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Nigeria in 1min: Economic, Business & Financial Headlines – 180517

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May 18, 2017 7:10 AM / Proshare News 

PROSHARE ECONOMY
Price of a Bag of Rice Declined by 14% - Oil recovered this week to $52pb from last week’s low of $47pb. This was driven by the renewed confidence from Saudi Arabia and Russia to extend the output curb to March 2018.Source Proshare Read More 

Nigeria to raise $3.5 bln in foreign loans, Eurobonds in 2017: budget head - Nigeria plans to raise $3.5 billion in foreign loans including from the World Bank and from international debt markets to help fund its 2017 budget deficit, the head of its budget office told Reuters on Wednesday. Source Reuters Read More 

Senate gives NNPC, CBN, others 2 wks to submit budgets - THE Senate has given Acting President Yemi Osinbajo a two-week ultimatum to direct all government agencies that have failed to submit their 2017 budget proposals to the National Assembly in line with extant laws for consideration and approval, to do so or the affected agencies would be made to face the full wrath of the law. Source Vanguard Read More 

Rice Production In Nigeria Increases To 5.8m Tonnes - Alhaji Aminu Goronyo, President Rice Farmers Association of Nigeria (RIFAN) has said annual rice production in Nigeria has increased from 5.5 million tonnes in 2015 to 5.8 million tonnes in 2017. Source Leadership Read More 

Dangote Spends N52bn Annually On Importation Of Tomatoes - Dangote Industries Limited has commended the new policy of the Federal Government of Nigeria on tomatoes, saying it would encourage increased local production and self-sufficiency. Source Leadership Read More 

Senegal raises $1.1 bn Eurobond at lower cost than Nigeria’s $1.5 bn - Senegal has been able to raise US$1.1 billion in Eurobonds at a lower cost than Nigeria will pay for a $1.5 billion bond floated earlier this year. Source BUSINESSDAY Read More 

 

PROSHARE REGULATORS
CBN releases list of 36 items valid for access to forex - The Central Bank of Nigeria yesterday released list of 36 items valid for access to foreign exchange in the foreign exchange market. Source Vanguard Read More 

 

PROSHARE MARKETS
Trevor Neil’s Friday Technical Analysis Surgery - Trevor Neil a trader, fund manager and technical analyst with 40 years professional skills will on Friday and Monday discuss the subject: The Wycoff Method Source Proshare Read More  

Equities Market Maintains Uptrend as NSEASI Inches Up Further by +1.05% - Equities market closed today on a positive note, as NSE ASI appreciated by +1.05% to close at 27,900.44 basis points, as against +0.35% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +3.82%. Source Proshare Read More  

U.S. Political Issues Trigger Further Dollar Decline - The Dollar declined against most of its currency counterparts after a series of events; Trump’s firing of FBI Director, James Comey, last week Friday’s global cyber-attack and last weekend’s successful test of a ballistic missile by North Korea. Source Proshare Read More  

U.S. Shale Is Immune To An Oil Price Crash In 2017  - Since OPEC announced the production cut deal at the end of November, industry analysts have been warning that rising production from producers outside the deal—U.S. shale in particular—is effectively capping the oil price gains from that agreement. Source Proshare Read More 

Nigeria's Q1 refinery output boosted by Niger Delta peace: NNPC -  Nigeria's refineries processed 10 million barrels of crude oil in the first quarter, more than they did for the whole of 2015, after talks with militants reduced attacks on facilities, the head of the Nigerian National Petroleum Corporation (NNPC) said. Source Reuters Read More 

Global oil supply dips by 41000 bpd in April - Global oil supply fell by 41,000 barrels per day (bpd) in April, the Organisation of Petroleum Exporting Countries (OPEC) said in this month’s oil market report. Source THE NATION Read More 

Reps approve 3% royalty on oil exploration - Ongoing efforts of President Muhammadu Buhari’s administration to increase the revenue generation gained a boost on Wednesday as the House of Representatives passed the bill for an Act to amend the Deep Offshore and Inland Basin Production Sharing Contracts, 2004 through third reading. Source BUSINESSDAY Read More 

Kano fuel depot resumes operation - The Nigerian National Petroleum Corporation on Wednesday announced that it had re-commissioning its Kano depot so as to boost the supply of petroleum products in the northern region. Source Punch Read More 

Geogrid, MAN collaborate on alternative power supply - Geogrid LighTec Limited and the Manufacturers Association of Nigeria are on course to make available alternative power supply to manufacturers, amid inadequate supply from the national grid. Source Punch Read More 

 

PROSHARE BUSINESS
Rwanda regulator fines MTN Rwanda $8.5 mln over external IT hub - Rwanda's telecom industry regulator has fined MTN Rwanda, a division of South Africa's MTN Group 7 billion francs ($8.5 million) for running its IT services outside the country in breach of its licence. Source Reuters Read More 

World's 500 Richest People Lose $35 Billion From Trump Turmoil - The world’s richest people lost $35 billion Wednesday when global equity markets were rocked by political turmoil in the U.S., according to the Bloomberg Billionaires Index. Source Bloomberg Read More 

Russia is buying up more of America's debt, with total holdings now at nearly $100B, according to US Treasury data - In March, the country bought $13.5 billion of US government bonds -- better known as "Treasury securities." Russia's total holdings of US debt have now increased to nearly $100 billion, according to recently released Treasury Department data. Source Bloomberg Read More 

Australia's Jobless Rate Unexpectedly Drops; Currency Rises - Australia’s jobless rate fell in April, adding to the previous month’s strong employment gains, reinforcing expectations that the central bank won’t cut interest rates further. Source Bloomberg Read More 

Saudi Aramco's Only IPO Foray Offers Investors a Cautionary Tale - The refinery two hours by car north of Mecca is easily overlooked in the Saudi Aramco colossus. But it offers a bonus: a window into one of the world’s most secretive businesses. Source Bloomberg Read More 

IMF Advises Saudis to Cut Energy Subsidies More Gradually - Saudi Arabia can reduce energy subsidies more gradually to limit the short-term impact of austerity measures on economic growth, even if it means not meeting a self-imposed target of balancing the budget by 2019, the International Monetary Fund said. Source Bloomberg Read More 

Kachikwu: FG to Maintain N145 Pump Price of Petrol - The Minister of State for Petroleum, Dr. Ibe Kachikwu has stated that the federal government would re-visit the Kachikwu: FG to Maintain N145 Pump Price of Petrol - The Minister of State for Petroleum, Dr. Ibe Kachikwu has stated that the federal government would re-visit the pricing modulation model introduced in 2016 and remove the multi-layer charges on importation of petroleum Source Thisday Read More 

Abu Dhabi Fund Plans $1.7 Billion Paris Properties Sale - The Abu Dhabi Investment Authority, one of the world’s largest sovereign-wealth funds, is seeking offers for Paris office buildings valued at 1.5 billion euros ($1.7 billion) to cash in on increased investor appetite for French assets, according to three people with knowledge of the matter. Source Bloomberg Read More 

Steinhoff Plans Africa Spinoff After $3 Billion Expansion - Steinhoff International Holdings NV plans to list its African assets separately as the acquisitive retailer seeks a new prize for shareholders following this year’s failed merger talks with Shoprite Holdings Ltd. Source Bloomberg Read More 

PROSHARE FINANCE
The Lagos State Health Insurance Scheme …The Much Awaited Panacea? - Towards the tail end of 2016, the Governor of Lagos State, Akinwunmi Ambode, intimated the public of his administration’s plans to roll out the highly anticipated Health Insurance Scheme for the state in the early part of 2017. Source Proshare Read More  

 

PROSHARE START-UPS
BoI to finance Borno MSMEs with N2bn - The Bank of Industry has sealed a N2bn financing agreement with the government of Borno State for  the development of  Micro, Small and Medium Enterprises. Source Punch Read More 

 

 

 

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