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Nigeria in 1min: Economic, Business & Financial Headlines – 130417

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April 13, 2017 7:10 AM / Proshare News 

PROSHARE ECONOMY
Nigeria’s Economic Outlook In 2017 - Teriba - The economic events of 2016 taught us a lot of hard lessons about Nigeria’s interface with the global economy, and the links with domestic growth, stability and policy responses. Source Proshare Read More 

Nigeria: Unwinding the IMF Put Options - Oshikoya - The IMF recently released its Article IV Consultation Report on Nigeria. The Report recommends five main policy measures to reduce external vulnerabilities and promote sustainable growth: fiscal policy aimed at mobilizing non-oil revenue; raising interest rates with tight monetary policy; adopting a more flexible exchange rate regime; enhancing banking sector resilience; and implementing structural and institutional governance reforms. Source Proshare Read More 

Nigeria will come out of recession by Q2, says NESG - In view of the series of economic interventions by the Federal Government, the Nigeria Economic Summit Group (NESG), projects that the country would exit from current recession in this second quarter. Source Guardian Read More 

Nigeria to Start Repayment of $5 Billion Oil Debt This Month - Nigeria will start paying back a $5.1 billion debt owed to international oil companies, including Exxon Mobil Corp. and Royal Dutch Shell Plc, with a first installment this month in accordance with an agreement reached last year. Source Bloomberg Read More 

FG sets up industrial policy, competitiveness council - The federal government has approved the establishment of the Industrial Policy and Competitiveness Advisory Council (The Industrial Council) to assist the government in formulating policies and strategies that will enhance the government’s industrialization goals. Source Daily Trust Read More 

FG plans $7.6billion funding for ailing power sector - …World Bank, AfDB and sale of NIPPs as funding sources The Federal Government plans to raise $7.6 billion funding over the next five years through loans from the World Bank Group, the African Development Bank (AfDB) and sale of National Integrated Power Plants (NIPPs) to rescue the ailing power sector and reverse an economic loss… Source BUSINESSDAY Read More 

Africa’s FDI to hit $850bn this year – UNCTAD - The Foreign Direct Investment (FDI) to Africa and other developing countries is expected to reach $850billion this year with Mozambique and Congo Republic having the large chunk of the investments, the United Nations Conference on Trade and Development has said. Source Daily Trust Read More 

World Bank disburses $13.63bn loans, grants to Nigeria -The World Bank has disbursed a total of $13.63bn in loans and grants to Nigeria as of March 31; a summary of the country’s debt portfolio provided by the bank has shown. Source Punch Read More 

Nigeria seeks $3bn from World Bank, AfDB, others - The Federal Government is talking to the World Bank and African Development Bank for $3bn loans before it determines how much it will raise from Eurobonds to help fund this year’s budget. Source Punch Read More 

AFC issues $500m Eurobond, attracts 231 investors - A pan-African multilateral development finance institution and project developer, Africa Finance Corporation, has announced the issuance of a $500m seven-year Eurobond. Source Punch Read More 

2017 budget: FG to delay green bond sale - The Federal Government will delay the issuance of green bond until the 2017 budget has been passed, the Minister of State for Environment, Ibrahim Jibril, has said. Source Punch Read More 

Arik Air owes local, foreign creditors N387bn - AMCON - More facts emerged yesterday on the alleged indebtedness of Arik Airline which was taken over by the Assets Management Corporation of Nigeria (AMCON). Source Daily Trust Read More 

AMCON takes over three more Arumemi-Ikhide’s firms - The Asset Management Corporation of Nigeria has taken over Rockson Engineering Limited, Ojemai Investment Limited and Ojemai Farms, two firms linked to the former Chairman of Arik Air, Sir Joseph Arumemi-Ikhide. Source Punch Read More 

FIRS Targets N10bn VAT From Aviation Sector - The Federal Inland Revenue Service (FIRS) hinted yesterday of its plan to generate about N10 billion from airline companies in Nigeria on Value Added Tax (VAT) alone per annum. Source Leadership Read More 

Insurance subscribers to pay more as inflation changes asset value dynamics - The current dollar scarcity and attendant inflation in Nigeria, which have affected the prices of imported commodities, have changed the value dynamics of insured assets,  making subscribers pay more, to match market realities. Source BUSINESSDAY Read More 

NLRC: Nigeria Losing over N200billion in Gaming Industry - The Director General of the National Lottery Regulation Commission (NLRC), Adolphus Ekpe, has expressed concern that lack of synergy between federal and state governments, is denying Nigeria  over N200billion revenue that could be generated through the gaming industry. Source Thisday Read More 

 

 

PROSHARE REGULATORS
We're Going To Eliminate Wasteful Regulations, Which We've Already Done - Trump - Thank you all for being here.  Very much appreciate it.  I want to thank Steve Schwarzman for putting together this very incredible group of world-class business leaders. Source Proshare Read More 

 

 

PROSHARE MARKETS
Nigerian Stock Market Halts Downtrend as NSEASI Inches Up by +0.07% - Equities market closed today on a positive note, as NSE ASI depreciated by +0.07% to close at 25,478.06 basis points, as against -0.58% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.13%. Source Proshare Read More  

Unilever Nigeria to seek approval next month for $200 mln share sale - Unilever Nigeria said on Wednesday it will seek shareholder approval next month to raise 63 billion naira ($200 million) through a rights issue. Source Reuters Read More 

CBN releases additional $250m for Forwards market - The Central Bank of Nigeria (CBN) on Wednesday, April 12, 2017, released additional $250 million on 7 to 30-day forwards for agriculture, airline, petroleum products and raw materials. Source Proshare Read More 

Trump offers one-off tax for repatriated profits, US Treasury issues savings bond and other news - Donald Trump's plan to encourage US companies to repatriate profits held offshore will allow the 50 biggest American corporations to save at least $300bn (£240bn), according to research by Oxfam. Source Proshare Read More 

Promising Signs from the Refineries - The NNPC trimmed its operating deficit in January from N17.0bn to N14.3bn (US$47m), The improvement can be traced to a stronger performance by its Nigerian Petroleum Development Company and greater efficiencies achieved by its three refining companies. Source Proshare Read More 

Govt owes multinationals $10b in crude oil over-lift - The Federal Government through the Nigerian National Petroleum Corporation (NNPC), is owing International Oil Companies (IOCs) about $10 billion in unpaid crude oil over-lift bills, Source THE NATION Read More 

Shell pays $29b to Fed Govt - Oil giant Royal Dutch Shell said its Nigerian subsidiary, Shell Petroleum Development Company Limited (SPDC) and Joint Venture (JV) partners, paid $29 billion to the Federal Government over the last five years. Source THE NATION Read More 

India loses spot as Nigeria’s biggest oil buyer - For the first time in at least two years, India’s monthly import of Nigerian crude oil has fallen below six million barrels, the latest monthly report from the Nigerian National Petroleum Corporation has shown. Source Punch Read More 

ExxonMobil to make fresh investment in power sector - ExxonMobil, an international oil company operating in Nigeria, has indicated interest to make fresh investment in the country’s power sector, making it the second IOC to declare such intention this year. Source Punch Read More 

 

 

PROSHARE BUSINESS
FirstBank Upscales’ Secure and Convenient Money Transfer Services to Customers - As the most valuable banking brand in Nigeria, First Bank of Nigeria is stepping up its commitment to a journey of strength and dynamism in the provision of best-in-class financial solutions designed to leverage scale to ensure convenience for its customers. Source Proshare Read More  

Kenya Extends Tax Amnesty to Net More Money Held Offshore - Kenyans holding undisclosed funds abroad have until June 2018 to declare the money and repatriate it to remain eligible for a government tax amnesty. Source Bloomberg Read More 

China Exports Surged the Most in Two Years as Imports Moderated - China Exports Surged the Most in Two Years as Imports ModeratedChina’s overseas shipments last month jumped the most in two years as global demand held up. Imports moderated after a holiday-season surge in February and the trade balance rose. Source Bloomberg Read More 

London Housing in Its Deepest Slump Since the Financial Crisis - London’s housing market is in its worst slump since the depths of the financial crisis eight years ago, part of a broader slowdown that may continue. Source Bloomberg Read More 

South Africa's Shoprite looks beyond Africa to Eastern Europe - Africa's biggest grocery retailer Shoprite is considering a push into Eastern Europe, where it hopes to use knowledge gleaned from former suitor Steinhoff International, its new CEO told Reuters. Source Reuters Read More 

Algeria's economy grew 4 pct in 2016, helped by energy - cenbank - Algeria's economy grew 4 percent in 2016, up from 3.8 percent the previous year, driven by a slight improvement in the energy sector, the central bank governor said on Wednesday. Source Reuters Read More 

Angola's inflation slows to 36.52 percent year/year in March - Angola's inflation slowed to 36.52 percent year-on-year in March from 38.32 percent in February, data from the national statistics agency showed on Wednesday. Source Reuters Read More 

 

 

PROSHARE TECHNOLOGY
UK Regulator Recognizes Yielders as First sharia-compliant Fintech - A London-based start-up laid claims to being the first shariah-compliant fintech to be given regulatory approval in the UK. Source Proshare Read More 

Building The Infrastructure To Realise FinTech's Promise - Speech by Mark Carney - In this speech, the Governor also announced that applications to the Accelerator are now open again and gave details of the types of technologies the BOE is interested in. Source Proshare Read More 

‘Ghana Performing Better than Nigeria in PoS Adoption’ - Ghana is performing better than Nigeria when it comes to using Point of Sale (PoS) channel for payments during transactions, a report has revealed. Source Thisday Read More 

 

 

 

 

 

 

 

 

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