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Nigeria in 1min: Economic, Business & Financial Headlines - 240417

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April 24, 2017 7:00 AM / Proshare News  

PROSHARE ECONOMY
Towards An Economic Model for Nigeria; Going Beyond Symptomatic Responses
- The Panama Model - The persisting monetary disturbance coupled with a high misery index underline the current negative through effect that has taken hold of the macro economy. Source Proshare
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What To Expect From The Markets This Week - 240417 - The recent 2016 Financial Stability Report released by the Central Bank of Nigeria showed that claims against the Federal Government shot up from N2,893.1 billion in the first half of 2016 to N4,808 billion in the second half of 2016. This represents a 70.9% increase compared to the previous half. Source Proshare Read More  

2017 budget: N/Assembly allocates N20bn for 2nd Abuja runway - The National Assembly has allocated N20 billion for construction of the second runway at the Nnamdi Azikwe International Airport, Abuja in the 2017 budget Source Daily Trust Read More 

SON confiscates N150m substandard products in 2016 - The Standards Organisation of Nigeria (SON) on Sunday said it confiscated substandard goods worth N150 million in the southwest region in 2016. Source BUSINESSDAY  Read More

Despite CBN Market Forays, External Reserves Stand at $30.6bn - Despite all the dollars pumped into the foreign exchange (FX) market by the Central Bank of Nigeria (CBN) since February 20when it announced its new FX policy measures, the country’s external reserves have remained relatively robust. Source Thisday  
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Adeosun: Nigeria’s Tax to GDP Ratio among Lowest in the World - The Minister of Finance, Mrs. Kemi Adeosun, has lamented that with a tax to Gross Domestic Product (GDP) ratio of six per cent, the country is rated one of the lowest in the world. Source Thisday  Read More 

FG to Name and Shame Tax Defaulters - The Minister of Finance, Mrs. Kemi Adeosun, yesterday said the federal government might adopt name-and-shame strategy to expose tax defaulters in the country, just as she decried the fact that only 13 million persons pay tax in Nigeria. Source Thisday  Read More 

LASG to invest N20bn in housing - The Lagos State Government has said it is planning to invest N20bn in providing more houses under the rent-to-own scheme. Source Punch  Read More 

Presidency: FG Exploring $300m Diaspora Bond to Make Nigerians Abroad Buy into ERGP - The federal government is to float a $300 million Diaspora Bond as part of measures to galvanise the buy-in of foreign-based Nigerians into the Economic Recovery and Growth Plan (ERGP), the Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu, has said. Source Thisday  Read More 

 

PROSHARE REGULATORS
CBN Suspends the Implementation of Interchange Regime Indefinitely - Kindly refer to the CBN Circular of November 1, 2016 referenced BPS/DIR/GEN/CIR/03/004 where the bank had communicated the discontinuance of the Merchant Service Charge (MSC) by May 1, 2017 and its subsequent replacement with the implementation of the interchange Regime. Source Proshare Read More  

CBN Announces the Establishment of Investors' & Exporters' FX Window - The Central Bank of Nigeria (CBN), in a continuing effort to deepen the foreign exchange (FX) market and accommodate all FX obligations, hereby announces a special window for Investors, Exporters & End-users (hereinafter referred to as the “Investors’ & Exporters’ FX Window" or the “Window"). Source Proshare Read More 

NAICOM spells out guidelines for bancassurance operations - Before any of the 58 insurance companies operating in the country, would be allowed to sell insurance products in banks through Bancassurance Referral Distribution Model, they would have to pay licensing fees of between N500,000 and N2.5 million. Source Guardian Read More 

CBN Suspends New Withdrawal and Deposit Processing Fees; Directs Refunds - You will recall that a directive was issued on the nationwide implementation of the Cash-less policy vide our circular with reference numbers BPS/DIR/GEN/CIR/04/001 dated 21st February, 2017 and BPS/DIR/GEN/CIR/04/002 dated 16th March, 2017 Source Proshare Read More 

 

PROSHARE MARKETS
Corporate Earnings for the Week Ending 210417 – PRESCO Declares N21.7bn PAT in 2016 - During the week ending April 21st 2017, six quoted firms declared their results. Source Proshare Read More  

Interbank Rates Rise on Cash Shortage - The Nigerian Inter-Bank Offered Rate (NIBOR) climbed by about 20 percentage points on Friday after the Central Bank of Nigeria’s (CBN’s) sale of dollar forwards to offset a backlog of forex obligations drained cash from the money market. Source Thisday Read More

Nigeria LNG Pays $5.5 Billion in Taxes - The Managing Director and Chief Executive Officer of Nigeria LNG Limited (NLNG), Mr. Tony Attah, has stated that the company has paid $5.5billion as taxes since the 10 years tax holidays granted by the NLNG Act for Company Income Tax expired. Source Thisday Read More

Nigeria loses $200b to non-passage of PIB - Nigeria’s failure to legislate the proposed reforms in its oil and gas industry, particularly the Petroleum Industry Bill (PIB), has cost her a whopping $200 billion in investments. Source THE NATION  Read More 

 

PROSHARE BUSINESS
Ghana central bank will not finance budget deficit - governor - Ghana's central bank will not finance the government's budget, its new governor, Ernest Addison, said on Friday as the regulator seeks to keep fiscal consolidation on track. Source Reuters Read More  

Ghana to subsidise fertiliser for cocoa farmers and halt free supplies - Ghana's cocoa industry regulator will stop supplying free fertiliser to the country's cocoa farmers and instead subsidise the products in an effort to create a fairer market, a spokesman for Cocobod said on Friday. Source Reuters Read More 

Kenya offers textile firms tax incentives to create jobs - Kenya has started offering tax incentives to clothing companies, a key part of its under-performing manufacturing sector, to create jobs and provide affordable new clothes for shoppers. Source Reuters Read More 

Transport and food costs drive rise in Burundi inflation in March - Rising transport costs fuelled an increase in Burundi's year-on-year inflation rate to 21.1 percent in March, from 20.7 percent a month before, official data released on Friday showed. Source Reuters Read More

Gold Sinks Most in More Than Seven Weeks as French Tension Eases - Gold sank the most in more than seven weeks as investors returned to riskier assets on speculation pro-growth centrist Emmanuel Macron will become France’s next president after the first round of voting, potentially removing a threat to the euro zone from one of the region’s top economies. Source Bloomberg Read More  

Bank of England Deputy Governor Hogg to Leave at End of Week - Bank of England Deputy Governor Charlotte Hogg will leave the bank this week, which probably means the Monetary Policy Committee will be one member short for its next meeting. Source Bloomberg Read More 

Euro Rises to Five-Month High as Macron, Le Pen Win French Vote - The euro surged to the strongest in five months against the dollar after centrist Emmanuel Macron and nationalist Marine Le Pen won the first round of the French presidential election. Source Bloomberg Read More 

Jack Ma Sees Decades of Pain as Internet Upends Older Economy - Alibaba Group Holding Ltd. Chairman Jack Ma said society should prepare for decades of pain as the internet disrupts the economy. Source Bloomberg Read More

PROSHARE TECHNOLOGY
Spam SMS account for 15% of all SMS messages sent globally- Truecaller while rolling out new SMS and flash messaging services to users has disclosed that  spam SMS account for 15% of all SMS messages sent globally.  Accordingly, this  represents 1.2 trillion spam messages each year. Source Vanguard Read More 

Telecom firms lose N156.3bn monthly to dormant lines - Telecommunications companies in the country are losing about N156.3bn in potential revenue every month due to the increasing number of inactive telephone lines on their networks, investigation has revealed. Source Punch Read More    

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