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Nigeria in 1min: Economic, Business & Financial Headlines – 210617



June 21, 2017 7:00 AM / Proshare News 


GDP By Income and Expenditure Approach – Basic Price GDP Declines by 2.3% in Q3’16 - NBS - The Gross Domestic Product (GDP) can be derived as the value of all goods and services available for final uses and export. GDP at market prices includes net taxes on products; this is subtracted to obtain basic price GDP. Source Proshare Read More

Tall Order of Non-oil Revenue Targets - We comment today on gross non-oil revenue collection in the 12 months to February in the context of the projections for this year per the federal budget and national planning minister’s presentation to the National Assembly in mid-December. Source Proshare Read More 

‘Kaduna Dry Port to generate 15,000 jobs’ - The Kaduna Dry Port, when fully operational, will generate about 5,000 direct jobs and over 10,000 indirect jobs, the Executive Secretary, Nigeria Shippers Council Mr. Hassan Bello has said. Source Daily Trust Read More 

Nigeria loses N140bn to Apapa gridlock weekly – Dangote - President of Dangote Group, Aliko Dangote has lauded the decision of the Federal Government to reconstruct the failed Apapa Wharf road as its grim state serves as both an embarrassment to the country and a huge loss of close to N140 billion to the government on a weekly basis. Source Daily Trust Read More  

FG constitutes panel for $3tn infrastructure masterplan - The Federal Government on Tuesday inaugurated a technical working group for the development of the first operational plan for the National Integrated Infrastructure Masterplan. Source Punch Read More 

Power: FG to release fresh N701bn lifeline - The Federal Government said yesterday that it would soon release a fresh N701bn intervention fund to the Nigeria Bulk Electricity Trading (NBET) Plc in order to enhance the power sector value chain. Source Daily Trust Read More 

Govt disburses over N1.98b to cooperatives, others - The Abuja Enterprise Agency (AEA) has disbursed N1.98 billion to 5, 317 to businesses, cooperatives and People Living with Disabilities (PLWD) in the last two years. Source THE NATION  Read More 

Institutional investors commit $66m to boost Nigeria’s agric transformation - Sahel Capital, manager of the Fund for Agricultural Finance in Nigeria (FAFIN), has announced the successful closure of a $66 million debut funding process which includes the African Development Bank, CDC Group, and the Dutch Good Growth Fund, jointly committing $31 million to FAFIN and joining other existing co-sponsors of the fund to drive Nigeria’s Source BUSINESSDAY Read More 

Mining: FG Inaugurates Devt Partners, Donor Agencies Coordination Group - In a bid to maximise supports of international bodies and foreign governments in ensuring sustainable growth in the mining and mineral sector, the federal government has inaugurated the Development Partner and Donor Agencies Coordination Group on Mining. Source Thisday Read More 

Who will finance the budget? - After all the unnecessary political drama, the budget has finally been signed. According to reports, a spending plan of N7.44tn was approved, with proposed capital expenditure of about N2.18tn, non-debt recurrent expenditure of N2.99tn and debt servicing of N1.84tn. Plus, a few other line items. Source Guardian Read More 


CBN Moves to Licence Private Asset Management Companies - The Central Bank of Nigeria (CBN) has unveiled to members of the public, a draft document for licencing of Private Asset Management Companies (PAMCs) that are expected to play complementary roles in the management of non-performing loans in the country. Source Thisday Read More 


Market Extends Five-Day Gaining Streak as Breadth Closed Negative; Thanks to Big CAPs - Equities market closed today on a positive note, as NSE ASI appreciated by +0.71% to close at 34,375.60 basis points, as against +0.96% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +27.91%. Source Proshare Read More

United Capital Lists the Nigerian Eurobond Fund and Wealth for Women Fund on the Exchange - After a successful public offer of the United Capital Wealth for Women Fund and the United Capital Nigerian Eurobond Fund earlier this year, United Capital Asset Management has officially listed its two new funds on the Nigerian Stock Exchange. Source Proshare Read More  

Strategic Partnership Between Petralon Energy Limited and Julius Berger - Julius Berger is pleased to announce a strategic partnership and joint investment agreement with Petralon Energy Limited for the acquisition and development of oil fields in Nigeria. Source Proshare Read More  

SEPLAT Petroleum Development Company Plc - Notification of Major Interests in Shares - On 16 June 2017, the Company was notified, pursuant to Rule 12 of the Amendments to the Listing Rules of the Nigerian Stock Exchange and the UK Disclosure & Transparency Rules 5.1.2R that the transactions set out below occurred Source Proshare Read More  

Ecobank to Publish Year Ended 2016 Audited Financial Results on 18 April 2017 - Ecobank Group (NSE: ETI, GSE: ETI; BRVM: ETIT) is scheduled to submit its audited financial results for the year ended 2016 to the Nigerian Stock Exchange (NSE), Ghana Stock Exchange (GSE), and Bourse Régionale des Valeurs Mobilières (BRVM) on Tuesday 18 April 2017.Source Proshare Read More 

Shell Nigeria considering investment in gas project in Niger Delta -Shell is considering whether to invest in a gas project in Nigeria's southern Niger Delta energy hub, the managing director of the local unit said on Tuesday. Source Reuters Read More 

Akwa Ibom to sue Total over N25bn tax liability - The Akwa Ibom State government is determined to drag Total E&P Nigeria Limited to court over a tax liability of N25bn. Source Punch Read More 

Nigeria spends N23bn on import of gas turbines - Nigeria imported gas turbines for electricity generation valued at N22.607 billion in the first quarter of 2017, according to data obtained from the National Bureau of Statistics Source Vanguard Read More 

Power sector loses N1.43 billion in one day to gas, grid constraints - The power sector is said to have lost about N1.43 billion to constraints associated with grid and gas in one day (June 17, 2017), according to statistics released by the Presidential Advisory Power Team (PAPT) overseen by the Acting President, Yemi Osinbajo. Source Guardian Read More 

BEDC to publish power availability schedule - As part of the efforts to enhance energy efficiency of consumers under its watch, the Benin Electricity Distribution Plc (BEDC) is set to commence the publication of power availability schedule for customers in their franchise areas of Edo and Delta states. Source Guardian Read More 

Electricity sector needs $7.7 billion investment, says stakeholders - Stakeholders in the Nigerian power sector have put additional investment needed for uninterrupted power supply at $7.7 billion. Source Guardian Read More 

S&P warns South Africa over meddling with central bank independence - Credit rating firm S&P Global warned South Africa on Tuesday that its rating could be cut deeper into junk territory if the government meddles with the "critical" independence of the country's central bank. Source Reuters Read More 

Ethiopian Airlines says places order for 10 airbus A350-900 planes - Ethiopian Airlines has placed an order for 10 Airbus A350-900 aeroplanes, it said on Tuesday, in addition to at least another 10 it already has on order. Source Reuters Read More 

South Africa's Q1 current account deficit widens to 2.1 percent of GDP - South Africa's current account deficit widened to 2.1 percent of GDP in the first quarter of this year from a deficit of 1.7 percent in the fourth quarter of 2016, the central bank said on Tuesday. Source Reuters Read More 

Morocco cenbank keeps benchmark rate unchanged at 2.25 pct - Morocco's central bank kept its benchmark interest rate unchanged at 2.25 percent on Tuesday, saying the current level remains appropriate. Source Reuters Read More 

Egypt's Suez Canal revenue rises to $439.8 mln in may from $427.9 mln in April - Egypt's Suez Canal revenues rose to $439.8 million in May from $427.9 million the previous month, cabinet statement said on Tuesday. Source Reuters Read More 

South Africa Must Not Undermine Central Bank Independence, Gigaba Says - South Africa should protect the independence of the Reserve Bank and must evaluate what effect the recommendations of the graft ombudsman to alter its mandate will have on the institution, Finance Minister Malusi Gigaba said. Source Bloomberg Read More 

Ivory Coast, Ghana Said to Seek $1.2 Billion Loan for Cocoa Plan - The cocoa regulators of the world’s two biggest producers are in talks with the African Development Bank over a $1.2 billion loan which will be used to increase output and mitigate against volatile prices, according to two people familiar with the matter. Source Bloomberg Read More 

Saudi Arabia Names Mohammed Bin Salman as Crown Prince - Saudi Arabia’s Deputy Crown Prince Mohammed Bin Salman was promoted to the position of crown prince, replacing his uncle in a surprise announcement that reverberated through the kingdom and puts him next in line to the throne. Source Bloomberg Read More 

Soros Says U.K. Is Approaching ‘Tipping Point’ as Brexit Bites - Economic reality is catching up with the U.K., where it is becoming clear that leaving the European Union will lead to lower living standards, billionaire investor George Soros said. Source Bloomberg Read More 

Crude Slides Into Bear Market as Oversupply Distress Deepens - Oil entered the first bear market since August as concerns worsen that OPEC is failing to ease a global supply glut. Source Bloomberg Read More 

Big German asset manager poised to cull 100 research analysts - Germany’s third-largest asset management company is to axe more than 100 external research providers, dealing a blow to analysts at banks and brokerages who are under pressure to prove their worth. Source FT Read More 


$1.2bn loan: GTBank, Access, others get 45% stake in Etisalat - The ownership structure of Etisalat Nigeria is now set to change after talks with lenders to restructure its $1.2bn (N541bn) loan failed. Source Punch Read More 

NCC Steps in, Says Etisalat’s Licence Not Transferable - Citing the Nigerian Communications Act (NCA), the Nigerian Communications Commission (NCC) Tuesday stepped into the crisis that has enveloped the country’s fourth largest network operator, Etisalat, reminding the consortium of banks that the telecoms firm is indebted to, to the tune of $1.2 million that it cannot take over Etisalat’s operating licence without its approval. Source Thisday Read More





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