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Nigeria in 1min: Economic, Business & Financial Headlines – 131017

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October 13, 2017 6:10 AM / Proshare News 

PROSHARE ECONOMY

NSR Q4 2017 (5) - Balance of Payment to Survive Murky Waters - With data on the economy set to be released in coming periods, we expect crude export to consolidate gains from the first full quarter of Forcados re-opening in Q3. Source Proshare Read More 

Transcript of the Press Conference on the Release of the October 2017 World Economic Outlook - Ms. Stankova - Good morning, everybody, and good afternoon to those who are joining us from other parts of the world.  Source Proshare Read More 

Monthly Economic and Financial Market Outlook: Time for Portfolio Realignment - In the countries we monitored, the prices of government bonds recorded more decreases than increases in September 2017, compared with August 2017. Source Proshare Read More 

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NSR Q4 2017 (6) Naira Resilience: New Normal or Fleeting Reality? - As seen in the previous sections, recent plunge in ‘reserve depletion’ (-90% QoQ to ~$290 million) improved Nigeria’s financial account and tapered concerns over narrowing CA surplus and naira resilience over much of Q2 17. Source Proshare Read More 

Multiple Indicator Cluster Survey 2016-17 - This report is based on the Multiple Indicator Cluster Survey (MICS), conducted between September 2016 and January 2017 by National Bureau of Statistics (NBS), with technical and financial support from UNICEF, WHO, UNFPA, Bill and Melinda Gates Foundation, Save One Million Lives and NACA. Source Proshare Read More 

Nigerians besiege $10bn Hurricane-wrecked used-car auction - Nigerians buying used cars during this years Christmas rush and beyond, run the risk of getting short-changed by way of acquiring vehicles impaired by ‘Hurrican Harvey,’ Source BUSINESSDAY Read More 

World Bank warns Nigeria against dependence on oil - The World Bank President Jim Yong Kim, Thursday, called on the governments of Nigeria and other developing countries to urgently make critical investments that would shield their economies from sudden shocks in the global economy in the years ahead, warning that the GDP growth that saw the country out of recession was too lean for comfort. Source THE SUN Read More 

NIRSAL, Moroccan firms sign pact on agric insurance - The Nigeria Incentive Based Risk Sharing System for Agricultural Lending has signed a partnership agreement with two Moroccan agricultural insurance and reinsurance companies, Mutuelle Agricole Marocaine D’Assurances and MAMDA Reassurance. Source Punch Read More 

PROSHARE MARKETS

Stock Market Resumes Uptrend as NSEASI Records +0.22% Gain - Equities market closed today on a positive note, as NSE ASI appreciated by +0.22% to close at 36,732.24 basis points as against -0.34% depreciation recorded previously.  Source Proshare Read More 

Med-view Airline Plc Expands Services to Francophone and Dubai - Following the acquisition of a new B737-800 Aircraft, Med-view Airline Plc., is expanding her operations in the West Coast Region with the inaugural flights to Abidjan, Conakry and Dakar.  Source Proshare Read More 

Fidelity Bank Sells $400m Eurobond - Fidelity Bank Plc has successfully issued a $400 million Eurobond. The bank issued the five-year securities with a 10.75 per cent yield on Wednesday. Source Thisday Read More 

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Shareholders of PZ Cussons Approve N1.98bn Dividend - Shareholders of PZ Cussons thursday approved the sum of N1.98 billion as dividend for the 2017 financial year, which translated to a dividend payment of 50 kobo per share. The shareholders gave the approval at the annual general meeting (AGM) held in Abuja. Source Thisday Read More 

Interbank lending rate drops to 20% amid cash squeeze - The nation’s overnight lending rate dropped to 20 per cent on Thursday on expectation that a cash squeeze will ease after money market rates more than doubled previous session. Source Punch Read More 

Saraki: PIB Will Promote Devt of Nigerian Content in Oil Industry - Senate President, Dr. Bukola Saraki has stated that major reason the current Senate must pass the Petroleum Industry Governance Bill (PIB) after 17 years of its introduction is to enhance exploitation and exploration of petroleum resources in the country for the benefit of Nigerians. Source Thisday Read More 

NNPC increases exploration in Chad, six other basins - As part of strategies to shore up the nation’s crude oil reserve base, the Nigerian National Petroleum Corporation on Thursday announced that it was on target with respect to reinvigorating exploratory activities in the seven hydrocarbon basins across the country. Source Punch Read More 

IOCs pay N828bn taxes, levies in 3yrs - INTERNATIONAL Oil Companies, IOCs, operating in Nigeria paid N828 billion ($2.3billion) as education taxes and levies to the Niger Delta Development Commission, NDDC between 2014 and 2016. Source Leadership Read More 

NNPC shuts Kaduna, Warri refineries over operation costs, TAM - The Nigerian National Petroleum Corporation (NNPC) has indefinitely shut down two of the nation’s three refineries due to increase in their operation costs and several maintenance interventions. Source Daily trust Read More 

NNPC: I approved financing arrangements, not contracts…..Osinbajo - Nigeria’s Vice President, Prof. Yemi Osinbajo, has declared that what he approved for the Nigerian National Petroleum Corporation were financing arrangements and not contracts. Source BUSINESSDAY Read More 

NERC slams N50m fine on Ibadan DisCo, orders recovery of N5.75bn - The Nigerian Electricity Regulatory Commission (NERC) has slammed a N50 million fine on Ibadan Electricity Distribution Company Plc (IEDC), while ordering it to recover N5.75 billion, with interest, spent on inappropriate transactions. Source Daily trust Read More 

Power firms reduce metering gap by 2.2m customers since 2013 - The Association of Nigerian Electricity Distributors (ANED) said the 11 Distribution Companies (DisCos) have reduced customers metering gap by 2.2 million since the power sector was privatised in 2013. Source Daily trust Read More 

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PROSHARE BUSINESS

Ecobank Transnational Incorporated Announces Board Changes - Ecobank Transnational Incorporated, (ETI), the Lome-based parent company of the Ecobank Group, announces changes on its Board of directors. Source Proshare Read More 

Buhari reappoints Orji as MD Sovereign Wealth Fund - President Muhammadu Buhari has re-appointed Mr Uchechi N. Orji as Managing Director of the Nigeria Sovereign Investment Authority (NSIA). Source Daily Trust Read More

Namibia inflation rises to 5.6 pct y/y in September - Namibia’s consumer inflation rose to 5.6 percent year-on-year in September, from 5.4 percent in the previous month, the statistics office said on Thursday. Source Reuters Read More 

Singapore Growth Accelerates in Third Quarter on Export Bounce - Singapore’s economy gained traction in the third quarter as a pickup in exports helped to drive up manufacturing. Source Bloomberg Read More 

Londoners Have Been Losing 40% of Their Salaries to Rent - Britain’s housing crisis was laid bare in a report that showed how soaring rents, particularly in London, can swallow salaries. Source Bloomberg Read More 

Payrolls in U.S. Rise 156,000; Wages Also Below Forecasts - The U.S. economy added fewer employees than expected in August, the jobless rate rose and wages climbed less than forecast, in a break from otherwise solid progress in the labor market. Source Bloomberg Read More 

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China Exports Remain Resilient as Rising Imports Signal Strength - China’s overseas shipments rose from a year earlier, narrowly missing estimates, the latest sign that Asian trade is holding up on robust external demand and a brighter global outlook. Source Bloomberg Read More 

Saudi Arabia Weighs Slower Subsidy, Budget Cuts to Aid Economy - Saudi Arabia may cut energy subsidies more gradually and take longer to balance its budget, Finance Minister Mohammed Al-Jadaan said, as the kingdom seeks to soften the impact of its drive to repair public finances. Source Bloomberg Read More 

OPEC’s ‘Heavy Lifting’ Is Not Done, Says Gunvor’s Fyfe - David Fyfe, chief economist at Gunvor Group, says that legacy investments made pre-2014 in Brazil, Canada and Kazakhstan will come online in 2018, making OPEC’s job that much harder. Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

Big Data Economy: Driving the Economy through Data Science - I am honored to join you here today at the 1st National Summit on Big Data Economy and the 2nd Data Science Bootcamp being organized by Data Science Nigeria. Source Proshare Read More 

Internet users in Nigeria increase to 92m - The internet users and data subscribers in Nigeria’s telecommunications networks marginally increased to 92 million in August. Source THE SUN Read More 

Indigenous OEMs serve only 20% computer hardware market - Dr. Isa Pantami, director general, National Information Technology Development Agency (NITDA), has invited investors at Africa Investment Forum as part of activities at GITEX 2017, Dubai World Trade Centre to tap into Nigeria’s great potentials in the Information and Communication Technology (ICT) sector. Source Guardian Read More 

Google commits $1 billion in grants to train U.S. workers for high-tech jobs - The nature of work is changing on a global level at a rapid pace. Sure, it’s not the first time work has been dramatically impacted by technology, but the growth of automation, robotics Source TechCrunch Read More 

Samsung Electronics CEO Steps Down During 'Unprecedented Crisis' - Samsung Electronics Co. Vice Chairman and Chief Executive Officer Kwon Oh-hyun is stepping down after more than three decades at the company, saying that he’s making way for new leadership amid a corruption trial surrounding the de facto chief. Source Bloomberg Read More 

Bitcoin Can Now Buy You Citizenship in One of the World’s Happiest Countries - With the 34th-most-“powerful” passport in the world and the fourth-highest happiness ranking, Vanuatu has a lot to offer—if you have enough bitcoins. Source Bloomberg Read More 

Bitcoin Mania Takes Off as Cryptocurrency Surges Past $5,000 - Bitcoin bubble or just the beginning? Or both? Those are the questions being asked on Wall Street to Main Street after the digital currency breached $5,000 for the first time, pushing this year’s gains to more than fivefold. Source Bloomberg Read More 

Global Demand for Bitcoin Shifts Wildly in Response to Regulation - By many measures, digital currencies are as strong as ever. Bitcoin prices, up more than 400 percent this year, eclipsed $5,000 on Thursday. Source Bloomberg Read More 

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