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Nigeria in 1min: Economic, Business & Financial Headlines - 170117


January 17, 2017 7:10 AM / Proshare News


Nigeria’s GDP: IMF projects positive growth 2017 - The International Monetary Fund (IMF) has projected 0.8 percent GDP growth for Nigeria in 2017, a little below World Bank’s projections of 1percent growth for the period. Source Daily Trust Read More 

World economy to pick up pace in 2017-18, says IMF - A positive shift in the world economy in the second half of last year prompted the International Monetary Fund (IMF) to leave unchanged its projections for higher global growth in 2017 and 2018, it announced Monday. Source Daily Trust Read More 

External reserves rise by $1bn in two weeks - The country’s external reserves have hit $26.968bn, nearing the $27bn mark, the latest statistics posted on the Central Bank of Nigeria website have shown. Source Punch Read More 

Nigeria Strategy Report H1 2017 (6) - Back and Forth on a Political Tight-Rope -     We continue our series of excerpts from our core strategy document—the Nigeria Strategy Report, but direct our focus towards developments on the domestic policy front. We start with a review of the socio-political landscape over the last six months and delineate our outlook for 2017. Source Proshare Read More 

FG Targets N500bn In BOA Recapitalisation Drive - The Vice President, Prof. Yemi Osinbanjo has said the federal government is targeting N500 billion for the restructuring and recapitalisation of the Bank of Agriculture (BOA) Source Leadership Read More 

Staff Verification Saves N1.6bn For Kogi Govt - The just concluded staff verification exercise embarked upon by the government of Kogi to wriggle the state out of impending economic collapse will save the state the trouble of losing a whooping N1.6 billion to ghost workers. Source Leadership Read More 

Global Unemployment To Rise By 3.4 Million In 2017 – ILO - The International Labour Organization (ILO) has said the global unemployment rate is expected to rise modestly from 5.7 to 5.8 per cent in 2017 representing an increase of 3.4 million in the number of jobless people. Source Leadership Read More 

TCN gets N40billion in 2017 budget proposal - The Federal Government has allocated a total of N40 billion to the Transmission Company of Nigeria, TCN, to enable it  execute various power projects across the country under the 2017 fiscal proposal. Source Vanguard Read More 

Reps reject N305/dollar exchange rate for budget - The House of Representatives yesterday rejected the Federal Government’s exchange rate of N305/dollar in this year’s budget, saying it would engender huge corruption, with the almost N500/dollar at the parallel market. Source THE NATION Read More 

Reps grill Adeosun, Udoma on forex crisis, rising inflation - Members of the House of Representatives, on Monday, grilled the Minister of Finance, Mrs. Kemi Adeosun, and the Minister of Budget and National Planning, Senator Udoma Udo Udoma, on the free fall of the naira against the US dollar and the rising inflation in the country. Source Punch Read More 

FG inaugurates c’ttee on BoA restructuring, recapitalisation- THE Federal Government, yesterday, inaugurated 21-man steering committee for restructuring and recapitalisation of the Bank of Agriculture, BoA, in line with the diversification policy of the Muhammadu Buhari-led administration. Source Vanguard Read More 

Speech Given By Mark Carney, Governor Of The Bank Of England, At The London School Of Economics  - What level of inflation does society wish to achieve? How aggressively should inflation stabilisation be pursued when doing so imposes costs in terms of lost output and higher unemployment?  Source Proshare Read More 

N30b unclaimed dividends paid so far – SEC - THE Securities and Exchange Commission, SEC, yesterday, stated that more than N30billion has so far been paid to investors in the Nigerian capital market from the backlog of unclaimed dividends worth over N80 billion. Source Vanguard Read More 

Stocks close higher, stay above-the-line all day as speculation drops - The equities market closed today on a positive note, as NSE ASI appreciated by 0.18% to close at 26,373.80 basis points, compared with the 0.02% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.86%.  Source Proshare Read More

Financing Innovation in Africa: The Last Middle - In many respects, 2016 was a remarkable year for technology, innovation and high-growth companies in Nigeria.  In addition to the interest shown by a variety of venture capital, private equity and strategic investors in high-growth companies in Nigeria. Source Proshare Read More 

Black market’ll soon collapse – Adeosun -MINISTER of Budget and National Planning, Senator Udoma Udo Udoma, yesterday, told an expanded joint committee of the House of Representatives that the 2017-2019 Medium Term Expenditure Framework, MTEF, had to be altered because key projections in the document have become unrealistic. Source Vanguard Read More 

Oil prices drop as doubts over output cuts mount - OIL prices slipped yesterday over doubts that large oil producers will reduce production as promised and on expectations that United States production would increase again this year Source Vanguard Read More 

Petrol pricing for review to accommodate soaring import cost - Nigeria’s ministry of petroleum resources would be working with the Petroleum Products Pricing Regulatory Agency (PPPRA) to review the petrol-pricing template in order to accommodate the marketers who now suffer very low margins as product-landing cost nears selling price. Source BUSINESSDAY Read More 

Cooking gas price to fall as NNPC, Sahara launch new vessels to ease supply - The supply logjam that continues to impede stable availability of Liquefied Petroleum Gas (LPG), otherwise called cooking gas, may soon be over, as the Nigerian National Petroleum Corporation (NNPC) is set to unveil two LPG vessels in Ulsan, South Korea tomorrow, Tuesday. Source Daily Trust Read More 

Electricity: Power sector loses N10.33bn in eight days - THE nation’s contentious power sector lost an estimated N10,331,000,000 in eight days, between Saturday, January 7 and Saturday, January 14, 2017, due to gas and water constraints, daily operational report  of the Nigerian Electricity System Operation Source Vanguard Read More 

Kenya's economy to grow at a slower pace this year: IMF Rep - Kenya's economic growth rate will slow in 2017, from about 6 percent last year, due to sluggish credit growth and as investors take a wait-and-see attitude before a presidential election in August, a senior IMF official said on Monday. Source Reuters Read More

Zimbabwe consumer prices fall 0.9 percent y/y in December - Zimstats - Zimbabwe's consumer prices declined 0.93 percent year-on-year in December, after contracting 1.09 percent in November, data from the national statistics agency showed on Monday. Source Reuters Read More

Morocco trade deficit rises 19.6 pct in 2016 - Morocco's trade deficit rose 19.6 percent to 184.38 billion dirhams ($18.37 billion) in 2016 compared with a year ago, the foreign exchange regulator said on Monday, citing increased imports. Source Reuters Read More

Tanzania seeks $200m World Bank loan to clear arrears of state utility - Tanzania is seeking a loan of $200 million from the World Bank for debt-ridden state power supplier TANESCO, the country's energy ministry said on Monday, two weeks after the president refused to allow the utility to hike prices to cover costs. Source Reuters Read More

Mozambique dollar bonds fall over 2 cents after saying it won't pay coupon - Mozambique's 2023 dollar-denominated bond fell over 2 cents on Monday, according to data from trading platform MarketAxess, after the finance ministry said it would not make a Jan. 18 coupon payment to bondholders. Source Reuters Read More 

Legitimacy, Competency, Universality, Democracy – A Tale of Two Political Systems - Good morning. My name is Eric Li, and I was born here. But no, I wasn't born there. This was where I was born: Shanghai, at the height of the Cultural Revolution. My grandmother tells me that she heard the sound of gunfire along with my first cries. Source Proshare Read More 

NAHCO appoints Arc Bello as new chair - A new Chairman has been appointed by the Board of the Nigerian Aviation Handling Company Plc (nahco aviance). Source THE NATION Read More

Botswana inflation quickens to 3 percent y/y in December - Botswana's consumer inflation increased to 3 percent year-on-year in December from 2.9 percent in November, data from the statistics office showed on Monday. Source Reuters Read More 

WIN an Invitation to the Annual Investment Meeting (AIM) and Travel to Dubai
- the press release distribution service dedicated to Africa and the Middle East, and the global leader in media relations related to Africa and Middle East, will award one African journalist with a round trip ticket and accommodation to cover the Annual Investment Meeting (AIM) – one of the world's largest events for Foreign Direct Investment (FDI) –, to be held on April 2-4, 2017 at the Dubai World Trade Centre. Source Proshare
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Uganda Says First Phase of Railway to Kenya to Cost $2.3 Billion - Uganda said the first phase of a railway that seeks to improve connections between the landlocked East African country and three of its neighbors will cost $2.3 billion, with Chinese contractors expected to begin construction this year. Source Bloomberg Read More 

Asian Stocks Drop on Concerns Over ‘Hard’ Brexit, U.S. Policies - Asian shares declined for a third day as caution dominated the market amid uncertainties surrounding the so-called hard Brexit and Donald Trump’s policies. Source Bloomberg Read More

May Ready to Announce Britain Will Leave EU Single Market - The U.K. is likely to pull out of the European Union’s single market for goods and services and seek a completely new trading relationship with the bloc, Prime Minister Theresa May will say Tuesday as she sets out her plan for Brexit. Source Bloomberg Read More

GM Plans $1 Billion U.S. Investment in Nod to Trump - General Motors Co., facing pressure from President-elect Donald Trump to boost hiring, plans to announce on Tuesday it will invest $1 billion in U.S. plants over several years, according to a person familiar with the matter. Source Bloomberg Read More

Gold and Treasuries Rise on Political Concern: Markets Wrap - Lingering concern over Donald Trump’s policies and the U.K.’s position in the European Union sent gold climbing for seventh day, while Treasuries rose and the yen maintained gains. Source Bloomberg Read More

China's Oil Collapse Is Unintentionally Helping OPEC - OPEC’s campaign to prop up oil prices is getting unlikely support from its biggest customer. Source Bloomberg Read More

Saudis See No Need to Extend OPEC Deal Beyond Six Months - OPEC probably won’t need to extend a deal it reached with other crude producers to cut output, given compliance with the reductions and the outlook for an increase in global demand, Saudi Energy Minister Khalid Al-Falih said. Source Bloomberg Read More 

Meet Taiwan Trade Mission - March, Sheraton Lagos - A 26-member Taiwan Trade Mission will be in Lagos in early March. Members of the business community in Nigeria are invited to meet the Mission members for exploring business opportunities and cooperation. Source Proshare Read More 

BoI gives new loan condition to manufacturers - The Bank of Industry has included certification from the National Agency for Food and Drug Administration and Control as prerequisite for approval of loan requests by manufacturers of drugs, pharmaceuticals, food and food products. Source Punch Read More  



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