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Nigeria in 1min: Economic, Business & Financial Headlines - 250417

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April 25, 2017 7:10 AM / Proshare News 

PROSHARE ECONOMY
Transcript of IMF African Department Press Briefing - As many of you know 2016 was a difficult year for many countries. Economic growth in 2016 we estimate only reached about one and a half percent, which is the weakest outcome in more than 20 years and well below the rate of population growth. Source Proshare Read More  

Implications of Nigeria's Draft Petroleum Fiscal Policy - As part of efforts towards reforming the oil and gas industry, the Ministry of Petroleum Resources (MPR) recently released the Draft National Petroleum Fiscal Policy. Source Proshare Read More 

FG cuts business registration period to two days - The number of days required for registration of new businesses in Nigeria has been reduced from 10 to two days as a result of some reforms being carried out by the present administration. Source Punch Read More 

Nigeria’ll be among 3 world economies by 2050 —Britain - Britain has predicted that Nigeria would emerge one of the three biggest economies of the world by 2025, even as it commences same day visa. Source Vanguard Read More 

Investors Eye Ailing Airlines, Arik, Aero Contractors - Some private equity investors are reportedly seriously considering investing in Arik Air and Aero Contractors – two distressed local airlines that have been taken over by the Asset Management Corporation of Nigeria (AMCON). Source Thisday Read More

Lagos Generates N436bn in 2016, Seeks N100bn from Capital Market - The Lagos State Government on Monday said it raked in N436.328 billion in 2016 as internal revenue, about 10 per cent more than what it generated in 2015.Source Thisday Read More 

Cote d’Ivoire, others ahead of Nigeria on global logistics hub - A recent report by the World Bank index on logistics competence placed Cote d’ Ivoire, Senegal, and Sao Tome respectively above Nigeria in the ranking on global logistics hub. Source Guardian Read More 

 

PROSHARE MARKETS
NSEASI Records +2.21% Gain to Open The Week Positive - Equities market closed today on a positive note, as NSE ASI appreciated by +2.21% to close at 25,747.05 basis points, as against -0.37% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.20%.  Source Proshare Read More 

Stanbic IBTC Holdings Reports Q1 2017 Results – NPL Ratio Doubled Between Dec ’16 and Mar ’17 - Stanbic IBTC’s Q1 2017 results which were released this afternoon were very strong. PBT came in at N18.6bn and grew by 78% y/y while PAT of N16.4bn was up by 185% y/y. Both income lines contributed to the strong results. Source Proshare Read More 

Entire Senate being called to White House for North Korea briefing - The entire U.S. Senate has been invited to the White House for a briefing Wednesday on the North Korea situation, amid escalating tensions over the country’s missile tests and bellicose rhetoric. Source FOX News Read More

The New 'Investors and Exporters Window' Framework - Another Step to Improving Liquidity - The CBN recently announced a special FX window for investors and exporters (the ‘Investors & Exporters’ FX window’ or ‘IEW’). Source Proshare Read More 

Nigeria Said to Let Market Set Naira Rate on Exchange Window - Nigeria’s central bank will let the market determine the naira’s rate in a new foreign-exchange window for portfolio investors as the nation struggles to revive its economy amid a dollar shortage. Naira forward contracts and banking stocks rose. Source Bloomberg Read More 

CBN must scrap multiple exchange rates, says Soludo - A former Governor of the Central Bank of Nigeria, Prof. Chukwuma Soludo, on Monday highlighted steps the Federal Government needed to return the country out of the biting economic challenges and get back on the path of growth. Source Punch Read More 

FMDQ introduces reference rate for special FX window for investors - THE Financial Market Dealers Quote, FMDQ, yesterday, introduced a reference exchange rate for the newly introduced special foreign exchange window for investors and exporters. Source Vanguard Read More 

FMDQ OTC posts ₦13.42tn turnover - FMDQ OTC Securities Exchange recorded ₦13.42tn worth of transactions in fixed income and currency markets in March. Source Punch Read More 

Forex Market Analysis: GBP and USD Consolidates at the 1.2802-1.2889 Resistance Area - GBP: The British Pound (GBP) rally on Tuesday, 18th April, 2017, following Prime Minister, Theresa May’s  announcement of a snap election to be held on June 8, was not sustained as the Pound subsequently declined against the Dollar. Source Proshare Read More 

CBN Injects $246.2m for Wholesale, SMEs, Invisibles  - The Central Bank of Nigeria (CBN) on Monday, April 24, 2017, offered the sum of $246.2 million to authorized dealers at the forex auction in the interbank wholesale window, Small and Medium Enterprises (SMEs) and invisibles segments. Source Proshare Read More   

TRANSCORP Declares N1.50 bn PAT in Q1'17 Results,(SP:N0.97k) - Source Proshare Read More

DIAMONDBNK Declares N3.49 billion PAT in 2016 Audited Result,(SP:N0.95k) - Source Proshare Read More

STANBIC Releases Q1'17 Results; Declares N16.07bn PAT in Q1,(SP:N20.47k) - Source Proshare Read More 

GCR Ratings Affirms Wema Bank Rating - Global Credit Rating (GCR), a credit ratings and research firm has affirmed Wema Bank’s National Long term rating at (BBB-) Source Thisday Read More 

Rivers in Darkness as Organised Labour Shuts PHEDC Office Company decries loss - Port Harcourt metropolis and most parts of Rivers State were on Monday thrown into darkness as the organised labour took over the office of the Port Harcourt Electricity Distribution Company (PHEDC). Source Thisday Read More 

N720 billion revenue under threat as 51 oil licences expire - About 51 Oil Prospecting Licences (OPL) and Oil Mining Lease (OML) of different oil blocks have expired between 2010 and March 2017 and this is therefore threatening about $2 billion (N720 billion) in signature bonuses. Another 85 OPL and OML will expire between April 2017 and 2029, according to upstream concession status obtained from the Department of Petroleum Resources (DPR). Source Guardian Read More 

FG, N’Delta Illicit Oil Refiners Consider Execution Template for Modular Refineries - The federal government and operators of illicit oil refinery outfits in the Niger Delta have held their first tranche of meetings to review and adopt an implementation template for the setting up of modular refineries to replace existing illegal refineries in the region, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has disclosed. Source Thisday Read More 

Govt, W’Bank open talks on Nigeria’s energy crisis - The Federal Government and the World Bank have opened fresh talks aimed at helping Nigeria to resolve its recurring power crisis. Source Thisday Read More

Power generation inches closer to 5,000MW - Nigeria’s power generation inches closer to the 5,000 Megawatts (MW) mark, following the cessation of hostilities by militants in the Niger Delta, and the rise in water level at the various dams in the country. Source Guardian Read More 

FG, two others sign 120MW solar project - HOPE of improved power supply in the country is being rekindled as the federal government has signed two put/call option agreements, PCOA, with solar developers Afrinegia Nigeria Limited and CT Cosmos Nigeria Limited. Source Vanguard Read More

 

PROSHARE BUSINESS
Saudi Arabia to Offer 1 Gigawatt of Renewable Contracts in 2017 - Saudi Arabia will offer as much as 1 gigawatt of contracts to buy renewable electricity by the fourth quarter of this year, a government official said, putting more detail on a program designed to stimulate the kingdom’s wind and solar industry. Source Bloomberg Read More 

Russia's Oil Cuts Won't Be So Easy If OPEC Deal Is Extended - For Russian oil companies, the historic agreement to boost prices by cutting output in conjunction with the Organization of Petroleum Exporting Countries was an easy win. Extending the deal will be less straightforward. Source Bloomberg Read More

Europe’s Richest Gain $27.5 Billion on French Vote Rally - What a difference a day makes. Europe’s richest people added $27.5 billion to their fortunes Monday after European stocks surged to a 17-month high and the euro gained strength after candidate Emmanuel Macron emerged as the favorite in the French presidential election. Source Bloomberg Read More  

Egypt Eyes Faith and Luxury in 2-Year Tourism Recovery Plan - Egypt plans to promote religious, medical and luxury trips, and develop new markets in India and Eastern Europe, as it pushes to revive its vital tourism industry to pre-2011 revolution levels within two years. Source Bloomberg Read More

China Markets Reel as $1.7 Trillion in Shadow Funds Unwinds - A $1.7 trillion source of inflows into Chinese markets has suddenly switched into reverse, roiling the nation’s money management industry and sending local bonds and stocks to their biggest losses of the year. Source Bloomberg Read More

PROSHARE FINANCE
Nigerian Pension Funds continue to reduce exposure to Equities - In a bid to bolster their performance, strengthen their risk management strategies and in response to the lack luster performance of the Nigerian stock market, pension fund managers in Nigeria have increasingly been reducing their exposure to the stock market by allocating less and less of their assets to domestic ordinary shares and more and more to FGN bonds and other fixed income securities. Source Proshare Read More

Sound Asset Growth of the PFAs - The assets under management (AUM) of the regulated pension industry increased by 16.1% y/y to N6.16trn (US$20.1bn) in December. Source Proshare Read More  

PROSHARE TECHNOLOGY
Stakeholders harp on enabling environment for Fintech growth in Nigeria - The prospects for the growth of the Fintech Industry in Nigeria came to the fore at the maiden National Fintech Conference in Lagos, hosted by Fintech Associates Limited in conjunction with Digital Finance Institute(Canada) and the Chartered Institute of Bankers of Nigeria (CIBN) Center for Financial studies. Source Proshare Read More

 

PROSHARE START-UPS
World Bank to Support 20 Digital Start-ups from Sub-Saharan Africa - The World Bank Group has launched XL Africa, a five-month business acceleration program designed to support the 20 most promising digital start-ups from Sub-Saharan Africa. Source Proshare Read More

10 Fintech Firms to Participate in Barclays Bank’s African Accelerator Programme  - Barclays Bank says it wants to find the next Paypal after selecting the second cohort of 10 companies to participate in its African accelerator programme. Source Proshare Read More    

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