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Nigeria in 1min: Economic, Business & Financial Headlines – 280317

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March 28, 2017 7:10 AM / Proshare News 

 

PROSHARE ECONOMY
Nigeria needs urgent reform for stable economy, says IMF - The International Monetary Fund (IMF) is expected to warn Nigeria its economy needs urgent reform, according to a report seen by Reuters that could delay talks over $1.4 billion in international loans. Source Guardian Read More 

FG to borrow $6.1bn to complete all rail projects by December 2019 - The Federal Government has concluded plans to borrow 6.1 billion dollars from Chinese Exim Bank to complete all rail projects in the country by 2019. Source BUSINESSDAY Read More 

NIRSAL to facilitate new N60billion loans for 2017 - The Nigerian Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL), plans to facilitate about N60 billion in fresh commercial bank lending to farmers in the current financial year. Source Guardian Read More 

Infrastructure spending to transform growth - We attended on Wednesday the annual debate organized by the Business Council for Africa in London. This year’s theme was Africa: The Next Chapter, and we want to share the core points of the macro discussion. Source Proshare Read More 

 

PROSHARE MARKETS
NSEASI Inches Up by +0.12% as Market Opens The Week Positive - Equities market closed today on a positive note, as NSE ASI appreciated by 0.12% to close at 25,485.17 basis points, as against 0.23% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.17%.  Source Proshare Read More

UBA Declares N72.26bn PAT in 2016 Audited Results,(SP:N5.39k) - Source Proshare Read More 

CBN to Sell FOREX to Banks at N357 to $1 - CBN to sell FOREX to banks at N357/$1, while banks will sell to their customers at N360/$1 for invisibles (BTA, medicals, fees, etc) Source Proshare Read More 

NESTLE and CADBURY: The Market Side Of The Story - The Distributor's Feedback - We met with a leading distributor of NESTLE and CADBURY products for feedback on the "market-side of things" ahead of our update reports. Source Proshare Read More 

CBN Crashes FOREX Rate for Invisibles to N360 to $1; Pumps $185m into FOREX Market - The Central Bank of Nigeria (CBN) has released the sum of $85 million for sale to Deposit Money Banks (DMBs) at the rate of N 357/$1 for onward sale to retail end-users at not more than N360/$1, for invisibles such as Basic Travel Allowance(BTAs), medicals, school fees, etc. Source Proshare Read More 

Guaranty Trust Bank Plc - Management expects higher earnings in 2017 - Guaranty Trust Bank of Nigeria Plc held its earnings conference call to explain its FY'16 results. We retain our target price (TP) of N32.68 and maintain our BUY rating on the counter. Kindly see below the key points from the conference call. Source Proshare Read More 

Sterling Bank obtains $15m Islamic corporation facility - The Non-interest banking unit of Sterling Bank Plc has attracted a $15 million facility from the Islamic Corporation for the Development of the Private Sector (ICD), a multilateral development financial institution and a part of the Islamic Development Bank (IsDB) Group. Source Daily Trust Read More 

Non-performing loans will hit 12.5% in 2017 – Agusto & Co MD - Agusto & Co. is the foremost Pan African credit rating agency and a leading provider of industry research as well as information on economies and industries in select African countries. Source Daily Trust Read More 

AMCON recovered N681 billion in six years – Kuru - The Asset Management Corporation of Nigeria (AMCON) has recovered a total sum of N681.5billion in the last six years of in the form of cash, properties and shares. Source Daily Trust Read More 

Banks lend 0.1% of total credit to MSMEs - TOTAL loans granted by banks to Micro, Small and Medium Enterprises (MSMEs) in Nigeria amounted to just over 0.1 percent of total banks’ credits to the private sector over the past five years. Source Vanguard Read More 

5 Banks’ Exposure To Oil & Gas Sector Hits N2.2trn - Despite the dwindling global oil Prices, five commercial banks’ exposure to the oil & gas sector hits N2.2 trillion in 2016, reflecting an increased investment at the detriment of Non-Performing Loans and rising loan loss provision in the banking sector. Source Leadership Read More 

FG To Conduct Inaugural Offering Of $300mln Diaspora Bonds - The federal government yesterday announced its intention to conduct an inaugural public offering of up to US$300 million aggregate principal amount of Diaspora bonds. Source Leadership Read More 

Instant Payment Hits N38.2trn Transactions in 2016 – NIBSS - The Nigeria Inter-Bank Settlement System Plc (NIBSS) has said total volume of Instant Payment (NIP) transactions recorded 154.5 million with value of N38.2 trillion in 2016. This is an increase of 117 per cent increase from last year instant payment transactions. Source Leadership Read More 

BDCs to boycott $25m CBN auction over pricing - Bureaux de Change (BDCs) operators said they will not participate in today’s $25 million weekly dollar auction by the Central Bank of Nigeria (CBN). Source THE NATION Read More 

Niger Delta: Illegal refiners to be shareholders of modular refineries - Details of the President Muhammadu Buhari’s New Vision for oil-producing communities in the Niger Delta, is emerging as an idea is now being worked out to explore how some of the illegal refiners and the local communities in the region can become shareholders in the proposed Modular refineries concept of the Federal Government, presidency sources have disclosed. Source THE NATION Read More 

NPDC hands over OML 30 to new operator - THE Nigerian Petroleum Development Company, NPDC, has handed over Oil Mining Lease, OML, 30 to new operator, Heritage Energy. Source Vanguard Read More 

Century Power adds 1,500MW to boost power supply - NIGERIA’S quest to have improved power supply has received a boost as Century Power, a subsidiary of the Obijackson Group, said it is adding 1,500 megawatts, MW, to the nation’s generating capacity. Source Vanguard Read More 

FG denies indebted oil marketers import license - The Minister of State for Petroleum Resources, Ibe Kachikwu, has directed the Petroleum Products Pricing Regulatory Agency (PPPRA) and the Nigerian National Petroleum Corporation (NNPC) to deny import license and loading of petroleum products to oil marketing companies indebted to government agencies. Source Daily Trust Read More 

NNPC Revives 11 Fertilizer Plants from Phosphate Supply Deal with Morocco - The Nigerian National Petroleum Corporation (NNPC) has disclosed that 11 fertiliser blending plants in Nigeria have been revived into production with the signing of a phosphate supply deal between Nigeria and Morocco. Source Thisday Read More 

AITEO repays NNPC $202m for under-delivering fuel, others - The Nigerian National Petroleum Corporation (NNPC) has confirmed that it has received $202,344,838.62 from the AITEO Group being full payment of all its outstanding indebtedness to the corporation. Source Daily Trust Read More 

 

PROSHARE BUSINESS
Libya's National Oil Corp warns of new attempt at independent oil sales - Libya's National Oil Corporation (NOC) said on Sunday that it had identified "illegal" efforts to sell crude oil without its approval and warned potential buyers not to enter into such contracts. Source Reuters Read More 

Zuma Batters South Africa's Credibility by Ordering Gordhan Home - South African President Jacob Zuma’s order for Finance Minister Pravin Gordhan to cancel an investor roadshow in London and the U.S. left the nation’s credibility in tatters. Source Bloomberg Read More 

Saudi Aramco Tax Slashed to Prepare Oil Producer for Giant IPO - Saudi Arabia slashed the tax rate paid by state oil producer Saudi Aramco, a key milestone in preparing the company for what may be the world’s biggest initial public offering. Source Bloomberg Read More 

Ghana Cuts Benchmark Rate as Inflation Slows and Cedi Gains - Ghana’s central bank cut its benchmark interest rate for a second time in four months as the cedi recovered from record lows and inflation slowed to the lowest rate in more than three years. Source Bloomberg Read More 

Saudis Thinking Beyond Oil in Asia Courtship - King Salman bin Abdulaziz's trip to Asia has been characterized as either a routine visit to bolster the already strong trading ties between Saudi Arabia and Asia, an effort to diversify ties away from the U.S. or as a way to attract investments into Saudi Arabia and promote its own. The reality is that it's a combination of all the above. Source Bloomberg Read More

Japan's mouthwatering school lunch program is a model for the rest of the world - Japanese school lunches aren't synonymous with "mystery meat," but rather, shokuiku. It means "food and nutrition education," and it's a vital part of the Japanese child's early education. Source BUSINESS INSIDER Read More 

 

 

 

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