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Nigeria in 1min: Economic, Business & Financial Headlines – 270117

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January 27, 2017 7:30 AM / Proshare News 

 

PROSHARE ECONOMY
Nigeria Strategy Report H1 2017 (11) - Balance of Trade Deficit: Moderation In Sight? - We continue with our series of excerpts from our core strategy document – The Nigeria Strategy Report. In today’s piece, we review Nigeria’s trade balance over H2 16 and delineate our outlook for same over 2017.Source Proshare Read More 

Nigeria Strategy Report H1 2017 (12) - Shaky NGN Outlook as CBN Resumes Playing Ostrich - In today’s cut-out of our core strategy document – The Nigeria Strategy Report, we continue with the review of Nigerian macroeconomic environment by examining movements in the naira over H2 2016 and delineating our expectations for same over 2017. Source Proshare Read More 

2017 Budget Passes Second Reading In Senate - After a three-day comprehensive debate on the general principles of the 2017 Appropriation Bill, the Senate yesterday, passed the fiscal estimates for second reading. Source Leadership Read More 

2016 budget: Only capital votes rolls over, FG says - The Director General, Budget Office of the Federation, Mr. Ben Akabueze, has said that the organisation would soon introduce an ‘Organic Budget Law’ that would prescribe exact budget cycle time frame from presentation to implementation. Source Daily Trust Read More 

FG mulls single data system to block revenue leakages - The federal government has said it will introduce a single window for data in all agencies to block revenue leakages Source Daily Trust Read More 

External reserves rise by 12% in three weeks - The country’s external reserves increased by 12 per cent within a period of three weeks, it has  been learnt. Source Punch Read More 

Japanese firms plan multi-million dollar investment in Nigeria - Barring any last minute change in plans, at least four major sectors of the Nigerian economy will soon attract multi-million dollars’ worth of investments from 11 Japanese firms. Source Punch Read More 

Employers pay N5.2bn fine for not remitting workers’ pension contributions - Some employers of labour have paid N5.2bn as fines for their failure to remit the pension deductions of their workers under the Contributory Pension Scheme into their respective Retirement Savings Accounts with their Pension Fund Administrators, investigation has revealed. Source Punch Read More 

NIRSAL Targets N60bn in Fresh Bank Lending, Private Capital to Agriculture - In continuation of its drive towards de-risking agriculture and facilitating agribusiness aimed at attaining sustainable flow of finance to private sector, the Nigerian Incentive Based Risk Sharing for Agricultural Lending (NIRSAL) has stated that one of its key priorities for the year 2017 is to leverage 10 times the value of its balance sheet in fresh commercial bank lending to agriculture. Source Thisday Read More 

Jigawa mortgage bank announces N2.5bn capital base - Jigawa Savings and Loans Bank, a state-owned mortgage financial institution, yesterday, declared a share capital base of N2.5 billion. Source Daily Trust Read More 

NCC has contributed N1.4trn to economy – Prof. Danbatta - The Chief Executive Officer of Nigeria Communication Commission (NCC), Umar Danbatta, says the commission has contributed more than N1.4 trillion to the economy since its inception. Source BUSINESSDAY Read More 

FG ignoring Nigeria’s US$2 billion local software industry despite huge potential - The Federal Government is not doing much to support the local software industry despite the fact that it holds a huge potential in turning the country’s economic fortunes around. Source BUSINESSDAY Read More 

 

PROSHARE REGULATORS
We won’t change forex policy, says CBN - The Central Bank of Nigeria on Thursday stated that no amount of criticism and blackmail from “self-centred individuals” would make it change its current flexible foreign exchange rate policy. Source Punch Read More 

 

PROSHARE MARKETS
Market Maintains Positive Posture as NSE ASI Records +0.19% Gain - Equities market closed today on a positive note, as NSE ASI appreciated by 0.19% to close at 26,289.95 basis points, compared with the 0.09% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.18%.  Source Proshare Read More

MPC Maintains Status Quo, Optimistic About The Future - In a widely anticipated move, the MPC maintained the status quo on all monetary policy parameters. The MPC expressed concerns about the changing global imperatives and the probability of higher volatility in markets. Source Proshare Read More 

Guinness Nigeria Reports Pre-tax and Post-tax Losses of N2.4bn in Q2'17 Results - This morning, the NSE published Guinness Nigeria’s (Guinness) Q2 2017 (end-Dec) results. The only positive in the results was a sales growth of 30% y/y to N36bn. The company reported pre-tax and post-tax losses of –N2.4bn. Source Proshare Read More 

Yinka Sanni takes over as Stanbic IBTC Holdings CEO - Stanbic IBTC Holdings plc, a member of Standard Bank Group, has appointed Yinka Sanni, chief executive of Stanbic IBTC Holdings plc, while Sola David-Borha is now chief executive Standard Bank, Rest of Africa, and Demola Sogunle, CEO, Stanbic IBTC Bank plc. Source BUSINESSDAY Read More 

60% forex allocation to manufacturers poorly implemented – MAN - The Manufacturers Association of Nigeria has faulted the implementation of the Central Bank of Nigeria’s directive on 60 per cent forex allocation to manufacturers, describing it as very poor. Source Punch Read More 

Manufacturers seek 5% concessionary interest rate - MANUFACTURERS Association of Nigeria (MAN), yesterday, differed with the Central Bank of Nigeria, CBN, over what they see as high interest rate driven by the apex bank’s Monetary Policy Rate, MPR, sustained at 14 per cent earlier this week by its Monetary Policy Committee, MPC meeting. Source Vanguard Read More 

Nigerians withdraw N4.7 trillion through ATMs in 2016 - THE value of cash withdrawals through Automatic Teller Machines (ATMs) rose sharply to N4.7 trillion in 2016, indicating increasing appetite for cash transactions among Nigerians. Source Vanguard Read More 

Manufacturers still depend on black market for forex, says MAN - Despite the Central Bank of Nigeria (CBN) selling $1.1billion to 4,328 firms in November under its foreign exchange allocation guideline, manufacturers have decried non-implementation of the 60 per cent allocation directive given by the apex bank to commercial banks. Source Guardian Read More 

New draft petroleum fiscal policy removes zero royalty for deepwater - Upstream operators in the deepwater production will no longer pay zero royalty rates in the new draft National Petroleum Sector Fiscal Policy, the Federal Government released on January 26. Source BUSINESSDAY Read More 

Shell, Eni’s forfeiture of Malabu Oil block cast shadows over oil sector investment - …Nigeria may lose $9.3bn in capital expenditure The decision yesterday, January 26 of an Abuja Federal High Court to force Shell Nigeria Explorationa and Production Company (SNEPCO) and Eni, two multinational oil giants operating in the country’s upstream sector to forfeit their assets; Oil Prospecting License (OPL 245) to the Federal Government, will cast a… Source BUSINESSDAY Read More 

There will be no reduction on petrol price, says PPPRA - Petroleum Products Pricing Regulatory Agency (PPPRA), has said there is no going back on the pump price of Premium Motor Spirit (PMS) also known as petrol, saying that under current realities, it should have been higher. Source Guardian Read More 

Court orders interim forfeiture of Malabu oil block to FG - A Federal High Court in Abuja, on Thursday, ordered the interim forfeiture of Oil Prospecting Licence (OPL 245) to the Federal Government pending when “investigation and prosecution” of suspects in the $1.1bn Malabu Oil scam would be completed. Source Punch Read More 

 

PROSHARE BUSINESS
Uganda negotiating $2.3 bln loan with China to fund rail line - Uganda is negotiating a $2.3 billion loan with China's Exim Bank to fund an initial 273 km stretch of rail line the east African country is planning to build for faster and cheaper transportation, an official said on Thursday. Source Reuters Read More 

Tanzania says to receive $305 million World Bank loan for Dar es Salaam port expansion - Tanzania will receive a $305 million loan from the World Bank to expand its main port in it main commercial city Dar es Salaam, where congestion and inefficiencies are hampering ambitions to transform the east African nation into a regional transport hub. Source Reuters Read More 

AfDB says gives Comoros $20 mln for road network  -  The African Development Bank is giving Comoros a $20.4 million grant to help it improve and expand its road networks, a move that will boost its agriculture and tourism sectors. Source Reuters Read More 

Tunisia to start roadshow for 1 bln Eurobond on Feb. 5 - gov't source - Tunisia will start a roadshow for a Eurobond worth one billion euros on Feb. 5 with pricing set for Feb. 14 at 5-6 percent, a government source told Reuters on Thursday. Source Reuters Read More 

World Bank: industrial commodities prices to rise - The World Bank is forecasting strong gains for industrial commodities such as energy and metals this year due to tightening supply and strengthening demand. Source THE NATION Read More 

Congo Received at Least $33 Million to Approve China Mine Deal - The Democratic Republic of Congo’s state-owned Gecamines received at least $33 million to proceed with the $3.8 billion sale of one of the country’s biggest copper mines to Chinese buyers after blocking a deal for eight months. Source Bloomberg Read More

Asian Stocks Head for Weekly Advance on Bets for Global Recovery - Asian shares were poised for a weekly rise of 1.7% after U.S. benchmark indexes closed around all-time highs, as investors watch corporate earnings and economic reports to gauge whether the latest rally is justified. Source Bloomberg Read More

Hong Kong Private Housing Construction Reaches 16-Year High - Hong Kong’s construction of private residential units reached a 16-year high in 2016, a year that the city’s leaders stepped up efforts to cool the world’s costliest property market. Source Bloomberg Read More

China’s Army of Global Homebuyers Is Suddenly Short on Cash - China’s escalating crackdown on capital outflows is sending shudders through property markets around the world. Source Bloomberg Read More

World's Worst Emerging Stock Market Dragged Down by Religious Feud  - It’s the world’s worst-performing emerging stock market since the election of U.S. President Donald Trump and the only developing Southeast Asian exchange to see outflows this year. Source Bloomberg Read More

Mideast Drilling Booms for Baker Hughes Even as OPEC Cuts Output - Baker Hughes Inc., which will soon be the world’s second-largest oil services provider, called the Middle East a positive environment for expected work in the first half this year. The region was one of the main reasons the company stopped a sales slide of seven straight quarters at the end of last year. Source Bloomberg Read More 

 

 

 

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