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Nigeria in 1min: Economic, Business and Financial Headlines – 110418

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Tuesday, April 11, 2018 / 7:10 AM / Proshare News 

PROSHARE ECONOMY

One-day Quarterly Conference on ‘Nigeria’s Economic Outlook’, to hold on April 26, 2018 - Economic Associates (EA) will host a one-day quarterly conference on Nigeria’s Economic Outlook on Thursday, 26 April 2018 at Radisson Blu Hotel & Anchorage, Ozumba Mbadiwe Street, Victoria Island, Lagos. Source Proshare Read More 

Nigerian Economy is on Track to Post an Improved Growth in Q1 of 2018 - GTI Capital - Coming from the two consecutive growths witnessed in the second-half of 2017 after the economy recovered from a protracted recession in second quarter of 2017, the Nigerian economy is on a track to post an improved growth in the first quarter of 2018. Source Proshare Read More 

Inflation to Plunge Further to 13.5% in March – FDC - We are projecting a substantial drop of 0.84% in headline inflation in March to 13.5% from 14.33% in February. If this projection is accurate, it will be the 14th consecutive monthly decline and a 23-month low. Source Proshare Read More 

Committee report on 2018 budget ready next week – Saraki - President of the Senate, Bukola Saraki, has said the Committee on Appropriations is expected to present a harmonised report on the 2018 Appropriation Bill next week. Source Punch Read More 

Ayade Weeps as He Signs N1.3tn Budget into Law - Cross River State Governor, Professor Ben Ayade, on Tuesday wept openly when he signed the state’s 2018 N1.3 trillion budget into law. Source Thisday Read More 

Tax: EFCC recovers N28b for FIRS - The Economic and Financial Crimes Commission (EFCC) has recovered N28billion from tax defaulters for the Federal Inland Revenue Service (FIRS). Source THE NATION Read More 

Neglect of N4.5b Seme border facility threatens regional trade - Two years after the mega joint-border project by the European Union (EU) and Economic Community of West African States (ECOWAS) has been completed at Seme border in Lagos State, the edifice remains unused. Source Guardian Read More 

Tin-can Customs records 24% increase in Q1’18 revenue collection - THE Tin-Can Island Customs Command of the Nigeria Customs Service, NCS, recorded a 24 percent increase in its revenue generation in the first quarter 2018 (Q1’18) as it raked-in N76.78 billion against N61.9 billion in the corresponding period of 2017. Source Vanguard Read More 

Early rains seen raising Nigeria’s midcrop cocoa output by 15% - Nigeria has seen its cocoa output increase by 15 percent despite huge numbers of old and worn-out cocoa trees across major producing states in the country, as farmers commence midcrop harvest soon. Farmers link the increase in production to early rainfall which has helped in boosting the country’s cocoa pod production in recent months. Source BUSINESSDAY Read More 

AMCON to review takeover of transport companies - The Asset Management Corporation of Nigeria is set to review the achievements recorded and the challenges faced in the repositioning of companies in the transport and allied sector at the 6th annual Nigeria Transport Awards and Lecture, the organiser has said. Source Punch Read More 

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PROSHARE MARKETS

Nigerian Stock Market Halts Downtrend as NSEASI Inches Up by 0.17% - Equities market closed today on a positive note, as NSEASI appreciated by +0.17% to close at 40,499.04 basis points as against -1.01% depreciation recorded previously. Source Proshare Read More 

Bond Market Opens Flat as Traders anticipate release of Q2 Calendar - The Bond market opened the week on a very quiet note, with a total of just about 1bn in executed trades over the trading period. Source Proshare Read More 

Has the Naira-settled OTC FX Futures helped in Stabilizing the Naira Exchange Rate? - To stem the continued devaluation of the Naira and to breath some air of stability into the ever-volatile Naira/Dollar relationship, the Central Bank of Nigeria, CBN, introduced some far-reaching measures at different times. One of such measures was the launching of the Naira-settled OTC FX Futures Market. Source Proshare Read More 

DMO Nigeria lists Pioneer FGN N100bn Sukuk Bond at FMDQ - The Debt Management Office of Nigeria, today listed the pioneer FGN Sovereign Sukuk N100bn at the FMDQ OTC exchange in Lagos. Source Proshare Read More 

GTBank Shareholders Approve N70.63bn Dividend - Shareholders of Guaranty Trust Bank Plc (GTBank) yesterday approved the payment of N70.632 billion dividend declared by the board of directors for the financial year ended December 31, 2017. Source Leadership Read More 

NNPC, Shell, others to invest $25.3b in oil, gas upstream - Capital expenditure (capex) into oil and gas upstream in Nigeria will hit $25 billion in the next three years.A research body, Globaldata, revealed that the country would add at least $8.4 billion per year on 249 oil and gas fields from 2018 to 2020. Source Guardian Read More 

OPEC upstream oil, gas investment hits $156bn - About 160 projects, with an overall estimated cost of some $156 billion, are being undertaken by members of the Organisation of the Petroleum Exporting Countries (OPEC) in the oil and gas upstream sector. Source Guardian Read More 

Ghana owes $160m for gas supply from Nigeria - Ghana owes a total of $160m for gas supplied to its largest power producer, Volta River Authority, from Nigeria through the West Africa Gas Pipeline, our correspondent has learnt. Source Punch Read More 

Oil prices jump 2% on waning trade war - Crude prices rallied for the second day in a row yesterday, as appetite for riskier assets improved after a speech by Chinese President Xi Jinping eased concerns about a trade conflict between the United States and China. Investors looked forward to data on U.S. crude inventories and Organisation of Petroleum Exporting Countries (OPEC) production levels. Source THE NATION Read More 

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PROSHARE BUSINESS

Abacha loot: FG confirms receipt of $322.5m from Switzerland - The Federal Government on Tuesday confirmed the repatriation of the sum of $322.5m to Nigeria by the Swiss Government as part of funds looted by the late former military Head of State, Gen. Sanni Abacha. Source Punch Read More 

Zenith Bank Introduces Pounds Sterling and Euro Visa Debit Cards - Foremost Nigerian financial institution Zenith Bank Plc is enhancing the ability of its customers to perform international transactions with the introduction of the Zenith Bank British Pounds and Euro Visa Debit Cards. Source Proshare Read More 

UK accounting body, ACCA, recognises Dangote - The United Kingdom accounting body, ACCA, has presented the ACCA Award to the President of Dangote Group, Aliko Dangote, for his continuing support as a key employer of ACCA members. Source Punch Read More 

World Bank raises S.Africa growth forecasts but warns of weak potential - The World Bank raised its forecasts for the South African economy on Tuesday but warned that growth potential would remain weak without concerted efforts to reduce inequality and stimulate competition. Source Reuters Read More 

World Bank cuts Zambia growth forecasts, still seen at over 4 percent - The World Bank said on Tuesday that Zambia’s economy is forecast to grow 4.1 percent in 2018 and 4.5 percent next year, lower than previous projections by the lender, because of the expected impact of poor rains. Source Reuters Read More 

Egypt's headline inflation falls to lowest rate in almost 2 yrs - Egypt’s annual urban consumer price inflation fell in March to 13.3 percent, its lowest rate since May 2016 shortly before a currency devaluation pushed prices up sharply. Source Reuters Read More 

Kenya Should Rethink Fiscal-Consolidation Plan, World Bank Says - Kenya may need to recalibrate its fiscal-consolidation plans if it’s to see economic growth rebound from a five-year low in 2017, the World Bank said. Source Bloomberg Read More 

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PROSHARE FINANCE

Nigeria’s Film Industry, Gaining More Ground - Today we turn our attention to Nigeria’s creative sector (arts and entertainment). The film industry is seen as a dominant player within this sector and has grown rapidly over the past two decades. Source Proshare Read More 

Flows on Used and End-of-life e-Products and e-Waste Between Africa and Europe - Under this project component, a fact-finding study on flows of used and end-of-life e-products and e-waste imported into West African countries by land and by sea, in particular from European countries, has been carried out. Source Proshare Read More 

PROSHARE TECHNOLOGY

Oradian to Fast-track CBN’s 80% Financial Inclusion Target - A new revolution is brewing in the Nigerian banking industry as Oradian, a financial inclusion company, is set to deploy its cloud-based Core Banking System (CBS) Instafin, which allows financial institutions to grow and reach more clients with digital financial services. Source Proshare Read More 

PayPal to Offer Debit Cards and Mobile Cheque Deposits to Unbanked - PayPal is moving deeper into plain vanilla banking, with plans to roll out a new debit card for online and offline shopping and an FDIC-insured cheque deposit system for account holders. Source Proshare Read More 

Teleology gets 90 days to pay $450m for 9mobile - Teleology Holdings Limited (THL), the preferred bidder for 9mobile Limited, has paid the $50 million unrefundable deposit for its acquisition of the firm. Source THE NATION Read More 

CEO: MTN Nigeria IPO Will Be Done by Year-end, Market Permitting - MTN Group Ltd. expects the listing of its Nigerian unit on the Lagos stock exchange to be done by the end of this year, its CEO Rob Shutter has said, after suggesting last November that the process would be concluded by mid-year. Source Thisday Read More 

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PROSHARE MSME

Brandzone’s Light Up Nigeria Conference to hold on May 15, 2018 - The Honourable Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, will be delivering the keynote address at this year’s Brand Innovation LIGHT UP NIGERIA ENERGY CONFERENCE themed “REPOSITIONING THE ENERGY SECTOR FOR GROWTH” which would hold on Tuesday, May 15th, 2018 at the Oriental Hotel, Lagos. Source Proshare Read More 

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