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Nigeria in 1min: Economic, Business & Financial Headlines – 290917

Proshare

September 29, 2017 8:00 AM / Proshare News

PROSHARE ECONOMY
Nigeria’s Agricultural Sector: Relevant and Resilient
- Over the past 35 years, the Nigerian economy expanded by more than 3x. The agricultural sector has contributed the most (about 27%) to this expansion relative to Oil & Gas (1.4%), Financials (3.3%), Manufacturing (9.0%) and Trade (18.8%). Source Proshare
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Nigeria aims to issue $2.5 billion Eurobond by mid-Nov, head of debt management says
- Nigeria hopes to issue a $2.5 billion Eurobond by mid-November, the head of the country’s debt agency said on Thursday, the latest in a series of debt sales as it seeks to fund a record budget for 2017. Source Reuters
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FAAC allocation increased by N169.9bn in August
- The Federation Account Allocation Committee on Thursday shared the sum of N637.7bn among the three tiers of government. Source Punch
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Lagos, Kaduna, Edo owe foreign creditors $1.89bn
- With a combined foreign debt profile of $1.89bn, Lagos, Kaduna and Edo have retained their spots as the states most exposed to foreign debts. Source Punch
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Nigeria’s economy still vulnerable to shocks, says FG - The Federal Government has said despite the nation’s recent exit from recession, Nigeria’s economy is still vulnerable to shocks. Source Punch
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Appetite for foreign goods costing manufacturers $3bn annually – MAN - Local manufacturers lose an average of $3bn annually due to the preference of Nigerian government and consumers for foreign goods. Source Punch
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Nigeria Sets Up Special Courts to Battle Graft - Nigeria is setting up special courts to speed up the trial of corruption cases and give a boost to President Muhammadu Buhari’s efforts to fulfill an electoral pledge to stamp out graft in Africa’s biggest oil producer, Information Minister Lai Mohammed said. Source Bloomberg
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FG mandates use of electronic for all revenue inflows into TSA - The Federal Government has mandated the use of electronic means for all its revenue inflows into Treasury Single Account (TSA) as part of efforts to boost revenue collection. Source BUSINESSDAY
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Governors want federal roads transferred to them for quick rehabilitation - The governors of the 36 state of the federation on Thursday urged President Buhari to handover some of the federal roads to them for speedy rehabilitation Source BUSINESSDAY
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2017 budget: Adeosun, Udoma to appear before Senate Tuesday - The Senate has asked Minister of Finance, Kemi Adeosun and her counterpart in Budget and National Planning, Udoma Udo Udoma, to appear before its Joint Committee on Finance and Appropriation on Tuesday, next week. Source BUSINESSDAY
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Reps tackle presidency over N18b diversion, okays N152.897b budget for FIRS - The House of Representatives yesterday opposed the presidency plans to move N18 billion Northeast Intervention Fund meant for utilization by the Presidential Committee on North East Initiative(PCNI) to fund a pilot project, known as Bama initiative. Source Guardian
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Nigeria loses N30tr export revenues - Nigeria is going through the sharpest falls of export revenues in her history, losing over $100 billion (N30 trillion) of national export revenue from 2015 to 2017. Source Daily Trust
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NOTAP blocks N192bn ICT capital flight – DG - National Office for Technology Acquisition and Promotion (NOTAP) blocked N192billion capital flight from the country., thanks to its vigilance and insistence on local content inclusion in information and communication technology(ICT) related businesses. Source Guardian
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Bionas signs MoU to construct $2.4bn biofuel factory in Kaduna - World’s largest biomass producers, Bionas, on Tuesday, signed a memorandum of understanding with Kaduna State Government to build a $2.4billion biomass biofuel factory, and $137million waste to wealth factory in Zaria city. Source Guardian
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AGRA commits $30 million to support Nigerian farmers - The Alliance for Green Revolution for Africa (AGRA) said it has set aside $30 million to support rural farmers in the country. AGRA Country Team Leader and Programme Officer, Kehinde Makinde, disclosed this at a validation workshop, organized by the international non-governmental organization in partnership with Nigeria Agribusiness Group (NABG), in Abuja. Source BUSINESSDAY
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NIRSAL disburses N2.63bn to 24,732 Nigerian rice farmers - The Nigeria Incentive Based Risk-Sharing System for Agricultural Lending (NIRSAL) has successfully disbursed N2.63 billion to 24,732 rice farmers for the 2017 planting season. Source BUSINESSDAY
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‘You can now register businesses with CAC from UK, China’ - The Registrar General of the Corporate Affairs Commission, Bello Mahmud, has said that anyone can now register businesses with the commission from the United Kingdom, China and even the United States. Source Daily Trust
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W-Africa lags behind in continent’s 58m tourist arrivals - While global tourist arrivals surpassed the one billion mark of 2015 to reach 1.23 billion in 2016, Africa lagged behind in the scramble for global tourists, with a meager 58 million in 2016, despite her acclaim as the last frontier of cultural and ecotourism in the world. Source BUSINESSDAY
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Regulatory squabble limits investment in water transportation in Lagos - A regulatory squabble between the Federal and Lagos State governments, as to who oversees the states waterways, is seen limiting the growth of the water transportation sector in Lagos, despite the potential and huge investment opportunity the sector presents. Source BUSINESSDAY
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Nigeria a Safe Haven for Investment, Says Danbatta - The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta has assured potential investors in Nigeria of safety and protection of their investments. Source Thisday
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AMCON Takes over Kashamu’s Best Western Hotels - The Asset Management Corporation of Nigeria (AMCON) has taken over Best Western Hotels in Ikeja and Victoria Island, Lagos over a N27 billion debts, following a court order. Source Thisday
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Nigerian cows, worst milk producers globally – Ogbeh - The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, has said cows raised in Nigeria are the worst milk producers in the world. Source Punch
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PROSHARE REGULATORS
Manufacturing sustains expansion for 6 months – CBN Index - The Manufacturing Purchasing Managers Index (PMI) for September, released by the  Central Bank of Nigeria (CBN), yesterday, stood at 55.3 index points in September 2017, indicating expansion in the manufacturing sector for the sixth consecutive month. Source Daily Trust
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Capital market fraud: SEC arraigns BGL officials - The police unit of the Securities and Exchange Commission has arraigned the BGL Group and its officials at the Chief Magistrate Court Zone 6, Abuja on charges of  criminal conspiracy, breach of trust and cheating Source Punch
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PROSHARE MARKETS
Nigerian Stock Market Maintains Uptrend as NSEASI Firms Up by +0.93% - Equities market closed today on a positive note, as NSE ASI appreciated by +0.93% to close at 35,429.31 basis points as against +0.44% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +31.83%. Source Proshare
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Lafarge Africa Plc Set to Raise N131.65bn by Way of a Rights Issue; Approval Process Ongoing - Lafarge Africa Plc. (“Lafarge Africa” or “the Company”) hereby notifies The Nigerian Stock Exchange of the decision of the Board of the Company taken on September 26, 2017, in respect of the proposed Rights Issue. Source Proshare
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An Auction for the DMO to Savour - The DMO can be satisfied with yesterday’s monthly auction of FGN bonds. It offered N135bn, raised N244bn (US$800m) and attracted a total bid of N395bn, the highest for at least four years. Source Proshare
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ETI Releases Update on the $400m Convertible Bond Issue - On April 18, 2017, Ecobank Transnational Incorporated announced its proposed Convertible Bond issue of up to US$400 million.  Source Proshare
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Fidelity Bank Announces Plan to Raise $500m Eurobond and also offers to buy back $300m of debt - Fidelity Bank Plc (“the bank”) is pleased to notify The Nigerian Stock Exchange and the investing public of its intention to launch up to U.S.$ 500,000,000 senior unsecured medium term debit notes '(the “Notes”) as well as  a  tender  offer to purchase  the Bank's outstanding U.S $ 300,00,000 6.875%  notes due 9 May 2018 (the “Existing Notes")  (the “Transaction”).
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First Bank increases stake in FBNBank DRC - First Bank of Nigeria Limited has announced the acquisition of the remaining shares in FBNBank DRC Limited, making it a First Bank’s wholly-owned subsidiary. Source Punch
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FBNHoldings Plc Q1’ 2017 Performance Assessment Report Updated - Beyond News, Data Analysis and Validation are paramount when making investment choices. Understanding this, Proshare continues to ensure that credible and reliable information backed by verified data are available for investors to make intelligent decisions. Source Proshare
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FG ready to negotiate offers for its 40% power sector stake – Fashola - Minister of Power, Works and Housing, Mr. Babatunde Fashola, said, yesterday, the Federal Government was ready to negotiate offers for its 40 percent stake in the power  sector. Source Vanguard
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Nigeria to diversify power supply, then focus on repairs - Nigeria is focused on diversifying power supply and ensuring its stability before pouring money into a creaking transmission system, a government minister told Reuters. Source Reuters
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Electricity: 16,729mw wasted in 7 days as load rejection persists - Latest updates of the national grid performance by the Transmission Company of Nigeria (TCN) have shown that 16,729 megawatts (mw) was wasted in seven days - September 18 to 24, 2017. Source Daily Trust
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PROSHARE BUSINESS
Senegal to Open New International Airport Before Year-End - Senegal will inaugurate a new international airport before the end of the year to ease congestion in the capital, Dakar, where the West African nation’s biggest airport is based. Source Bloomberg
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Politics Hampers South African Central Bank, Governor Says - Politics is complicating efforts by South Africa’s central bank to set monetary policy and keep inflation under control, according to Reserve Bank Governor Lesetja Kganyago. Source Bloomberg
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World’s most expensive commercial jet opens, costs N15.3m per hour - The world’s most luxurious commercial jet ever has taken to the skies with a ticket rate that cost at least N15.3 million per hour. Source Guardian
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Neimeth Intl Pharmaceuticals Plc. Appoints Mr. Chris U. Mmeje as Acting Managing Director - The Board of Directors of Neimeth International Pharmaceuticals Plc. announces the resignation of our Managing Director/CEO Mrs. Ebere Igboko Ekpunobi (Ph.D). Source Proshare
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Asia Stocks Set to Snap the Longest Monthly Rally in a Decade - The “sell in May” theory has finally happened ... in September. After eight straight months of gains, the longest rally since 2007, Asia’s benchmark stock index is on track to post a decline this month. Source Bloomberg
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South Africa's Q2 formal employment down 0.4 percent quarter/quarter - Employment in South Africa’s non-agriculture sector barely changed in second quarter of 2017, shrinking by 0.4 percent to 9.617 million people compared with the previous three months, Statistics South Africa said on Thursday. Source Reuters
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Vietnam's Economic Growth Surges to Above 7% as Exports Climb - Vietnam’s growth accelerated in the third quarter to more than 7 percent, with the economy on track to remain among the world’s fastest. Source Bloomberg
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Europe Stocks Ready to Outpace Wall Street - The rallying euro damped gains in the region’s stocks, which underperformed this year versus the S&P 500 index despite a brisk economic recovery and a rebound in earnings. Source Bloomberg
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It'll Take Oil Above $50 for Shale Boom, Oil Sands to Pay Off - Shale drillers and oil sands producers have posted some healthy profits so far this year, but it’ll take oil consistently above $50 a barrel for their investments to pay off in the long run. Source Bloomberg
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Iraq Says Turkey Backs Baghdad in Fight Over Kurdish Oil Exports - Iraq said Turkey agreed to deal exclusively with its central government over exports of Kurdish crude oil, a step that could disrupt shipments from the independence-seeking Kurd region. Source Bloomberg
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Chinese Money Is Still Leaking Into the World's Housing Markets - Shanghai restaurateur David Hu said he’s nervous about wiring money to Australia for a home purchase because of China’s crackdown on currency outflows. Instead, he plans to carry the cash in a suitcase. Source Bloomberg
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China Tells North Korean Firms to Close as Part of UN Sanctions - China ordered North Korean companies active in the country to shut down as it seeks to implement United Nations’ sanctions against the hermetic regime. Source Bloomberg
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PROSHARE TECHNOLOGY
Canada Taps Netflix in Overhaul of TV Policy for Online Era - The Canadian government pledged not to tax television-streaming services after receiving a commitment from Netflix Inc. to create a Canadian division and invest in the country. Source Bloomberg
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BlackBerry Shares Jump as Licensing Revenue Picks Up Steam - BlackBerry Ltd. shares soared Thursday after record software revenue helped earnings beat analysts’ estimates, reassuring investors that the former smartphone maker is succeeding in a pivot away from hardware and will hit growth targets this fiscal year. Source Bloomberg
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PROSHARE MSME
Lagos agency awards N5 billion loans to 6,600 beneficiaries - The Executive Secretary, Lagos State Employment Trust Fund (LSETF), Akintunde Oyebode, has said that the Fund had approved and provided loans worth N5billion to 6,600 beneficiaries since inception. Source Guardian
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