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Nigeria in 1min: Economic, Business & Financial Headlines – 161017

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October 16, 2017 6:10 AM / Proshare News 

PROSHARE ECONOMY

What To Expect From The Markets This Week - 161017 - We expect core inflation to sustain its downward trajectory, as it remains a downside risk to inflation. Source Proshare Read More 

Nigeria can’t achieve much without stable energy – IMF - Without energy, it’s difficult for Nigeria to achieve higher productivity in many sectors of the economy, Mr. Abebe Aemro Selassie, the Director of the International Monetary Fund (IMF’s ) African Department has said. Source Daily Trust Read More 

We’ll be prudent in managing our loans – Adeosun - The Minister of Finance, Mrs. Kemi Adeosun has said yesterday that the Federal Government would be prudent in the management of the country’s foreign borrowings. Source Daily Trust Read More 

FG targets $150bn from non-oil export in 10yrs -The Federal Government is targeting $150 billion extra earning from non-oil exports as part of the country’s Zero Oil Plan (ZOP). Source Daily Trust Read More 

External Reserves Rise To $33.11bn Highest Since 2015 - The nation’s external reserves hit $33.11 billion last Thursday, following increase in global oil prices to an average price of $50 per barrel. Source Leadership Read More 

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FG owes NDDC N1.8trillion arrears - The federal government may be indebted to the Niger Delta Development Commission (NDDC) to the tune of over N1.8trillion Source THE NATION Read More 

World Bank: We Have over $8.5bn Investments Scattered Across Nigeria - World Bank Group said it has an investment portfolio of about $8.5 billion scattered across states and regions in Nigeria. Source Thisday Read More 

We source 75% of raw materials locally – Guinness MD - The Managing Director/Chief Executive Officer, Guinness Nigeria Plc, Peter Ndegwa, spoke to STANLEY OPARA on the growth of the company amid the current economic realities in Nigeria Source Punch Read More 

Nigeria’s real estate industry underdeveloped – Alonge - Victor Alonge is the Senior Partner and Chief Executive Officer of Nelson Thorpe Alonge, a firm of chartered surveyors and estate surveyors and valuers. In this interview with MAUREEN IHUA-MADUNEYI, he says it will take at least six months to one year post-recession for the real estate industry to pick up Source Punch Read More 

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PROSHARE REGULATOR

Emefiele: Macroeconomic Environment Needed for Sustainable Growth - The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has stated that financing was not the magic wand but a conducive macro-economic environment was required to provide  support for the economy to achieve sustainable growth and development.Source Thisday Read More 

PROSHARE MARKETS

Corporate Earnings for the Week Ending 131017 –EKOCORP Declares N79.60mln PAT in 2016 Audited Result - During the week ending October 13, 2017, three quoted firms declared their results. Source Proshare Read More 

Stock Market Maintains Uptrend as NSEASI Records +0.32% Gain - Equities market closed today on a positive note, as NSE ASI appreciated by +0.32% to close at 36,848.17 basis points as against +0.22% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +37.11%. Source Proshare Read More 

N13.5bn of shares traded last week – NSE - A total turnover of 1.555 billion shares worth N13.504bn in 18,409 deals were traded last week by investors on the floor of the Nigerian Stock Exchange, according to the bourse’s weekly report. Source Punch Read More 

IMF sees improved forex market in Nigeria as reserves hit $33 billion - The nation’s foreign exchange market may have scored a positive outlook, at least in the near term, as the International Monetary Fund (IMF), admitted that there is appreciable progress being recorded. Source Guardian Read More 

Bad loans in 14 banks hit N177bn in 6 months - Stakeholders in divergent views over implications Net interest income hits N797.567bn Source Vanguard Read More 

N224bn inflow to boost interbank liquidity - CBN injects $501m as IMF insist on single forex market Experts disagree on September inflation figure Source Vanguard Read More 

CBN Pumps $306 Million into Forex Market - Players in the retail segment of the Nigerian interbank foreign exchange (forex) market received a $306.3 million boost from the Central Bank of Nigeria (CBN) on Friday, following bids received from forex dealers by the Bank. Source Thisday Read More 

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Zenith, Access, UBA, 7 Others Pay N50bn Tax In 6 Months - Zenith Bank, Access Bank, United Bank for Africa (UBA) and 7 others listed on the Nigerian Stock Exchange (NSE), posted income tax liabilities aggregating N50 billion in the first half of the year (H1 2007) – LEADERSHIP investigation has shown. Source Leadership Read More 

Fidelity Bank seals $255.5m debt buyback today - Fidelity Bank Plc will today pay out about $258.06 million to settle a $255.5 million debt buy back after the commercial bank successfully recalled more than 85 per cent of its outstanding $300 million notes due in May 2018 for early redemption. Source THE NATION Read More 

Banks revenue, profitability per employee rise on technology adoption - Nigerian banks showed higher productivity and effective use of shareholders’ funds for the year ended December 31, 2016 as revenue per employee and profit per employee for the period rose, despite the recession witnessed in 2016. Source BUSINESSDAY Read More 

Discos must pay their N500bn electricity debt – Ugbo -  It’s quite challenging, I must say. Our only source of revenue is from the sale of power, which is the power we generate, put on the grid; the transmission company transmits to distribution companies, who now sell to consumers. That is the flow of power from generation companies to final consumers. Source Punch Read More 

NNPC trading deficit rises by 128%, refineries lose N8.5bn - The Nigerian National Petroleum Corporation saw its trading deficit rise by 128.5 per cent in July to N11.87bn, with the nation’s crude oil refineries responsible for most of the loss. Source Punch Read More 

NNPC plans  exploration in 7 inland  basins - The Nigerian National Petroleum Corporation (NNPC) yesterday disclosed plans to commence exploratory activities in Anambra, Benue trough and five other inland basins in the country in its efforts to shore up the nation’s reserve base. Source THE SUN Read More 

NNPC: Western Europe, Asian Countries Major Destinations for Nigeria’s Oil - Demands for Nigeria’s crude oil blends have remained quite high from countries in Western Europe and Asia, a report of the Nigerian National Petroleum Corporation (NNPC) has disclosed. Source Thisday Read More 

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PROSHARE BUSINESS

Egypt's agricultural exports rose 13.9 pct in first 9 months of 2017 - Egypt’s agricultural exports rose 13.9 percent during the first nine months of 2017, reaching 4.1 million tonnes compared to 3.6 million last year, agriculture ministry spokesman Hamid Abdel Dayim said on Sunday. Source Reuters Read More 

Sub-Saharan Africa economic growth to pick-up next year - Nigeria and South Africa are expected to lift sub-Saharan regional growth next year, a Reuters poll showed, once their central banks cut rates to boost Africa’s largest - but sickly - economies. Source Reuters Read More 

Gabon proposes 2018 budget increase despite ongoing oil slump - Gabon’s government has proposed an 8 percent budget increase for 2018, although parliament could insist on a reduction as low crude prices continue to batter its oil-dependent economy. Source Reuters Read More 

London House Prices Fall at Fastest Pace Since Financial Crisis - London house prices are falling at their fastest pace since the aftermath of the financial crisis, confirming the British capital as the worst-performing part of a slowing market. Source Bloomberg Read More 

China's Factory Inflation Rebounds Amid Capacity Cuts - China’s factory prices jumped more than estimated, as domestic demand remained resilient and the government continued to reduce excess industrial capacity. Consumer price gains matched projections. Source Bloomberg Read More 

China's Central Bank Chief Warns Corporate Debt Is Too High - People’s Bank of China Governor Zhou Xiaochuan warned that Chinese companies have taken on too much debt, and argued for less financial leverage as well as fiscal reforms to constrain local government borrowing. Source Bloomberg Read More 

Busy IPO Season Beckons for Cairo as Reforms Seen Bearing Fruit - Egypt’s stock market is shaping up to be the Middle East’s hot spot for initial public offerings next year. Source Bloomberg Read More 

Oil Gains on Concern Iraq-Kurd Tensions Will Disrupt Crude Flows - Crude extended gains from the highest close in two weeks as speculation mounted over potential output disruptions in a region that’s home to Iraq’s oldest producing oil fields. Source Bloomberg Read More 

OPEC Sees 'Healthy' Oil Demand Growth to 2022 - Oil demand will grow at a “healthy pace” over the next five years as renewables show the fastest expansion of any type of energy, the head of the Organization of Petroleum Exporting Countries said. Source Bloomberg Read More 

PROSHARE TECHNOLOGY

Big Data Economy Summit 2017, explores “New Frontiers for Data” - Data Science Nigeria hosted the 1st National Summit on Big Data Economy which held at Skyline Pavilion, Oriental Hotel, Victoria Island, Lagos, Nigeria with the theme: “New frontiers in Data Science, Machine Learning and Artificial Intelligence for Nigeria’s development”. Source Proshare Read More 

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PROSHARE MSME

Tony Elumelu Foundation (TEF) Wraps Up 2017 TEF Entrepreneurship Forum - The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy dedicated to supporting entrepreneurship, concluded its 3rd annual TEF Entrepreneurship Forum on 14th of October 2017 in Lagos. Source Proshare Read More 

Zuckerberg’s $24m investment in Nigerian start-up hits $40m - Nigerian-based start-up, Andela, has secured an investment of $40m in Series C Funding led by pan-African venture firm, CRE Venture Capital in participation with DBL Partners, Amplo, Salesforce Ventures, and Africa-focused TLcom Capital. Source Punch Read More 

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