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Nigeria in 1min: Economic, Business & Financial Headlines – 171017

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October 17, 2017 7:30 AM / Proshare News 

PROSHARE ECONOMY

Evaluating The Adequacy of Nigeria’s External Reserves Level - Nigeria’s external reserves grew significantly in the last two decades, from $3.4bn in 1996, to an all time high of $62.1bn in 2008. Source Proshare Read More 

No Plan to Bequeath Unserviceable Debts to Nigerians, Says Adeosun as Concerns Mount - Despite mounting concerns and the warning by the International Monetary Fund (IMF) of the heightened risks associated with greater reliance on foreign borrowing, the Minister of Finance, Mrs. Kemi Adeosun has said that the federal government would not be reckless with foreign borrowings as it maintains an expansionary fiscal policy. Source Thisday Read More 

World Bank disagrees with Adeosun on borrowing … says cost of debts not sustainable - The World Bank has disagreed with the Minister of Finance, Mrs. Kemi Adeosun, on the need for the Federal Government to borrow more in order to develop the nation’s infrastructure and stimulate the economy. Source Punch Read More 

Intels: NPA Frustrated Attempts to Resolve TSA Logjam - The management of Nigeria’s oil and gas logistics giant, Intels Nigeria Limited, has accused the present management of the Nigerian Ports Authority (NPA) of deliberately frustrating attempts to address the issues raised by the implementation of the Treasury Single Account (TSA) in the execution of its pilotage agency agreement. Source Thisday Read More 

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The Need to Invest in Nigeria's Infrastructure - There is a strong case for increased infrastructure spending around the world, more so in Nigeria, given the substantial infrastructure deficit. The se-verity of the downpour in most parts of the country in early July was unexpected. Source Proshare Read More 

Rich Nigerians must pay more tax –Adeosun - Minister of Finance,  Mrs Kemi Adeosun, has said the Federal Government would soon start collecting luxury taxes. Source THE SUN Read More 

Transcript of IMF African Department Press Briefing, Comments on Nigeria - Good morning, everyone, and welcome to this press conference.  This is going to be directed by Mr. Abebe Aemro Selassie who as some of you may know is the Director of the IMF's African Department. Source Proshare Read More 

Lower Current-Account Surplus due to MCP - The balance of payments for Q2 2017 shows that the current-account surplus narrowed from the equivalent of 3.2% of GDP to 1.6%.  Source Proshare Read More 

CBN May Change Monetary Policy Stance – FSDH - The Central Bank of Nigeria (CBN) may soon change its monetary policy stance if it follows the opinion of the International Monetary Fund (IMF). Source Proshare Read More 

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PROSHARE MARKETS

Stock Market Maintains Uptrend as NSEASI Records +0.33% Gain - Equities market closed today on a positive note, as NSE ASI appreciated by +0.33% to close at 36,971.27 basis points as against +0.32% appreciation recorded previously. Source Proshare Read More 

CR Services Plc Set to Float Rights Issue - Further to the passage of the resolutions authorising the Company's proposed Rights Issue at the Extra-Ordinary General Meeting, this is to notify shareholders of CR Services (Credit Bureau) Plc. Source Proshare Read More 

Afrinvest Stock Recommendation for the Week - 161017 - The bullish sentiment on the Nigerian Bourse was sustained in trading sessions last week as the All Share Index (ASI) rose 1.5% W-o-W to close at 36,848.17 points, while YTD return advanced to 37.1%.  Source Proshare Read More 

IsDB supports Africa, Latin America with $805m facility - The Islamic Development Bank (IsDB) has signed US $805 million agreements with seven countries in Africa and Latin America. Source Daily Trust Read More 

CBN injects $195m into forex market - The Central Bank of Nigeria (CBN), on Monday October 16, 2017 continued to maintain liquidity in the forex market by injecting $195 million in the Nigerian inter-bank foreign exchange market. Source BUSINESSDAY Read More 

Fidelity Bank Successfully Issues $400 Million Eurobond - Fidelity Bank (Fidelity Bank Plc (-/B-/B-) priced a highly successful US$400m 5-year Eurobond with a 10.50% coupon in what is the largest combined new issue & liability management offering ever by a Nigerian issuer. Source Proshare Read More 

UBA Declares N60.92bn PAT in Q3 2017 Results,(SP:N9.23k) – Source Proshare Read More 

BoA requires N33bn for operating licence as development bank - Kabiru Adamu, Managing Director of Bank of Agriculture (BoA) says additional sum of N33 billion is required by the bank to obtain operating license as a development bank. Source BUSINESSDAY Read More 

NLNG demands $315m judgement debt from NIMASA - The Nigeria LNG Limited, on Monday, said it had formally issued a demand notice for $315,598,823.29 judgment debt to the Nigerian Maritime Administration and Safety Agency. Source Punch Read More 

Nigeria’s indigenous oil producers increase production by 200% in June - Sixteen Nigerian indigenous oil producers who operate in partnership with international oil companies called independents, accounted for over 7.486 million barrels of crude oil in June, which represents over 200 percent increase from May production volume of 2.387 million barrels in May according to data released by the Nigerian National Petroleum Corporation (NNPC). Source BUSINESSDAY Read More 

NNPC clears N80bn transport owners debt - NARTO - The Nigerian Association of Road Transport Owners (NARTO) and the Petroleum Tanker Drivers branch of the National Union of Petroleum and Natural Gas Workers (NUPENG) has said that freight bills of about N80 billion owed its members by the Petroleum Equalization Fund (PEF) Management Board have been cleared. Source Daily Trust Read More 

PPMC earns N132bn from petrol, kerosene, diesel sales - PIPELINES and Products Marketing Company, PPMC, a subsidiary of the Nigerian National Petroleum Corporation, NNPC, earned N132.04 billion from the sale of white petroleum products in the month of July Source Vanguard Read More 

NERC delays electricity tariff review for fourth time - The implementation of the Multi-Year Tariff Order (MYTO) framework for electricity pricing has again been delayed for the fourth minor review which occurs every six months. Source Daily Trust Read More 

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PROSHARE BUSINESS

Emefiele woos investors to Nigeria, Bags Forbes Award - The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has been conferred with the 2017 Forbes Best of Africa Innovative Banking Award by the Forbes Magazine. Source Proshare Read More 

Nigeria’s Akinwumi Adesina named 2017 World Food Prize Laureate - Africa Development Bank (AfDB) President, Akinwumi Adesina has been named the 2017 World Food Prize Laureate. Source Guardian Read More 

Africa’s Prosperity: Osinbajo, Obasanjo, Mbeki, Dangote, tasks AfroChampions on Job Creation - For Africa to attain its desired goal in real growth and development, prominent African leaders and top entrepreneurs across the continent have decided to work effectively together towards integrating their economies to enable free trade among its members. Source Proshare Read More 

FBN Merchant Bank Partners with NESG at the 23rd Nigerian Economic Summit - In line with our commitment to drive economic growth strategies and national development, FBN Merchant Bank, the merchant banking subsidiary of FBN Holdings Plc, participated and sponsored the 23rd Nigerian Economic Summit.  Source Proshare Read More 

Tunisia will raise taxes on some luxury items, sell bonds - Tunisia will raise some taxes and freeze public sector recruitment to try to reduce the budget deficit to 4.9 percent, an economic adviser to Prime Minister Youssef Chahed told Reuters on Monday. Source Reuters Read More

Gold holds above $1,300 but firm dollar weighs - Gold steadied above a key psychological level of $1,300 on Monday, buoyed by worries over Iran, while a firmer dollar weighed on sentiment. Source Reuters Read More 

Zimbabwe September inflation rises to 0.78 percent y/y - Zimbabwe’s consumer price inflation quickened to 0.78 percent year-on-year in September compared to 0.14 percent in August, data from the national statistics agency showed on Monday. Source Reuters Read More 

Economists Don't Expect Another BOE Hike After November - If economists are to believed, November could be the last live Bank of England meeting for quite some time. Source Bloomberg Read More 

Japan’s Kobe Steel May Have Faked Data for Over a Decade - Kobe Steel Ltd.’s investigations into faked product data will probably reveal that the practice began more than ten years ago, according to a company executive. Source Bloomberg Read More 

Singapore Exports Slump on Electronics Plunge - A surge in Singapore exports proved short-lived as a plunge in electronics orders put the brakes on goods flows in the trade-reliant country. Source Bloomberg Read More 

Singapore Exports Slump on Electronics Plunge - A surge in Singapore exports proved short-lived as a plunge in electronics orders put the brakes on goods flows in the trade-reliant country. Source Bloomberg Read More 

The World's Largest Oil Hedge Is Complete - Mexico has completed its annual oil hedge for 2018, which will lock in an average export price of $46 per barrel of crude, Deputy Finance Minister Vanessa Rubio said in an interview. Source Bloomberg Read More 

OPEC compliance with oil output cut deal at 86 percent: IEA head - The Organization of Petroleum Exporting Countries (OPEC) has a compliance rate with their output cut pledges of about 86 percent, Fatih Birol, the executive director of the International Energy Agency (IEA), said on Tuesday. Source Reuters Read More 

Initial Coin Offerings Rake in Another Billion in Under 2 Months - Around this time last month, the amount raised from initial coin offerings in the digital-currency market surpassed $2 billion. Now that sum is more than $1 billion higher. Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

G-7 Finance Ministers And Central Bank Governors Release Cyber Security Report - On October 13, 2017 in Washington DC; the finance ministers and central bank governors of the G-7 countries released the Fundamental Elements for Effective Assessment of Cybersecurity for the Financial Sector. Source Proshare Read More 

Facebook acquires anonymous teen compliment app tbh, will let it run - Facebook wants tbh to be its next Instagram. Today, Facebook announced it’s acquiring positivity-focused polling startup tbh and will allow it to operate somewhat independently with its own brand. Source Tech Crunch Read More 

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