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Nigeria in 1min: Economic, Business & Financial Headlines – 150317

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March 15, 2017 6:10 AM / Proshare News 

PROSHARE ECONOMY
CPI Drops to 17.78% in February 2017, 0.94% Lower Than 18.72% January Rate - On a Headline basis, the Consumer Price Index (CPI) which measures inflation increased by 17.78 percent (year-on-year) albeit at a slower pace in February 2017, 0.94 percent points lower from the rate recorded in January (18.72) percent. Source Proshare Read More 

Average Price of 1kg of Rice Increased by 68% YoY in February 2017 - Selected food price watch data for February 2016 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 53.33% and month-on-month by 1.40% to N520.16 in February 2017 from N512.99 in January 2017 while the average price of piece of Agric eggs medium size increased year-on-year by 43.03% and decreased month-on-month by 9.52% to N42.90 in February 2017 from N47.42 in January 2017. Source Proshare Read More 

After NBS Release: What is Core Inflation, CPI, Base Effect - Core inflation reflects the long-term trend in a particular price level. It is a measure of inflation that excludes certain items that face volatile price movements because in finding out the legitimate long run inflation, short-term price volatility and transitory changes in price must be removed. Source Proshare Read More 

Average Intercity Transport Fare Decreases to N1,411.87 in Feb’17 from N1430.63 in Jan’17 - The transport fare watch report for February 2017 covers the following categories namely bus journey within the city per drop constant route ; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (okada) per drop; and  water way passenger  transport. Source Proshare Read More 

Base Effects Strike Down Inflation rop In Headline Inflation - This morning, the National Bureau of Statistics (NBS) reported that headline inflation shrank 94bps from its prior reading to 17.78% YoY over February 2017. On a MoM basis, headline inflation increased by 1.49% (48bps higher than the prior month’s reading). Source Proshare Read More 

NASS Support Critical To The Success Of The Economic Growth & Recovery Plan - The support of the National Assembly is very critical to the successful implementation of the Economic Recovery and Growth Plan (ERGP), the Minister of Budget and National Planning, Senator Udoma Udo Udoma, has told members of the House of Representatives Tactical Committee on Recession. Source Proshare Read More 

A Blip or a Trend? - Inflation dropping to 17.78%, first time in 15 months - Rewane - Headline inflation slowed by 0.94% to 17.78% in February, the first decline in 15 months. This development came as no surprise as the markets were already anticipating a reversal in trend. Source Proshare Read More 

Nigerian lawmakers aim to pass 2017 budget by end of March: Senate president - Nigerian lawmakers aim to pass the 2017 budget by the end of March, the president of the upper house of parliament said on Tuesday, following a meeting with President Muhammadu Buhari. Source Reuters Read More 

Okowa signs N294.5bn budget into law - Delta State governor, Ifeanyi Okowa on Tuesday assented to the 2017 Appropriation Bill of N294.5 billion with an assurance that his administration will not waver in its commitment to infrastructural development. Source BUSINESSDAY Read More 

Nigeria freights tomatoes by rail for first time in 58 yrs - … To recover 40% losses … As agribusiness practitioners look to Govt, private sector to address challenges. Nigeria will today record a milestone achievement after 58 years, as a cargo of tomatoes which left Kano at 9 am on Monday by rail is expected to arrive Lagos early this (Wednesday) morning. Source BUSINESSDAY Read More 

Chinese investments in Nigeria hit $13b - The Chinese Deputy Ambassador to Nigeria, Mr. Lin Jing, yesterday in Abuja, said Chinese investments in country have hit over $13 billion. Source THE NATION Read More 

Govt saves $5m daily from ban on rice, wheat imports - The Minister of Agriculture, Chief Audu Ogbe yesterday in Kano said the policy on the ban of importation of rice and wheat has enabled the country to save $5 million daily. Source THE NATION Read More 

FG to sell Ajaokuta to private operators - The Federal Government has said it will sell the Ajaokuta Steel Complex to a private sector operator with the capacity to turn around the fortunes of the beleaguered company. Source Punch Read More 

PROSHARE REGULATORS
IOSCO Launches Its First Regional Capacity Building Hub In Malaysia - The International Organization of Securities Commissions (IOSCO) today unveiled the IOSCO Asia Pacific Hub in Kuala Lumpur, hosted by the Securities Commission (SC) Malaysia.  Source Proshare Read More 

CBN injects $195m into forex market - The Central Bank of Nigeria (CBN) yesterday said it will inject $195 million comprising of $150 million for the wholesale auction and $45 million in the invisible segment for such items as medical fees, tuition fees, Personal Travel Allowance (PTA) and Business Travel Allowance (BTA). Source THE NATION Read More 

PROSHARE MARKETS
Equities Market Retracts by +0.59% To Close Positive as Inflation Rate Moderates to 17.78% - Equities market closed today on a positive note, as NSE ASI appreciated by 0.59% to close at 25,284.56 basis points, as against 0.40% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.92%. Source Proshare Read More 

Government to raise additional N43b debt from T-Bills - The Federal Government’s debt strategy is now in full swing, as additional debt of N43.2 billion would be raised through the Treasury Bills (T-Bills) programme in the second (Q2) of 2017. Source Guardian Read More 

Transcorp Power inaugurates $28.3m gas turbine - Transcorp Power Limited, a subsidiary of Transcorp Plc, on Monday inaugurated the 115-megawatts Gas Turbine 15 at its Ughelli Power Plant, bringing the capacity of the plant to 620MW. Source Punch Read More 

Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - February 2017 - Average price paid by consumers for premium motor spirit (petrol) increased by 50.1% year-on-year and 0.7% month-on-month to N149.8 in February 2017 from N148.7 in January 2017. Source Proshare Read More 

NNPC yet to remit $15.8 billion to FG account-NEITI - The Nigeria Extractive Industries Transparency Initiative (NEITI) says Nigerian National Petroleum Corporation (NNPC) is yet to remit 15.8 billion dollars collected from Nigeria Liquefied Natural Gas (LNG) to the Federation account, in spite of the report submitted to the Federal Government. Source Daily Trust Read More 

PROSHARE BUSINESS
Comments On The Resignation Of Charlotte Hogg of the Bank of England - It is also welcome that the Bank has responded immediately by announcing an internal review. The Bank's governance is already in much better shape than it was a few years ago. It is something to which the Governor and Court has been committed for some time. But there is clearly more to do. Source Proshare Read More 

First Bank maiden Agric Expo, explores Sustainable Agro-Development in Nigeria - First Bank Nigeria limited, Nigeria’s leading financial services firm in furtherance of its support and value for the development of the Agricultural sector, hosted its first ever Agric Expo summit in Lagos. Source Proshare Read More

Kenya to present budget on March 23 -  Kenya's minister of finance will present the government's budget for the fiscal year of 2017/18 (July-June) in the parliament on March 23, the Treasury said on Tuesday. Source Reuters Read More 

Trump Paid $38 Million Tax on $150 Million Income, Return Shows - President Donald Trump made more than $152.7 million and paid $38.4 million in federal taxes in 2005, according to two pages of his federal income tax return for that year that were broadcast by MSNBC and posted online. Source Bloomberg Read More

Saudi Arabia Says It Has Reversed a Third of Its Production Cuts - Saudi Arabia told OPEC it dialed back on some of its supply cuts last month, pumping more than 10 million barrels a day as it replenished its own storage tanks. Source Bloomberg Read More

Africa's Largest Data-Center Firm Raises $91 Million for Growth - Teraco Data Environments, which says it is the largest provider of data-center services in Africa, said it raised 1.2 billion rand ($90 million) from South African lender Barclays Africa Group Ltd. to invest in information-technology infrastructure on the continent. Source Bloomberg Read More 

 

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