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Nigeria in 1min: Economic, Business & Financial Headlines - 230117

Proshare

January 23, 2017 7:20 AM / Proshare News  

PROSHARE ECONOMY
FG, states spend 4.3% of N13.5tr budgets on health - Less than five percent of the N13.5 trillion combined budgets of the federal and state governments will be spent on public health this year. Source Daily Trust Read More 

FG extends deadline for airlines’ automated payment - The Federal Government has extended the deadline given to airlines operating in the country to automate their remittance/payment systems to aviation agencies to Feb. 28 Source Daily Trust Read More 

FG, States, LGs get N13.1bn revenue boost, share N400bn - The Federation Account Allocation Committee (FAAC) on Friday shared N400 billion, which is N13.1 billion more than what the three tiers of government shared as revenue in December. Source Daily Trust Read More 

FG Considers Tax Holiday Extension for Power Sector Investors - There are strong indications that the federal government is considering granting further tax holiday to investors in the power sector in its bid to help stimulate investment in the sector. Source Thisday Read More

Nigeria needs Solid Institutional reforms for economic development- Koyinsola Ajayi(SAN) - For Nigeria to experience economic development, it must  strengthen its institutional and carry out the right reforms to guarantee sustainable growth. Source Proshare Read More 

Joint Ministerial Monitoring Committee Concludes Inaugural Meeting - The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) concluded its inaugural meeting today at the OPEC Secretariat in Vienna, Austria. Source Proshare Read More 

FMBN signs $2b MoU with Shelter Afrique, REDAN - The Federal Mortgage Bank of Nigeria (FMBN) has signed a $2billion tripartite Memorandum of Understanding with Shelter Afrique, and Real Estate Developers Association of Nigeria (REDAN). Source THE NATION Read More 

Investments in green energy hit $338b - Former Director-General, United Nations Industrial Development Organisation (UNIDO), Dr Kandeh Yumkella, said investments in green energy have grown six times to over $338billion. Source THE NATION Read More 

Insurance Operators Spend N295bn on Management Expenses in Five Years - Insurance sector operators spent about N295 billion on management expenses between 2010 and 2014 amidst criticism from investors and regulators. Source Thisday Read More 

 

PROSHARE MARKETS
Equities Market Closes Positive After Three Days Losing Streak - Equities market closed today on a positive note, as NSE ASI appreciated by 0.08% to close at 26,223.54 basis points, compared with the 0.17% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.42%. Source Proshare Read More

Nigeria Imports 4.83 bn Litres of PMS in Q4 2016 - NBS - The petroleum products imports statistics for Q4 2016 reflected that 4.83bn litres of premium motor spirits (PMS), 1.00 mln litres of automotive gas oil (AGO) and 182.9 mln litres of household kerosene (HHK), valued at N629.6bn, N136.1bn and N24.7bn respectively, were imported into the country in Q4 2016. Source Proshare Read More  

TSL lists N20bn real estate trust on NSE - The need to give all investors on the Nigerian bourse the opportunity to invest in large-scale, diversified portfolios of income-producing real estate in the same way they typically invest in other asset classes received a boost as Top Services Limited (TSL), has offered for subscription 20 million units of its Real Estate Investment Trust (REIT) at N1,000 per unit worth N20 billion. Source Daily Trust Read More 

Afreximbank unveils $90b intra-trade scheme - Africa’s development is set to get a boost with the unveiling of $90 billion strategic plan by the African Export-Import Bank (Afreximbank). Source Guardian Read More 

UPDC to raise N5.2b new equity from shareholders - UACN Property Development Company (UPDC) Plc is seeking to raise about N5.2 billion new equity funds from its existing shareholders to reduce its debt burden and provide supportive capital for long-term growth. Source THE NATION Read More 

Fed Govt loses $65.4m to vandalism - The Minister of Finance, Mrs Kemi Adeosun, said the Federal Government lost $65.4 million to oil vandals just as the Federation Account Allocation Committee (FAAC) shared N400 billion, as its December allocation. Source THE NATION Read More 

Global Natural disasters cost insurers N16tr in 2016 - The Munch Re’s report for 2016 has indicated that countries across the world suffered natural disasters to the tune of $175billion (N54.3trillion) in 2016. Out of this figure, only $50billion (N16trillion) was covered by insurance industry. Source Vanguard Read More 

Interbank lending rates soar over N215b bond payments - Nigeria’s first effort this year to raise money for the budget deficit through local bond auction worth N214.95 billion, has also resulted in increased cost of lending among banks. Source Guardian Read More 

BoI floats N1bn solar energy fund - The Bank of Industry has unveiled its N1 billion solar energy fund to promote the off-grid electricity generation project in the country. Source Daily Trust Read More

Power generation drops to 2662mw – TCN - Transmission Company of Nigeria (TCN) said the nation’s power generation capacity dropped from 3,959 megawatts on January 4 to 2,662 megawatts on January 22. ­ Source BUSINESSDAY  Read More 

 

PROSHARE BUSINESS
Angolan Banks Appeal for Bailout as Oil Slump Crimps Liquidity -  Angolan banks are appealing to the government to help put together a bailout package to protect account holders as lenders reel from low oil prices that make up almost all of the nation’s foreign-exchange earnings. Source Bloomberg Read More  

Too Much Ain’t Enough as Investors Jump Into Oil Market Rebound - Their bets on rising West Texas Intermediate crude prices reached the highest in data going back to 2006 as the Organization of Petroleum Exporting Countries and other producers reduce output to balance the market. Source Bloomberg Read More 

OPEC Shrugs Off Threat of U.S. Cutting Oil Imports - OPEC’s two biggest suppliers to the U.S. shrugged off a vow by President Donald Trump to end dependence on the group’s oil, saying the world’s biggest economy would continue to need crude from abroad. Source Bloomberg Read More 

Dollar Drops as Trump’s ‘America First’ Speech Unnerves Traders - The dollar extended losses from Friday when Donald Trump’s inauguration speech offered scant details on his fiscal policies while emphasizing an “America first” approach to foreign policy, spurring concerns of rising trade protectionism. Source Bloomberg Read More 

China Stock Trading Most Muted Since 1992 as State Tightens Grip - Chinese stocks haven’t been so subdued since 1992 as government efforts to maintain stability as well as tightening liquidity deter traders. Source Bloomberg Read More 

Singapore Consumer Prices Rise for First Time Since 2014 - Consumer prices in Singapore rose in December for the first time in more than two years, adding to signs of recovery in the city-state’s economy. Source Bloomberg Read More 

$400 Billion Fund Manager Is Bullish on Trump-Proof India - India trailing Spain on the sovereign ratings tables makes no sense to Aberdeen Asset Management Plc, which calls the delay in acknowledging the Asian economy’s improving outlook staggering. Source Bloomberg Read More 

OPEC and Friends Agree on Way to Monitor Oil Cut to End Glut - OPEC and other oil producers agreed on a way to monitor their compliance with last month’s historic supply deal, putting global markets on track to re-balance after more than two years of oversupply. Source Bloomberg Read More 

Morocco to get Africa's first high-speed train -  A carriage of the French-made TGV train arrives at the Moroccan port of Tangier, the first high-speed train to operate in Africa. Source CNN Read More 

 

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