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Nigeria in 1min: Economic, Business & Financial Headlines – 190617

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June 19, 2017 7:00 AM / Proshare News 

PROSHARE ECONOMY
The Nigerian Debt Conundrum and the Need for Automatic Stabilizers  - In the global finance narrative concerning emerging markets, the 1980’s is referred to as the lost decade; this is mainly because in that period, many developing economies reached a point where their foreign debt exceeded their earning power. Source Proshare Read More 

What To Expect From The Markets This Week - 190617 - The total amount of outstanding commercial paper in 2016, stood at 4.53 billion naira, thus reflecting a 353% shrink compared to the previous year. Moreover it implies how rising government security fused with a high natural rate has led to a crowd off of private capital in the money. Source Proshare Read More 

We’ve not spent $12bn on new rail tracks - NRC boss - Managing Director of the Nigeria Railway Corporation (NRC), Engr. Fidet Okhiria, has explained that the Federal Government has not spent up to $12bn contrary to what he called misinformation to the public. Source Daily Trust Read More 

Delta lawmakers approve N1 billion loan request - The Delta State House of Assembly at the weekend approved the state government’s request for a N1 billion loan to enable it access the Universal Basic Education Fund. Source Guardian Read More 

N931bn revenue gap destabilises electricity since 2015 - A power sector shortfall of N931bn accumulated since 2015 has compounded the power outage issue in Nigeria, industry statistics and experts have noted. Source Daily Trust Read More 

Funding gaps: 15 manufacturing companies borrow N418bn from banks - AT the backdrop of funding exigencies and inability to raise longer term and cheaper capital from the capital market, top 15 companies in the manufacturing sector Source Vanguard Read More 

Multinationals to inject N300b in subsidiaries - Global manufacturing giants have indicated interest in injecting about N300 billion into their operations to consolidate their market share in the key sectors of the economy. Source THE NATION Read More 

2018 budget: FRC advises FG to stick to ERGP - The Fiscal Responsibility Commission (FRC) has advised the Federal Government to stick to the Economic Recovery and Growth Plan (ERGP) in processing the 2018 Appropriation Bill to boost the nation’s economy. Source BUSINESSDAY Read More 

Nigeria ranks 119 in global innovation index - Nigeria has moved down by five places to 119 out of 127 economies ranked in the 2017 Global Innovation Index from the 114th position it attained in 2016. Source Punch Read More 

Nigeria records first trade deficit with UK in seven years - The negative growth of the economy and low crude oil output has weakened Nigeria’s international trade with most of its partners, particularly the United Kingdom Source Punch Read More 

NRC suspends Lagos-Kano train service for two weeks - The Nigeria Railway Corporation has suspended the Lagos-Kano train operations for two weeks following the collapse of the Tatabu Bridge in the Mokwa Local Government Area of Niger State after a heavy rainfall, which affected the rail line. Source Punch Read More 

Dangote, NPA, Flour Mills Sign MoU with FG to Reconstruct Apapa Road at N4.3bn - Minister of Power, Works and Housing, Mr. Babatunde Fashola, has signed a N4.34 billion Memorandum of Understanding (MoU) with Dangote Group, the Nigerian Ports Authority (NPA) and Flour Mills of Nigeria for the reconstruction of the decrepit Wharf Road, Apapa, Lagos. Source Thisday Read More 

FG to Execute Three-pronged Strategy to End Fuel Importation by 2019 - To achieve the President Muhammadu Buhari administration’s target of meeting the nation’s needs and end the importation of petroleum products by 2019 which cost the country N3.35 trillion last year, the Ministry of Petroleum Resources is executing a three-pronged strategy. Source Thisday Read More 

Kale: Nigeria Will Exit Recession Next Year - Barring further economic upheavals or exogenous shocks, the Nigerian economy is expected to exit the recession in 2018, the Statistician General of the Federation, Dr. Yemi Kale has said. Source Thisday Read More 

PROSHARE MARKETS
Corporate Earnings for the Week Ending 160617 – INTBREW Declares N1.03 Bln PAT in Q1'17  - Source Proshare Read More 

NSEASI Sustains Uptrend with Marginal Gain; Records +1.60% Gain WoW - Equities market closed today on a positive note, as NSE ASI appreciated by +0.04% to close at 33,810.56 basis points, as against +0.59% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +25.81%. Source Proshare Read More 

Ecobank to float $400m convertible bond issue - Ecobank Group, at the weekend received shareholders’ approval to raise $400 million in convertible bond to boost the Group’s capital position Source Guardian Read More 

NICON surrenders N13b assets to PTAD - In compliance with the directive of the Federal Government through the Pension Transitional Arrangement Directorate (PTAD), NICON Insurance Company Limited has transferred 28 landed properties in lieu of cash payment tentatively valued at N13 billion as pension legacy funds  in its custody. Source THE NATION Read More 

Total pension assets rise to N6.4tn - The total pension assets under the Contributory Pension Scheme rose to N6.4tn at the end of April this year. Source Punch Read More 

NAICOM approves 32 insurance firms’ accounts - The National Insurance Commission has approved the 2016 financial accounts of 32 insurance companies. Source Punch Read More 

Banks to resume dollar loans as naira appreciates - Indications have emerged that Deposit Money Banks will soon start to raise dollar-denominated loans, especially Eurobonds, as the naira continues to appreciate. Source Punch Read More 

Quoted companies cut cash dividend payments by N167 billion - Shareholders of quoted firms on the Nigerian Stock Exchange (NSE) in 2017 lost N166.86 billion in income, as dividend payment by 84 companies fell by 31 percent to N363.69 billion this year Source BUSINESSDAY Read More 

Rand Merchant Bank launches ₦80bn Commercial Paper programme - Rand Merchant Bank (RMB) Nigeria has received approval from FMDQ OTC Securities Exchange to register its N80 billion Commercial Paper (CP) Programme on the FMDQ platform. Source BUSINESSDAY Read More 

Nigeria’s daily FX turnover hits $80m, says FMDQ - Daily turnover on Nigeria’s new foreign exchange window for investors has reached eighty million dollars and the vast improvement is now encouraging players to bet on the convergence of rates that should bring in more investment in stocks and bonds. Source BUSINESSDAY Read More 

Nigeria to sell 140 bln naira bonds on June 21 – debt office -Nigeria plans to auction 140 billion naira ($460 million) in bonds on June 21, the Debt Management Office said on Friday. Source BUSINESSDAY Read More 

DisCos require $7.7b to fix assets, says Nnaji - The 11 electricity distribution companies (DisCos) need to invest additional  $7.7billion to upgrade their assets to provide the services required of them,  the former Minister of Power, Prof Barth Nnaji, has said. Source THE NATION Read More 

NNPC Crashes Diesel Price Nationwide By 42% - Mr Ndu Ughamadu, the Group General Manager, Public Affairs Division of the Nigerian National Petroleum Corporation (NNPC) on Sunday said it had crushed the price of diesel by 42 per cent. Source Leadership Read More 

PROSHARE BUSINESS
Egypt provided $121 mln in emergency funding to GASC in May - Finance Ministry -Egypt's Finance Ministry has provided the state grains buyer GASC with letters of credit worth $64.3 million for the purchase of 395,000 tonnes of imported wheat, it said in a statement on Saturday. Source Reuters Read More 

Remittances from expatriate Egyptians rise by 11.1 pct since float - Remittances from expatriate Egyptians rose by 11.1 percent between the currency float in November and the end of April, the central bank said on Sunday, with economists suggesting recent reforms have begun restoring confidence in the banking system. Source Reuters Read More 

Airbus Adds Cost-Saving Upgrades to A380 to Boost Sales - Airbus SE formalized plans to upgrade its A380 superjumbo with fuel-saving winglets as the European planemaker seeks to revive sales of the flagship model. Source Bloomberg Read More 

The Forward Curve for Oil Prices Suddenly Looks Awful for OPEC - As if a mini-collapse in oil prices wasn’t bad enough for OPEC, the pattern in which futures contracts are trading years from now has flipped into the worst possible structure for the exporter group. Source Bloomberg Read More 

Ethiopian Air Said to Plan $3 Billion Deal for Airbus A350s - Ethiopian Airlines Enterprise plans to buy 10 of Airbus SE’s newest A350 wide-body jets in a transaction worth more than $3 billion at advertised prices, according to people familiar with the plan. Source Bloomberg Read More 

U.K. Companies Least Able to Pay Pensions Since 2009 Recession - Some of Britain’s top companies are the least able to meet their pension obligations since the 2009 recession, according to PricewaterhouseCoopers LLP. Source Bloomberg Read More 

Tanzania M-Pesa users get Sh7.9bn dividend (~Kshs 365 million).. as a Bank of Tanzania requirement  - Source THE CITIZEN Read More

World's Top Direct-Selling Stock Soars 220% on China's Smaller Cities - The world’s best-performing publicly traded direct seller isn’t so direct in its approach to the behemoth that’s the Chinese market. Source Bloomberg Read More 

Oil Trades Below $45 as U.S. Drillers Extend Record Rig Streak - Oil traded below $45 a barrel after a fourth weekly loss on speculation that a record expansion by U.S. drillers will blunt OPEC-led efforts to rebalance an oversupplied market. Source Bloomberg Read More 

 

 

 

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