Nigeria in 1min: Economic, Business & Financial Headlines – 181017


October 18, 2017 7:10 AM / Proshare News 


CPI Drops to 15.98% in Sept 2017, 0.03% Lower Than 16.01% August Rate - The Consumer Price Index (CPI) which measures inflation increased by 15.98 percent (year-on-year) in September 2017. Source Proshare Read More 

Average Price of 1kg of Yam Tuber Increased by 28.65% YoY in September 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 12.02% and month-on-month by 0.48% to N487.51 in September 2017 from N485.19 in August 2017 while the average price of piece of Agric eggs medium size(price of one) increased year-on-year by 22.88% and month-on-month by 6.52% to N45.72 in September 2017 from N42.92 in August 2017. Source Proshare Read More 

Average Air Fare Increased by 31.31% YoY in September 2017 -  The transport fare watch report for September 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 

Average Prices of PMS, AGO, HHK and Cooking Gas - September 2017 - Average price paid by consumers for premium motor spirit (petrol) decreased by 1.2% year-on-year and increased by 0.1% month-on-month to N144.5 in September 2017 from N144.4 in August 2017.  Source Proshare Read More 

Govs demand 50% balance of Paris Club Refund - THE 36 Governors of the Federation under the umbrella of Nigeria Governors Forum, NGF, Tuesday met with President Muhammadu Buhari in closed-door at the Presidential Villa, Abuja, and demanded for the payment of the balance Paris Club Refunds as agreed in 2016. Source Vanguard Read More 

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A Woeful Performance from the Refineries - In July the NNPC’s operating deficit doubled from N5.2bn the previous month to N11.9bn (US$39m). A profit before central costs and ventures from production (N15.4bn) was inadequate to cover losses from refineries (N8.5bn) and retail/marketing (N7.2bn). Source Proshare Read More 

Fiscal Opportunities of a Restructured Sports Sector: Football as Pilot (2) - The Nigerian league system owes its format to the British.  The modern game of association football originated with the formation of the Football Association (FA) in London in 1863 following multiple efforts to standardize the varying forms of the game. Source Proshare Read More 

Nigeria, Ghana sign MoU on maritime operations - The Nigerian Maritime Administration and Safety Agency, NIMASA, has signed a Memorandum of Understanding (MoU) with the Ghanaian Maritime Authority, (GMA) to optimally harness the natural potential in the industry. Source Guardian Read More 

Customs seizes 3,000 vehicles from dealers, justifies action - The Nigerian Customs Service (NCS) has justified  its recent raids of auto marts across the country saying the exercise is in line with the extant law. Source Daily Trust Read More 

FG shops for new investors for Ajaokuta, Itakpe plants - Following the resolution of the 8-year-long litigations surrounding the Ajaokuta Steel Company Limited and National Iron Ore Mining, Itakpe, the Federal Government has commenced the search  for interested investors to revive the ailing companies, Minister of Mines and Steel, Kayode Fayemi, has said. Source Daily Trust Read More 

World Bank okays $150m for mining sector - The Federal Government has secured $150million (about N43.2billion) loan from the World Bank for the Mindiver Project, the Minister for Mines and Steel Development, Kayode Fayemi, has said Source THE NATION Read More 

AfDB: Nigeria, others spend $35b yearly on food imports - The President, African Development Bank (AfDB), Dr Akinwumi Adesina, has lamented that Nigeria and other African countries spend $35 billion yearly on food importation. Source THE NATION Read More 

Buhari sends 2018-2020 MTEF/FSP to lawmakers - President Muhammadu Buhari yesterday sent the 2018-2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the National Assembly, barely three months to the end of the financial year. Source THE NATION Read More 

Nigeria requires $50bn investment to unlock potential in aviation sector - An additional $50 billion investment is required in Nigeria’s aviation sector to fully unlock its inherent potential for national growth, a group of experts said on Tuesday. Source THE SUN Read More 

FG spent 15% of earnings on infrastructure – Fashola - The Federal Government spent 15 per cent of its earnings on infrastructure as one of the measures to get the country out of recession, the Minister of Power, Works and Housing, Mr. Babatunde Fashola, said on Tuesday. Source Punch Read More 

External Reserves Hit 3-year High at $33.112 Billion - Nigeria’s external reserves has risen to a three-year high of $33.112 billion as of October 12, according to figure obtained from the Central Bank of Nigeria’s (CBN) website. Source Thisday Read More 

Nigeria’s Auto Industry to Import Less than 10,000 Vehicles in 2017, Says Ade-Ojo - Nigeria’s auto industry is expected to import and sell between 8,000 and 10,000 new vehicles this year, a figure that is lower than the 15,000 projected for last year. Source Thisday Read More 

Ford inaugurates N5bn vehicle assembly plant in Lagos - Coscharis Motors, a subsidiary of Coscharis Group and distributors of Ford automobiles, has unveiled a vehicle assembly plant in Lagos worth over $15m  (about N5bn) for the production of the brand. Source Punch Read More 

NAMA signs air surveillance agreement with US firm - The Nigerian Airspace Management Agency has signed a Memorandum of Understanding with Aireon LLC of USA on exploring the deployment of space-based Automatic Dependent Surveillance-Broadcast system in Nigeria. Source Punch Read More 

Fitch: Nigerian Banks’ Eurobonds Offering to Ease Foreign Currency Maturity Gaps - Fitch Ratings, a global rating agency has described the return of Nigerian banks to the international bond markets as a step towards reducing maturity mismatches between their foreign-currency (FC) assets and liabilities. Source Thisday Read More 

World Bank Laments Lack of Progress in Tackling Poverty - The World Bank has lamented the lack of progress since the 1960s in an area that is crucial for reducing poverty and inequality and promoting growth in the world. Source Thisday Read More 

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Equities Market Resumes Downtrend as NSEASI Records -0.81% Loss - Equities market closed today on a negative note, as NSE ASI depreciated by -0.81% to close at 36,669.61 basis points as against +0.33% appreciation recorded previously. Source Proshare Read More 

Cordros Weekly Stock Recommendation- 161017 - The shares of CADBURY gained by 1.65% last week to N10.50. CADBURY trades at a significant forward PE above its 5-year historical average of 24.9x. Source Proshare Read More 

UBA Plc - Weighed By Expensive Funding - As market watchers say, late Friday is the best time to release bad earnings while early Monday is the perfect timing for an impressive result. Source Proshare Read More 

Banks’ return to global bond market’ll boost foreign currency liquidity —Fitch - GLOBAL rating agency, Fitch, yesterday, declared that the return of Nigerian banks to the international bond market will reduce the country’s foreign currency (FC) liquidity risk. Source Vanguard Read More 

Commodities Exchange seeks N500m initial capital - Promoters of the proposed Lagos Commodities and Futures Exchange (LCFE) have launched a private placement to raise N500 million initial capital for the takeoff of the new Exchange. Source THE NATION Read More 

Nigeria’s oil export rises by 150,000 bpd - As Aiteo completes maintenance of Nembe creek trunk line The export of crude oil from Nigeria has been increased by 150,000 barrels per day (bpd) following the completion of Nembe Creek Trunk Line maintenance. Source Vanguard Read More 

Agip spends $5.4b on Nigerian content - The Nigerian Agip Oil Company (NAOC) has spent $5.4 billion to grow and develop Nigerian content. Source THE NATION Read More 

DisCos settle N9.6bn out of 42bn July energy bill – NBET - The Nigerian Bulk Electricity Trading Plc (NBET) said the 11 Distribution Companies (DisCos) only paid N9.6 billion for energy invoice of N41.96 billion supplied to them in July 2017, leaving a deficit of N32.3bn. Source Daily Trust Read More 

Fashola: Hydro Now Contributes 26% of Nigeria’s Power Generation - The Minister of Power, Works and Housing, Mr.Babatunde Fashola , has put the total percentage contribution of the three hydro power generation companies (Gencos) in Nigeria – Kainji, Jebba, and Shiroro, to the country’s daily power generation at 26 per cent, up from 15 per cent that he said was the situation in 2015. Source Thisday Read More 

NNPC stores two billion litres of petrol for end-of-year movement -  The Nigerian National Petroleum Corporation on Tuesday announced that it had stored over two billion litres of Premium Motor Spirit, also known as petrol, to ensure a hitch-free end-of-year movement of motorists. Source Punch Read More 

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FirstBank Partners BrandZone on Brand Innovation Conference 2017 - First Bank of Nigeria Limited has announced its partnership with Brandzone Consulting LLC for the 2017 Brand Innovation Conference. The two day event is scheduled for Tuesday 17 and Wednesday 18 October 2017. Source Proshare Read More 

Fowler elected into UN Tax Committee of Experts - The Executive Chairman, Federal Inland Revenue Service, Mr. Tunde Fowler, has been elected as 1st Vice Chairman of United Nations Committee of Experts on International Cooperation in Tax Matters. Source Punch Read More 

Rochas Okorocha and Jacob Zuma’s Statue - What is it about South African President Jacob Zuma and statues? Two statues in one month-  generating controversy from the streets of Pretoria to the streets of Owerri in Nigeria. In the first week of October, a 30-feet monument was unveiled in honour of President Zuma in the North West region of his country. Source Proshare Read More 

Rio CFO, Ex-CEO Face SEC Fraud Charges Over $3 Billion Project - Rio Tinto Group, the world’s second-biggest miner, and two of its former top executives have been charged with fraud over the alleged inflation of the value of coal assets in Mozambique acquired for about $3.7 billion in 2011, the Securities and Exchange Commission said. Source Bloomberg Read More 

Zambia and IMF agree to chart path towards debt sustainability - Zambia and the International Monetary Fund have agreed to chart a new path towards debt sustainability after the IMF said Africa’s No.2 copper producer was at high risk of debt distress, the ministry of finance said in a statement on Monday. Source Reuters Read More 

Zambia energy regulator hikes fuel price for retail consumers - Zambia announced an increase in the retail price of fuel on Tuesday, citing rising international oil prices and depreciation of the kwacha. Source Reuters Read More 

South Africa's cabinet changes rattle bonds, rand extends losses - South African government bonds weakened and the rand extended losses against the dollar on Tuesday after President Jacob Zuma reshuffled his cabinet and the weekly bond auction failed to attract strong demand. Source Reuters Read More    

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China's Xi Jinping Outlines His Vision for the Next Five Years - Source Bloomberg Read More 

Dalio's Fund Opens $300 Million Bet Against Italian Energy Firm - Bridgewater Associates is adding to its billion-dollar short against the Italian economy. The world’s largest hedge fund disclosed a $300 million bet against Eni SpA, Italy’s oil and gas giant, data compiled by Bloomberg show. Source Bloomberg Read More 

You Can Now Charge Electric Cars at Shell in the U.K. - Royal Dutch Shell Plc opened its first rapid charging point for electric cars at gasoline stations in the U.K., the latest sign that oil majors are waking up to the disruption plug-in vehicles could have on their industry. Source Bloomberg Read More 

Global Dollar Funding Shortage, Back on Radar, May Yet Get Worse - Signs of global dollar-funding pressures are bubbling up in currency derivatives, making it costlier for international investors to protect against swings in the greenback when they buy U.S. debt. Source Bloomberg Read More 

EU to Prepare for U.K. Trade Deal Even as Brexit Talks Stall - Source Bloomberg Read More 

Kenya Central Bank Seeks to Soothe Investors Amid Drawn-Out Vote - Kenya’s central bank is seeking to communicate a sense of normalcy and continuity to investors amid uncertainty about protracted elections, Governor Patrick Njoroge said. Source Bloomberg Read More 

Saudi Arabia Oil Minister Says Full Aramco IPO on Track for 2018 - Saudi Arabia is still aiming to complete both international and domestic portions of the initial public offering of its state oil company in 2018, Saudi oil minister Khalid Al-Falih said Tuesday. Source Bloomberg Read More 

Qatari Banks Cut Dollar Sales to Foreign Lenders - Some Qatari banks are becoming less willing to sell dollars to foreign lenders amid a lingering regional standoff with a Saudi-led alliance, according to people familiar with the matter. Source Bloomberg Read More 

Oil Near $52 After Industry Data Shows Crude Stockpile Draw - Source Bloomberg Read More 

Iran Official Backs Extension of OPEC Cuts, Dismisses Trump Risk - Iran said it would support an extension of OPEC oil-production cuts to the end of next year, and insisted its own output plans won’t be disrupted by U.S. President Donald Trump. Source Bloomberg Read More 

Gulf Coast Oil Spill May Be Largest Since 2010 BP Disaster - An oil spill in the Gulf of Mexico last week may be the largest in the U.S. since the 2010 blowout at BP Plc’s Macondo well that sank the Deepwater Horizon rig and killed 11 people. Source Bloomberg Read More 

Public Company Soars 71% on Plans to Launch Its Own Digital Token - Social Reality Inc., a micro-cap advertising technology firm, has joined the ranks of public companies latching onto the cryptocurrency world and its big, speculative returns. Source Bloomberg Read More 

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Meristem launches MeriGame, to attract young Nigerians & retail investors into the capital market - Meristem Securities one of Nigeria's leading Capital Market operators, today took a major step in deepening investment activities in the country;  with the formal launch of "MeriGame". Source Proshare Read More 

IBM beats revenue estimates; hints at sales growth - International Business Machines Corp’s (IBM.N) shift to newer businesses such as cloud and security services helped it beat analysts’ quarterly revenue estimates, and the technology major hinted at sales growth after nearly six years of declines. Source Reuters Read More 

JPMorgan to buy online payment provider WePay - JPMorgan Chase & Co said on Tuesday it would acquire online payment provider WePay as the bank looks to integrate payments into software used by small businesses. Source Reuters Read More 

George Soros foundations now control $18 billion - Investor George Soros has transferred about $18 billion, the majority of his estimated fortune, to his Open Society Foundations, making them the second largest philanthropic grant-making group in the United States, according to media reports on Tuesday. Source Reuters Read More 


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