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Nigeria in 1min: Economic, Business & Financial Headlines – 300517



May 30, 2017 7:10 AM / Proshare News 

Lagos Generates More IGR than 30 States Combined - Fourteen states are insolvent as their Internally Generated Revenues (IGR) in 2016 were far below 10 per cent of their Federation Account Allocations (FAA) in the same year. Source Thisday Read More 

FAAC Disburses N496.39bn in April 2017 - NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N496.39bn to the three tiers of government in April 2017 from the revenue generated in March 2017. Source Proshare Read More

Democracy Day 2017 Speech by Ag Prof. Yemi Osinbajo, SAN - Dear Nigerians, I bring you good wishes from President Muhammadu Buhari, GCFR, who as we all know is away from the country on medical vacation. Source Proshare Read More 


WrapUp of Africa's Key Private Equity, Infrastructure and Venture Capital - Last week was a quiet week for private capital investment activity in Africa. And, of the deal that were done, none were on the large side. Source Proshare Read More 

Dangote to spend $1bn on rice project - The Dangote Group has disclosed it is investing $1bn on rice cultivation in five states to boost food self-sufficiency. Source Daily Trust Read More 

Rate of growth in bank lending to FG at 16-year high - Nigerian banks are growing their loan books to government, mainly the Federal Government, to new levels, even as their lending to the private sector shrinks. Source BUSINESSDAY Read More

35 electricity turbines down in 15 GenCos - About 2,514mw of electricity cannot be utilised due to 35 idle generation turbines across 15 Generation Companies (GenCos), even as the national grid peaked at 4,464 megawatts (mw) last Sunday shortly before the Democracy Day celebration. Source Daily Trust Read More 

OPEC Deal to Cut Oil Inventories, But Shale Key Long-Term - OPEC's decision to extend production cuts by nine months should provide some support for oil prices around the average year-to-date levels and help digest a significant part of excessive inventories during the rest of the year, Fitch Ratings says. Source Proshare Read More 

OPEC Will Resist Sabotage by Shale Oil Producers, Says Kachikwu - The Minister of State for Petroleum, Dr. Ibe Kachikwu, has stated that the Organisation of Petroleum Exporting Countries (OPEC) will resist any deliberate action by shale producers to sabotage the oil market. Source Thisday Read More 

Shell Commences ‘Skeletal’ Loading of Crude Oil from Trans-Forcados Pipeline - After months of repairs, Shell Petroleum Development Company (SPDC) has restarted the Trans-Forcados crude export pipeline with the completion of the loading of the first tanker – Astro Perseus, at the Forcados terminal, THISDAY has learnt. Source Thisday Read More

Oil Marketers Groan as Matured LCs, Unpaid Subsidy Claims Hit $2Bn - The capacity of the Major Oil Marketers Association of Nigeria (MOMAN) and the Depot and Petroleum Products Marketers Association (DAPPMA) to import petroleum products has continued to weaken as unpaid subsidy claims and matured Letters of Credit (LCs) arising from the old subsidy regime hit $2 billion, THISDAY has learnt Source Thisday Read More 

PENGASSAN: Nigeria Lost over $235bn to Non-passage of PIB - Oil workers under the aegis of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has stated that Nigeria has lost over $235 billion as a result of its inability to pass the Petroleum Industry Bill (PIB) into law since the reform in the Nigeria’s oil and gas industry was kick-started 17 years ago. Source Thisday Read More 

NNPC in Talks with Investors for R&D, Shipping Businesses - The Nigerian National Petroleum Corporation (NNPC) is in talks with American and Chinese investors interested in working to grow the corporation’s business interests in the non-core oil sectors of its operations. Source Thisday Read More 

Kenya central bank keeps benchmark rate at 10 percent - Kenya's central bank kept its benchmark lending rate at 10.0 percent on Monday, the bank's monetary policy committee said, a bid to reduce the threat of demand-driven inflation. Source Reuters Read More

Egypt cabinet approves raising minimum income tax threshold - Egypt's cabinet has approved raising the minimum income tax threshold to 7,200 Egyptian pounds ($398) a year from 6,500 pounds, Deputy Finance Minister for fiscal policies Amr al-Munir told a news conference on Monday. Source Reuters Read More

Ivory Coast to issue $1 bln Eurobond next month -FinMin -  Ivory Coast, Africa's fastest growing economy last year, will issue a $1 billion Eurobond next month, Finance Minister Adama Kone told Reuters on Monday, as it deals with budget pressure caused by falling cocoa prices and unrest in the army. Source Reuters Read More

Singapore's central bank fines Credit Suisse, UOB over 1MDB-linked transactions - Singapore's central bank said on Tuesday it had fined Credit Suisse (CSGN.S) and United Overseas Bank (UOB) a total of S$1.6 million ($1.15 million) for breaches of anti-money laundering rules for transactions related to Malaysia's scandal-ridden state fund 1MDB. Source Reuters Read More

Oil dips as ongoing glut outweighs strong start to summer driving - A run by U.S. oil prices toward $50 a barrel ran out of steam on Tuesday as persistent concerns of oversupply outweighed signs of a strong start to the American summer driving season. Source Reuters Read More

Global refining capacity to grow 7mbd through 2021 - GLOBAL refiners have announced new refinery additions or expansions to existing operations from 2017 to 2021 that would add nearly 7 million barrels per day, bpd, capacity, far exceeding projected global petroleum demand growth of less than 5.5 million bpd Source Vanguard Read More 

Ghana to Produce Biggest Cocoa Crop in Three Years - Ghana has recorded its biggest cocoa harvest in three years, according to two people familiar with the matter, after better weather conditions boosted output in the world’s second-biggest grower. Source Bloomberg Read More 

Japan’s Unemployment Rate Holds at Two-Decade Low in April - Japan’s jobless rate remained at the lowest in more than two decades last month, and retail sales rose from March, climbing for a fourth month. Source Bloomberg Read More 

Egypt's Cabinet Approves $2.48 Billion Social Aid Program - The Egyptian government approved a social spending plan to support lower and middle income families after inflation surged to the highest levels in decades following the flotation of the pound. Source Bloomberg Read More 

Saudi Reserves Dip Below $500 Billion as BofA Sees Headwinds - Saudi Arabia’s net foreign assets dropped below $500 billion in April for the first time since 2011 even after the kingdom raised $9 billion from its first international sale of Islamic bonds. Source Bloomberg Read More


U.A.E. Minister Says Gulf States in Crisis Amid Qatar Spat - A United Arab Emirates minister said Gulf Arab monarchies are going through a “severe” crisis, an apparent reference to a spat between a Saudi-led alliance and Qatar over ties with Iran. Source Bloomberg Read More 


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