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Nigeria in 1min: Economic, Business & Financial Headlines – 190717



July 19, 2017 7:00 AM / Proshare News 

Boosting Investments: Nigeria's path to growth - In 2016, Nigeria's economy slowed markedly, falling into a recession for the first time since 1991. Real GDP contracted 1.5%y/y, a reflection of the two and a half year decline in export earnings, and fall in government revenues which impacted consumer spending and investments. Source Proshare Read More 

The Case for a Robust Oil Savings Fund for Nigeria - To overcome commodity price volatility and depletion of non-renewable resources, countries dependent on revenues from natural resources are usually advised to save for the rainy day and for the future generation. Source Proshare Read More 

FIRS generates N1.78tn in six months, targets N1.8tn VAT - The Federal Inland Revenue Service collected a total sum of N1.782tn in tax revenue between January and July this year. Source Punch Read More 

BPP saves N32bn from contract review in 2016 - The Bureau of Public Procurement saved the nation N32bn through its review of contracts for capital projects, its 2016 annual report says. Source Punch Read More 

FG to establish ICT development bank - The Federal Government will soon establish a specialised bank to cater to the development of the Information and Communications Technology industry, the Minister of Communications, Mr. Adebayo Shittu, has said. Source Punch Read More 

Dogara: $5bn spent on generators annually unacceptable - Speaker of the House of Representatives, Yakubu Dogara, has said it is unacceptable that Nigerians spend 5 billion dollars on generators annually, saying the house will support the executive to find a permanent solution to the power problem in Nigeria. Source Daily Trust Read More 

FMBN Invests N1.4bn On 402 Housing Units In Niger State - The Federal Mortgage Bank of Nigeria (FMBN) has invested about N1.423 billion on 402 housing units in Niger State. Managing director of FMBN, Arc. Ahmed Dangiwa stated this in Abuja when he received the Deputy Governor of Niger State, Ahmed Ketso in his office yesterday. Source Leadership Read More 

Nigerian migrant workers remit $24b per annum, says NIPOST boss - THE Nigerian Postal Service (NIPOST) yesterday revealed that Nigerian migrant workers remit between $23 and $24 billion into the country annually. Source THE NATION Read More 

Nigeria To Supply 130,000 Tonnes Of Roasted Cashew Nuts To US - The Minister of Agriculture and Rural Development, Audu Ogbeh has said Nigeria is set to supply 130,000 tonnes of roasted cashew nuts to the Walmart Super Market chain in the United States of America. He said the 130,000 cashew is valued at $7 billion. Source Leadership Read More 

‘Global health targets require $371bn annual investment to achieve’ - An investment of $371 billion will be required to achieve key global health targets and prevent 97 million premature deaths in 67 countries, by 2030, a study, funded by World Health Organisation (WHO), states. Source BUSINESSDAY Read More 

In Second Tranche, Bayelsa, Delta, Kano Get Highest Paris Club Refunds - Of the N243.8 billion released on Monday by the federal government to the 36 states of the federation and the Federal Capital Territory (FCT) as the second tranche of Paris Club refunds, Akwa Ibom, Bayelsa, Delta, Kano and Rivers got N10 billion each, making the five states the highest recipients of the refunds for over-deductions on Paris and London Club Loans and multilateral debts between 1995 and 2002. Source Thisday Read More 

65% of Nigerian Schools Lack Electricity - The United Nations Resident Humanitarian Coordinator in Nigeria, Mr. Edward Kallon has said about 65 percent of the 74,280 public primary and junior secondary schools in Nigeria lack electricity, and as a result cannot guarantee technology-based education. Source Thisday Read More 

Nigeria Spent N428bn on Wheat, Sorghum Imports in 2015, Says CBN Governor - The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefeile, Tuesday disclosed  that over N428 billion was expended on the importation of wheat and sorghum in 2015 alone. Source Thisday Read More 


CBN disburses N473bn under agric credit scheme - The Central Bank of Nigeria (CBN) has so far disbursed N473bn under its intervention scheme, Commercial Agricultural Credit Scheme. Source Daily Trust Read More 

CBN Extends Support to Skye Bank by One Year - The Central Bank of Nigeria (CBN) has extended its guarantee to Skye Bank Plc for another year, just as it continues to consider the bank’s recapitalisation proposal, the bank revealed Tuesday. Source Thisday Read More 

NAICOM to Abolish Annual Licence Renewal By Insurance Brokers - Insurance brokers in Nigeria, may have seen light at the end of the tunnel in their quest to be issued with life operating licenses as the regulator, the National Insurance Commission (NAICOM), has promised to abolish the regime of annual brokers’ licence renewing regime to replace it with longer life span licensing regime. Source Thisday Read More 


NSEASI Extends 8-Day Gaining Streak by +0.41% - Equities market closed today on a positive note, as NSE ASI appreciated by +0.41% to close at 33,436.61 basis points as against +0.12% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +24.42%. Source Proshare Read More

RT Briscoe: Material Uncertainty Related to Going Concern - Kindly find below the Independent Auditors Report for R.T. Briscoe as contained in the 2016 Annual Report and Financial Statements (Page 22) Source Proshare Read More  

WEMABANK Declares N1.22bn PAT in Q2 2017 Results,(SP:N0.55k) - Wema Bank Plc (Bloomberg: Wema NL) (“Wema” or “the Bank”), announces its unaudited H1’2017 financial results. Source Proshare Read More  

Unity Bank Gross NPLs of N361bn Considered for Outright Sale - Included in loans and advances are gross non-performing loans of N361 billion which have been considered for outright sale & management to an institutional asset management company. Source Proshare Read More  

Banks’ assets and liabilities hit N33trn - THERE are strong indications that the total asset and liabilities of commercial banks in the country have crossed the N33 trillion mark, according to the economic report of the Central Bank of Nigeria (CBN) for May, 2017 released on Friday. Source Vanguard Read More 

Halliburton joins NNPC in search for inland oil basins - A new vista has been added to the ongoing search for commercial oil and gas in the inland sedimentary basins by the Nigerian National Petroleum Corporation (NNPC) following ongoing collaboration with US-based Halliburton Corporation to achieve the exact location of crude oil deposits. Source Daily Trust Read More 

NDDC cancels 600 projects worth N200bn - The Niger Delta Development Commission (NDDC) will cancel 600 projects worth N200 billion, to reduce its N1.3 trillion inherited liabilities, Nsima Ekere, the managing director and chief executive officer, told BusinessDay in an interview in Port Harcourt on Monday, July 17, 2017. Source BUSINESSDAY Read More 


Dangote, Peterside to spearhead review of investment policies, incentives - Africa’s richest man, Aliko Dangote, alongside Atedo Peterside, has been designated to spearhead the review of investment policies and incentives for Nigeria, which is struggling to attract more investments and strengthen its industrial sector. Source BUSINESSDAY Read More 

Ghana president says will not extend three-year IMF aid programme - Ghana will not extend its three-year aid programme with the International Monetary Fund beyond April 2018, President Nana Akufo-Addo said on Tuesday. Source Reuters Read More 

Credit Suisse Hiring Private Bankers for Saudi Arabia Expansion - Credit Suisse Group AG is planning to hire more relationship managers in Saudi Arabia, joining rivals including Deutsche Bank AG in designating the country as a priority for their wealth management businesses. Source Bloomberg Read More 

Kenya Bond Rally Fueled by Investors Who Have Run Out of Options - Kenya’s best bond rally in at least five years has less to do with faith in the sovereign than finding a place to hide. Source Bloomberg Read More 

Zimbabwe Capital City Plans $100 Million Housing Bond This Year - Zimbabwe’s capital city plans to raise a $100 million bond this year to finance the building of new homes and end a decades-long housing shortage, its mayor said. Source Bloomberg Read More 

OPEC Wrestles Over Oil Output While Top Importer's Demand Is in Peril - Oil bulls grappling with OPEC’s weakened resolve to curb output are also having to worry about waning demand in the world’s biggest buyer of overseas crude. Source Bloomberg Read More 

Australia's Big Banks Rally on `Benign' New Capital Requirements - Shares of Australia’s big four banks rallied as new capital requirements aimed at ensuring the lenders are “unquestionably strong” turned out to be less onerous than expected. Source Bloomberg Read More 

China increases US treasuries holding in May - China increased its holding of US Treasury securities for the fourth consecutive month in May, the latest data from the US Treasury Department showed on Tuesday. Source CHINA DAILY Read More 


Hackers Just Stole $7 Million in a Brazen Ethereum Cryptocurrency Heist - Hackers hijacked cryptocurrency trading platform CoinDash on Monday just as it was in the middle of its initial coin offering, or ICO. It's the first known breach of an ICO, this season's hottest fundraising method. Source FORTUNE Read More 

Ethereum Co-Founder Says Crypto Coin Market Is a Time-Bomb - Initial coin offerings, a means of crowdfunding for blockchain-technology companies, have caught so much attention that even the co-founder of the ethereum network, where many of these digital coins are built, says it’s time for things to cool down in a big way. Source Bloomberg Read More

Vodacom Plans to Extend Mobile Money to New African Markets - Vodacom Group Ltd. sees the expansion of mobile-banking services into new markets in sub-Saharan Africa as a top priority following a shareholder vote to rubber stamp its purchase of a 35 percent stake in Safaricom Ltd., Kenya’s biggest company. Source Bloomberg Read More

Facebook’s WhatsApp Blocked in China Amid Censorship Push - Facebook Inc.’s WhatsApp messaging service has been partially blocked in China, following a censorship crackdown by the government. Source Bloomberg Read More







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