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Nigeria in 1min: Economic, Business & Financial Headlines – 280817

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August 28, 2017 7:45 AM / Proshare News 

PROSHARE ECONOMY
What To Expect From The Markets This Week - 280817 - The FMDQ recently published its market report for the month of July 2017. According to the report, the turnover in fixed instrument for the month of July stood at N6.24trillion, which reflects a 23% increase in value, compare to the previous month. The value of treasury bills traded within that particular period stood at N5.64 trillion, which was an uptick of 27.79%. Source Proshare Read More 

Capital Imported into Nigeria Rebounds in Q2-2017; Higher 97.3% QoQ and 71.9% YoY - Earlier this week, the National Bureau of Statistics (NBS) released its Q2-2017 Capital Importation Report, showing that capital inflows into the domestic economy recorded a notable improvement during the review period, expanding by 97.34% q/q and 71.98% y/y to USD1.79 billion, from USD908.27 million and USD1.04 billion respectively. Source Proshare Read More 

‘Nigeria Can Save $5.6b Annually Through Digitisation Of The Public Sector’ - A lecturer from the Department of Electronic /Electronic Engineering, University of  Benin,  Prof Joy Emagbetere has said Nigeria can save $5.6billion dollars annually through digital transformation. Source Leadership Read More 

$100m Maritime Intervention Fund Held In CBN – NIMASA - The director-general of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside disclosed that the Cabotage Vessels Finance Fund (CVFF) is held under the Treasury Single Account (TSA) of the Federal government. Source Leadership Read More 

Insurance penetration in Nigeria is still under 1.0% — Mr. Val Ojumah, MD FBN Life Assurance Ltd - From our perspective, we have had an excellent result from our first half result.   We expect better performance for the second half of the year. The economy is not good but it is getting better. Source Vanguard Read More 

Perishable cargo export rises above 10% - Export  of perishable and non-perishable cargo  from Nigeria to Europe, United States, Asia and other parts of the world through the nation’s airports has witnessed double-digit growth in the last two years. Source THE NATION Read More 

Insurers pay N100m as fraud claims to 5 banks - The insurance sector paid over N100 million as fraud claims to five banks in 2015. Source Vanguard Read More 

US invests $50m in Nigeria’s clean energy projects - The United States  said it has invested over $50 million in clean energy projects across 18 states in Nigeria. Source Vanguard Read More 

‘N1.2trn worth of chicken consumed annually in Nigeria’ - Over N1.2trillion worth of chicken is consumed in Nigeria yearly with local production contributing N220billion, the Coordinator of natnudo Foods’ broiler, Mr Gbolade Adewole has said. Source Daily Trust Read More 

SON, EU, Germany seal €24.5m energy efficiency project - The European Union and Germany are collaborating with the Standards Organisation of Nigeria on a €24.5m energy efficient project. Source Punch Read More 

 

PROSHARE REGULATORS
CBN to approve Cryptocurrency & Blockchain Technology - The Central Bank of Nigeria (CBN) sequel to setting up of an industry committee to look into and articulate a road map for Blockchain & Cryptocurrency regulation has reiterated that it will not hinder the use of digital currencies in Nigeria. Source Proshare Read More

SEC Issues Final Reminder; Directs all CMOs to Update Registration Information with the Commission - The Securities and Exchange Commission (SEC) Nigeria pursuant to the powers conferred on it by the Investments and Securities Act (ISA) 2007 directed all Capital Market Operators (CMOs) to provide updated information of their Companies/Firms in December 2016 and February 2017 respectively. Source Proshare Read More

 

PROSHARE MARKETS
NASD USI Down by -0.3% WoW - NASD closed its trading day on Friday 25 August  2017 lower compared to last Friday. The Market Capitalisation closed the week 0.3% lower at ₦403.02 billion against ₦404.15 billion previously. The NASD USI shed 0.3% this week, closing at 595.55 points, as against 597.21 points last Friday. Source Proshare Read More 

Corporate Earnings for the Week Ending 250817 – UBA Declares N42.34bn PAT in Q2 2017 Results - Four out of the five quoted companies recorded growth in revenue. Source Proshare Read More  

Market Resumes Uptrend With +0.19% Gain as NSEASI Dips by -0.74% WoW - Equities market closed today on a positive note, as NSE ASI appreciated by +0.19% to close at 36,646.46 basis points as against -1.30% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +36.36%.  Source Proshare Read More

The Coronation Mutual Funds Advantage - Mutual Funds in recent times have garnered a lot of interest and investments, having been identified as one investment vehicle through which small investors can access wealth creation opportunities that were previously preserved for the wealthy. Source Proshare Read More 

Where Do I Put My Money? - The macro environment and the policy response at any point in time affects household income, just like many other economic agents, households are also a subset of the economy. Source Proshare Read More 

Direct Forex Remittances To CBN Hit N12trn - Total direct remittances monitored by Central Bank of Nigeria (CBN) between 2010 to 2016 rose to estimated N12.05 trillion ($39.5 billion), a data obtained by LEADERSHIP has revealed. Source Leadership Read More 

10 Commercial Banks Rake In N26.8bn As Account Maintenance Fee - A total of 10 commercial banks that include Zenith Bank Plc, Access Bank Plc, United Bank for Africa Plc (UBA) have reported N26.8 billion on current account maintenance fee in six months. Source Leadership Read More 

CBN Pumps $9.96bn into FX Market in Six Months, Attains Stability - The Central Bank of Nigeria (CBN) has injected $9.964 billion into the interbank segment of the foreign exchange (forex) market since it commenced its aggressive interventions in February this year. Source Thisday Read More 

Bond Prices Fall on Profit-taking over Fears of Rate Cut - The prices of FGN bonds traded on the over-the-counter (OTC) segment fell for most maturities last week, amid renewed profit-taking as investors cash in on recent gains. Source Thisday Read More 

Shell, Chevron Unaware of NNPC’s Plan to Extend $1bn Gas Pipeline to Cote d’Ivoire - Shell and Chevron, which are major shareholders in the Chevron-run West African Gas Pipeline Company Limited (WAGPCo), owners of the $1 billion West African Gas Pipeline, are not yet aware of the plan by the Nigerian National Petroleum Corporation (NNPC) to extend the 678-kilometre pipeline to Cote D’Ivoire, THISDAY’s investigation has revealed. Source Thisday Read More 

NSCDC Has Cut Vandalism Rate To 30% – Gana - The Commandant General of Nigerian Security  and Civil  Defence  Corps  (NSCDC), Abdullahi Muhammadu Gana, has disclosed that the corps under his watch has cut the rate of vandalism of critical infrastructure of government,  especially  pipelines across the country, to 30 per cent. Source Leadership Read More 

Nigeria Pays $120m Demurrage Annually On Imported Fuel - The federal government is currently counting significant losses arising from demurrage paid by vessels which bring in imported petroleum products into the country. Source Leadership Read More 

98% of documents in crude sale transactions fake — NNPC - The Nigerian National Petroleum Corporation on Sunday announced that about 98 per cent of all documents involved in the sale of crude oil were fake Source Punch Read More 

 

PROSHARE BUSINESS
Zambia's improving growth gets modest ratings nod from S&P - Zambia’s improving growth prospects and greater liquidity in its banking system have prompted S&P Global Ratings to tweak its outlook on the country to stable from negative. Source Reuters Read More 

India's Central Bank Chief Seen Unlikely to Raise Quota on Debt - Reserve Bank of India’s Governor Urjit Patel is unlikely to raise the quota on debt after inflows surged and muddied policy choices. Source Bloomberg Read More

Libya's Oil Disruptions Widen as Two More Fields Halt Output - Two more oil fields in Libya are being closed after an armed group took over pipelines to both deposits, further disrupting the OPEC nation’s plan to boost crude production. Source Bloomberg Read More 

Gasoline Surges, Oil Holds Near $48 as Harvey Shuts Refineries - Gasoline surged to the highest in two years and oil was steady as flooding from Tropical Storm Harvey inundated refining centers along the Texas coast, shutting more than 10 percent of U.S. fuel-making capacity. Source Bloomberg Read More 

Uber Picks Expedia CEO to Lead Company Out of Crisis - Uber Technologies Inc. will appoint Expedia Inc.’s Dara Khosrowshahi as chief executive officer of the global ride-hailing leviathan, two people familiar with the matter said. He’ll succeed co-founder Travis Kalanick, who grew Uber into a $20 billion annual booking business last year before scandals forced him out. Source Bloomberg Read More 

 

PROSHARE TECHNOLOGY
Nigeria’s E-commerce Market Value to Hit N15.45tn in 10 Years - Currently worth around $13billion (about N4.01trillion), experts in the Nigerian financial service sector have estimated that Nigeria’s e-commerce market value could rise to $50billion (N15.45trillion) over the next decade. Source Thisday Read More 

PROSHARE MSME
BOI disburses funds to over 1,000 Plateau women - The Bank of Industry (BoI) has disbursed loan facilities ranging from N10,000 to N50,000 to over 1,000 women entrepreneurs in Plateau State, under the Government Enterprise and Empowerment Programme (GEEP). Source Daily Trust Read More 

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