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Nigeria in 1min: Economic, Business & Financial Headlines – 230317

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March 23, 2017 7:30 AM / Proshare News 

PROSHARE ECONOMY
Senate approves $500 million Eurobond sale -Nigeria's upper house approved on Wednesday a request by the government to sell a $500 million Eurobond to help fund the 2017 budget, its deputy president said. Source Reuters Read More 

External reserves drop for first time since December - The nation’s foreign exchange reserves, which had increased significantly in recent months to hit the $30bn mark, fell for the first time this year on Tuesday. Source Punch Read More 

Nigerian Palm Oil Sector: Waxing Strong Under Policy Cover  - In contrast to the macro-induced sell-offs across the broad equities market in 2016, palm oil producers had a stellar year as policy changes in response to the FX pressures handed the sector a lifeline. Source Proshare Read More 

FEC okays N102.08billion, $1.79b for roads, rail, other projects - The Federal Executive Council (FEC) yesterday approved N102.077 billion and $1.79 billion for roads projects across the country and rail project in the Federal Capital Territory (FCT). Source THE NATION Read More 

18 firms apply for domestic airline licenses - …as Stakeholders seek guarantees that they will employ Nigerians   Investors are positioning to fill the gap in the Nigerian airlines space, following the collapse of several domestic airlines and the struggles faced by those still flying. Source BUSINESSDAY Read More 

FG approves power sector recovery programme - The Federal Government on Wednesday approved a Power Sector Recovery Programme which comprises of policies and actions targeted at creating a viable sector that is privately run. Source BUSINESSDAY Read More 

Chinese envoy assures on approval of $5bn facility for infrastructural projects - Zhou Pingjian, Chinese ambassador to Nigeria on Wednesday said the Chinese authorities would soon approve the $5 billion facility requested by Nigeria to support infrastructure projects. Source BUSINESSDAY Read More 

Buhari Approves Reconstituted NSIA Board - Almost two years after he dissolved the governing boards of federal agencies, President Muhammadu Buhari has ratified the reconstituted Board of the Nigeria Sovereign Investment Authority (NSIA), operators of Nigeria Sovereign Wealth Fund (NSWF). Source Thisday Read More 

PRESCO Plc: Producing Palm-Oil With Glamour - Presco, as the only integrated oil palm production company in Nigeria4 benefitted immensely from favourable pricing environment which underpinned a strong rise in both top-line and earnings. Source Proshare Read More 

Okomu Oil Palm Plc - Price Action Pumps Up Earnings - 2016 has been a spectacular year for Okomu, with 9M 16 EPS already surpassing that of FY 15. The improved operating performance largely stemmed from higher CPO prices which drove overall revenue growth (+41% YoY), despite a 7% YoY cutback in rubber sales reflecting softer global prices and lower production. Source Proshare Read More 

PROSHARE MARKETS
Equities Market Maintains Downtrend; Records -0.17% Loss - Equities market closed today on a negative note, as NSE ASI depreciated by 0.17% to close at 25,514.09 basis points, as against 0.44% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.06%. Source Proshare Read More

Productivity Puzzles: Speech Given By Chief Economist, Bank Of England - By common assent, economists do not agree on much. I have lost count of the number of jokes about economists whose punchline ends “and they still couldn’t reach a conclusion”. That is why Harry S Truman, when President of the United States, famously yearned for a one-handed economist. Source Proshare Read More 

Cadbury Nigeria Q4 2016 Results: Downward Revision To Consensus Likely - Cadbury Nigeria reported Q4 2016 results this afternoon. Although the company grew sales by 28.2% y/y to N8.7bn, its PBT of N279m was -81.8% lower y/y. We believe the topline was boosted by prices increases as well as slower demand for imported competition.  Source Proshare Read More 

Access Bank Plc - Management to Continue Exploiting Opportunities in FX Derivatives - Access Bank of Nigeria Plc held its earnings conference call to explain its FY'16 results. We retain our target price (TP) to N8.32 and maintain our BUY rating on the counter.  Source Proshare Read More 

A Successful Auction For The DMO Without An Approved Budget - Last week the DMO held its latest monthly auction of FGN bonds. It has good reason to be satisfied with the outcome, not least because it is again running a programme of auctions without an approved FGN budget in place. Source Proshare Read More 

Yasser Al-Saleh: The Secret of Dubai’s Success - As governments across the Middle East try to wean themselves off natural resources and build diversified, resilient economies, they should take some lessons from Dubai. It’s a remarkable story. Source Proshare Read More 

STANBIC Declares N28.5bn PAT in 2016 Audited Result,(SP:N17.7k) - Source Proshare Read More 

26th AGM: Zenith Bank pays total dividend of N2.02k for 2016 FY - Zenith Bank one of Nigeria’s leading banks, today at its 26th Annual General Meeting in Lagos, paid a total dividend per share of N2.02k to its shareholders for the 2016 financial year. Source Proshare Read More 

Fitch: Banks’ problems’ll persist - Fitch Ratings yesterday said Nigerian banks will continue to face challenges this year, following an extremely difficult 2016. Source THE NATION Read More 

Dollar Drops Below N400/$ for First Time in Seven Months - For the first time in seven months, the dollar fell below the psychological N400 barrier, when the greenback traded at N399 to the dollar in Lagos and exchanged at N395 in Abuja, lower than N410 at which it traded on Tuesday. Source Thisday Read More 

Oil Markets Recoil As Inventory Builds More Than Feared - The American Petroleum Institute (API) reported a build of 4.529 million barrels in United States crude oil inventories against expert predictions that domestic supplies would see only a 2-million-barrel build. Source Proshare Read More 

Oil prices sink as US inventories swell - Oil prices slid to almost four-month lows on Wednesday, with Brent briefly falling below $50 per barrel, after data showed the United States’ crude inventories rising faster than expected, piling pressure on the Organisation of Petroleum Exporting Countries to extend output cuts beyond June. Source Punch Read More 

An OPEC Deal Extension Isn't As Simple As It Sounds - It's been six months now that oil prices have been reacting to OPEC, first to the possibility of an agreement, and then to the production cut deal itself, forged by OPEC to rebalance the market. Source Proshare Read More 

Electricity generation rises to 4,303MW - Electricity generation yesterday rose to 4,232.6 Megawatts (MW), an appreciable improvement from the 3,500 MW recorded in the last two months, according to the daily electricity generation report from the Transmission Company of Nigeria (TCN). Source Guardian Read More 

FG approves N2bn for Rural Electrification Fund - The Federal Government on Wednesday announced that it would jumpstart the Rural Electrification Fund with N2bn and that this had been provided for in the 2017 budget estimates. Source Punch Read More 

PROSHARE BUSINESS
CBN Deputy Governor Alade retires - Central Bank of Nigeria’s (CBN) Deputy Governor, Economic Policy and one time Acting governor of the apex bank, Dr. Sarah Alade has retired. Source THE NATION Read More

Uganda says seeking $500 million loan from China for roads in oil area - Uganda says it has asked China for a $500 million loan to help build almost 600 km (360 miles) of roads in the country's oil-rich west, amid criticism over heavy borrowing that has ballooned the country's debt. Source Reuters Read More

Libyan oil output rises to 700,000 bpd after port fighting ends - NOC - Libya's oil production has reached 700,000 barrels per day (bpd), the National Oil Corporation (NOC) said on Wednesday, recovering from a drop earlier this month caused by fighting at two key oil ports. Source Reuters Read More

Tanzania cuts commercial bank reserve ratio to boost lending - Tanzania's central bank has cut the minimum reserve ratio required of commercial lenders to 8 percent from 10 percent, the latest monetary easing measure aimed at reducing borrowing costs and stimulating economic growth. Source Reuters Read More

South Africa's CPI slows to 6.3 percent year-on-year in February - South Africa's headline consumer inflation slowed to 6.3 percent year-on-year in February from 6.6 percent in January, data from Statistics South Africa showed on Wednesday. Source Reuters Read More

China Debt Risks Go Global Amid Record Junk Sales Abroad - China’s riskiest corporate borrowers are raising an unprecedented amount of debt overseas, leaving global investors to shoulder more credit risks after onshore defaults quadrupled in 2016. Source Bloomberg Read More

East Lags West as Nigeria's Biggest Bank Outshines Kenyan Peer - Pitting Nigeria and Kenya’s biggest banks by market value against each other shows just how much state intervention hurt Nairobi-based Equity Group Holdings Ltd., while Guaranty Trust Bank Plc in Lagos fended off a contracting economy by benefiting from a weaker local currency. Source Bloomberg Read More

Qatar to Move $100 Billion Portfolio to Finance Ministry - Qatar Investment Authority will transfer oversight of its approximately $100 billion domestic portfolio to the country’s finance ministry as the sovereign fund undergoes its second overhaul in three years, people with knowledge of the matter said. Source Bloomberg Read More

Algeria’s Sonatrach to Invest $50 Billion, Boost Crude Output - Algeria’s state-run energy producer plans to boost crude oil output by 14 percent in the four years to 2019 and invest billions of dollars in exploration projects. Source Bloomberg Read More

PROSHARE START-UPS
FG to establish Niger Development Bank to fast-track business start-ups -   … as maiden meeting of NDDC, ex-militants holds in PH   As part of its ongoing moves to kick-start robust and inclusive development of the oil-rich Niger Delta region, the Federal Government is to set up a Niger Delta Development Bank (NDDB). Source BUSINESSDAY Read More

TEF Selects 1,000 Successful Applicants for 2017 Entrepreneurship Programme - The Tony Elumelu Foundation (TEF), an African founded philanthropic organisation committed to entrepreneurship development, yesterday unveiled the 1,000 African entrepreneurs selected out of a total of 93,000 applicants for the 2017 class of its $100 million entrepreneurship programme. Source Thisday
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