adewole, has said. Source Daily Trust Read More 

Tax: FIRS goes after owners of undeveloped commercial plots - The Federal Inland Revenue Service (FIRS) has commenced the process of forfeiture of undeveloped commercial plots in the Federal Capital Territory, Abuja, Daily Trust has leant. Source Daily Trust Read More 

Tax amnesty: VAIDS begins data collection on Nigerians’ income, assets - The Voluntary Assets and Income Declaration Scheme (VAIDS) has begun the collection of data on the income and assets of high net-worth individuals and companies in the country. Source Daily Trust Read More 

Production scales up as Aba shoes, garments, attract N1.6bn direct sales - The Abia State Government has attracted about N1.6 billion in direct sales from shoes and garments, through its campaign on Made-in-Aba goods, BusinessDay has gathered. Source BUSINESSDAY Read More 

Backward integration in cement saves Nigeria N240bn yearly - Local manufacture of cement has seen installed capacity increased from two million to 32 million metric tons since backward integration began in the sector in 2002. Source THE SUN Read More 

Uptick in IMF’s Global Growth Forecasts- The IMF’s new World Economic Outlook (WEO) has raised its global growth forecasts for this year and 2018 marginally from three months ago to 3.6% and 3.7%.Source Proshare Read More 

Proceedings of Nigerian Senate 10th October and Request for Debt Approval- Senate President Bukola Saraki took the official Prayer and led the Chambers into today’s proceedings at 10.58am. Source Proshare Read More 

Headline Inflation to Taper Off At 15.99% in September- Headline inflation is expected to decline to 15.99% from 16.01% in August, making it the eight consecutive monthly decline in 2017. Source Proshare Read More 

The "Amazon Effect" Is Coming To Oil Markets- While OPEC mulls over further steps to once again support falling oil prices, tech startups are quietly ushering in a new era in oil and gas: the era of the digital oil field. Source Proshare Read More 

Testimony Of Chairman U.S. Commodity Commission Before The House Committee On Agriculture- Thank you Chairman Conaway, Ranking Member Peterson, and members of the Committee. Source Proshare Read More 

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PROSHARE REGULATORS

Nigeria to enjoy $5bn cover as ATI member –NAICOM  - The National Insurance Commission (NAICOM) has confirmed that Nigeria stands to enjoy $5 billion insurance cover as a member of African Trade Insurance Agency (ATI). Source THE SUN Read More 

PROSHARE MARKETS

Nigerian Cement Sector Update October 2017: Strong Earnings Growth Despite Subdued Macro- Despite the near-term pressures on demand elicited by weak economic conditions, our Nigerian cement names delivered stellar y/y sales and PBT growth in H1 2017. Source Proshare Read More 

Stock Market Maintains Downtrend as NSEASI Records -0.34% Loss- Equities market closed today on a negative note, as NSE ASI depreciated by -0.34% to close at 36,652.82 basis points as against -0.15% depreciation recorded previously. Source Proshare Read More 

Nigerian Breweries Plc Announces Board Meeting and Closed Period- We hereby notify The Nigerian Stock Exchange (“The NSE") that a meeting of the Board of Directors of our Company has been scheduled for Wednesday, 25th October, 2017 Source Proshare Read More 

To Make Progress We Must Prioritise SMEs and the Creative Sector, Elumelu Says- The Chairman of African proprietary investment company, Heirs Holdings, Tony O. Elumelu, CON has called on the government to prioritise SMEs  Source Proshare Read More 

Banks to face loan loss provisioning nightmare over IFRS-9 - Nigerian lenders are faced with the possible negative consequences of making loan loss provisions as they gear-up for the adoption of International Financial Reporting Standard (IFRS-9) come January 1, 2018. Source BUSINESSDAY Read More 

$18bn Dangote refinery will boost Nigeria’s foreign investment- IPMAN - The Independent Petroleum Marketers Association of Nigeria (IPMAN), western zone, on Wednesday says that the 18 billion dollars Dangote refinery will boost the country’s foreign investment when it finally comes on stream. Source Daily Trust Read More 

India imports 86% of oil from OPEC members – Minister - Minister of Petroleum and Natural Gas of India, Dharmendra Pradhan, has said India sources about 86% of crude oil, 75% of natural gas, 95% of LPG from OPEC Member Countries.’ Source Daily Trust Read More 

Establish refinery in Akwa Ibom, NNPC tells investors - The Group Managing Director, Nigerian National Petroleum Corporation, Dr. Maikanti Baru, on Wednesday said he had engaged investors to establish a refinery in Akwa Ibom State. Source Punch Read More 

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OPEC: Nigeria fails to provide oil output figure - Nigeria failed to supply its crude oil production figure for last month to the Organisation of Petroleum Exporting Countries, the group’s latest monthly report released on Wednesday showed. Source Punch Read More 

Electricity tariff shortfall hits N460bn - The freeze on residential customers’ electricity tariff in the R2 class, smoothening of tariff across the country and changes to tariff assumptions, among other issues, have led to a tariff deficit of N460bn in the Nigeria Electricity Supply Industry. Source Punch Read More 

Ikeja Electric, Mojec sign MoU for DT meters - Ikeja Electric Plc has signed a Memorandum of Understanding with Mojec International Limited for the supply of distribution transformer meters. Source Punch Read More 

Government proposes model to end estimated electricity billing in three years - The Federal Government has initiated a business model to end estimated billing for every electricity customers in the next three years. Source Guardian Read More 

GE states condition for investing in DisCos - The Management of General Electric (GE) has set a fresh condition for it to invest in the Electricity Distribution Companies (DisCos). Source THE NATION Read More 

PROSHARE BUSINESS

Pension Fund Asset under Management as at 31 December 2016 stood at N6,164.76bn - NBS - The Nigerian Pension Fund Administration Data  for 2016 reflected that the Pension Fund Asset under Management as at 31 December, 2016 stood at N6,164.76bn as against N5,302.82bn in 2015. Source Proshare Read More 

Ghana inflation falls to 12.2 pct in Sept. from 12.3 pct in Aug - Ghana’s annual consumer price inflation fell to 12.2 percent in September from 12.3 percent the previous month, the statistics office said on Wednesday. Source Reuters Read More 

Minimum Wage Boost Lifts 300,000 Britons Out of Poverty - The number of Britons in low-paid jobs dropped by more than 300,000 last year, the biggest reduction since 1977, thanks to the introduction of a new minimum wage. Source Bloomberg Read More 

BMW to Outsource China Mini Car Making to Great Wall - BMW AG is working on a deal to outsource the manufacturing of Mini cars in China to Great Wall Motor Co., the country’s biggest SUV maker, according to people with knowledge of the plan. Source Bloomberg Read More 

Libya Says Its Oil Recovery Is Struggling and OPEC Sympathizes - Libya said it’s struggling to restore oil production and fellow OPEC members are sparing the nation from having to participate in their deal to cut output. Source Bloomberg Read More 

Edmond de Rothschild Invests $119 Million in French Alps Hotel - The Edmond de Rothschild group is investing 100 million euros ($119 million) of cash in a new Four Seasons hotel in Megeve in the French Alps as the banking dynasty reaffirms its commitment to the ski resort it began building in 1920. Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

Fintech Association of Nigeria Engages CBN and NSE on Clear Path for Market - The Central Bank of Nigeria (CBN) and the Nigerian Stock Exchange (NSE) have commended the Fintech Association of Nigeria for its efforts in bridging the gap between the regulators, government and the active players in the Nigerian Fintech ecosystem Source Proshare Read More 

OLX Site Recorded N12.1trn Online Transactions in 2016 - OLX, a leading online classifieds site in Nigeria, has released the report of the total number of second-hand items and their value, that were traded on its online site in 2016, saying a total of 1,122,001 second-hand items were posted for sale on the site last year valued at N12.1 trillion. Source Thisday Read More 

Mastercard CEO Attacks Cryptocurrencies That Are Not Government-Backed- Ajay Banga, CEO of Mastercard, has leveled a scathing attack on any and all cryptocurrencies that are not government mandated, calling them “junk”. Source Proshare Read More 

The Disruption House Announces Unique Capital Markets Cluster Model, After Fintech Scorecard- Following the successful launch of the Fintech Scorecard Service, The Disruption House (TDH) today announces the availability of three Capital Markets Clusters. Source Proshare Read More 

Bitcoin Is Retaking Its Place as King of the Cryptocurrencies - Bitcoin is so close to making a new record and it could be because it’s taking market share from its smaller cousins. Source Bloomberg Read More 

Musk’s SpaceX Successfully Launches Another Reused Rocket - Elon Musk’s Space Exploration Technologies Corp. successfully launched another reused rocket from Kennedy Space Center in Florida as it continues its mission to drive down flight costs through refurbishment and reusability. Source Bloomberg Read More 

Google buys short-form audio startup to bolster its podcast efforts - 60Db, the short-form podcast app, looks like it's shutting down. The app's developer Tiny Garage Labs has joined Google, according to a post on Medium. Source Engadget Read More 

Qualcomm fined $774 million for abusing monopoly on smartphone modems in Taiwan - Qualcomm has been hit with a nearly $774 million fine by Taiwan’s Fair Trade Commission, which said today that the chip maker abused its monopoly over smartphone modems to squeeze higher licensing fees and better terms out of its customers. Source VERGE Read More 

Alibaba reportedly plans to spend $15 billion on 'moonshot' projects - Research and development in the tech industry is a pretty big deal. Google spins off its massive advertising revenues into all sorts of wild projects aimed at finding the next big thing. Source Engadget Read More 

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PROSHARE MSME

MSMEs, others owe BoA N37.4b - The Bank of Agriculture (BoA) has lamented that it is being owed N37.4 billion out of its current loan portfolio of N47.2 billion by Micro, Small, Medium Enterprises (MSMEs) and large scale beneficiaries both in agricultural and non-agricultural sector. Source THE NATION Read More 

Lori Systems wins Best of Show at Startup Battlefield Africa - At the very beginning, there were 15 startups coming from all around Africa. After an incredibly fierce competition in Nairobi, Kenya, here are the winners of TechCrunch’s first ever Startup Battlefield Africa. Source Tech Crunch Read More 

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