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Nigeria in 1min: Economic, Business & Financial Headlines – 200117

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January 20, 2017 6:15 AM / Proshare News 

 

PROSHARE ECONOMY
AfDB, NIRSAL partner on $300m youth agriculture project - Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), has disclosed that the Africa Development (ADB) is investing about $300m on a project called ‘Youth Enable’ that will create a successor farmer generation to replace the ageing ones. Source Guardian Read More

72.53% of Nigeria’s Prison Population in 2015 were Un-sentenced - NBS - The National Bureau of Statistics releases the Number of Un-Sentenced Detainees and Overall Prison Population by State and Year from 2011 to 2015. Source Proshare Read More 

FG bars MDAs from spending Internally Generated Revenues - To stop the high incidence of unremitted operating surpluses that stood at N450bn as of last year, the Federal Government has barred its Ministries, Departments and Agencies from spending Internally Generated Revenues that are not appropriated in their annual budgets. Source Punch Read More 

We’ve no choice but to borrow $30bn — Adeosun - The Minister of Finance, Mrs. Kemi Adeosun, on Thursday said that the inability of the Federal Government to generate enough revenue to meet its obligations had left it with no other choice than to turn to international financial institutions for loans to finance critical infrastructure projects. Source Punch Read More 

Mass housing: FG, Shelter Afrique sign N610bn MoU - The Federal Government on Thursday signed a Memorandum of Understanding with Shelter Afrique and the Real Estate Developers Association of Nigeria for the construction of about 100,000 housing units across the country for N610bn. Source Punch Read More 

Kerosene fully deregulated, says PPPRA - The Petroleum Products Pricing Regulatory Agency on Thursday said that the kerosene market had been fully deregulated and that there was no plan to increase petrol price. Source Punch Read More 

FMBN disbursed N5.4bn to 736 in 2016 - The Federal Mortgage Bank of Nigeria (FMBN) says it disbursed ₦5,478,253,440.03 in 2016, as mortgage loans through Primary Mortgage Banks (PMBs), to 736 beneficiaries who are contributors of the National Housing Fund NHF. Source Daily Trust Read More 

FOU Customs Records N4.7bn Seizures in One Year - The Nigeria Customs Service, Federal Operations Unit Zone ‘C’ Owerri has said that it recorded a giant stride in its anti-smuggling activities with the seizure of a total of 307 contrabands worth N4.756 billion in the 2016 financial year. Source Thisday Read More 


 

PROSHARE REGULATORS
Emefiele: CBN’s Policies in Best Interest of Nigerians At This Time - The Governor of Central Bank of Nigeria, Mr Godwin Emefiele, yesterday offered insights into the prevailing economic crisis in the country, explaining that it was caused by the nation’s failure to diversify the base of its economy. Source Thisday Read More

Regulated Firms Should Make Full Use Of Regulatory Technology – Prepare For Rule Overhauls In The UK - Facing uncertain times, financial firms preparing for significant regulatory reforms this year are focusing on regulatory technology to help them respond quickly to the opportunities offered by change, according to Thomson Reuters annual report on the State of Regulatory Reform. Source Proshare Read More 

 

PROSHARE MARKETS
Sentiments remain bearish, Stocks extend losing streak - The equities market closed today on a negative note, as NSE ASI depreciated by 0.17% to close at 26,201.60 basis points, compared with the 0.13% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.50%. Source Proshare Read More 

Nigeria Strategy Report H1 2017 (9) - Pension Reforms Set Sights On Infrastructure Investing - In today’s cut-out from our core strategy document – the  Nigeria Strategy Report, we focus on developments in domestic pensions industry over H2 16 as well as delineate potential impact of new initiatives on the market over 2017.  Source Proshare Read More 

Bank Chiefs Optimistic About The Future, Confident That Regulatory Pendulum Has Reached Its Apex - After years of relentless focus on costs, settlements and regulations, the future of banking is looking brighter, agreed panellists in a session at the World Economic Forum Annual Meeting. On the regulatory front, the majority predicted a significant paring-back of regulatory regimes such as Dodd-Frank, the Volcker rule and Basel IV. Source Proshare Read More 

Customers without BVN shouldn’t be banked, says NIBSS - The Managing Director, Nigeria Interbank Settlement System (NIBSS) Ade Shonubi, yesterday said customers that are yet to secure their Bank Verification Numbers (BVNs) should not be allowed to conduct banking transactions. Source THE NATION Read More 

Nigeria raises local currency bonds at yields below inflation -  Nigeria has raised 214.95 billion naira ($704.18 mln) in local currency bonds at its first auction this year, with the debts sold at yields below galloping inflation, the Debt Management Office said on Thursday. Source Reuters Read More 

NIBSS Backs Ban on Bitcoins, Virtual Currencies - The Managing Director/CEO, Nigeria Interbank Settlement System (NIBSS), Ade Shonubi has backed the recent decision of the Central Bank of Nigeria (CBN) to ban the use of Bitcoins and other virtual currencies in the country. Source Thisday Read More 

Global Gas Markets Face Volatility amid Low Investment - The efforts of Nigeria and other gas producers to monetise their gas resources face fresh threats as the Secretary General of the Gas Exporting Countries Forum (GECF) has stated that the global gas markets will become more volatile in coming years if the low price environment continues to deter investment in new supply projects. Source Thisday Read More 

NNPC boss: We are OPEC’s largest petrol importer - Nigeria is the major oil exporting country that simultaneously imports the highest volume of petrol in the world, Group Managing Director of the Nigeria National Petroleum Corporation (NNPC) Dr Maikanti Baru said in Abuja yesterday. Source Daily Trust Read More 

No going back on sale of power assets – Fashola - Minister of Works, Power and Housing, Mr. Babatunde Fashola, has foreclosed any possibility of reviewing the sale of power assets to private investors, saying that three years was enough to judge the capability of the new owners. Source Vanguard Read More 

Electricity sector records first total collapse in 2017 - NIGERIA electricity sector recorded zero power supply across the country, yesterday evening at 6.0 pm, due to total system collapse, with average power generation crashing to 1, 618 megawatts hour (MWh), down from 2, 904 MWh generated just before the system collapsed dropping generation to zero megawatts. Source Vanguard Read More 

 

PROSHARE BUSINESS
EU grants Zambia $69 mln for energy projects - The European Union (EU) has given Zambia about $69 million to expand electricity supply in the continent's second biggest copper producer, which faces a power deficit that has hit mining and agriculture. Source Reuters Read More 

Malawi December inflation inches up to 20.0 percent y/y: official data -  Malawi's consumer inflation quickened to 20.0 percent year-on-year in December from 19.9 percent in November, official data showed on Thursday. Source Reuters Read More 

Saudi Central Banker Says Crunch That Squeezed Banks Is Over - Saudi Arabia central bank Governor Ahmed Alkholifey said a cash crunch that squeezed commercial lenders last year is over and that he’s open to more foreign financial institutions operating in the biggest Arab economy. Source Bloomberg Read More 

Saudi Oil Shipments Soared Ahead of OPEC Production Cut - Saudi Arabia’s crude exports surged to a 13 1/2-year high in November, just before it led global producers in restricting supplies to curb the worst glut in decades. Source Bloomberg Read More 

Fed Adds to Factors Pushing Oil - With the Fed poised to raise rates at a faster clip than previously anticipated, analysts expect the resulting rise in the dollar and potential blow that implies for emerging markets to weigh on oil prices. Source WSJ Read More 

Dollar Erases Advance on Yellen Rate Path Comments: Markets Wrap - The dollar erased an advance after Janet Yellen said it’s prudent for the Federal Reserve to gradually adjust policy over time, while the Aussie held gains after China’s economy grew faster than forecast. Stocks dropped in most Asian markets. Source Bloomberg Read More 

China Ends Year of Stabilization on High as Consumers Spend  - China’s economy accelerated for the first time in two years in the final quarter of 2016, cementing an economic stabilization that’s giving leaders a buffer as they transition to neutral policy and prepare for potential trade tensions with Donald Trump. Source Bloomberg Read More 

London Traffic Delays Cost $6.8 Billion a Year, Panel Says - Traffic delays cost London 5.5 billion pounds ($6.8 billion) a year, a panel of city legislators said, recommending sweeping changes to the capital’s congestion charging program. Source Bloomberg Read More 

StanChart, Citigroup Said Hired for $800 Million Kenya Loan - Kenya’s government mandated four international banks to raise $800 million in syndicated loans that authorities need to boost foreign-currency reserves and plug a widening budget deficit, according to two people familiar with the agreement. Source Bloomberg Read More 

Africa’s Biggest Bank Chasing Nigerian Deals After Oil Slump - The crisis in Nigeria is throwing up opportunities for Africa’s largest bank. Source Bloomberg Read More 

 

 

 

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