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Nigeria in 1min: Economic, Business & Financial Headlines – 260417

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April 26, 2017 7:10 AM / Proshare News 

 

PROSHARE ECONOMY
FAAC Disburses N466.93bn in March 2017 - The Federation Account Allocation Committee (FAAC) disbursed the sum of N466.93bn to the three tiers of government in March 2017 from the revenue generated in February 2017. Source Proshare Read More 

FG to begin dredging of Ajaokuta-Onitsha waterways — Amaechi - The Federal Government will next week begin the dredging of the Ajaokuta-Onitsha waterways. Source Daily Trust Read More

Ikpeazu secures $1.5bn shoe industry in Aba - Abia State  Governor, Okezie Ikpeazu, has secured the interest of a Chinese company which has agreed to set up $1.5 billion shoe industry in Aba, the commercial hub of the state. Source Daily Trust Read More 

Nigeria loses 10% in $575 billion global remittances - Nigeria had its fair share of the global economic challenges and frequent regulatory intervention aimed at taming money laundering, as its remittance record in 2016 declined by 10 per cent out of the $575 billion global figure. Source Guardian Read More 

Ample Scope to Boost Remittances - In 2016 Nigeria was the sixth largest beneficiary of migrant remittances among developing countries. The total according to the World Bank declined by 2.4% to US$429bn, and Nigeria’s inflows by 7.3% to US$19bn. Source Proshare Read More 

FG Signs N13bn Mortgage Refinancing MoU on Workers’ Housing - The federal government on Tuesday stepped up its desire to deliver decent and affordable houses for public workers by signing a Memoranda of Understanding (MoU) for N13 billion mortgage refinancing. Source Thisday Read More 

70 million youths risk unemployment this year – ILO - The International Labour Organisation has warned that the slow economic growth globally will render 70 million young women and men unemployed this year. Source BUSINESSDAY Read More 

States to get 13% derivation from mining revenue - The Federal Ministry of Mines and Steel Development on Tuesday said it had secured approval for the payment of 13 per cent derivation from mining revenue to the 36 states of the federation. Source BUSINESSDAY Read More 

African nations endorse simple trade documentation procedures at seaports - Heads of African maritime administration from 34 maritime nations in African have identified the need for member countries to adopt simple trade documentation procedures at the seaports to fast track cargo clearance and enhance timely delivery of cargo to importers’ warehouse. Source BUSINESSDAY Read More 

AFDB approves $280m to support Nigerian youths in agriculture – Adesina - The President of the African  Development Bank (AFDB),  Akinwumi Adesina, says   the $280 million approved by the bank  would be used to  encourage Nigerian youths to go into agro-business. Adesina, represented by Chiji Ojukwu, a Director in  AFDB, stated this on Tuesday in Ibadan at the  African Youth Agripreneurs (AYA) Forum  organised by the International Source BUSINESSDAY Read More 

 

PROSHARE REGULATOR
CBN Directs OFIs to Enroll Customers for BVN - The absence of a unique identifier in the Nigerian banking industry has been a major challenge inhibiting the effectiveness of the Know Your Customer (KYC) principle.  Source Proshare Read More 

Nigeria out of recession by June end — CBN gov - THE Central Bank of Nigeria, CBN, Governor, Mr Godwin Emefiele, yesterday, expressed optimism that the present economic recession in the country would end by the end of June or latest by the third quarter of this year, based on what he described as emerging positive economic indicators. Source Vanguard Read More 

 

PROSHARE MARKETS
Equities Market Maintains Uptrend as NSEASI Inches Up Further by +0.28% - Equities market closed today on a positive note, as NSE ASI appreciated by +0.28% to close at 25,818.87 basis points, as against +2.21% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.93%. Source Proshare Read More 

Cadbury Nigeria Q1 2017 Results Review - PBT and PAT Both Down by 86.2% YoY - Cadbury Nigeria (Cadbury) reported Q1 2017 results this afternoon showing sales growth of 13.3% y/y to N8.1bn. We believe the sales growth was supported by increased prices and slower imported competition. However, PBT declined by -86.2% y/y to a meagre N96m.   Source Proshare Read More 

Diamond Bank Plc - Weak YoY Performance Beat Estimates - DIAMONDBNK released its long awaited FY’16 results showing weaker y/y performances across most income lines albeit ahead of our estimates. Source Proshare Read More 

NZD and CAD Approaching the 0.9630-0.9560 Resistance Area - The New Zealand Dollar rose against some of its counterparts as the Consumer Price Index (YoY) (1Q) released Friday, April 19, 2017 pegged at 2.2% against a forecasted 2.0%. Source Proshare Read More 

Dangote rolls out Nigeria-assembled trucks, targets 10,000 vehicles - Dangote Sinotruck West Africa Limited on Tuesday rolled out its first set of locally assembled Chinese trucks as it began an eight-hour shift, assembling between four and five trucks per day at its Lagos-based plant. Source Punch Read More 

Our new pasta’ll compete with rice – Dangote - In a strategic move to grow its market equity in Africa, Dangote Flour has unveiled a new improved pasta product called ‘Ecccellente’. Source Punch Read More 

Listed Banks Pay N131bn into Government’s Coffers as Tax - Thirteen banks listed on the Nigerian Stock Exchange (NSE) have contributed a total of N131.189 billion to the coffers of the federal government as income tax for the financial year ended December 31, 2016. Source Thisday Read More 

Nwankwo: Bond Market was Created to Boost Private Sector - The Director General of the Debt Management Office, Dr. Abraham Nwankwo spoke to Goddy Egene on the successful sourcing of $1.5 billion from the international capital markets, and how the agency is managing the country’s debt amidst the recession, among other issues Source Thisday Read More 

Discos Lament FG’s Botched N100bn Electricity Subsidy - The 11 electricity Distribution Companies (Discos) in Nigeria’s power sector have decried the failure of the federal government to fulfill its promise to provide a N100 billion subsidy for the power sector after its privatisation in November 2013. Source Thisday Read More 

Shell reopens 225,000 bpd Bonga field - Shell Nigeria has resumed production at 225,000 barrels per day Bonga field, a development that looks set to boot Nigeria’s crude oil output and exports. Source Daily Trust Read More

 

PROSHARE BUSINESS
Ease Of Doing Business in Nigeria: PEBEC Completes 31 Reforms in 60 Days - The Presidential Enabling Business Environment Council (PEBEC) has released a report card on the 60-Day National Action Plan on Ease of Doing Business which was implemented from February 21, 2017 to April 21, 2017. Source Proshare Read More 

Dow reclaims 21K as stocks soar on earnings; Nasdaq tops 6,000 - It’s another huge day for the markets (^DJI, ^GSPC, ^IXIC), as earnings power the Dow past 21,000 again … and the Nasdaq just pierced 6,000. Catch The Final Round at 4 p.m. with Jen Rogers and Yahoo Finance markets correspondent Nicole Sinclair. Source Yahoo Read More 

Three of the five largest private equity funds on the road are based in Asia - The number of private equity vehicles seeking investor capital has continued to grow in Q1 2017, and with a number of mega funds currently seeking funds from investors, the aggregate capital targeted has reached a record high. Source Value Walk Read More

FDI in Tunisia rises 18 pct in first quarter: govt - Foreign direct investment (FDI) in Tunisia rose 18 percent in the first quarter of 2017 compared with a year earlier, government figures showed on Monday. Source Reuters Read More 

The Electric-Car Boom Is So Real Even Oil Companies Say It's Coming - Electric cars are coming fast -- and that’s not just the opinion of carmakers anymore. Total SA, one of the world’s biggest oil producers, is now saying EVs may constitute almost a third of new-car sales by the end of the next decade. Source Bloomberg Read More 

Saudi Arabia Sees 7,000 Jobs Coming From Solar Program by 2020 - Saudi Arabia is hoping its solar-power program will generate 7,000 jobs and build a local manufacturing industry that can export products to the world, reducing domestic demand for its crude oil in the process. Source Bloomberg Read More 

World’s Biggest Stock Markets Haven’t Been This Split Since 2008 - An intensifying crackdown against leverage in Asia’s biggest economy has rocked the hither-to unflappable Shanghai Composite Index over the past week, sending it to a three-month low last session. Source Bloomberg Read More 

One Third Happy to Ditch Cash as Europe Looks to Digital Future - Cash may still be king for most Europeans, but more than one in three would be happy to abandon it altogether. Source Bloomberg Read More 

Citigroup Gets Saudi Investment Bank License After 13 Years - After a 13-year absence, Citigroup Inc. is back in Saudi Arabia. Source Bloomberg Read More 

Zambia Said to Near Mine Company Stake Sale to Israeli Investor - Zambia, Africa’s second-biggest copper producer, is close to selling a stake in ZCCM Investments Holdings, a state controlled mine holding company, for more than $100 million, according to three people familiar with the matter. Source Bloomberg Read More 

South Africa to Keep Targeting Low Inflation, Central Bank Says - South African inflation is under control and the central bank will maintain a policy to keep it low to protect the poor and ease inequality, Reserve Bank Governor Lesetja Kganyago said. Source Bloomberg Read More 

Scarred Investors Want Proof Naira to Really Float on Window - Nigeria’s latest attempt to ease the dollar shortage choking its economy is dependent on traders trusting the central bank. Source Bloomberg Read More 

PROSHARE FINANCE
NSITF and NECA Agreement: What Implications for Non-NECA Members? - The might of a nation is expressed in the social security and welfare of its people. This was aptly put by Abraham Lincoln in his saying that “the purpose of government is to do for a community of people whatever they need to have done but cannot do at all or cannot do so well for themselves in their separate and individual capacities. Source Proshare Read More 

Low Level of Pension Penetration in Nigeria - Pension penetration can be measured by the ratio of the number of registered workers on the Retirement Savings Account (RSA) to the working population or the ratio of pension assets to the Gross Domestic Product (GDP). Source Proshare Read More 

 

PROSHARE TECHNOLOGY
Nigeria to generate $88bn from digital economy — Minister - The financial services within Nigeria’s digital economy can add $88 billion and create over three million new jobs over the next ten years, the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, has said. Source Daily Trust Read More 

Google Rewrites Its Powerful Search Rankings to Bury Fake News - Google isn’t planning to rid fake news from its search results -- but it’s trying to purge it from the top. Source Bloomberg Read More

Counterfeiters threaten N612 billion yearly revenue from ICT - About $2 billion revenue which yearly enters the nation’s economy from activities at Africa’s largest Information and Communications Technology (ICT) centre, Computer Village, Lagos, is currently under threat from counterfeiters. Source Guardian Read More 

Nigeria ranks 3rd in Africa’s internet affordability index: Report - The Alliance for Affordable Internet (A4AI) has ranked Nigeria third in its Africa Affordability Drivers Index, out of 27 countries studied by the group. Source BUSINESSDAY Read More 

PROSHARE START-UPS
BoI, RUFIN seal pact on soft loans for 100,000 new small businesses - The Bank of Industry, executor of MarketMoni, one of Federal Government’s social intervention programmes, has sealed a pact with the Rural Finance Institution Building Programme (RUFIN),an initiative of the Federal Ministry of Agriculture and Rural Development (FMARD), to provide access to soft loans to 100,000 small businesses. Source Guardian Read More 

Fidelity Bank Disburses N2.2bn MSME Fund - The Managing Director/Chief Executive Officer of Fidelity Bank Plc, Mr. Nnamdi Okonkwo yesterday said the bank had disbursed about N2.2 billion out of the Central Bank of Nigeria’s (CBN’s) N220billion micro, small and medium size enterprises development fund (MSMEDF). Source Thisday Read More 

 

 

 

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