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Nigeria in 1min: Economic, Business & Financial Headlines - 251116

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November 25, 2016 7:00 AM / Proshare News  

PROSHARE ECONOMY
The 2017-2019 Medium Term Expenditure Framework (MTEF) is Incomplete – BudgIT - The 2017-2019 MTEF is incomplete, as it does not include Federation targets (Federal, States and Local Governments) as well as clear classification of revenue lines. It is important to note that Medium Term Expenditure Framework does not only apply to the Federal Government but state governments also draw their projections from previous documents. Source Proshare Read More 

Reserves rise by $589m in one month - The nation’s foreign exchange reserves, the volume of money or other assets held by the Central Bank of Nigeria (CBN), a lender of last resort, which the government uses to offset its liabilities, have recorded an increase of $589 million, after weeks of consistent and gradual gains, despite demand pressure. Source Guardian Read More 

FG sets up ‘Zero reject’ for export products - The federal government has launched ‘Zero Rejects’ of agro commodities through validation of strategy for a single management control system for acceptance of Nigerian produce in the world market. Source Daily Trust Read More 

FG defies court as banks continue stamp duty collection - The Federal Government and its agencies have continued to defy the ruling of the Court of Appeal that the deduction of stamp duty on bank deposits is illegal. Source Punch Read More 

Finance ministry, budget office meet over clash in functions - Officials of the Ministry of Finance and the Budget Office of the Federation will today (Friday) meet over the clash in some of their functions, investigations have revealed. Source Punch Read More 

SEC, sole approving authority for local debts, says Adeosun - The Minister of Finance, Mrs. Kemi Adeosun, has said the sole responsibility for the supervision, regulation and approval of issuance of securities in the local market for Nigeria’s internal debt rests with the Security and Exchange Commission (SEC). Source Punch Read More 

World Bank to support Nigeria’s maritime sector with $40m - The Nigerian Shippers Council said  the World Bank has indicated its willingness to support Nigeria’s maritime sector with $40million. Source Punch Read More 

IITA needs $1b to reposition agric - The International Institute of Tropical Agriculture (IITA) is scouting for about $200 million yearly over the next five years to deliver targeted impacts on African agriculture, its Director-General, Dr Nteranya Sanginga, has said. Source Punch Read More 

 

PROSHARE REGULATOR
Forex: CBN releases $867m in October - The Central Bank of Nigeria (CBN) has met 7,792 requests for foreign exchange valued at over $867 million through the inter-bank window to enable sourcing of vital raw materials and spare parts for the respective industries. Source Daily Trust Read More   

CBN sets up financing structure for MSMEs - The Central Bank of Nigeria has moved to increase financing to the Micro, Small and Medium Enterprise sector through the establishment of the National Collateral Registry. Source Punch Read More 

Nigerian crude is not `stranded’ – NNPC - Dr Maikanti Baru, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC),  says Nigerian crude oil is not an abandoned commodity. Source Punch Read More  

PROSHARE MARKETS
Equities market resumes downtrend on low confidence  - The equities market closed today on a negative note, as NSE ASI depreciated by 0.10% to close at 25,490.70 basis points, compared with the 0.22% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.00%. Source Proshare Read More  

Lafarge Africa Q3 2016 Results Review - Retaining Outperform Rating on Marked Sell-off - Although Lafarge Africa’s (Lafarge) Q3 2016 results showed that its pre-tax loss was better than our –N18.9bn forecast, the loss was still sizable at-N11.6bn. Lower unit volumes (-27% y/y), a significant spike in energy costs due to gas shortages and fx, and logistics challenges were the key cost drivers. Source Proshare Read More 

Five Worst Performing Sectors from Q3'16 National Accounts - From the national accounts for Q3 2016 we today highlight the five worst performing sectors. We cover what the NBS terms activity sectors, and then only those accounting for at least 1% of GDP at constant basic prices. Source Proshare Read More 

Why Mexico's Oil Reform is a Huge Opportunity for Investors - When a massive country de-nationalizes its entire energy sector and opens its oil and gas doors for the first time ever to foreign companies, the opportunities are staggering. Source Proshare Read More 

Nigeria’s Money-Changers Are Going Underground - On the teeming streets of Lagos, the Nigerian mega-city of 15 million people, the once omnipresent money-changers are going underground. Source Bloomberg Read More 

224 firms bid for Nigerian crude oil contract - The gale of transparency in the operations of the Nigerian National Petroleum Corporation (NNPC) was sustained on Thursday with the public opening of 224 bids submitted by companies seeking to purchase and lift Nigerian crude oil grades for the period 2016/2017. Source Daily Trust Read More 

NNPC does not operate any bank account - Dr Maikanti Baru, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), has dismissed as false, the report that the corporation operated a separate crude account. Source Daily Trust Read More  

PROSHARE BUSINESS
While Nigeria Dithers, 3 in 4 African Countries Improve Business Environment - Almost three-quarters of African countries saw an improvement in their business environments in 2016, according to the Doing Business 2017 report published in October by the World Bank. Source Proshare Read More  

South Africa leaves key rate steady, warns of risks to inflation -  South Africa's central bank kept its benchmark repo rate unchanged at 7 percent on Thursday in line with market consensus, but warned that risks to the inflationary outlook had increased. Source Reuters Read More 

Zambia's inflation slows to 8.8 percent year/year in November - Zambia's inflation slowed to 8.8 percent year-on-year in November from 12.5 percent in October, the statistics office said on Thursday. Source Reuters Read More

Japan’s CPI Falls Again, Extending Longest Streak Since 2011 - Japan’s consumer prices fell for an eighth straight month -- the longest streak of declines since 2009-2011, underlining how distant the nation is from achieving its 2 percent inflation target. Source Bloomberg Read More 

London Home Values Surpass 14 Times Earnings for First Time - Homes in London are less affordable than ever before as low mortgage rates allow buyers to borrow more. Source Bloomberg Read More 

Dollar Extends Weekly Surge as Fed Outlook Weighs on Bonds, Gold - The prospect of a higher interest-rate environment in the U.S. continues to course through markets, sending the dollar toward its steepest three-week climb against the yen since 1995. Treasuries and gold fell. Source Bloomberg Read More 

Dollar’s 3-Week Rally Versus Yen Is the Biggest Since ’95 - The dollar is set to cap its biggest three-week gain versus the yen since 1995 as traders view a U.S. interest-rate increase next month as a certainty. Source Bloomberg Read More  

PROSHARE FINANCE
Recession, inflation and uncensored economic realities - Part 1 - The new economy (recession) has gained momentum and the economic realities experienced so far has been highly worrisome. As a low income earner, you don’t need a personal finance expert to advise you on how to spend constructively and double your income stream fast, as it is now evident that there is strong need to change from your old approach - and this requires creative thinking more than ever. Source Proshare Read More 

 

PROSHARE STARTUPS
CIS visits Lasena Waters Founder, Dr. Lance Musa Elakama - Management of the Chartered Institute of Stockbrokers (CIS) recently paid a courtesy visit to one of its illustrious members, Mr Lance Musa Elakama, Ph.D (Law) at his ultra-modern artesian natural mineral water production factory in Lagos. Source Proshare Read More  

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