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Nigeria in 1min: Economic, Business & Financial Headlines – 240517

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May 24, 2017 6:10 AM / Proshare News 

PROSHARE ECONOMY
GDP Contracts by -0.52% in Q1’17 from -1.73% in Q4’16; 5th Consecutive Quarter of Contraction - In the first quarter of 2017, the nation’s Gross Domestic Product (GDP) contracted by –0.52% (year-on-year) in real terms, representing the fifth consecutive quarter of contraction since Q1 2016. Source Proshare Read More 

Nigeria’s debt to climb to 24.1% of GDP by 2018 – IMF - Nigeria’s indebtedness will climb to 24.1 per cent of its Gross Domestic Product by 2018, the International Monetary Fund has said. Source Punch Read More 

Osinbajo seeks Reps’ approval for $1.28bn, €9m loans - The Acting President, Prof. Yemi Osinbajo, has requested approval of the House of Representatives for fresh $1.28bn and €9m loans under the 2016-2018 External Borrowing (Rolling) Plans of the Federal Government. Source Punch Read More 

Allocations to FG, states, LGs drop by N52bn - The allocations from the Federation Account to the three tiers of government declined by N52.07bn from the N467.8bn shared in March to N415.73bn in April this year, according to figures released by the Federation Account Allocation Committee. Source Punch Read More 

Competitiveness, Comparative Advantage; and Role of NEXIM in Export Stimulation - Before I delve into my piece this week, it is important to state that what set the tone as well as context for this discourse is the theme for this year’s  AFDB meeting in India titled ‘TRANSFORMING AGRICULTURE FOR WEALTH CREATION IN AFRICA’. Source Proshare Read More  

NCAA to audit Med-View Airlines over EU ban - A full-scale audit would soon be conducted on the operations of Med-view Airlines to ensure the safety of its aircraft.The Spokesperson of the Nigeria Civil Aviation Authority (NCAA), Sam Adurogboye, disclosed this yesterday. Source Guardian Read More 

Importers to save N1trn annually on 24-hour port operations - Importers and businesses that depend on the nation’s seaports to bring in raw materials or export finished goods will save as much as N1 trillion in demurrage and storage costs annually, if the Federal Government’s executive order that ports should commence 24-hour operations comes into effect. Source BUSINESSDAY Read More 

PROSHARE REGULATORS
Timely implementation of ERGP’ll end recession — CBN - The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday called for the timely implementation of the recently launched Economic Recovery and Growth Plan to take the country out of recession. Source Punch Read More 

PROSHARE MARKETS
CBN Communiqué No. 113 of the MPC Meeting – May 22-23, 2017 - The Monetary Policy Committee (MPC) met on the 22nd and 23rd of May, 2017, against the backdrop of slowly improving global growth prospects even as international cooperation continues to be threatened by anti-globalization sentiments in major advanced economies. Source Proshare Read More

NSEASI Inches Up Marginally by +0.05% as MPC Maintains Status Quo - Equities market closed today on a positive note, as NSE ASI appreciated by +0.05% to close at 28,093.30 basis points, as against -0.12% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +4.53%.  Source Proshare Read More

Real Estate Investment In Sub-Saharan Africa - The Role Of The Capital Market - Real Estate Investment Trust (REIT) Conference. Welcome Address by Mr. Oscar N. Onyema, OON, Chief Executive Officer, The Nigerian Stock Exchange . Source Proshare Read More

Time for a Policy Change? - We expect the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to hold rates at the current levels when the Committee meets on May 22 and 23, 2017. Source Proshare Read More  

Whither Africa? Gently recovering - The African Economic Outlook 2017 charts a slow recovery in African growth from an estimated 2.2% in 2016 to 3.4% this year and 4.3% in 2018.Source Proshare Read More  

FIDSON Q1 -2017 - Resurgence or More of The Same? - Fidson healthcare PLC, a leading pharmaceutical manufacturing firm in Nigeria released its first quarter (Q1) result on April 28th, 2017.Source Proshare Read More  

UBA to Launch Up To USD500 Million Senior Unsecured Medium Term Debt Notes - United Bank of Africa Plc (“the Bank” or “UBA”) is pleased to notify The Nigerian Stock Exchange (the “NSE”) and the investing public of its intention to launch up to USD500 million senior unsecured medium term debt notes (the “Notes” or the “Transaction”). Source Proshare Read More 

Nigeria Central Bank Will Boost Dollar Sales to Support Economy - Nigeria’s central bank will increase dollar sales to support the economy and bolster the naira after leaving its key interest rate at a record high level. Source Bloomberg Read More 

CBN injects $186.5m for invisible, SMEs as Naira stable at N379/$ - The Central Bank of Nigeria (CBN)  injected $186.5 million into the foreign exchange market even as the naira remains stable at N379 per dollar in the parallel market. Source Vanguard Read More 

Today's Stunted Oil Prices Could Cause Oil Price Shock In 2020 - As oil prices remain unsteady and OPEC continues to make headlines every hour, the world is focused on oil's immediate future. Source Proshare Read More 

NNPC receives 34 bids for digitisation of documents - The Nigerian National Petroleum Corporation on Tuesday received no fewer than 34 bids from different companies for the digitisation of legacy documents in its corporate headquarters. Source Punch Read More 

PROSHARE BUSINESS
OPEC Fails to Clear Global Oil Glut, But Gets More Money Anyway - At first glance, OPEC’s cuts haven’t worked -- global oil inventories remain well above normal levels. But the policy’s made a difference where it really counts: juicing the coffers of finance ministries from Baghdad to Caracas. Source Bloomberg Read More 

China Stocks Drop, Yuan Falls After Moody's Cuts Credit Rating - China’s stocks headed for their lowest level since October, the yuan retreated and default risk increased after Moody’s Investors Service cut its rating on the nation’s debt for the first in almost three decades. Source Bloomberg Read More 

Renewable Energy Powers Jobs for Almost 10 Million People - Renewable energy employed 9.8 million people last year, up 1.1 percent from 2015, led by solar photovoltaic at 3.09 million jobs, according to the International Renewable Energy Agency’s annual report on the industry. Source Bloomberg Read More 

Moody's downgrades China, warns of fading financial strength as debt climbs - Moody's Investors Service downgraded China's credit ratings on Wednesday, saying it expects the financial strength of the world's second-biggest economy will erode in coming years as growth slows and debt continues to rise. Source Reuters Read More

South Africa's Gigaba says budget deficit narrowed in 2016/17 - South Africa's Finance Minister Malusi Gigaba told parliament on Tuesday the main budget deficit in 2016/17 narrowed to 3.8 percent of gross domestic product (GDP) from a previous estimate of 3.9 percent and would decrease further in coming years. Source Reuters Read More 

Kenya's current account deficit widens to 7.7 pct in February - Kenya's current account deficit widened to 7.7 percent of GDP in February from 5.9 percent the same time a year earlier, the finance ministry said on Tuesday. Source Reuters Read More 

Egypt budget deficit down to 8 pct of GDP in first nine months of 2016-17 - Egypt's budget deficit for the first nine months of the 2016-17 fiscal year ending in June dipped to 8 percent of GDP from 9.4 percent during the same period last year, a draft budget statement showed. Source Reuters Read More 

PROSHARE FINANCE
Voluntary Pension Contribution: Arresting the tax leakage from withdrawals? - PENCOM should work with the appropriate authorities to develop guidelines for implementing the taxing of withdrawals from the Scheme, without infringing on the rights of individuals to make VPC at will and withdraw at any time. Source Proshare Read More  

PROSHARE START-UPS
Sokoto Releases N1bn to Support SMEs - The Sokoto State Government has released the sum of N1 billion to support small and medium scale enterprises (SMEs) in the state. Source Thisday Read More 

 

 

 

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