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Nigeria in 1min: Economic, Business & Financial Headlines – 200317

Proshare

March 20, 2017 7:00 AM / Proshare News 

PROSHARE ECONOMY
FAAC Disburses N430.16bn in January 2017 - The Federation Account Allocation Committee (FAAC) disbursed the sum of N430.16bn to the three tiers of government in January 2017 from the revenue generated in December 2016. Source Proshare Read More 

‘Development versus debt peonage’ - The above title is from a paper presented by Brian Browne at an event organised, by Atayese, a Pan Odua Socio-political self determination group, in Ibadan last month, to mark the 90th birthday of distinguished Prof. Adetoun Ogunsheye. Source Vanguard Read More 

Nigeria Loses N600bn Yearly To Importation Of Iron Rods, Others - Unless deliberate policies are formulated to encourage the growth of the steel industry to produce more materials needed in building and construction works, the nation will be losing as much as N600 billion yearly to the importation of such materials, particularly iron rods. Source Leadership Read More 

FG to disburse N500bn Paris Club refund this week - The disbursement of the N500bn London-Paris Club loan refund to states by the Federal Ministry of Finance is to commence next week,  investigations have revealed. Source Punch Read More

Govt targets $35bn Diaspora remittances for housing development - In its bid to cut down the 17 million housing deficit in Nigeria, reduce corrupt practices and ensure adequate use of foreign exchange sent home by Nigerians in other countries, the Federal Government has commenced moves aimed at using part of the billions of dollars remitted annually by Nigerians in Diaspora for the development of houses across the country. Source Punch Read More 

World Bank Group lines up $57 Billion for Sub-Saharan Africa - The World Bank on 19 March announced that it is set to offer $57 billion in financing to countries in sub-Saharan Africa. The decision to offer the lending follows a meeting with G20 finance ministers and central bank governors. Source BUSINESSDAY Read More 

FG to commence bidding process for bitumen exploitation in June - Expression of interest by prospective investors into Nigeria’s bitumen reserves will commence within the next three months, the minister of mines and steel development, Kayode Fayemi, said at the weekend. Source BUSINESSDAY Read More 

Ahead of MPC meeting, S&P holds Nigeria rating at ‘B’ - … projects economic growth rate of 1.5% in 2017      Standard& Poor’s Global Ratings has affirmed its B (Outlook: Stable) sovereign credit ratings on Nigeria, with a projection that the Nigerian economy will grow by 1.5 percent in 2017. Source BUSINESSDAY Read More 

Fiscal, Monetary Authorities Meet Ahead of MPC Meeting Monday - Preparatory to the meeting of the Monetary Policy Committee of the Central Bank of Nigeria (CBN), which commences tomorrow, a retreat was held on Friday and Saturday for fiscal and monetary authorities, which included Minister of Finance, Kemi Adeosun;  Minister of Budget and National Planning, Senator Udoma Udo Udoma; and  Minister of Industries, Trade and Investment, Dr. Okey Enelamah. Source Thisday Read More 

$355m OTC FX Futures Contracts Mature This Week - In line with the OTC FX futures market framework, OTC FX futures contracts valued at $354.71 million will mature this week. Source Thisday Read More 

Nigeria loses over $18bn in 2 years to risk management in oil industry - Nigeria may have lost over $18 billion in the last two years due to lack of knowledge in adequate risk management techniques in the oil industry. Source BUSINESSDAY Read More 

PROSHARE REGULATOR
CBN Loans To Commercial Banks Rise To N9.85trn In 11 Weeks - Loans from the Central Bank of Nigeria (CBN) to commercial banks operating in the country has soared to N9.85 trillion in 11 weeks due to illiquidity in the economy, LEADERSHIP checks have revealed. Source Leadership Read More 

NSE Delists 85 Companies In 14 Years - In protecting investors from investing in non-performing or moribund companies, the Nigerian Stock Exchange (NSE) has so far delisted 85 companies from its daily official list between 2002 to date. Source Leadership Read More 

PROSHARE MARKETS
What To Expect From The Markets This Week - 200317 - The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) will begin its two-day meeting to review developments in the financial markets and economy Source Proshare Read More 

Corporate Earnings for the Week Ending 170317 - TOTAL Declares N14.8bn Profit in 2016 - During the week ending March 17th 2017, two quoted firms declared their results.Both companies recorded growth in PAT. Source Proshare Read More 

Nigerian Stock Market Sustains Gaining Streak; Records +1.64% Gain WoW - Equities market closed today on a positive note, as NSE ASI appreciated by 0.92% to close at 25,653.16 basis points, as against 0.46% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.55%.  Source Proshare Read More 

Interbank lending rates defy N413b securities auction, banks’ debit - Interbank lending rates were relatively stable through the weekend despite a combined auctions of government securities worth N413 billion, by the Central Bank of Nigeria (CBN) and Debt Management Office (DMO), as well as debit transactions against banks for foreign exchange intervention. Source Guardian Read More 

CBN releases FX to oil marketers for fuel import – NNPC - The Nigerian National Petroleum Corporation (NNPC) has said that the Central Bank of Nigeria (CBN) has released foreign exchange (Forex) to marketers to import diesel and aviation fuel. Source Daily Trust Read More 

Kashimbilla hydro power plant to take off this year - Fashola - The Minister of Works, Power and Housing, Mr Babatunde Fashola, on Sunday said that work would begin this year on the 40 megawatts Kashimbila Hydro Power Plant in Taraba. Source Daily Trust Read More 

PROSHARE BUSINESS
China's Sinopec nears deal to buy Chevron's South African assets -sources - China's Sinopec is nearing a deal to buy Chevron's South African oil assets for up to $1 billion to secure its first major refinery on the continent, several people familiar with the matter said. Source Reuters Read More 

Zimbabwe prints $102 million in bond notes, half its limit - Zimbabwe's central bank has printed half of the 'bond notes' quasi-currency it intends to issue under a $200 million scheme, a state newspaper reported on Friday, as the country grapples with a biting shortage of U.S. dollars. Source Reuters Read More 

Among Mango Sellers and Shoeshine Men, a Stock Market Flourishes - On Abidjan’s Avenue Joseph Anoma, amid the bustle of shoeshine men, fruit sellers displaying mangoes and bananas in the shade of a tree, and mobile-phone vendors hustling for custom, a stock exchange is showing new life. Source Bloomberg Read More 

Deutsche Bank Seeks $8.6 Billion Selling Shares at 35% Discount - Deutsche Bank AG said it will raise 8 billion euros ($8.6 billion) by selling stock at a 35 percent discount to last week’s closing price as Germany’s largest lender seeks to shore up its finances and boost growth. Source Bloomberg Read More 

Bullish Crude Bets Cut by Most Ever as Price Falls Below $50 - Money managers cut bets on rising West Texas Intermediate crude by a record amount during the week ended March 14, while wagers on a further price drop doubled as oil remained below $50 a barrel. Source Bloomberg Read More 

Billionaires Face Disruptions to Cement Businesses in Ethiopia - Ethiopian regional officials are demanding foreign cement producers including Dangote Cement Plc hand control of some parts of their businesses to groups run by youths. Source Bloomberg Read More

700,000 India-made Nissan exported to 106 countries - Nissan India has achieved the milestone of exporting a total of 700,000 “Made in India” Nissan and Datsun cars. This landmark has been accomplished in a record span of seven years since the company began exports from India. Source THE NATION Read More 

Toyota invests £240m in Britain - Toyota has followed in the footsteps of Nissan by pledging to retain its manufacturing future in the United Kingdom (UK), with a new £240million investment at its facility in Burnaston in Derbyshire. Source THE NATION Read More 

 

 

 

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