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Nigeria in 1min: Economic, Business & Financial Headlines – 220817

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August 22, 2017 7:00 AM / Proshare News 

 

PROSHARE ECONOMY
FAAC Disburses N652.23bn in July 2017 - NBS -  The Federation Account Allocation Committee (FAAC) disbursed the sum of N652.23bn to the three tiers of government in July 2017 from the revenue generated in June 2017. Source Proshare Read More 

FG Spent N1.3trn On Capital Projects In 2016 – Osinbajo - Vice President Yemi Osinbajo hinted yesterday that the federal government spent N1.3 trillion on capital projects from the 2016 budget appropriation. Source Proshare Read More 

Govt agencies remitted N687.82bn operating surplus in nine years - Agencies of the Federal Government have remitted a total of N687.82bn to the Consolidated Revenue Fund in nine years, the Fiscal Responsibility Commission has said in a report. Source Punch Read More 

FG to review trade, investment agreements 57 years after - Nigeria is about to embark on a holistic review of all its trade and investment agreements entered into with countries and entities since 1960, BusinessDay has authoritatively gathered. Source BUSINESDAY Read More 

External Reserves Chalk up $1.26bn as Shale Oil Threat Persists - The accretion of Nigeria’s foreign exchange (forex) reserves has continued, as figures released by the Central Bank of Nigeria (CBN) have shown that reserves had grown by $1.263 billion this quarter to $31.551 billion as of August 16, compared with the $30.288 billion on June 30. Source Thisday Read More 

FG Signs Agreement, Joins Global Partnership against Tax Avoidance, Evasion - The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler, recently signed two major multilateral instruments aimed at tackling tax avoidance and evasion. Source Thisday Read More 

FG Increases Local Content Fund to $200m - The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, Monday said the agency had obtained all necessary approvals to relaunch the Nigerian Content Intervention Fund (NCI Fund) and had increased the pool available for lending to qualified oil and gas players from $100 million to $200 million. Source Thisday Read More 

Federal allocations to state governments fell 40% in half year 2017 - Nigeria’s thirty-six state governments received N2.7 trillion out of N4.7 trillion of their budgeted allocation in the first half of 2017. This translates to 40.7 percent lower than their expectation this year. Source BUSINESDAY Read More 

Broadcast by President Muhammadu Buhari: Nigeria's unity is settled and not negotiable - I am very grateful to God and to all Nigerians for their prayers. I am pleased to be back on home soil among my brothers and sisters. Source Proshare Read More 

Plentiful Activity in the Power Industry - While the separate elements in the conventional energy chain like to blame each other for the many shortcomings of the power industry, the Transmission Company of Nigeria (TCN) has secured close to US$2bn from the donor community for the rehabilitation and expansion of the national grid. Source Proshare Read More 

Youth empowerment: FG spending rises to N240bn in September - THE Federal Government financial commitment to the training, empowerment and employment of unemployed youths in Nigeria is set to rise by 80 per cent or N240 billion in September this year. Source Vanguard Read More 

Delta takes over Arik’s US destination - US carrier, Delta Air Lines, said yesterday it will begin three weekly nonstop flights from Lagos to New York’s JFK airport, with effect from March 25, 2018. Source Daily Trust Read More 

FirstNation exits airline business for charter over insufficient fleet size - After operating just one aircraft for over nine months, the FirstNation Airways has abandoned its Certificate of Airworthiness as a schedule operation for charter services. Source BUSINESSDAY Read More 

 

PROSHARE REGULATORS
CBN Revised the Guidelines for Commercial Agricultural Credit Scheme (CACS) - The Central Bank of Nigeria has reviewed the Guidelines for Commercial Agriculture Credit Scheme (CACS), to enhance its effectiveness and further mitigate the risks faced by participating financial institutions in financing the agricultural sector. Source Proshare Read More  

 

PROSHARE MARKETS
Flour Mills Plc: Expansion and Debt, To Swim or To Sink - Flour Mills (‘The Company or FMN’) Nig. Plc., a forefront player of wheat milling in Nigeria and one of the largest single site mills in the world released its unaudited financial statement for the three months ended June 30th 2017 on 31st July 2017. Source Proshare Read More

Market Opens The Week Negative as NSEASI Dips by -0.91% - Equities market closed today on a negative note, as NSE ASI depreciated by -0.91% to close at 36,584.44 basis points as against +1.66% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +36.13%. Source Proshare Read More  

The Gains of Investors’ and Exporters’ FX Window - The implementation of the Investors’ and Exporters’ Foreign Exchange (FX) Window has increased the supply of foreign exchange into the Nigerian economy. Source Proshare Read More  

What are Green Bonds and why invest in them? - Green bonds are bonds which are issued to raise finance for environmentally friendly projects, such as low carbon/energy efficiency projects, onshore wind and ground mounted solar projects. Source Proshare Read More  

Municipality Waste Management Contractors Limited Green Notes – Series 1 - Environmental and Social Governance and Impact Investment have become key principles for investors which seek to align corporate objectives with investments decisions. Source Proshare Read More 

CBN Sells $195m To Forex Dealers - The Central Bank of Nigeria (CBN) on Monday, boosted the FOREX market by offering a total of $195m in three segments of the market. In the wholesale segment of the inter-bank Foreign Exchange market, it auctioned $100m and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50 million and $45million respectively Source Leadership Read More 

Price Stability: CBN Mop-up N2.9trn In 7 Months - To meet its core objectives of price stability, the Central Bank of Nigeria (CBN) in seven months has mop-up estimated N2.9 trillion excess liquidity using the Open Market Operations (OMO) auctions, investigation by LEADERSHIP has revealed. Source Leadership Read More 

Dangote to pick local partner in refinery construction  - The management of Dangote petroleum refinery has agreed to select competent Nigerian vendors that will participate in the construction of the plant from the Nigerian Oil and Gas Industry Joint Qualification System (NOGICJQS), the database of capacities in the oil and gas industry managed by the Nigerian Content Development and Monitoring Board (NCDMB). Source Daily Trust Read More 

Oil to lose relevance in coming years,says Gen. Borroh - Brig.-Gen. Paul Boroh, Special Adviser to the President on Niger Delta, has urged stakeholders from the South-South to think outside the box and find other means of economic sustenance outside oil. Source Guardian Read More 

13% derivation: Oil-producing states receive N7trn in 18 years - Despite claims of neglect and abandonment, investigation has revealed that governments of oil-producing states in Nigeria had over the years, failed to utilize the resources provided them to develop their states and the region. Source Vanguard Read More

Crude Oil Prices Drop By Nearly 2% - Oil prices fell yesterday by nearly two per cent, pulling back from last week’s rally built on signs the global market is starting to rebalance from chronic oversupply. Source Thisday Read More 

Kachikwu, NNPC Disagree on Cost of Crude Oil Production - The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has disagreed with the Nigerian National Petroleum Corporation (NNPC) on the actual cost of producing a barrel of crude oil in Nigeria Source Thisday Read More 

Investors Shun NNPC’s Planned Pipeline Project from Kaduna Refinery to Niger Republic   - The plan by the Nigerian National Petroleum Corporation (NNPC) to build a crude oil pipeline from the Kaduna refinery to Niger Republic may have hit the rocks, as investors have shunned the project because it is commercially unviable, THISDAY has learnt. Source Thisday Read More 

Total invests $10bn in Nigeria’s oil sector - Mr Nicolas Terraz, the Managing Director and Chief Executive, Total Upstream Companies in Nigeria, said the companies invested over 10 billion dollars in the country oil and gas sector. Source Daily Trust Read More 

Electricity: FG yet to release N701bn gas supply guarantee fund 5months after - The much famed N701.9 billion Payment Assurance Fund (PAF) meant to provide more liquidity for Generation Companies (GenCos) to pay for gas and increase electricity supply, has not been released five months after it was announced, Daily Trust reports. Source Daily Trust Read More 

Fed Govt saves N41b from DisCos debt claims - The verification of the N67billion Ministries, Departments and Agencies (MDAs) debt claims, which the 11 electricity distribution companies (DisCos) submitted to the Advisory Power Team (ART) of the Office of the Vice President has saved the Federal Government N41,415,488,965. Source THE NATION Read More 

Fashola: FG to Support Auxiliary Meter Supply with N39bn Loan - The federal government will support the take-off of an ancillary meter supply industry in Nigeria’s electricity market with a loan of N39 billion, the Minister of Power, Works, and Housing, Mr. Babatunde Fashola has said. Source Thisday Read More 

Osun Commences All Year Round Farming through Solar-Powered Irrigation - In line with its diversification programme and part of efforts to make Osun state the food basket of the West, the Osun State Government has embarked on all year round farming through massive irrigation system. Source Thisday Read More 

PROSHARE BUSINESS
Acceptance Speech by Mallam Muhammadu Zakari on his investiture as the 53rd President of ICAN - It is with humility and a great sense of responsibility that I stand before you this morning to accept my unanimous election as the 53rd President of the Institute of Chartered Accountants of Nigeria on Monday, 20th March, 2017. Source Proshare Read More 

PwC launches 2nd edition of Media Excellence Award, Issues call for entries - Entries are now being accepted for the second edition of PwC’s Media Excellence Awards. According to a statement released in Lagos by the professional services firm. Source Proshare Read More 

Oil Search Raises Output Goal on Record Papua New Guinea Gas - Oil Search Ltd., the Papua New Guinea-focused energy explorer, raised its full-year production target because of record output from the country’s liquefied natural gas project. Source Bloomberg Read More 

Gold's Rally Against Oil Is Just Beginning - Even as some analysts decry that gold is looking expensive, the rally may be just getting going. Source Bloomberg Read More 

European Equities to Claw Back Gains as Currency Burden Eases - European stock investors and strategists are predicting a pickup in the region’s equities, saying the worst of the drag from a rising euro may be coming to an end. Source Bloomberg Read More 

Ghana to Cut 2017 Spending as It Struggles to Raise Revenue - Ghana plans to cut spending this year as weak revenue collections are the “Achilles’ heel” in getting its accounts to balance, Finance Minister Ken Ofori-Atta said. Source Bloomberg Read More 

Saudis Could Get $21 Billion Non-Oil Boost in 2018, BofA Says - Saudi Arabia’s non-oil revenue could surge by about 80 billion riyals ($21.3 billion) next year, according to Bank of America Merrill Lynch, boosting the kingdom’s efforts to reduce the economy’s reliance on crude. Source Bloomberg Read More 

Egypt sells 659.9 mln euros in one-year T-bills - c.bank - Egypt sold 659.9 million euros ($777.56 million) in one-year treasury bills on Monday, the central bank said. Source Reuters Read More 

 

PROSHARE MSME
BoI tackles energy crisis in MSMEs with N1bn facilities - THE Bank of Industry is set to meet the energy requirements of Micro, Small and Medium Enterprises (MSMEs) in the country through the provision of N1 billion credit to enterprises in many sectors. Source Vanguard Read More 

 

 

 

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