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Nigeria in 1min: Economic, Business & Financial Headlines – 180917

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September 18, 2017 7:00 AM / Proshare News 

PROSHARE ECONOMY
What To Expect From The Markets This Week - 180917 - Recently, the National Bureau of Statistics released the Inflation figures for August 2017.  Core inflation eased marginally from 12.30% in July to 12.20% for the month of August, maintaining its downward trajectory.  Source Proshare Read More 

CPI Drops to 16.01% in August 2017, 0.04% Lower Than 16.05% July Rate - The Consumer Price Index (CPI) which measures inflation increased by 16.01 percent (year-on-year) in August 2017. This was 0.04 percent points lower than the rate recorded in July (16.05) percent making it the seventh consecutive decline in the rate of headline year on year inflation since January 2017. Source Proshare Read More 

N’Assembly will get 2018 budget next month – Enang - The 2018 Appropriation Bill will be submitted to the National Assembly in October, the Special Adviser to President Muhammadu Buhari on National Assembly Matters (Senate), Ita Enang, has said. Source Punch Read More 

Nigerian Government grants Dangote Group 10-year tax incentive - The Nigerian government has granted a 10-year tax incentive to Dangote group for the construction and rehabilitation of roads, Minister of Power, Works and Housing, Babatunde Fashola, has said. Source Premium Times Read More 

Average Price of 1kg of Yam Tuber Increased by 53.98% YoY in August 2017 - Selected food price watch data for August 2017 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 28.11% and decreased month-on-month by 2.67% to N485.19 in August 2017 from N498.50 in July 2017 Source Proshare Read More 

Average Air Fare Increased by 32.75% YoY in August 2017 - The transport fare watch report for August 2017 covers the following categories namely bus journey within the city per drop constant route ; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (okada) per drop; and  water way passenger  transport. Source Proshare Read More 

NIRSAL Partners Stanbic IBTC On N50bn Agric Financing Scheme - The Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) has entered into a N50billion agriculture financing partnership with Stanbic/IBTC Bank for the 2017/2018 dry and wet season. Source Leadership Read More 

ICRC: $100bn Required for Nigeria’s Infrastructure Development - The acting Director General, Infrastructure Concession Regulatory Commission (ICRC), Mr. Chidi Izuwa, has put the total amount of funds required to provide quality infrastructure in Nigeria over the next six years at about $100 billion. Source Thisday Read More

India Offers to Buy N367bn Pulse Beans from Nigeria - India has approached Nigeria to supply it with $1billion (about N367 billion) worth of Pulse Beans. Source Thisday Read More 

PROSHARE MARKETS
Equities Market Erases Previous Gains as NSEASI Dips by -1.84%; Records -2.65% Loss WoW - Equities market closed today on a negative note, as NSE ASI depreciated by -1.84% to close at 35,005.57 basis points as against +0.55% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +30.26%.  Source Proshare Read More

FMDQ approves registration of Wema Bank’s N50bn CP - THE FMDQ OTC   Securities Exchange has approved the registration and listing of Wema Bank’s N50 billion Commercial Paper (CP) programme on its platform. Source Vanguard Read More 

Nigerian REITs market in slow growth despite N1.7trn global capitalisation - The Real Estate Investment Trusts (REITs) market in Nigeria is still growing slowlym despite a significant increase in the global market capitalisation which an Ernest & Young report puts at approximately US$1.7 trillion, up from US$734 billion in 2010. Source BUSINESSDAY Read More 

Forex Restriction On 41 Items Has Curbed Dumping In Nigeria – Manufacturers - Although there has been renewed calls for the removal of the exclusion of 41 items from the list of eligible foreign exchange by the Central Bank of Nigeria (CBN), manufacturers have said the restriction of importers of the items from the official foreign exchange window has curbed the level of products dumping in the country. Source Leadership Read More 

PENGASSAN calls for immediate payment of N720bn subsidy arrears owed oil marketers - Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called on the Federal Government to payment of over N720 billion debt allegedly owed oil marketers. Source BUSINESSDAY Read More 

Oil markets firm on rising refinery demand, falling U.S. rig count - Oil markets were firm on Monday and remained near multi-month highs reached late last week as the number of U.S. rigs drilling for new production fell and refineries continued to start up after getting knocked out by Hurricane Harvey. Source Reuters Read More

FG Sets Bid Round Guidelines for Award of 46 Marginal Oil Fields   - The federal government through the Department of Petroleum Resources (DPR) has set the guidelines for the marginal oil field bid round scheduled to take place later this year or early 2018 and could potentially see scores of investors jostling to acquire 46 oil acreages during the exercise Source Thisday Read More 

PROSHARE BUSINESS
Pravin Gordhan to KPMG: Your apology is NOT accepted. See you in court. - Ousted South African finance minister Pravin Gordhan has refused to accept KPMG’s apology – and is talking to his lawyers to ensure proper satisfaction is extracted from the Gupta auditors. Source BIZnews  Read More 

Bankers Call Time on Saudi Arabia - The oil-rich Gulf monarchy of Saudi Arabia is a money magnet for global finance. Source Bloomberg Read More 

Global debt may be understated by $13 trillion: BIS -  Global debt may be under-reported by around $13 trillion because traditional accounting practices exclude foreign exchange derivatives used to hedge international trade and foreign currency bonds, the BIS said on Sunday. Source Reuters Read More 

Egypt's finance ministry seeks approval of two Eurobond issuances -sources - Egypt’s finance ministry has asked the cabinet to approve two new eurobond issuances, two ministry sources told Reuters. Source Reuters Read More 

Kenya cuts 2017 growth forecast due to drought and political uncertainty - Kenya lowered its 2017 economic growth forecast to 5.5 percent due to drought and political uncertainty, a top official said on Friday, as the government cut non-essential spending to free up funds for a repeat presidential election. Source Reuters Read More 

Superpower India to Replace China as Growth Engine - India is poised to emerge as an economic superpower, driven in part by its young population, while China and the Asian Tigers age rapidly, according to Deloitte LLP. Source Bloomberg Read More 

China's Largest Online Insurer Starts $1.5 Billion Hong Kong IPO - ZhongAn Online P&C Insurance Co., China’s largest online insurer, started taking orders for a Hong Kong initial public offering that could raise as much as $1.5 billion. Source Bloomberg Read More 

Algeria to Lean on Central Bank to Plug Deficit Amid Oil Slump - Algeria’s prime minister laid out a sweeping plan to plug the budget deficit that would include direct borrowing from the central bank, as the OPEC member looks to compensate for lower oil revenue without tapping international debt markets. Source Bloomberg Read More 

IEA Sees Risk of Volatile Oil Prices on Weak Upstream Investment  - A dearth of new investment in oil production is stoking a risk of tighter crude supply and unstable prices, even as demand growth is expected to slow over the next five years, according to a senior International Energy Agency official. Source Bloomberg Read More 

U.K. House Price Growth at Slowest Since 2012 - U.K. house prices grew at the slowest annual pace in more than five years this month as a slump in London weighed on the market. Source Bloomberg Read More

 

PROSHARE TECHNOLOGY
World's Central Banks Can't Ignore the Bitcoin Boom, BIS Says - The world’s central banks can’t sit back and ignore the growth in cryptocurrencies as it could pose a risk to the stability of the financial system, according to the Bank for International Settlements. Source Bloomberg Read More

PROSHARE MSME
BoI releases N24bn to industrialists in Kano - The Managing Director, Bank of Industry, Mr. Olukayode Pitan, says the bank has provided a total of N24bn to industrialists in Kano State. Source Punch Read More 

 

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