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Nigeria in 1min: Economic, Business & Financial Headlines – 300617

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June 30, 2017 7:10 AM / Proshare News 

PROSHARE ECONOMY
FG declares every Thursday, Tax enlightenment day as it launches #VAIDS - The Federal Government has declared every Thursday henceforth as Tax enlightenment and awareness day in Nigeria. Acting President Prof. Yemi Osinbajo (SAN) disclosed this at the formal launch of the Voluntary Assets Income Declaration scheme and Tax amnesty programme , at the Presidential Villa, Aso Rock, Abuja. Source Proshare Read More 

W’Bank commits $215m to community projects in Nigeria - The World Bank has committed a total of $215m to the execution of rural community development projects across the country under its Community and Social Development Programme. Source Punch Read More 

Now That The 2017 Budget Has Been Signed, What’s Next? - The 2017 budget was approved 6 months late. The FGN is now determined to play catch up. It now has to spend N7.4trn in 27 weeks instead of 52. The absorptive capacity of the economy to optimize the use of the financial resources has become a major constraint to budget execution. Source Proshare Read More 

Ajaokuta: NLC, NSE, others seek termination of sale agreement - Stakeholders in the Nigerian iron and steel industry, including the Nigerian Labour Congress and the Nigerian Society of Engineers, in Abuja on Thursday asked the Federal Government to terminate whatever agreement it had with the Indian firm, Global Infrastructure Nigeria Limited, regarding the Ajaokuta Steel Complex and the National Iron Ore Mining Company, Itakpe. Source Punch Read More 

Seven insurance firms to manage Lagos cooperatives’ liabilities - The Lagos State Government on Thursday said it had appointed a consortium of seven insurance companies to manage losses that cooperative societies in the state might incur. Source Punch Read More 

Nigeria to sign OECD’s Multilateral Instrument that will automatically amend its existing tax treati - On 14 June 2017, the Federal Executive Council (FEC) approved a memo submitted by the Minister of Finance seeking Nigeria’s inclusion as a signatory to the OECD’s Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (“Multilateral Instrument” or “MLI”). Source Proshare Read More 

NEC Extends Duration of FG’s Financial Support to States - The National Executive Council (NEC) Thursday extended the lifespan of the federal government’s financial support to various states of the federation, to cushion the biting effects of the recession. Source Thisday Read More

Airlines Lose N20 Billion Annually to Bird Strikes - There are indications that Nigerian airlines might be losing as much as N20 billion to bird strike annually, as the frequency of such incidents has increased over the years without efforts to curtail them by concerned authorities. Source Thisday Read More

NCAA Issues First Drone Certificate to Oando - The Nigerian Civil Aviation Authority (NCAA) has issued the first Remotely Piloted Aircraft/Drones RPAS Operators Certificate (ROC) to Oando Plc. Source Thisday Read More 

Nigeria’s exports to Europe, Asia, others hit N48.70trn in 4yrs - Nigeria exported goods worth N48.70 trillion to Europe, Asia, America, Africa and Oceania in the last four years. Source Daily Trust Read More 

Nigeria can generate $10bn from honey, hives – USAID official - Mr David Musa, the Team Leader, USAID Bee Keeping Pollination Project, says Nigeria can generate over 10 billion dollars from local and international trade in honey and other hive products. Source Daily Trust Read More 

EU says no more financial support for Nigeria - Envoy - The European Union (EU) Ambassador to Nigeria and ECOWAS, Mr Michel Arrion says EU will not increase its financial assistance to Nigeria. Source Daily Trust Read More 

NECA holds meeting to chart way forward on the abuse of pioneer status - The National Employers’ Consultative Association (NECA) recently invited its members to a meeting to discuss the recent investigative activities of the National Assembly on organised businesses in Nigeria and to take a position on a way forward in this regard. Source Proshare Read More  

PROSHARE REGULATORS
Investment And Growth In Advanced Economies - The experience of business investment in the UK since the onset of the financial crisis broadly matches that elsewhere in the advanced world – a sharp fall followed by a feeble recovery (Chart 1). Source Proshare Read More 

PROSHARE MARKETS
NSEASI Inches Up Further by +1.88% to Maintain Uptrend - Equities market closed today on a positive note, as NSE ASI appreciated by +1.88% to close at 33,269.84 basis points, as against +1.67% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +23.80%. Source Proshare Read More 

Domestic and Foreign Portfolio Participation in Equity Trading – May 2017 - On a monthly basis, The Nigerian Stock Exchange polls trading figures from major custodians and market operators on their Foreign Portfolio Investment (FPI) flows. Source Proshare Read More  

Unilever Nigeria Plc Rights Issue: Dilution to Take Centre Stage - Yesterday, Unilever gained shareholders’ approval to raise N63 billion through the issuance of ordinary shares on such conditions and time the directors may deem fit. The rights approval was obtained after company’s shareholders assented to the creation of additional shares of 3.95 billion (current: 3.8 billion shares) new ordinary shares of 50 kobo each ranking in all respects parri passu with the existing shares of the company. Source Proshare Read More 

Nigeria's First Diaspora Bond Starts Trading On London Stock Exchange - London Stock Exchange today welcomes Nigeria’s first Diaspora Bond to start trading on the Main Market. Proceeds from the five-year, 5.625% bond will be used to fund infrastructure projects in the country. Source Proshare Read More 

Federal Reserve Releases Results of Comprehensive Capital Analysis and Review (CCAR) - The Federal Reserve Board on Wednesday announced it has completed its review of the capital planning practices of the nation's largest banks and did not object to the capital plans of all 34 bank holding companies participating in the Comprehensive Capital Analysis and Review (CCAR). Source Proshare Read More

Is There Still Hope For Higher Oil Prices? - Oil prices have cratered in recent weeks, dipping to their lowest levels in more than seven months and any sense of optimism has almost entirely disappeared. Source Proshare Read More 

Nigeria inches closer to 40bn barrels oil reserve as NNPC secures $700m funding - The plan by the Nigerian National Petroleum Corporation (NNPC) to grow the nation’s crude oil reserves to 40 billion barrels by the year 2020 received a major boost on on Thursday with the execution of a tripartite agreement in Abuja. Source Daily Trust Read More 

Nigeria ranks 55th in oil resource governance - Nigeria has ranked 55th out of 89 countries in the governance of oil resources, the 2017 Resource Governance Index’ (RGI) released on Wednesday by the Natural Resource Governance Institute (NRGI) revealed. Source Daily Trust Read More 

NNPC/FIRST JV secures $700m for new oil fields - The Nigerian National Petroleum Corporation has announced that its plan to grow the country’s crude oil reserves to 40 billion barrels by the year 2020 received a boost with the execution of a tripartite agreement in Abuja on Thursday. Source Punch Read More 

Oil prices rise, highest in two weeks - OIL prices, which dropped below Nigeria’s 2017 budget benchmark price of $44.50 per barrel, hovering around $43/barrel in the past two weeks, yesterday rose significantly across all grades and markets. Source Vanguard Read More 

Nigeria’s oil licensing round rated 77th in global ranking - Licensing of oil blocks is the weakest link in Nigeria’s “value realisation” component, with a score of 17 out of 100 points in policy statement, which placed it 77th among 89 countries assessed, according to the 2017 Resource Governance Index, compiled by the Natural Resource Governance Institute (NRGI). Source Guardian Read More 

Shell Lifts Force Majeure Raising Nigeria’s Crude Output by 226,000bpd - Nigeria’s crude oil output is expected to rise by 226,000 barrels per day, as the Shell Petroleum Development Company (SPDC) has lifted the force majeure declared on exports of Bonny Light, Nigeria’s reference crude oil grade. Source Thisday Read More 

NAHCO Takes over ET Handling in Kano - The Nigerian Handling Company Plc (nacho aviance) said it has started handling Ethiopia Airlines in Kano. Source Thisday Read More 

NBET pays Gencos N12.69 billion electricity invoices in February - The Nigerian Bulk Electricity Trading Plc (NBET) said it paid about N12.69 billion to electricity generating companies (GenCos) in the country out of the total invoices of ₦ 37.38 billion for energy delivered in February. Source Guardian Read More 

PROSHARE BUSINESS
The EU's MiFID II Regulation Will Ban Free Research Wef Jan 3, 2018 - The MiFID II regime will have ramifications for buy-side global asset managers and sell-side research providers relating to use of dealing commissions and cost allocation for research expenditures. Source Proshare Read More  

Increased Gold and Oil Exports to Boost Growth in Ghana - Ghana's real GDP growth will rebound in the next year after a slowdown in oil production saw growth weaken between 2014 and 2016. Rising oil output and improving cocoa and gold production will boost exports. Source Proshare Read More  

Nana Akufo-Addo of Ghana to Launch Series of Reforms - Ghana elected a new president in December. Nana Akufo-Addo had contested the two previous elections unsuccessfully, in 2008 and 2012, and   promised that his New Patriotic Party (NPP) would launch a series of reforms. Source Proshare Read More 

Government Cuts Will Weigh On Growth in Congo-Brazzaville - The Republic of Congo will see a modest growth recovery over the next few quarters. Although we had expected private consumption would remain supported in 2016, we now believe the economy entered recession due to government efforts to address its wide fiscal and current account shortfalls and severe interruptions to transport links between Pointe Noire and Brazzaville. Source Proshare Read More 

Algeria forex reserves fell by $6.1 bln to $108 bln: central bank - Algeria's foreign exchange reserves fell by $6.1 billion so far this year to $108 billion mainly due to high imports bill, state news agency APS quoted Central Bank Governor Mohamed Loukal as saying on Thursday. Source Reuters Read More 

World Bank expects faster economic growth for Zambia, warns of rising debt - Zambia's economy is expected to grow by 4.1 percent in 2017 and by close to 5 percent by 2019, the World Bank said on Thursday, but the global lender also warned that stricter spending controls were needed to ease the country's large debt burden. Source Reuters Read More 

Egypt's govt hikes gasoline, diesel prices, second increase since currency floatation: minister - Egypt's government on Thursday increased gasoline and diesel prices, in the second fuel hike since the currency was floated in November and the latest cut in state subsidies to ease the budget deficit, Petroleum Minister Tarek El Molla told Reuters. Source Reuters Read More 

Gold inches up as dollar tumbles to lowest since Oct - Gold edged higher on Thursday as the U.S. dollar weakened against other currencies on bets that central banks in Europe were preparing to scale back monetary stimulus, but the bullion's gains were capped by a surge in equities. Source Reuters Read More 

U.K. Won't Escape Shackles of EU Laws After Brexit, Bloc Says - The U.K. must comply with hundreds of European Union regulations and European Court of Justice rulings even after its withdrawal from the bloc or face penalties, according to a series of negotiating documents under discussion by the EU’s 27 remaining member states. Source Bloomberg Read More 

U.K. Consumer Confidence Drops to Lowest Level Since Brexit Vote - Sentiment among U.K. households fell to its lowest level since the Brexit vote as the rising cost of living and inconclusive general election deterred Britons from spending on big-ticket items. Source Bloomberg Read More 

Oil Slump Wipes $137 Billion From Oil Drillers - Oil companies have spent three years slashing spending and firing workers to protect profits, only to find their hard work blown away as prices entered another bear market. Source Bloomberg Read More 

BP Expects $750 Million Write-Off on Angola Exploration Charge - BP Plc expects to write off about $750 million after deciding not to develop a natural gas discovery in Angola because it isn’t commercially viable. Source Bloomberg Read More 

OPEC Resists Flow of History With Reluctance to Cut Deeper - The chorus in the oil market calling for deeper production cuts gets louder almost every day. By resisting the clamor, OPEC is breaking with its own history. Source Bloomberg Read More 

Trump Travel Ban Goes Into Effect Amid New Court Challenge - The Trump administration’s revised travel ban faced a new court challenge as soon as it took effect Thursday after the president’s signature immigration policy already weathered months of protests, legal wrangling and delays. Source Bloomberg Read More 

PROSHARE TECHNOLOGY
DFS Lab Announces Investment in Africa Fintech Startups - Digital Financial Services Lab (DFS Lab) has announced that it would invest $250,000 in four separate fintech startups that are building products that help low-income consumers in developing markets. Source Proshare Read More  

Apple’s Cook Reaped $145 Million Last Year, Most of S&P 500 CEOs - Don’t be fooled by Tim Cook’s 2016 reported pay of $8.75 million, which ranked the Apple Inc. chief executive officer in the bottom third of all CEOs in the S&P 500. Cook, 56, actually took home $145 million, almost all of it from awards granted back in 2011. Source Bloomberg Read More 

Kenya CMA drafts Sandbox Rules to test Bitcoin and other Fintech - Kenya’s Capital Markets Authority (CMA) has proposed rules to create a regulatory fintech sandbox for innovations which do not fit within the country’s current financial regulatory framework. Source Bankelele Read More

 

 

 

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