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Nigeria in 1min: Economic, Business & Financial Headlines – 190117

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January 19, 2017 6:30 AM / Proshare News 

 

PROSHARE ECONOMY
Lagos, Ogun Top IGR for H1 2016 - The National Bureau of Statistics released today the Internally Generated Revenue at State level for January to June 2016. Source Proshare Read More 

Export Pressures On Grain Harvests Prod CPI Higher - Inflation closes 2016 on a whimper: The National Bureau of Statistics (NBS) released the final monthly CPI reading for 2016, which showed that inflation inched 7bps higher to 18.55% in December—5bps ahead of our forecast. In contrast to the sharp jumps observed in earlier months, the December increase was the slowest over 2016. Source Proshare Read More 

Consensus Around 1% Growth Projection for Nigeria's Economy in 2017 - Nigeria Africa’s largest economy is currently experiencing its worst recession in many years, with an unprecedented inflation rate(18.55%), tight monetary policy rate (14%), high unemployment (13.9%)  and  a challenging foreign exchange market. Source Proshare Read More 

Nigeria Strategy Report H1 2017 (8) - FG Fiscal Expansion: Once Bitten, But Not Shy - Today we delve further into the domestic portion of our core strategy document – the  Nigeria Strategy Report. In this piece, we review the fiscal picture over H2 2016 and proffer outlook on same for year 2017. Source Proshare Read More 

N/Assembly approves Buhari’s N2.3tr loan - The National Assembly has passed the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2017 – 2019 and approved President Muhammadu Buhari’s borrowing plan of N2.3 trillion. Source Daily Trust Read More 

FG: We’ll use pension fund for infrastructure - The Federal Government is working on how to tap into the huge pension fund to finance infrastructure in the country, Vice President Yemi Osinbajo said yesterday. Source Daily Trust Read More 

Senate approves MTEF, increases oil price benchmark to $44.5 - The Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP, of the Federal Government was, yesterday, approved by the Senate with a significant mark up in the oil price benchmark to $44.5 per barrel, up 4.0 per cent from $42.5 per cent contained in the original document submitted by the Presidency. Source Vanguard Read More

Pension assets rise to N6.02tn - Despite the impact of recession on the Nigerian economy, the total funds under the Contributory Pension Scheme rose to N6.02tn at the end of November 2016. Source Punch Read More 

‘LIRS recorded N25bn revenue in December’ - The Lagos Inland Revenue Service, on Wednesday, said it raked N25bn into the stake government’s coffers in December 2016, despite the biting economic recession in the country. Source Punch Read More 

Buhari’s economic recovery plan to be launched next month – Osinbajo - Vice President Yemi Osinbajo has revealed that plans had been concluded to launch the economic recovery plan of the President Muhammadu Buhari led administration in February. Source Vanguard Read More 

Nigeria loses 60% cargoes to neighbouring countries - DIVERSION of Nigeria bound cargoes have increased from about 40 percent in 2014 to about 60 percent as at 2016 due to unfriendly import policies, stakeholders in the industry have said. Source Vanguard Read More 

Nigeria’s large size malls struggle as vacancy rates hit 56% - Nigeria’s new large size malls are struggling to attract tenants as rising inflation eats into the purchasing power of Nigeria’s once buoyant middle class. Source BUSINESSDAY Read More 

 

PROSHARE REGULATORS
CBN Sets Up Industry Committee To Develop Policies and Guidelines For Blockchain Tech Regulations - Blockchain Technology is gradually becoming a pervasive platform in the conduct of modern payments. It has presented itself to the world of payments by giving strong value propositions around security, digitalization and trust. Source Proshare Read More 

GT Bank Manager Denies Knowledge of Documents Submitted by EFCC - Nwachukwu Amazu, head of the fund transfer unit of Guaranty Trust Bank (GT BANK), on Wednesday denied knowledge of the documents his bank sent to the Economic and Financial Crimes Commission (EFCC) on Senate President Bukola Saraki. Source Proshare Read More 

 

PROSHARE MARKETS
Risk Appetite wanes further as stocks book N11.30bn loss - The equities market closed today on a negative note, as NSE ASI depreciated by 0.13% to close at 26,245.34 basis points, compared with the 0.36% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.34%. Source Proshare Read More 

Israel Issues Largest Ever Euro Bond Offering On The London Stock Exchange - The London Stock Exchange today welcomes the listing of Israel’s largest ever Euro denominated bond offering. The €2.25 billion issue in 10 and 20 year government bonds marks the first time in three years Israel has issued Euro denominated debt. The offer secured exceptional investor demand and was more than four times oversubscribed, with the combined order books closing in excess of €9.5 billion. Source Proshare Read More 

Access Bank Plc Appoints Dr. Gregory Ovie Jobomeas Executive Director, Risk Management Division - Access Bank has announced the appointment of Dr. Gregory Ovie Jobome, as Executive Director, Risk Management Division. Source Proshare Read More 

Dangote shuts tomato paste plant over dollar scarcity - Africa’s richest man, Aliko Dangote, has shut his new tomato paste plant in Kano due to a shortage of dollars needed to import raw materials, a senior executive has said. Source Punch Read More

Refineries pump 12.3m litres of kero, diesel - Three of the refineries operated by the Nigerian National Petroleum Corporation (NNPC) have as at Tuesday produced additional 12.3m litres comprising 4.6m litres of kerosene and 7.7m litres of diesel for the domestic market. Source Daily Trust Read More 

Fuel scarcity bites harder in Sokoto - Fuel scarcity is biting harder in Sokoto with most filling stations sealed days after NUPENG suspended its warning strike. Source Daily Trust Read More 

Fuel scarcity looms as marketers stop importation - Marketers under the aegis of Depot and Petroleum Products Marketers Association (DAPPMA) said that the N660 billion debt owed them by the Federal Government for products already imported, coupled with interest on bank loans had been their major hindrance to petroleum importation. Source Vanguard Read More 

No plan to hike fuel price – NNPC - The Nigerian National Petroleum Corporation, NNPC,Wednesday, dismissed claims that it was planning to hike the price of Premium Motor Spirit, PMS, also known as petrol. Source Vanguard Read More 

Oil Recovers From 1-Week Low as Supplies Said to Drop - Oil edged higher from a one-week low in New York as an industry report that U.S. crude supplies fell last week. Source Bloomberg Read More 

OPEC Seeks to Quiet Doubts on Supply Cuts as Oil Rally Falters - When OPEC and Russia meet this weekend to gauge progress on their oil-supply deal, they’ll be trying to dispel the shadow of previous unfulfilled promises. Source Bloomberg Read More 

 

PROSHARE BUSINESS
National Assembly Takes Steps On Improving Ease of Doing Business in Nigeria - The World Bank 2017 report on Doing Business, covering 190 countries revealed that in Africa Mauritius(49), Rwanda(56), Morocco(68), Botswana(71) and South Africa (74) where the top countries with on the “Ease of Doing Business”. Source Proshare Read More 

Egypt to end capital controls, reform oil sector under IMF deal - Egypt will scrap its remaining caps on transfers and deposits of foreign currency by the end of June and overhaul its oil sector as part of ambitious efforts to reform the economy under an IMF agreement, the details of which were released on Wednesday. Source Reuters Read More 

Food prices drive Burundi inflation up to yearly 9.6 pct in December - Food price rises drove Burundi's inflation to 9.6 percent year-on-year in December from 7.1 percent the previous month, official data showed on Wednesday. Source Reuters Read More 

Ivory Coast's CCC denies it plans to cancel cocoa contracts - Ivory Coast's Coffee and Cocoa Council (CCC) marketing board denied on Wednesday that it plans to cancel around 300,000 tonnes of cocoa contracts on the verge of default and resell them. Source Reuters Read More 

Germany and African Countries Seek to Strengthen Ties at First Ever Germany-Africa Business Forum - The Germany-Africa Business Forum seeks to “bridge the gap” by facilitating dialogue, business dealings and dynamic commercial and political interchange Source Proshare 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 

Dollar Hits Fresh High as Canada Dollar Drop Invigorates Rebound - The greenback clawed back more than half of its losses from Tuesday, trading close to its high toward the end of the session as a drop in the Canadian dollar and an upbeat Beige Book injected a fresh burst of energy. Source Bloomberg Read More 

Emerging-Market Stocks Rise as Mexico's Peso Sinks to Record Low - Emerging-market stocks rose after Federal Reserve Chair Janet Yellen signaled gradual interest-rate increases, bolstering the outlook for riskier assets. Mexico’s peso sank on concern over the future U.S. trade policy. Source Bloomberg Read More 

IMF Releases $12 Billion Egypt Loan Details: An Investors’ Guide - The International Monetary Fund released the details of the $12 billion loan it approved for Egypt in November, the Washington-based lender’s largest in the region. Source Bloomberg Read More 

Saudi Arabia’s Sabic in Talks for Up to $2 Billion of Loans - Saudi Basic Industries Corp., the world’s largest petrochemicals maker by market value, is in talks with banks to raise as much as $2 billion of loans, according to two people familiar with the matter. Source Bloomberg Read More 

Saudi Telecom Said to Offer Loan to Solve Turkey Debt Issue - Saudi Telecom Co. offered a loan of about $160 million to a subsidiary that missed a repayment on $4.75 billion of debt last year, according to people familiar with the matter. Source Bloomberg Read More 

NERC Deadline: Local Meter Manufacturers Seek FOREX Window - The latest deadline by the Nigeria Electricity Regulatory Commission (NERC), to electricity distribution companies (DISCOs) to issue meters to power consumers across the country is coming with mixed reactions. To consumers it is a long expected relief that will shed the burden of paying for electricity not consumed. Source Leadership Read More 

Power sector liquidity gap hits N1.1tr - In  two months, the power sector’s liquidity gap has risen from N1trillion to N1.1 trillion, the Association of Nigerian Electricity Distributors (ANED) has said. Source THE NATION Read More

 

PROSHARE TECHNOLOGY
Deutsche Bourse Turns to Fintech Partners to Build 'Exchange 4.0’ - "New IT-based analytical tools for large amounts of data, and mobile devices are about to give the financial services industry a "DNA transplant". Source Proshare Read More

‘Digital finance to add $3.7tr to emerging economies’ GDPs’  - It is estimated that digital finance could add about $3.7 trillion to emerging countries’ gross domestic product (GDP) by 2025, if is widely adopted, and represents a six per cent increase above business as usual. Source Guardian Read More 

Accenture projects 30% cost reduction on bank infrastructure using blockchain - A new report sees 10 largest investment banks shedding an average of 30 percent infrastructural costs, translating to $8 billion to $12 billion in annual cost savings for those banks costs on adoption of blockchain technology. Source BUSINESSDAY Read More 

PROSHARE START-UPS
BoI approves NAFDAC number for lending to SMEs - THE Bank of Industry, BoI, has beckoned Small and Medium Enterprises (SMEs) operators whose products have met quality certification by National Agency for Food, Drug Administration and Control, NAFDAC, to come for loan to expand their operations and create employments. Source Vanguard Read More 

Anambra to boost MSMEs with N3bn in 2017 - THE Anambra State government plans to generate over N3 billion in 2017 to assist the Micro, Small and Medium Enterprises (MSMEs) sector in the state. Source Vanguard Read More 

 

 

 

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