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Nigeria in 1min: Economic, Business & Financial Headlines – 170817

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August 17, 2017 7:10 AM / Proshare News 

 

PROSHARE ECONOMY
Matters Arising - Implications of Pioneer Status Incentives on SMEs - In reaction to public concern generated from the persistent abuse of the pioneer status incentive (PSI) framework. The Ministry of Industry, Trade and Investment reviewed the pioneer status framework and  made available on 7th August 2017. Source Proshare Read More  

Nigeria Seeks to Diversify From Oil With $41 Billion of Rail - Nigeria has started a $41 billion railway expansion to reduce dependence on oil and diversify its struggling economy by improving transport links to allow the movement of goods around the country and to ports. Source Bloomberg Read More 

TSA: FG saves N56.4bn annually on bank charges – AGF - The Accountant General of the Federation, Alhaji Ahmed Idris, has said the implementation of the Single Treasury Account (TSA) is saving the Federal Government N4.7 billion monthly (N56.4bn annually) on bank charges on the funds. Source Daily Trust Read More 

Customs generate N1.2bn daily at Tin Can - The Nigeria Customs Service, Tin Can Island Command has said that it generates an average of N1.2bn daily for the Federal Government. Source Punch Read More 

Federal cabinet okays $123m for Ajaokuta-Itakpe rail line rehabilitation - The Federal Executive Council has approved the contract for the rehabilitation of Ajaokuta- Itakpe rail line. Source Daily Trust Read More 

Investment Flows in Need of a Boost - In today’s chart we highlight the investment flows on the balance of payments. These are gross flows (ie those in the reporting economy before investment by Nigerian residents offshore). Source Proshare Read More 

Will Proposed Debt Refinancing Ease Servicing Costs? - The Federal Executive Council recently approved plans by the Ministry of Finance to refinance $3 billion (₦915 billion) worth of Treasury Bills (T-bills) with Eurobonds. Source Proshare Read More  

Nigeria’s bogus auto policy pushes car prices up 200% - Prices of brand new vehicles sold in Nigeria have risen by more than 200 percent between 2014 and 2017 and are now out of the reach most individuals and corporate buyers who need them for their business. Source BUSINESSDAY Read More 

 

PROSHARE REGULATORS
SEC Nigeria partners NERDC to develop curriculum for capital market studies in Nigeria - The apex regulator of the Nigerian capital market, the Securities and Exchange Commission of Nigeria, is developing a curriculum on capital market studies as part of the financial literacy programme, for primary and secondary schools in the country. Source Proshare Read More 

CBN’s power, airline interventions hit N277 billion - Development interventions by the Central Bank of Nigeria (CBN) in the power and aviation sectors have reached N277.4 billion cumulatively between September 2016 till June 2017, with repayments by the operators trailing progressively. Source Guardian Read More 

 

PROSHARE MARKETS
Market Extends Two-Day Losing Streak; Dips by -2.65% - Equities market closed today on a negative note, as NSE ASI depreciated by -2.68% to close at 37,096.60 basis points as against -2.25% depreciation recorded previously. Source Proshare Read More

Dangote Sugar Refinery Plc - Bet the Ranch? - Across the consumer clime, Dangote Sugar Refinery (DSR) has been one of the more attractive stocks with key drivers pointing to sustained momentum. Source Proshare Read More

Seplat Petroleum Development Company - Earnings Recovery Looking More Secure - For the first time since Q1’16, SEPLAT reported profit from quarterly operations – posting an EBIT of $8.6 million. Source Proshare Read More  

Bonny Light Slipped to $50.26pb Following Slowdown in Chinese Refining - Bonny light slipped 0.93% to $50.26pb following a slowdown in Chinese refining volume. The oil markets are still essentially oversupplied due to aggressive US shale production. Source Proshare Read More 

Nigeria needs $40b for oil infrastructure - No less than $40 billion would be required to fix infrastructural problems in the oil and gas sector, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said Source THE NATION Read More 

24 ships laden with petroleum products, food items, to arrive Lagos ports - Twenty four ships carrying  petroleum products, food items and other goods are expected to arrive Apapa and Tin-Can Island ports in Lagos from August 16 to 27. Source Daily Trust Read More 

Cooking gas price drops by 30% - The price of Liquefied Petroleum Gas (LPG), otherwise called cooking gas, has dropped by 30 percent from N400 per kilogram (kg) in May to N280 per kg currently. Source Daily Trust Read More 

Oil, gas projects review saves FG $5bn, says NAPIMS - New measures which include the review of oil and gas projects’ contracting cycles, renegotiation of arrears of Joint Venture (JV) cash call debts to international oil companies (IOCs) have saved Nigeria between $3 and $5 billion that would have been spent between 2015 and 2017 to produce oil. Source Daily Trust Read More 

NNPC Cuts Production Cost To $23/Barrel - The Nigerian National Petroleum Corporation (NNPC) said yesterday that the country has saved a minimum of $3billion per annum by cutting the cost of crude oil production from $78 dollars per barrel to $23 per barrel as at August 2015, representing 70.5 per cent reduction. Source Leadership Read More 

Investors keen on modular refineries despite challenges - After many years of lack of investment in private refineries in Nigeria, several local and foreign investors are keen to establish modular refineries in a bid to ramp up the nation’s crude oil refining capacity. Source Punch Read More 

PROSHARE BUSINESS
FirstBank Promotes Over 3000 Staff - First Bank of Nigeria Limited has promoted over 3000 of its workforce in its recent promotion exercise targeted at rewarding staff for strong performance in driving the Bank’s business. Source Proshare Read More  

Corruption in Nigeria - Bribery as Experienced by the Population - Almost a third of Nigerian citizens (32.3 per cent) who had contact with a public official between June 2015 and May 2016 had to pay, or were requested to pay, a bribe to that public official. Source Proshare Read More

Global Economic Crime and Fraud Survey - This online survey will take 15-20 minutes to complete depending on the answers you select. We appreciate receiving your response as soon as possible and before the final deadline of 6 September 2017. Source Proshare Read More 

Namibia cuts lending rate to 6.75 pct to support growth - Namibia's central bank cut its benchmark lending rate by 25 basis points to 6.75 percent on Wednesday, citing the need to support economic growth and maintain the one-to-one link between the Namibian dollar and the South Africa rand. Source Reuters Read More 

Moody's says South Africa's political tensions constraining growth - Political tensions in the ruling African National Congress (ANC) will weigh on South Africa's growth, ratings agency Moody's said on Wednesday, a week after President Jacob Zuma survived a no-confidence vote in parliament. Source Reuters Read More 

Congo central bank sees 2017 inflation rising to 48 percent - Democratic Republic of Congo's central bank said on Wednesday it expects inflation to stand at 48 percent by the end of this year, up from an earlier estimate of around 44.6 percent, and nearly double last year's rate of 25 percent. Source Reuters Read More 

Angolan crude oil exports at 13-month high in Oct - revised programme - Angola's crude oil exports in October are set to hit a 13-month high of 1.7 million barrels per day (bpd), a revised programme showed on Wednesday. Source Reuters Read More 

Africa's Richest Man to Invest Up to $50 Billion in U.S., Europe - Africa’s richest man, Aliko Dangote, plans to invest $20 to $50 billion in the U.S. and Europe by 2025, in industries including renewable energy and petrochemicals. Source Bloomberg Read More 

Global Economy Looks Set for a Year of Faster, Firmer Growth - The world economy looks well on its way to a year of faster, firmer growth after rising at its most rapid pace in 2 1/2 years in the second quarter. Source Bloomberg Read More 

Qatar's Growth Prospects Dim as Saudi-Led Boycott Takes Its Toll - Qatar’s economy will expand this year at the slowest pace since 1995, according to economists surveyed by Bloomberg this month, as the impact of a Saudi Arabia-led boycott is felt on trade and investor confidence. Source Bloomberg Read More 

Egypt Weighs $4 Billion Eurobond Sale in January, Official Says - Egypt plans to return to the international debt markets in January to raise as much as $4 billion to fund the budget deficit, a Finance Ministry official said. Source Bloomberg Read More 

This Bank’s Stock Price Has Jumped 50,000% Since 2002 - Nothing, outside a financial-market collapse on the scale of the Great Recession, can faze Capitec Bank Holdings Ltd. Source Bloomberg Read More 

Economic Growth in the Philippines Exceeds 6% for Eighth Quarter  - The Philippines’ economy grew faster than 6 percent for an eighth consecutive quarter, underscoring the nation’s resilience as domestic and global challenges mount. Source Bloomberg Read More 

Asia shares up as North Korea tensions ease, wary Fed weighs on dollar - Asian stocks edged higher on Thursday as tensions between the United States and North Korea came off the boil, while the Federal Reserve's concerns about weak U.S. inflation weighed on the dollar. Source Reuters Read More 

 

PROSHARE TECHNOLOGY
Apple said to be spending $1 billion on original content in 2018 - Apple’s ambitions around creating original content seem set to grow: The Wall Street Journal reports that it has a budget of around $1 billion to spend on creating its own programming next year. Source TECHCRUNCH Read More 

 

 

 

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