Nigeria in 1min: Economic, Business and Financial Headlines – 160318

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March 16, 2018 7:10 AM / Proshare News 

PROSHARE ECONOMY

Average Air Fare Increased by 1.47% MoM in February 2018 - NBS - The Transport fare watch report for February 2018 covers the following categories namely bus journey within the city per drop constant route ; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and  water way passenger transport. Source Proshare Read More 

Afreximbank, ECIC unveil $1 billion financing pact for trade expansion - The African Export-Import Bank (Afreximbank) and the Export Credit Insurance Corporation of South Africa (ECIC) have entered into a memorandum of understanding (MOU) to launch a $1 billion financing programme to promote and expand trade and investments between South Africa and the rest of Africa. Source Guardian Read More 

Benin Industrial Park: NEXIM Bank offers Edo Govt. N553b funding window - Industrial Park, Gelegele Seaport to boost export receipts – Obaseki Governor Godwin Obaseki’s effort to industrialise Edo state has gotten a new boost as a Federal Government banking institution, the Nigerian Export-Import (NEXIM) Bank has thrown its weight behind the project with three funding windows running into N553 billion for the park’s development and building of local capacity to meet export standards. Source Vanguard Read More 

‘60% of Nigeria’s cargoes diverted’ - The Managing Director/CEO, Cowry Asset, Johnson Chukwu, has urged the Federal Government to redfuce import charges and fix the roads leading to the nation’ s sea port to facilitate trade and end cargo dicersion to ports of neighbouring countries. Source THE NATION Read More 

IFC invests $2m in agriculture - International Finance Corporation (IFC), a member of the World Bank Group, has signed a $2 million agreement with the Federal Government to strengthen agribusiness and create jobs. Source THE NATION Read More 

Lagos, Kaduna, Edo top list of foreign debtors - Lagos State, with the reputation of having the biggest economy in Nigeria, is also the highest debtor to foreign creditors among subnational governments in the country, statistics obtained from the Debt Management Office have shown. Source Punch Read More 

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PROSHARE REGULATORS

SEC Announces First CMC Meeting In 2018 - The First Capital Market Committee (CMC) Meeting in 2018 has been scheduled to hold on Thursday, 19th April, 2018 at the Federal Palace Hotel, Victoria Island, Lagos. Source Proshare Read More 

Senate Mandates Committee To Report Back In A Week on CBN and MPC Members Confirmation - Yesterday, the Senate President, Dr. Abubakar Bukola Saraki read a letter from Mr. President on the confirmation of appointment of Mr. Edward Adamu as Deputy Governor of the Central Bank of Nigeria replacing one of the deputy governors who retired December in 2017. Source Proshare Read More 

Nigeria's central bank to delay rate meeting - governor - Nigeria’s central bank will delay its next interest rate-setting meeting after a political spat over nominations for its Monetary Policy Committee, governor said on Thursday. Source Reuters Read More 

PROSHARE MARKETS

NSEASI Dips Further by -1.53% as Stock Market Maintains Negative Stance - Equities market closed today on a negative note, as NSEASI depreciated by -1.53% to close at 42,185.38 basis points as against -0.54% depreciation recorded previously. Source Proshare Read More 

Global Growth Is Booming, Central Banks Turning Less Cautious - The global economy is experiencing boom-like growth conditions and central banks are becoming less cautious as inflation risks rise, according to Fitch's latest "Global Economic Outlook" (GEO). Source Proshare Read More 

National Liquidity Approaches Challenge EU Banking Union - The lack of a centralised approach to liquidity support under the planned EU banking union will mean continued uncertainty over if and when creditors of struggling banks may suffer losses, Fitch Ratings says. Source Proshare Read More 

Guaranty Trust Bank Plc- Decent Result but Signs of Lower ROE Emerges - Guaranty Trust Bank (GTB) released full-year 2017 audited numbers announcing a 34% YoY expansion in EPS to N6.03 (2017E: N5.67). Source Proshare Read More 

Shale is Still the Key Long-Term Constraint on Oil Prices - The OPEC-plus production cut agreement has improved the near-term outlook for oil prices, but U.S. shale growth and responsiveness should result in a production surplus this year, Fitch Ratings says. Source Proshare Read More 

Nigeria Finally Moves to Cut Sulfur In Fuels, A Year After Deadline - West Africa’s biggest fuel consumer Nigeria will start reducing the sulfur levels allowed in fuel imports in July 2018, a year after a July 2017 deadline it had initially pledged to meet, according to a presentation by the Nigerian National Petroleum Corporation (NNPC). Source Proshare Read More 

Is Another Oil Price War Looming? - Recently, the Energy Information Administration (EIA), the International Energy Agency (IEA) and BP updated their outlooks for U.S. oil production. Source Proshare Read More 

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PROSHARE BUSINESS

Proshare named the Most Outstanding Financial Hub of the Year 2017 by UNYF - The Unified Nigerian Youth Forum (UNYF) on March 15, 2018, named Proshare Nigeria Limited the “Most Outstanding Financial Hub of the Year 2017” while honouring Mr. Olufemi Awoyemi, MD/CEO, Proshare with the “Achiever Per Excellence” Award. Source Proshare Read More

China depository receipts to be launched soon: Shanghai Securities News - China is preparing to launch depository receipts that would open the door to some of the country’s top tech firms issuing a form of shares on the mainland, the state-run Shanghai Securities News said on Friday, citing a senior regulatory official. Source Reuters Read More 

IMF approves $158 mln credit to Burkina Faso - The International Monetary Fund (IMF) on Wednesday approved a three-year, $157.6 million credit facility for Burkina Faso, in part to help boost security after a spate of attacks by Islamist insurgents. Source Reuters Read More 

Botswana Turns Power Exporter After a Decade of Imports - Botswana is exporting power for the first time in 10 years, a far cry from the days when Africa’s biggest miner of diamonds was forced to import as much as 75 percent of its needs. Source Bloomberg Read More 

Ivory Coast Is Selling Africa's Biggest Euro-Currency Bond - Ivory Coast is selling 1.7 billion euros ($2.1 billion) of bonds Thursday in the biggest issuance of debt in the common currency from an African government, according to a person familiar with the matter. Source Bloomberg Read More 

Shell, Eni Misled Nigeria Regulators on Oil Spills, Amnesty Says  - Royal Dutch Shell Plc and Eni SpA may have misled regulators in Nigeria by wrongly attributing oil spills to theft and sabotage in order to avoid paying compensation to affected communities, rights group Amnesty International said in a report. Source Bloomberg Read More 

Why Nigeria’s Central Bank Is Paralyzed by Politics - The Nigerian central bank’s Monetary Policy Committee is supposed to meet March 19 and 20. The panel has kept the main lending rate at a record high of 14 percent since July 2016, and easing could help to support the economy as it recovers after a contraction in 2016. Source Bloomberg Read More 

Oil prices set for weekly drop as concerns about rising supply weigh - Oil prices were set to fall this week, with both benchmarks dropping slightly on Friday, on concerns among investors about rising supply from the U.S. and other nations threatening to undermine efforts by OPEC and other producers to tighten the market. Source Reuters Read More 

Global oil demand picks up but still lags rising supply: IEA - Global oil demand is expected to pick up more quickly this year, but supply is still growing at a faster pace leading to a rise in inventories in the first quarter of 2018, the International Energy Agency (IEA) said on Thursday. Source Reuters Read More 

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PROSHARE FINANCE

LASG Reduces Land Use Charge Rates, Waives Penalty for Late Payment - The Lagos State Government, in its desire to build world class infrastructure and improve the well-being of its citizens reviewed the Land Use Charges payable by all property owners. Source Proshare Read More 

Wema Bank Promotes Financial Literacy in Schools - As part of its effort to build a healthy savings culture amongst young Nigerians, Wema Bank visited several public schools across the country to educate students on the benefits of growing their financial knowledge and nurturing healthy investment habits which will serve them well in the future. Source Proshare Read More 

PROSHARE TECHNOLOGY

Nigeria’s mobile phone penetration hits 84 per cent - Mobile phone penetration in Nigeria appears to be on the upward swing, as the number of subscribers grew astronomically in 2017 resulting in 84 per cent penetration from 53 per cent in 2016 for both features and smart phones. Source Guardian Read More 

Standard Chartered launches digital-only bank in Ivory Coast - Standard Chartered is launching its first digital-only retail bank in Ivory Coast, saying it will use the west African country as a testing ground for a global launch of digital services. Source FT Read More 

Bitcoin's ‘Death Cross’ Looms as Strategist Eyes $2,800 Level - The tea leaves don’t bode well for Bitcoin. Source Bloomberg Read More 

Smartphone sales rose by 70% in 2017 – Jumia - The sale of smartphone increased by 70 per cent between 2016 and 2017, the latest report by Jumia has shown. Source Punch Read More

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PROSHARE MSME

UBA, Agence Française de Development To Finance SMEs Across Africa - United Bank for Africa (UBA) Plc, a pan-African banking group and Agence Française de Development (AFD), France’s public and solidarity-based development bank, yesterday  entered into a Framework Agreement to utilise the EURIZ and ARIZ schemes offered by AFD to facilitate the financing of small and medium enterprises (SMEs) and startups across the 20 countries where UBA operates in Africa. Source Leadership Read More 

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