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Nigeria in 1min: Economic, Business & Financial Headlines – 180117



January 18, 2017 7:00 AM / Proshare News 


Nigeria Strategy Report H1 2017 (7) - Energy Sector Reforms: An Unbalanced Score Card  - We continue with our series of excerpts from our core strategy document – The Nigeria Strategy Report, but direct our focus towards progress of policy reforms in the energy sector over H2 2016 and outline our view on policy trajectory for 2017. Source Proshare Read More 

Nigeria's efforts to secure international loans hit deadlock - Nigeria's efforts to secure funds from international lenders to help haul it out of recession have stalled because it has not submitted the required economic reform plans, according to one of the banks and sources close to the matter. Source Daily Trust Read More 

FG recurrent expenditure triples in 10 years - In a signal of the unsustainable explosion of Federal salaries, entitlements and other programmes, the Federal Governments (FG) recurrent expenditure has tripled in about ten years, an analysis of the budget data presented by research analysts at Time Economics has shown. Source BUSINESSDAY Read More

Foreign reserves rises to $27.22bn as naira stabilises - Nigeria’s foreign reserve on Tuesday rose to a record high of $27.22 billion from $26.97 billion as at Friday last week, according to the data from the website of the Central Bank of Nigeria (CBN). Source BUSINESSDAY Read More 

Flights diversion: FG to spend N1.1bn on logistics - The Federal Government has earmarked N1.1billion as cost of logistics and security during the six weeks period when flights would be diverted from Abuja to Kaduna Airport, the Minister of State for Aviation, Senator Hadi Sirika said yesterday Source Daily Trust Read More

Importers to receive vehicles at near locations – Customs - The Nigeria Customs Service (NCS) has said it will create bonded vehicle parks and terminals nationwide and licence major dealers to operate same and facilitate the creation of more jobs for the automobile industry. Source Daily Trust Read More

FX: FG to close official, parallel market gap - The federal government is in discussions with the Central Bank of Nigeria to close the gap between the official and black market rates for the naira against the dollar “very soon”, Vice President Yemi Osinbajo said yesterday. Source Daily Trust Read More 

Gov Bindow Presents N105.459bn 2017 Budget To Adamawa Assembly - Adamawa State governor, Umar Jibrilla Bindow on Tuesday presented N105.459 billion 2017 budget to the state house of assembly in Yola. Source Leadership Read More 

NAMA backs FG on vehicle importation ban - The Nigeria Automotive Manufacturers Association has expressed support for the Federal Government’s ban on importation of vehicles through the land borders. Source Punch Read More 

‘Nigeria loses $700m to land border vehicle smuggling’- Nigeria Automotive Manufacturers Association (NAMA), umbrella body of all vehicle assemblers in Nigeria, estimates that Nigeria is losing over $700 million in revenue to neighbouring countries as a result of vehicle smuggling across the borders. Source BUSINESSDAY Read More 

Customs to license dealers for bonded car terminals - The Nigeria Customs Service (NCS)  plan to license car dealers for bonded car terminals in the country, according to its Acting Public Relations Officer, Mr. Joseph Attah. Source THE NATION Read More 

Lagos property market in crisis with 71% rent default, 74% vacancy rate - The Lagos property market is in a crisis, as the default rate on rented properties rises to 71% of occupied properties and vacancy rates hit 74 percent in prime property locations. Source BUSINESSDAY Read More 


SEC Reorganizes for Efficiency- The Securities and Exchange Commission (SEC) wishes to draw the attention of all capital market operators to the following reorganization exercise recently approved by the Commission: Source Proshare Read More

SEC Extends Free E-Dividend Registration Exercise Till 30th June 2017 - The Securities and Exchange Commission (SEC) is pleased to notify the investing public that in a bid to curb the growth of unclaimed dividend in the capital market, it will continue to underwrite the cost of E-Dividend enrolment till 30th June, 2017. Source Proshare Read More

Exposure of Proposed New Rule and Sundry Amendments to the Rules and Regulations of SEC Nigeria - This Rule is proposed to create a robust framework for the regulation and supervision of Capital Market Holding Companies (CMHC). Source Proshare Read More  

CBN bars banks from transactions in virtual currencies - THE Central Bank of Nigeria, CBN, yesterday, banned banks from any transactions in virtual currencies. Source Vanguard Read More 


Stocks erase gain, maintain one step forward, two steps back  - The equities market closed today on a negative note, as NSE ASI depreciated by 0.36% to close at 26,278.20 basis points, compared with the 0.18% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.22%.  Source Proshare Read More 

Portland Paints to raise N1b fresh equity funds from shareholders - Portland Paints and Products Nigeria (PPPN) PLC has secured the approval of the Nigerian Stock Exchange (NSE) to raise more than N1 billion in new equity funds in its bid to expand its business. Source THE NATION Read More 

Brass petrochemical, BP Oil sign $6bn methanol offtake agreement - A major breakthrough has been recorded in the development of phase one of the USD 4bn Brass Fertilizer project, as Brass Fertilizer & Petrochemical Company Limited (BFPCL) recently signed a USD 6bn Off-take deal with BP Oil International Limited. Source Daily Trust Read More 

Lagos ports await 25 vesels laden with fuel, others - No fewer than 25 vessels are expected to arrive at the Lagos pilotage district with various cargoes, including petroleum products, wheat, salt, and fish and a host of others. Source Guardian Read More 


The British Government's Negotiating Objectives For Exiting The EU: PM Speech - Prime Minister Theresa May set out the Plan for Britain, including the 12 priorities that the UK government will use to negotiate Brexit. Source Proshare Read More 

The Top 5 Places To Work In U.S. Oil And Gas  - Anadarko Petroleum and Chevron have emerged as the top two employers in U.S. oil and gas, according to a survey conducted by the job site Indeed. The top five for the industry was completed by Plains All American at #3, Occidental Petroleum at #4, and Noble Energy at #5. Source Proshare Read More

CEO Confidence Rises Globally Despite New Risks and Uncertainty - In PwC’s 20th annual survey of CEOs worldwide, 38% (2016:35%) are very confident about their company’s growth prospects in the next 12 months while 29% (2016:27%) believe global economic growth will pick up in 2017. Source Proshare Read More 

Zimbabwe's Econet to raise $130 million from rights issue - Zimbabwe's largest mobile telephony company Econet Wireless plans to raise $130 million from shareholders to pay foreign loans it is struggling to settle due to a severe dollar crunch, it said on Tuesday. Source Reuters Read More 

Brexit, Trump worries push gold to highest in almost 8 weeks - Gold jumped more than 1 percent to its highest in nearly eight weeks on Tuesday, as excerpts of a speech to be given later by Britain's prime minister pointed to a definitive exit from the European Union. Source Reuters Read More 

Egypt fixes customs dollar exchange rate to help importers - Egypt will fix its customs dollar exchange rate and adjust it on a monthly basis to help importers better cope with pricing of their products after the central bank floated its currency in November. Source Reuters Read More 

Kenyan Stocks, Worlds Worst This Year, Set to Fall Further  - Kenyan stock prices at more than three-year lows may have further to fall with domestic investors favoring bonds and foreign buyers waiting for lower valuations, the head of the bourse said. Source Bloomberg Read More 

Nigeria Bid to Link Mines to Idle Steel Mill Seen as Buhari Test - Nigeria’s plan to build a railway to supply iron ore to its idle Ajaokuta steel plant could be the biggest sign yet that President Muhammadu Buhari is implementing his policy to diversify away from oil. Source Bloomberg Read More 

HSBC CEO Says Bankers Generating 20% of London Revenue May Move - HSBC Holdings Plc Chief Executive Officer Stuart Gulliver said trading operations that generate about 20 percent of revenue for the lender’s investment bank in London may move to Paris, quantifying some of the aftershocks for the U.K. after Brexit. Source Bloomberg Read More 

DOJ: Deutsche Bank Agrees to Pay $7.2 Billion for Misleading Investors - Deutsche Bank AG reached a final settlement with the U.S. Justice Department over its handling of mortgage-backed securities before 2008, resolving one of its biggest litigation risks. Source Bloomberg Read More 

Australia Sells A$9.3 Billion of Bonds in Biggest-Ever Sale - Australia’s government sold its biggest-ever bond, issuing A$9.3 billion ($7 billion) of notes maturing in December 2021. Source Bloomberg Read More 

Banks Lead U.S. Stock Declines as Dollar Weakens, VIX Jumps - U.S. stocks fell as markets reopened after Monday’s holiday as financial and industrial shares declined and the U.S. dollar had its biggest single-day loss since July. Source Bloomberg Read More 

Emerging-Market Currencies Rise Amid Trump’s Remarks on Dollar - Emerging-market currencies and stocks advanced as the U.S. dollar slumped after President-elect Donald Trump said the currency is “too strong.” Source Bloomberg Read More 

Treasury Yields Touch 2017 Lows on Trump’s Dollar View - Treasuries held most of the gains that pushed yields to the lowest levels since at least December, after President-elect Donald Trump’s comment that the dollar is already too strong sent the greenback plunging. Source Bloomberg Read More 

China's Central Bank Pumps Out a Record $60 Billion Before Holidays - China’s central bank pumped a record amount of funds into the financial system as demand for cash surges before the Lunar New Year holidays starting next week Source Bloomberg Read More 

Dollar Falls With U.S. Yields as Brexit Concern Spurs Safety Bid - The dollar fell as Treasury yields declined following a long weekend with investors seeking safety amid concern the U.K. is heading for a so-called hard Brexit. Source Bloomberg Read More 

Aramco Chief Says Oil Tax Will Be Cut to Lure Investors to IPO - Saudi Arabia has promised it will reduce the overall tax rate paid by its national oil company to make its 2018 initial public offering -- potentially one of the largest in history -- more appealing to investors. Source Bloomberg Read More 

Oil’s Surprise Strength Is Speeding OPEC Goal, Saudi Arabia Says - The surprising strength of the oil market is the main reason why OPEC could end output cuts by the middle of the year, Saudi Arabia’s energy minister said. Source Bloomberg Read More 


Low Income Earners: 5 Big Expenses to cut as Recession hits harder -
Inflation figure for the month of December 2016 as released by the National Bureau of Statistics showed an increase by 0.07% from 18.48% the previous month to 18.77%. Source Proshare Read More 

United Capital, Societe Generale, Orange, others support African SMEs with €77m - United Capital plc, a leading African investment banking group, has partnered global financial and corporate institutions to set up a Franco-African Investment Fund (FFA), with investible funds of €77 million. Source BUSINESSDAY Read More 





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