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Nigeria in 1min: Economic, Business & Financial Headlines – 230817

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August 23, 2017 7:00 AM / Proshare News 

 

PROSHARE ECONOMY
Total Value of Capital Imported into Nigeria in Q2 2017 Estimated at $1,792.3m - NBS - The total value of capital imported into Nigeria in the second quarter of 2017 was estimated to be $1,792.3 million. Source Proshare Read More  

Domestic Commodity Prices Remained Flat Despite August Break, Harvest Season & Improved Logistics - The naira has weakened in the parallel market to N370/$ despite sustained forex injection by the CBN of $559m in the last week. Source Proshare Read More 

Eurozone Growth Accelerates, Cyclical Recovery Continues - The acceleration in eurozone growth in the second quarter confirms that the bloc's cyclical recovery is broadening, Fitch Ratings says. This is reflected in our GDP forecasts, although we expect the pace of growth to slow in 2018-2019. Source Proshare Read More 

Nigeria signs multilateral agreements to tackle international tax avoidance and evasion - The Chairman of Federal Inland Revenue Service (FIRS); Mr. Babatunde Fowler, on Thursday 17 August 2017, signed the following agreements. Source Proshare Read More 

Microfinance banks and the VAT legislation: Is there a case for exemption? - The primary aim of new National Tax Policy is to introduce new strategies that will enable government achieve its objectives of creating an enabling environment for businesses to thrive while simplifying the tax system. Source Proshare Read More  

Govt revenue declined by N183.2bn in July - The revenue accruing to the federation account from oil and non-oil sources recorded a decline of N183.26bn from N570.58bn received in the month of June to N387.31bn in July. Source Punch Read More 

DMO puts MDAs’ outstanding loans at N178bn - Ministries, departments and agencies of the Federal Government have loans amounting to N178.09bn to settle, the Debt Management Office has said. Source Punch Read More 

$233m capital arrears holding ECOWAS dev bank progress - President - President of the ECOWAS Bank For Investment & Development (EBID), Mr Bashir Mamman Ifo  has appealed to member-states to settle the $233m called -up capital arrears to enable the bank executes its function properly. Source Daily Trust Read More 

N16bn expended annually in foreign exchange on tomato import’ - About N16 billion is currently expended annually in foreign exchange on tomato imports, the Director General of the Raw Materials Research and Development Council (RMRDC), Dr. Hussani Ibrahim has said. Source Daily Trust Read More 

N299bn Abuja metro rail ready December – Contractor - The China Civil Engineering Construction Corporation (CCECC) has assured that the phase one of the Abuja Rail Mass Transit project will be ready for public use in the next four months. Source Daily Trust Read More 

Nigeria loses $2b annually to biometric duplication - The Federal Government may be loosing $2 billion annually to the duplication of biometric collection by government agencies, an Information technology expert has said. Source Guardian Read More 

NNPC refunds of N450bn shared among states, local governments - The Nigerian Extractive Industry Transparency Initiatives (NEITI) has disclosed that the Nigerian National Petroleum Corporation (NNPC), completed the refund of N450billion to the Federation Account by April 2017, which has been shared among states and local government councils. Source Guardian Read More 

27 states spend N106b on 35 varsities in one year - State universities in the country are growing in number, but the funds to run them only come in trickles. According to the budgets of 27 states examined by The Guardian, the total amount allocated to 32 such universities in 2016 by the owner-state governments was N106 billion. Source Guardian Read More 

Over N4bn Spent On Humanitarian Projects In Northeast – FG - The Federal Government yesterday, said it has spent over N4 billion on interventions in the humanitarian crisis ongoing in the north east. Source Leadership Read More 

Shoprite Nigeria sales up 48.2% as group turnover hits N3.86 trillion - Shoprite Holdings Ltd has reported group full-year earnings of 141 billon rand or N3.86 trillion for its financial year ended July 2017 with sales from Nigeria and Angola, two of its key markets outside South Africa contributing strongly to group sales. Source BUSINESSDAY Read More

 

PROSHARE REGULATORS
SEC Proposes New Rules & Amendments to Rules on Book Building, Corporate Governance - Source Proshare Read More  

CBN calls for import reducing policy as Nigeria’s monthly import bill rises by 95% to N588bn - The Central Bank of Nigeria, CBN, yesterday said the country’s average monthly import bill rose by 95 per cent to N588 billion in 12 years. Source Vanguard Read More 

 

PROSHARE MARKETS
Equities Market Retracts by +1.03%; Erases Previous Day Loss - Equities market closed today on a positive note, as NSE ASI appreciated by +1.03% to close at 36,962.48 basis points as against -0.91% depreciation recorded previously. Source Proshare Read More 

Utomi floats $135m commodities exchange - Integrated Produce City Limited is developing a new agricultural commodities exchange to take advantage of the government’s efforts to boost farming output to reduce reliance on oil. Source Punch Read More 

Oil prices rise on signs of tightening market - Oil prices rose on Tuesday, lifted by indications that supply is gradually tightening, especially in the United States. Source Punch Read More 

NNPC begins online monitoring of oil swap scheme - The Crude Oil Marketing Division (COMD) of the Nigerian National Petroleum Corporation (NNPC) has embarked on the automation of the Direct-Sale Direct-Purchase (DSDP) crude oil for the product exchange scheme (oil swap). Source Daily Trust Read More 

Chinese discover uranium, iron ore in commercial quantities in C/River - A group of Chinese explorers and geologists from Shian Xi Province of China has discovered huge deposits of several solid minerals in many parts of Cross River State. Source Daily Trust Read More 

Insecurity threatens $1bn W-Africa Gas Project - The rising and waning spate of attacks by militant groups on gas infrastructure in the Niger Delta is threatening investments along the corridor of the $1billion West Africa Gas Pipeline (WAGP) just as it has led to a reduction in the volume of gas to feed the pipeline. Source BUSINESSDAY Read More 

11 DisCos pay below 50% of total invoice in 5months - The energy invoice payment of the 11 Distribution Companies (DisCos) to the Generation Companies (GenCos) is below 50 per cent, with the Abuja DisCo leading with 45 per cent payment in the first five months of 2017. Source Daily Trust Read More 

Labour unhappy over state of power sector despite N11trn injected so far - The leadership of Nigeria Labour Congress (NLC) on Tuesday formally expressed opposition against move by Federal Government to give fresh bail out for the metering of electricity consumers. Source BUSINESSDAY Read More 

 

PROSHARE BUSINESS
Adeosun emerges new chairman of ECOWAS Investment Bank - The Minister of Finance, Mrs Kemi Adeosun has emerged as the new Chairman of the Board of Governors of the ECOWAS Investment Bank. Source Punch Read More 

South Africa's Zuma signs financial regulation act into law - South African President Jacob Zuma on Monday signed in to law the Financial Sector Regulation Act, know as "Twin Peaks", which will establish a prudential regulator and a separate, dedicated market conduct regulator. Source Reuters Read More 

Mozambique to set up independent fund to invest mineral sales income - Mozambique's government plans to set up a sovereign investment fund where taxes paid on sales of the country's minerals will be used to finance development projects, state-run AIM news agency said on Monday quoting the finance minister. Source Reuters Read More 

India's Home Sales Recover With Mumbai Vaulting to a 7-Year High - India’s home sales are staging a recovery from a slump last year, when the government suddenly canceled most of the nation’s currency to crack down on the shadow economy. Source Bloomberg Read More 

U.A.E. Excise Tax Starts in October in Drive to Boost Revenue - The United Arab Emirates will start imposing a tax on selected goods starting Oct. 1 as Gulf Arab nations seek to deepen government revenue to counter the drop in oil prices. Source Bloomberg Read More 

Libya Key Oil Field Pipeline Starts Again After Shutdown - A Libyan security force has reopened a key oil pipeline, a step toward allowing the nation’s largest oil field to resume output after three days of disruptions. Source Bloomberg Read More 

GOP Eyes Budget Maneuver to Allow $450 Billion More in Tax Cuts - A growing number of key congressional Republicans are considering a controversial maneuver that would allow for about $450 billion of tax cuts without offsets, according to four congressional aides familiar with the discussions. Source Bloomberg Read More 

PROSHARE FINANCE
NCDMB lauds Nigerdock as 49 vocational trainees graduate from Training Academy - The Nigerian Content Development and Monitoring Board (NCDMB) has applauded leading indigenous energy services company, Nigerdock, for its persistent efforts toward promoting local content and developing the nation’s human capacity, as 49 vocational trainees recently graduated from the Nigerdock Training and Development Academy. Source Proshare Read More  

 

PROSHARE TECHNOLOGY
Footsteps of Nigeria’s e-commerce - The growing appetite for mobile data usage as well as increased network coverage has increased the potential of Nigeria’s e-commerce market. Source Proshare Read More  

What does Data Science mean to developing economy? - Data is now the blood of today's business and the ultimate enabler of the evolution of 21st century society. Source Proshare Read More 

Nigeria ranks third in global internet crimes behind UK, U.S., says NCC - The Nigerian Communications Commission (NCC) says Nigeria currently ranks third globally in cyber crimes behind the UK and the U.S. Source THE NATION Read More 

Report: Large Technology Firms Driving Competition in Banking, Insurance - Financial institutions’ drive to become more “experience-driven” is opening the door to potential competition from global technology giants, according to a report published by the World Economic Forum (WEF). Source Thisday Read More 

 

 

 

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