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Nigeria in 1min: Economic, Business & Financial Headlines – 250517

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May 25, 2017 6:50 AM / Proshare News 

PROSHARE ECONOMY
#PEBECHack: FG announces Hackathon to ensure accountability in MDAs through tech - The Presidential Enabling Business Environment Council (PEBEC) on Tuesday opened registration for the first edition of #PEBECHack, a series of Hackathons designed to solve problems at the intersection of government processes and regulations, and the ease of doing business in Nigeria. Source Proshare Read More 

Total Value of Capital Imported into Nigeria in Q1 2017 Estimated at $908.27m - NBS - The total value of capital imported into Nigeria in the first quarter of 2017 was estimated to be $908.27 million. Although this was an increase of 27.75% relative to the same quarter of 2016, it was nevertheless 41.36% smaller than the value of capital imported in the previous quarter, and was the second lowest value recorded since 2007.  Source Proshare Read More 

Nigeria-Based United Bank for Africa PLC Proposed Senior Unsecured Notes Assigned 'B' Rating - S&P Global Ratings today assigned its 'B' long-term issue rating to the proposed senior unsecured notes issued by United Bank for Africa Plc (UBA; B/Stable/B). Source Proshare Read More  

FG sets up National Minimum Wage Committee as FEC reviews 2017 budget - The Federal Executive Council, FEC, has approved the constitution of a National Minimum Wage Committee to kick start the process of deliberations for a new wage for Nigerian workers. Source Vanguard Read More 

FG disburses N7.3bn for enterprise empowerment - THE Federal Government has disbursed N7.301 billion for the Government Enterprises and Empowerment Programme (GEEP) out of the N41 billion so far released for funding of its social intervention programme under the 2016 budget. Source Vanguard Read More 

FG Concessions Rail Lines to GE, Multinational to Invest over $2.2bn - The federal government wednesday handed over the letter of award appointing General Electric (GE) as the concessionaire for two narrow gauge rail lines in the country, after the company’s emergence as the preferred bidder for concessions. Source Thisday Read More 

Okonjo-Iweala: You Can’t Achieve Growth If You Have Forex Distortions - Former Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, has said growth and development cannot be achieved when a country has distortions in its foreign exchange rates. Source Thisday Read More 

Gov. Emmanuel inaugurates coconut oil refinery in A/Ibom - Governor Udom Emmanuel of Akwa Ibom on Wednesday inaugurated a coconut refinery in Mkpat-Enin in continuation of activities to mark his second year in office. Source BUSINESSDAY Read More 

Nigeria risks jobless growth with reliance on oil-led recovery - Nigeria’s strong reliance on crude oil as a means of exiting its worst economic crisis in 25 years and a quarterly decline in agricultural output are heightening fears of a weak rebound, devoid of the required growth to create jobs and ensure inclusiveness. Source BUSINESSDAY Read More 

FG to support revival of Kano Industrial Estates - Budget and National Planning Minister, Senator Udoma Udo Udoma told the Kano State Government on Tuesday that Nigerians would like to see   the state return to its former status as a major industrial and commercial hub in the country. Source Proshare Read More  

 

PROSHARE REGULATORS
Implementation Monitoring Of The PFMI: Level 2 Assessment Report For Hong Kong SAR - The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have today published a report that confirms that Hong Kong’s legal, regulatory and oversight framework for key payments and settlement systems complies with CPMI-IOSCO’s Principles for financial market infrastructures (PFMI). Source Proshare Read More 

 

PROSHARE MARKETS
US Trade Protectionism Remains Key Risk for World Economy - Fitch - The possibility of a sharp escalation in trade-protectionism remains a key risk for the world economy, despite recent signs of a more moderate approach to reforming trade relations from the US, says Fitch Ratings' Economics team in its latest global macro scenario report. Source Proshare Read More

Fitch Assigns 'B(EXP)' Rating to UBA's Senior Notes - Fitch Ratings has today assigned an expected rating of 'B(EXP)' to United Bank for Africa Plc's (UBA) proposed senior unsecured medium-term notes. Source Proshare Read More  

Market Records Improved Sentiment as NSEASI Inches Up Further By +0.69% - Equities market closed today on a positive note, as NSE ASI appreciated by +0.69% to close at 28,286.43 basis points, as against +0.05% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +5.25%. Source Proshare Read More  

Dangote Cement’s N144.8bn dividend delights shareholders - Shareholders of Dangote Cement yesterday were full of praise for the board, management and staff of the company after hearing they had been handed a dividend pay-out of N144.8 billion, which translated to N8.50 kobo per share, as against the N8 per share that was paid in the corresponding period of 2015. Source Daily Trust Read More 

Nestle shareholders approve N7.9 billion total dividend - Shareholders Nestle Plc have approved the firm’s N7.9 billion total dividend, culminating to N10 per share due to every investor of the company for the 2016 financial year. Source Guardian Read More 

US, Canada attract Nigeria’s biggest crude oil buyer - India, Nigeria’s biggest crude oil buyer, is set to make its first purchase of the United States oil, as it seeks to diversify its crude buying amid favourable price differentials. Source Punch Read More 

Senate says power privatisation has failed, mulls review - Senators on Wednesday strongly criticised the privatisation of the power sector, saying the model adopted in the transfer of the assets from the Federal Government to private operators had failed. Source Punch Read More 

PROSHARE BUSINESS
Djibouti opens new port as part of $7 bln/year free-trade zone plan -  Djibouti has formally opened one of four new ports designed to cement the tiny Horn of Africa nation's position as a continental hub, a statement from the ports authority said on Wednesday. Source Reuters Read More 

Ivory Coast to build 25 MW solar power station - Ivory Coast plans to build a 25-megawatt solar power plant in the north of the country as it seeks to bolster a strained power grid with renewables, a government spokesman said on Wednesday. Source Reuters Read More 

Oil Resumes Gain Toward $52 Before OPEC Meets on Production Cuts - Oil resumed its gain toward $52 a barrel before OPEC ministers meet in Vienna to decide on extending supply cuts. Source Bloomberg Read More 

OPEC Committee Recommends Nine-Month Oil Cuts Extension - OPEC and its allies came one step closer to agreeing to extend their oil supply deal after a ministerial committee recommended another nine months of cuts. Source Bloomberg Read More 

Trump's Bid to Sell U.S. Reserve Oil Could Temper OPEC Cuts - President Donald Trump has proposed selling off more than half of the U.S. emergency oil stockpile, potentially putting more crude on the global market, even as OPEC works to prop up prices. Source Bloomberg Read More 

Tunisia Raises Interest Rate to Highest in More Than 5 Years - Tunisia raised its benchmark interest rate for the second consecutive month, pushing it to its highest level in more than 5 years in a bid to combat inflation and stem the decline of the dinar as it moves ahead with IMF-backed economic reforms. Source Bloomberg Read More 

Bank of Korea Remains on Hold, Sees Economy Topping Forecast - The Bank of Korea left its key interest rate unchanged on Thursday as household debt continues to rise and the economy expands faster than expected. Source Bloomberg Read More 

Foreign Firms Fret as China Implements New Cybersecurity Law - Just days before China’s new Cybersecurity Law goes into force, foreign companies are grappling with rules that could tighten what is already one of the world’s most restricted technology regimes. Source Bloomberg Read More 

 

PROSHARE TECHNOLOGY
ntel seeks $300m for network expansion - Nigeria’s fourth-generation telecommunication services operator, ntel, has begun a third round of fundraising to meet its projected $1bn investment in 4G mobile broadband by 2020. Source Punch Read More

PROSHARE START-UPS
Only 20% of SMEs survive in Nigeria – UNIDO - The United Nations Industrial Development Organisation’s Investment and Technology Promotion Office in Nigeria has called for the formulation of effective strategies to address the increasing inability of Small and Medium Enterprises to grow in the country. Source Punch Read More 

 

 

 

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