Nigeria in 1min: Economic, Business and Financial Headlines – 010218

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February 1, 2018 7:10 AM / Proshare News 

PROSHARE ECONOMY

FSDH Research Forecasts a GDP Growth Rate of 3.16% in 2018 - Implications - FSDH Research forecasts a Real Gross Domestic Product (GDP) growth rate of 3.16% in 2018 Source Proshare Read More 

FG to spend additional $3.1bn on National Identity –Presidency - Vice President Yemi Osinbajo, on Wednesday in Abuja, said the Federal Government required additional $3.1 billion to achieve digital national identity for all citizens. Source Leadership Read More 

FG’ll prepare supplementary budget for wage increase – Akabueze - The Federal Government will prepare a supplementary budget to take care of workers’ demand for an increase in salaries when the new minimum wage proposal, which is currently being worked on, is eventually approved. Source Punch Read More 

FIRS generates N4.03trn revenue - The Chairman, Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler, said the Service collected N4.03 trillion revenue in 2017. Source Vanguard Read More 

World Avocado Production Currently Valued at $10bn - Fuel scarcity has disappeared in the Lagos metropolis, but is likely to resurface if nothing is done about the subsidy backlog, estimated at N1trn. Source Proshare Read More 

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FG Blames Constrained Oil Output for Stagnant ECA - The federal government Wednesday provided clarity on why the proceeds in the excess crude account (ECA) have remained stagnant despite rising oil prices, saying constrained production volumes had undermined rising crude prices. Source Thisday Read More 

Budget transparency: Nigeria ranks 90th in world, 23rd in Africa - Nigeria has been ranked 90th in the world and 23rd in Africa on budget transparency out of 115 countries globally and 38 African countries in the 2017 Open Budget Index (OBI) survey which was released yesterday. Source Vanguard Read More 

Nigeria drops to 97 of 113 countries in rule of law ranking – WJP - Nigeria received another slap yesterday after it was downgraded by the World Justice Project (WJP) in its rule of law adherence, dropping one position to 97 out of 113 countries. The WJP released its 2017/2018 Rule of Law Index, which measures rule of law adherence across 113 countries worldwide. Reacting to the latest ranking Clifford Source BUSINESSDAY Read More 

Nigeria drops five places, ranked 158 globally on key economic metrics in 2018 - Nigeria has been ranked 158 globally out of 181 countries on macroeconomic stability, institutional strength, openness and human capital, dropping five places from last year and is now behind 28 other African countries in 2018. Source BUSINESSDAY Read More 

Nigeria Ranked Low on Budget Transparency Index - Nigeria slipped into 90th place behind Zimbabwe and Afghanistan in the global Open Budget index released on Thursday. Source Thisday Read More 

Lagos lawmakers pass N1.046 trillion 2018 budget - The Lagos State House of Assembly has passed the state’s 2018 Appropriation bill of N1, 046 trillion into law. Source Daily Trust Read More 

MDAs operate without MTEF, Fiscal Commission says - Chairman of the Fiscal Responsibility Commission Victor Muruako, yesterday, said most ministries, departments and agencies operate without the Medium Term Expenditure Framework (MTEF). Source Daily Trust Read More 

Nigeria fish farming plans flop on policy lapses, smuggling - Nigeria’s target of achieving self-sufficiency in fish production is being hampered by Federal Government’s policy lapses and high rate of smuggling, which is making the industry less attractive to investors. Data from the National Bureau of Statistics (NBS) capital importation report show that foreign direct investment (FDI) in the subsector declined by 75 percent year Source BUSINESSDAY Read More 

Over 25,000 pensioners not on FG payroll – NUP - More than 25,000 pensioners are still excluded from Federal Government’s payroll of retirees, according to the Nigerian Union of Pensioners (NUP). Source Vanguard Read More 

Rice smuggling: FG to stop Customs from raiding markets - The Federal Government is planning to stop the Nigerian Customs Service from raiding markets to seize imported rice, the Minister of Finance, Mrs Kemi Adeosun, has said. Source Daily trust Read More 

Franchising: Nigeria fails to tap into N721trn revenue - Despite Nigeria’s position as one of the top economies in Africa, the country has failed to tap into the enormous global franchising industry which yields N721 trillion revenues annually. Source Daily trust Read More 

Nigeria’s cargo clearing process still primitive –Haastrup - The Chairman, Seaport Terminal Operators Association of Nigeria, Vicky Haastrup, has observed that Nigeria’s cargo clearing process is still primitive when it comes to the issue of trading across the border. Source Punch Read More 

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PROSHARE REGULATORS

Business activities fall as PMI drops to 57.3– CBN - The Central Bank of Nigeria on Wednesday disclosed that the Manufacturing Purchasing Managers’ Index in the month of January stood at 57.3 index points indicating expansion in the manufacturing sector for the tenth consecutive month. Source Punch Read More 

PROSHARE MARKETS

The Mathematics of the New "Par Value" Pricing Methodology in the Nigerian Stock Market - There is an on-going discussion in the elite “Capital Market Roundtable Forum” on the new pricing rule in the Nigerian Stock Market. Source Proshare Read More 

Stock Market Halts Uptrend as Sentiment Turns Negative; Records -0.34% Loss - Equities market closed today on a negative note, as NSEASI depreciated by -0.34% to close at 44,343.65. basis points as against +0.42% appreciation recorded previously. Source Proshare Read More 

UNIC, CORNERST Closed Below Previous Floor Price as Tally Increases to Nine - Fresh stocks joined the league of stocks that have closed below the previous floor price of 50k since the new par value and pricing methodology rules takes effect on Monday.  Source Proshare Read More 

CBN sells N253bn T-bills at c.10bps lower than previous Auction Rate - The bond market traded on a slightly more active note in today’s session with some buys on the 2021 bond taking yields lower by c.2bps despite slight sell on the 2037s. Source Proshare Read More 

 Oil Prices Begin Their Retreat - We will then look at some of the key market movers early this week before providing you with the latest analysis of the top news events taking place in the global energy complex over the past few days. Source Proshare Read More 

IPMAN to begin construction of $3bn refinery - The Independent Petroleum Marketers Association of Nigeria (IPMAN) is set to commence work on its proposed $3 billion (N1.08 trillion) refinery in two states in the federation. Source Vanguard Read More 

Petrol : FG Not Paying Subsidy, But Suffering Under Recovery – Adeosun - The federal government is not paying subsidy to keep fuel price at N145 but there is under recovery on the part of the Nigeria National Petroleum Corporation ( NNPC) the minister of Finance, Kemi Adeosun has said. Source Leadership Read More 

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FG lost N84bn to ailing refineries in 11 months - The nation’s refineries made a total loss of N84bn from January to November last year, as they continued to operate far below their installed capacity. Source Punch Read More 

NNPC to partner private sector to build pipelines - The Group Managing Director, Nigerian National Petroleum Corporation, Maikanti Baru, has asked the new board of one of the downstream subsidiary firms, the Nigerian Pipeline Storage Company, to enter into partnerships with the private sector to build more pipelines parallel to the corporation’s existing ones. Source Punch Read More 

OPEC January oil output rises, led by Nigeria - Crude oil production from the Organisation of Petroleum Exporting Countries rose in January from an eight-month low as higher output from Nigeria and Saudi Arabia offset a further decline in Venezuela and strong compliance with a supply reduction pact. Source Punch Read More 

Benefits of oil rally elude Nigeria as NNPC losses mount - The inability of the Nigerian National Petroleum Corporation (NNPC) to operate as a fully integrated oil company is taking a toll on its revenue as it recorded mounting losses largely from its downstream operations at a time oil prices have risen to a three-year high. Source BUSINESSDAY Read More 

GenCos Foresee Shut Down Of Thermal Plants Over N600bn Debt - Electricity generation in the country is facing fresh threat as Generating Companies (GenCos) have foreseen a gradual shut down of thermal plants that are powered by gas. Source Leadership Read More 

Eight firms to light up Ogun with $497.6m power plants - Eight independent power producers have signed a pact with the Ogun State Government to generate electricity from renewable sources and supply it to different users in the state Source Punch Read More 

IBEDC, US Power Africa sign MoU on electricity - A United States government-led initiative coordinated by the US Agency for International Development, Power Africa, has struck a new deal with Ibadan Electricity Distribution Company to advance the power sector in Nigeria. Source Punch Read More 

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PROSHARE BUSINESS

Africa Prudential launches first ever Registrar USSD *4018# product for shareholders - Africa Prudential Plc one of Nigeria’s leading Registrars, today took a major step in its drive to lead innovation in the Nigerian Registrar business space, with the launch of the  USSD code Product *4018# for shareholders in the country. Source Proshare Read More 

FBN Holdings Announces Appointments to the Board of FBN Insurance Brokers - This is to inform our stakeholders of the following appointments to the Board of FBN Insurance Brokers Limited; a subsidiary of FBN Holdings Plc. Source Proshare Read More 

Fitch affirms stable outlook on UBA - Fitch Ratings has affirmed the Long Term Issuer Default rating of United Bank for Africa Plc at “B”, with a stable outlook. Source Punch Read More 

Kenya's inflation edges up to 4.83 percent in January - Kenya’s year-on-year inflation inched up to 4.83 percent in January from 4.5 percent last month, the statistics office said on Wednesday. Source Reuters Read More 

Bharti Airtel did not submit a firm bid for Nigeria's 9mobile - India’s largest telecoms operator, Bharti Airtel has not taken part in a bidding round for Nigerian rival 9mobile which was aimed at finding new investors for the debt-laden company, a Bharti Airtel Africa spokesman said on Wednesday. Source Reuters Read More 

Asian shares bounce back, but rising U.S. yields pose risks - Asian shares eked out modest gains on Thursday, clawing back sharp losses from earlier this week, however, rising U.S. bond yields and interest rates could dampen investors’ optimism toward the global economic outlook. Source Reuters Read More 

Iraq’s Oil-Export Ambitions May Put Strain on OPEC Accord - OPEC likes to trumpet its record-breaking compliance with output cuts. Yet one of its largest members has been opening the taps and doesn’t plan to scale back any time soon. Source Bloomberg Read More 

PROSHARE FINANCE

IFRS 17 May Put Up Cost of Capital for European Insurers - IFRS 17, the new international accounting standard for insurance contracts from 2021, could temporarily increase the cost of capital for European insurers while investors familiarise themselves with the new standard, Fitch Ratings says. Source Proshare Read More 

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PROSHARE TECHNOLOGY

Uptick in Internet Subscription on GSM Platforms - The latest data released by the NCC, the industry regulator, show that internet subscriptions stood at 94.8 million in November, representing y/y growth of 2.6%. Source Proshare Read More 

Bitcoin's Big Wipeout Erased $44 Billion of Value in January - Bitcoin is proving that cryptocurrencies can erase wealth as fast as they create it. Source Bloomberg Read More Source Bloomberg Read More

Goldman Sachs Felt Rushed by Quick Rollout of Bitcoin Futures - Goldman Sachs Group Inc. has a reputation for being one step ahead of its Wall Street rivals. But it wasn’t ready for Bitcoin futures. Source Bloomberg Read More 

EBay to Ditch PayPal for Dutch Processor Adyen; PayPal Drops - EBay Inc. will shift its payments business from long-time partner PayPal Holdings Inc. to Adyen BV, a global payments company based in the Netherlands, further distancing the companies that split in 2015 but remained intertwined through an agreement that fully expires in 2020. Source Bloomberg Read More 

PROSHARE START-UPS

BoI Doles Out N18bn For SMIs Expansion In Oyo - The Bank of Industry yesterday disclosed that it has disbursed N18billion out of the N20 billion intervention funds meant to enhance theexpansion of the small and medium-scale industries in Oyo State. Source Leadership Read More 

African Tech StartUps Raise $195 Million - Africa’s tech revolution is picking up speedily with 2017 proving the best year on record for the continent’s tech startups as investment topped $195 million over the course of the year. Source Thiosday Read More 

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