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Nigeria in 1min: Economic, Business & Financial Headlines – 200717

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July 20, 2017 7:18 AM / Proshare News 

PROSHARE ECONOMY
NBS Annual Abstract of Statistics 2016 - The world as we know it today is driven by an increasing premium on reliable data which constitutes an integral part of policy formulation. Source Proshare Read More 

CBN Publishes Q1 2017 Economic Report - The fall in foreign assets (net) and other assets (net) led to the decline in key monetary aggregates in the first quarter of 2017.Source Proshare Read More  

H2 2017 Outlook - A Fragile Recovery - The global economy is ready to post another strong outturn in H2’17 on the back of healthy economic dynamics in both emerging and advanced economies. Source Proshare Read More  

Nigeria Strategy Report H2 2017 (2) - Crude Oil: US Shale Challenges Anticipated Market Re-balancing - In this cut-out of “The Nigeria Strategy Report”, we shift focus to the commodities market with our review of crude oil markets featuring in today’s excerpt. Source Proshare Read More  

NSR H2 2017 (3) - Supply Glut Underpins Broadly Bearish Trends Across Soft Commodities - We continue discussions on the commodity section of “The Nigeria Strategy Report” by reviewing developments in the global soft commodities market over H1 17 and delineate our outlook for the second half of the year. Source Proshare Read More  

CBN Publishes May 2017 Economic Report - Despite the tight monetary monetary policy stance, growth in the major monetary aggregates increased in May 2017, relative to the level at end-April 2017. Source Proshare Read More  

NSR H2 2017 (3) - Nigeria's Socio-Political Milieu: Just Before That Sigh of Relief - We continue with the serialization of “The Nigeria Strategy Report” but direct our focus to developments on the domestic front. Source Proshare Read More  

FG’s fiscal deficit jumps 101% to 9-year high of N1.1trn - The Federal Government of Nigeria’s fiscal deficit has risen sharply to a nine-year high of N1.1 trillion in the first quarter of 2017, according to the Central Bank, as low oil prices took a toll on revenues, even as the government raised spending. Source BUSINESSDAY Read More 

Nigeria’s debt rose by N4.76tn in 2016 – DMO - Nigeria total debt rose by N4.76tn in 2016, the Debt Management Office has disclosed. Source Punch Read More 

NPA surpasses revenue target in quarter one to rake in N118bn as business returns to ports - Hadiza Bala Usman, managing director of the Nigerian Ports Authority (NPA) said on Wednesday that the authority has surpassed its revenue target in the first quarter of the year following the gradual return of business activities to Nigerian seaports. Source BUSINESSDAY Read More 

FG Issues New Guidelines for Reality Shows, Football League Broadcast - The federal government has made an order that any broadcast programme meant for public consumption, including reality shows, must henceforth be produced locally. Source Thisday Read More 

Nigeria’s Suspension by Egmont Group Forces Senate to Make NFIU Autonomous - In a bid to avert the expulsion of Nigeria from the Egmont Group, a network of 152 financial intelligence units (FIUs) across the world, the Senate Wednesday began processes that would grant legal, operational and financial autonomy to the Nigeria Financial Intelligence Unit (NFIU), leading to its decoupling from the Economic and Financial Crimes Commission (EFCC). Source Thisday Read More 

Innoson Motors Goes Continental, Sells 400 Vehicles To Mali - Innoson motors has metamorphosed into a continental business venture, with the Mayor of Bamako leading a delegation from Mali to the automobile manufacturing plant in Nnewi, Anambra State, to purchase about 400 vehicles. Source Leadership Read More 

36,000 Niger Farmers Benefit from CBN’s Anchor Borrowers’ Programme - The Central Bank of Nigeria (CBN) has said that not less than 36,000 farmers in Niger state are currently benefiting from its Anchor Borrowers’ Programme(ABP). Source Thisday Read More 

 

PROSHARE REGULATORS
SEC Issues Ultimatum to CMO’s, Experts and Professionals On Sponsored Individuals and Compliance Off - The Securities and Exchange Commission (SEC) Nigeria wishes to inform all Capital Market Operators (CMOs), Experts and Professionals operating in the Nigerian capital market that in compliance with the provisions of the ISA 2007 and the SEC Rules and Regulations. Source Proshare Read More  

 

PROSHARE MARKETS
Market Sustains Uptrend as NSEASI Extends Gaining Streak by +0.23% - Equities market closed today on a positive note, as NSE ASI appreciated by +0.23% to close at 33,514.93 basis points as against +0.41% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +24.71%. Source Proshare Read More  

Cancellation of UBA Staff Share Investment Scheme - Upward Review to Consensus TP and EPS - United Bank for Africa Plc (UBA) published a press release on the NSE this afternoon, stating that a process has been initiated to cancel the shares in its Staff Share Investment Trust Scheme (SSIT) with the crossing of 2,080,104,955 shares to the Bank. Source Proshare Read More

 

A Further Decline in the NNPC Deficit - In May the NNPC reduced its operating deficit from N5.3bn the previous month to N3.5bn (US$12m), its best performance since the token profit in May 2016. Profits were generated by production (N10.6bn) and refineries (N2.7bn) before deductions for central costs and ventures. Source Proshare Read More 

Banks credit to economy fell to N21.06trn in May - Banks’ credit to the domestic economy, which stood at N21.06 trillion in May 2017, fell by 1.1 percent, compared with the level at end-April 2017, a report by the Central Bank of Nigeria (CBN) revealed. Source BUSINESSDAY Read More 

Nigeria’s Forex Inflow Hits $15bn in First Quarter - The aggregate foreign exchange (forex) inflow into the Nigerian economy in the first quarter of 2017 has been estimated at US$15 billion. Source Thisday Read More  

NMRC to issue N20bn bond for affordable housing scheme - The Nigerian Mortgage Refinancing Company will before the end of this quarter raise the sum of N20bn through the bond market to finance its affordable housing scheme for the citizens. Source Punch Read More 

It’s difficult for investors to come to Nigeria – Kachikwu - There is some level of latent difficulty for investors to come and invest in Nigeria due to security concerns, among other issues, the Minister of State for Petroleum Resources, Ibe Kachikwu, has said. Source Punch Read More 

FG okays new oil, gas, labour policies - The Federal Executive Council (FEC) has approved a new national gas policy expected to transform the oil sector in Nigeria by concentrating on gas. Source Guardain Read More 

FG: Nigeria to End Fuel Importation in 2019 - All things being equal, Nigeria will cease to import petroleum products and totally depend on its own refined products from 2019, the Minister of State for Petroleum, Dr. Ibe Kachikwu, disclosed this wednesday. Source Thisday Read More 

‘Nigeria’s crude production hits 2.2mb/d’ - Nigeria’s crude oil production has risen to 2.2million barrel per day, the Group Managing Director (GMD), Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said. Source THE NATION Read More 

Senate okays private-public partnership for refineries’ repairs - The Senate has finally endorsed the private-public partnership (PPP) for the repair of the country’s four refineries. Source THE NATION Read More 

DisCos seek probe of NBET, GenCos for alleged fraud - The Association of Nigerian Electricity Distributors (ANED) called on the Federal Government to probe the Nigerian Bulk Electricity Trading (NBET) Plc over inflation of invoices to Electricity Generation Companies (GenCos). Source THE NATION Read More 

DisCos need N220b for metering, says Fashola - The 11 electricity distribution companies (DisCos) require   N220 billion for the metering of customers, Power, Works and Housing Minister, Mr. Babatunde Raji Fashola, has said. Source THE NATION Read More 

 

PROSHARE BUSINESS
FirstBank Raises Limits on International Payments with Naira Cards to $1,100 - First Bank of Nigeria Limited in its drive to promote convenience and ease of business for customers has raised the limits on international transactions on Naira Cards to $1,100 monthly across ATMs, PoS, and online channels, with the daily ATM withdrawals raised to $300. Source Proshare Read More 

UBA Increases International Spend Limit on Naira Cards to $2000 - The United Bank for Africa (UBA) Plc wednesday announced an immediate upward review of the monthly international spend limit on its debit and prepaid naira cards from $100 to $2,000. Source Thisday Read More 

Boosting Investments: Nigeria's Path To Growth - Between 2007 and 2016, Nigeria's investment share of GDP declined from 18.7% to 12.6%, reaching the lowest level in the past two decades. Source Proshare Read More 

Vodacom Tanzania extends deadline for stock market listing - Vodacom Tanzania has extended the offer period for its initial public offering for a second time to allow foreign investors to take part, the telecom operator said on Wednesday. Source Reuters Read More 

Australia Has Largest Back-to-Back Full-Time Job Gain Since 1988  - Australia recorded the biggest back-to-back increase in full-time hiring in 29 years as the center of its mining boom showed signs of exiting a protracted investment slump. Source Bloomberg Read More

BOJ Keeps Rates Unchanged, Postpones 2% Inflation Deadline - The Bank of Japan kept its monetary stimulus program unchanged even as it pushed back the projected timing for reaching 2 percent inflation for a sixth time. Source Bloomberg Read More

Three Years Into Cheap Oil, Gulf Is Still Depending on a Rebound - Energy-rich Gulf Arab nations have scrambled to adjust to the slump in oil prices since 2014. Three years on, their economies are mired in weak growth and largely just as dependent on crude as they ever were. Source Bloomberg Read More

Nigeria Oil Thieves Keep a Lid on Output Even as Bombs Abate - The Agbada 2 flow station should have been buzzing with activity, pumping crude to one of Nigeria’s largest export terminals. Instead it was idle in the muggy, mid-morning heat as Wilcox Emmanuel, the facility’s manager, shrugged in resignation about the thieves who’d shut him down. Source Bloomberg Read More

South Africa's CPI slows to 5.1 percent year/year in June -  South Africa's headline consumer inflation slowed more than expected to 5.1 percent year-on-year in June from 5.4 percent in May, data from Statistics South Africa showed on Wednesday. Source Reuters Read More 

PROSHARE FINANCE
FirstBank’s Financial Literacy Programme Berths in the East - First Bank of Nigeria Limited has expanded its Financial Literacy programme to the Eastern part of the country with the launch of its Financial Literacy programme for Secondary Schools in Ebony State, under the auspices of the FirstBank FutureFirst Programme. Source Proshare Read More  

 

PROSHARE TECHNOLOGY
The Fintech Industry Explained... New 2017 Report Out - We’ve entered the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs. Source Proshare Read More 

Foreign banks to finance N5bn Ikeja ICT Mart - Some foreign banks have agreed to finance a N5bn investment project scheduled to commence in October this year. Source Punch Read More 

We’re open to new investors – 9Mobile - A Global System of Mobile telecommunications operator, 9Mobile (formerly known as Etisalat Nigeria), has said the change of its brand name will not affect the quality of its services, even as it is open to new investors. Source Punch Read More 

 

 

 

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