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Nigeria in 1min: Economic, Business & Financial Headlines – 170317

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March 17, 2017 7:20 AM / Proshare News 

 

PROSHARE ECONOMY
IFC Official Faults Nigeria’s Economic Recovery Plan  - An official of the International Finance Corporation (IFC), Ms. Essien Lore yesterday faulted the Economic Recovery and Growth Plan, which the federal government formally unveiled penultimate week, describing it as ambitious and its timeframe as relatively short.  Source Thisday Read More 

Nigeria will soon get out of recession – World Bank - The World Bank Group says Nigeria will soon recover from economic recession. Source Punch Read More 

How Its Done - While We Draw An Economic Plan But Do Not Get To Work - While men slept, Saudi King flew into China, with a 1,000 person-strong entourage on a month long Asian tour Source Proshare Read More 

House Amends Public Procurement Act, Raises Contract Mobilisation Fee to 50% - The House of Representatives on Thursday passed a bill seeking to amend the Public Procurement Act, 2007 into law. Source Thisday Read More

Govt to raise $1b from asset - The National Economic Council (NEC) yersterday approved the proposed Nigeria Voluntary Asset and Income Declaration Scheme (VAIDS), which will take off on May 1. Source THE NATION Read More 

Nigeria spends $3.5b yearly on steel importation - Nigeria spends over $3.5billion yearly on the importation of steel products, Mines and Steel Development Minister Dr Kayode Fayemi has said. Source THE NATION Read More 

Customs Seme Command Generates N773.1m In February - The Nigeria Customs Service (NCS), Seme Command, generated N773.1million as revenue in February 2017.Source Leadership Read More 

Budget Deficit: Presidency seeks Nat. Assembly approval for $500m loan - The Presidency is seeking the approval of the National Assembly to raise an additional $500 million Eurobond from the international capital market. Source BUSINESSDAY Read More 

Reps approve 30% mobilisation fees for contracts in new procurement law - …propose 2 years jail term for erring contractor The House of Representatives on Thursday approved the increase in the payment of mobilisation fee to supplier/contractors from 15 percent to 30 percent, as part of efforts geared toward fast-tracking completion of all developmental projects across the country. Source BUSINESSDAY Read More 

Government revenues down by 40% from N6trn to N5.1trn - Government revenues in Nigeria have gone down by over 40 percent in the last three years, as the Federation Accounts Allocation Committee (FAAC) disbursed N5.12 trillion to the three tiers of government in 2016, contrary to N6.01 trillion it shared among them in 2015. Source BUSINESSDAY Read More 

Nigeria fails to tap into over N10bn National Park potential - …as policy inconsistency discourages private sector participation. …lack of vibrant wildlife park undermining tourism industry. Despite an estimated total conservation area of 22,206.24 square kilometers Source BUSINESSDAY Read More 

PROSHARE REGULATOR
Forex: CBN Offers, Receives Bids For $100m - The Central Bank of Nigeria (CBN) says it has offered and received bids for $100 million from authorized dealers in the interbank market to meet the requests of genuine customers. Source Proshare Read More  

 

PROSHARE MARKETS
Equities Market Extends Two-day Gaining Streak by +0.46% - Equities market closed today on a positive note, as NSE ASI appreciated by 0.46% to close at 25,418.08 basis points, as against 0.07% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.42%. Source Proshare Read More

Summary of Auction Results for March 2017 - Successful bids for the 14.50% FGN JUL 2021, 16.2884% FGN MAR 2027 and 12.40% FGN MAR 2036 were allotted at the Marginal Rates of 16.2400%, 16.2884% and 16.2800%, respectively. Source Proshare Read More 

TOTAL declares N14.80billion PAT in 2016 Audited result,(SP:N280.00k) - Late yesterday, Total Nigeria (Total) reported Q4 2016 results which showed that while sales grew 45% y/y, PBT and PAT were both up strongly, by 116% y/y and 148% y/y. Source Proshare Read More 

Bank Of England: Bank Rate Held At 0.25per cent - The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. Source Proshare Read More 

CBN approves dollar sale to more BDCs - Nigeria’s central bank on Thursday cleared more retail currency bureaux to take part in a weekly dollar sale to boost liquidity and support the naira which is weak on the black market. Source Daily Trust Read More 

Dangote Cement Plc - Improved Earnings Outlook; Hold Rating Retained - We have raised DANGCEM’s 2017 EBITDA and PAT slightly higher to N329.9 billion (previously N323.8 billion) and N212.7 billion (previously N209.7 billion) respectively, following (1) significant decline in Nigerian energy cost in Q4-2016 which came earlier than expected, (2) additional price adjustment also in Nigeria, and (3) likely resolution of fuel challenges in Tanzania. Source Proshare Read More 

Lagos State to list N47bn bond on FMDQ - The Lagos State Government has set the pace in 2017 for sub-nationals in the Nigerian Debt Capital Market (DCM), having successfully raised a N47 billion Series 1 7-year 16.50 percent fixed rate bond due 2023 under its N500 billion, Debt Issuance Programme. Source Daily Trust Read More 

Dangote Tomato Company to resume production on Sunday - The Managing Director, Dangote Tomato Processing Company, Alhaji Abdulkarim Kaita, has said the factory will resume production on Sunday. Source THE NATION Read More 

Banks oppose converting dollar part of Etisalat Nigeria loan into naira: source - Nigerian banks are opposed to converting the dollar portion of a $1.2 billion loan to Etisalat Nigeria into naira and will push for an equity injection as part of new terms after the mobile telecoms operator missed a payment, a banker with knowledge of the negotiations told Reuters. Source Reuters Read More 

Outage pushes petrol demand to 51.8m litres daily - With a shortfall of 16,256 Megawatts (MW) in electricity requirement in Nigeria, the demand for Premium Motor Spirit (PMS) or petrol has increased astronomically, as national daily average consumption has risen from 40 million litres to 51.8 million litres, according to the National Bureau of Statistics (NBS). Source Guardian Read More 

NNDC Injects N12bn to Reintroduce Marketing Board in North - Northern Nigeria Development Company (NNDC) has revealed that with the present bumper harvest witnessed in agricultural sector in the northern region of the country, it has entered into partnership with the 19 northern states to bring back marketing board that will provide cover to farmers against post-harvest loss of their produce. Source Thisday Read More 

Researchers discover large quantity of oil in Bida Basin - The Head of Research and Development, Ibrahim Badamasi Babaginda  (IBB) University, Lapai in Niger State, Prof. Nuhu Obaje, yesterday said they  have discovered large quantity of crude oil deposit at Bida Basin. Source Daily Trust Read More 

 

PROSHARE BUSINESS
First Bank boss named Leadership Banker Of The Year - The Managing Director/CEO of First Bank of Nigeria Limited & Subsidiaries, Dr. Adesola Adeduntan   has been named Banker of the Year by the Leadership Newspaper group, for the year 2016. Source Daily Trust Read More

Chinese consortium provides 1.58 billion USD to finance oil shale project in Jordan  - A consortium of several banks from China has provided 1.58 billion U.S. dollars and 15-year debt facility to support an oil shale power plant in Jordan, which will be the largest private sector project in the country Source News China Read More 

 

PROSHARE TECHNOLOGY
IMF Managing Director Welcomes Establishment Of High Level Advisory Group On FinTech - The Group is composed of highly-experienced and respected leaders in the field of finance and technology and includes industry pioneers, regulators, lawyers and academics. Source Proshare Read More 

Draft Licensing Manual Issued For Evaluating Charter Applications From FinTech Companies - The Office of the Comptroller of the Currency (OCC) today provided additional detail on evaluating national bank charter applications from financial technology (fintech) companies that engage in the business of banking. Source Proshare Read More 

‘5bn still cut off from mobile broadband ‘ - The Broadband Commission for Sustainable Development yesterday said 5 billion  people are still without mobile broadband access, meaning that the paths to access digital services and applications are currently blocked for much of the world’s population. Source Daily Trust Read More 

PROSHARE START-UPS
BoI offers women entrepreneurs N13bn loans - The Bank of Industry has said its loan exposure to enterprises owned and promoted by women has hit N13bn, noting that plans are underway to improve access of related businesses to developmental financing. Source Punch Read More 

 

 

 

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