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Nigeria in 1min: Economic, Business and Financial Headlines – 010518

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Tuesday, May 1, 2018 / 7:20 AM / Proshare News

 

PROSHARE ECONOMY

FIRS, states generate N9.76bn, deploy web solution for VAT payment - Between July 2016 and April this year, the Federal Inland Revenue Service generated a total revenue of N9.76bn through the State Offices of the Accountant-General Platform. Source Punch Read More 

Consumers Outlook for Nigeria Moderates in Q1 2018  - The Consumer Expectations Survey (CES) report for Q1 2018 published by the Central Bank of Nigeria (CBN) shows that the consumer outlook index remains positive indicating that consumers have a positive outlook for Nigeria in Q2 2018 and for the next 12 months. Source Proshare Read More 

‘New Investments in Sugar Sector Hit N157bn’ - Five years after the federal government, through the National Sugar Development Council, formally began the implementation the Nigerian Sugar Master Plan, the overall investments in the sugar sector of the national economy have now risen to N157 billion. Source Thisday Read More 

Customs generates N11.6bn at Lagos airport - The Murtala Muhammed International Airport (MMIA) command of the Nigeria Customs Service (NCS) generated N11.6bn in the first quarter of 2018, it was learnt.  Source Daily Trust Read More 

Manufacturing PMI maintains faster growth at 56.9 index in April – CBN - The manufacturing and non-manufacturing Purchasing Managers Index (PMI) continued to expand on a faster rate in the month of April according to the Central Bank of Nigeria (CBN). Source BUSINESSDAY Read More 

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PROSHARE REGULATORS

Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for Fiscal Years 2018-2019 - The Central Bank of Nigeria (CBN), is the apex financial institution in Nigeria and is in charge of monetary policy, and regulation of the Nigerian financial system. Source Proshare Read More 

SEC sets up panel to probe companies’ delisting - The Securities and Exchange Commission has set up a committee to find out the reason behind the delisting of some firms listed on the Nigerian Stock Exchange. Source Punch Read More 

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PROSHARE MARKETS

Stock Market Maintains Uptrend to Open The Week Positive; Inches Up By 0.06% - Equities market closed today on a positive note, as NSEASI appreciated by +0.06% to close at 41,268.01. basis points as against +1.15% appreciation recorded previously. Source Proshare Read More 

CBN to Auction N95bn Treasury Bills after Mayday Break - The Bond Market opened the week on a very quiet note, with yields inching slightly higher by c.1bp on average, as most traders stayed on the sidelines whilst we witnessed very little in the way of client flows. Source Proshare Read More 

Success Stories For A Leading State Role - Ethiopia has the fastest growing African economy over the past decade, and has achieved an average rate just in double digits. Source Proshare Read More 

Afrinvest Stock Recommendation for the Week - 300418 - Following buy interest in bellwethers last week, the local bourse performed positively as the All Share Index (ASI) rose 1.1% W-o-W to close at 41,245.36 points while YTD return strengthened to 7.9%. Source Proshare Read More 

Buying Interest to Sustain Bullish Trend Ahead of PMA - The Treasury bills (“T-Bills”) market continued its bullish trend as average yield across tenors fell 1.5% W-o-W to close at 11.3% last week. Source Proshare Read More 

FBN Holdings Plc FY 2017 and Q1 2018 Conference Call and Earnings Presentation - The Key Takeaways - FBN Holdings Plc held its FY 2017 and Q1 2018 Investors and Analyst Conference Call Earnings Presentation. Proshare NG participated along with leading market analysts and professionals. Source Proshare Read More 

ARM Research - Weekly Stock Recommendation - In this note, we update our views on PZ Cussons Nigeria Plc, factoring the nine-months  2018 numbers and revise our FVE lower to N16.56 (Previous: N20.97). Source Proshare Read More 

Banks net fee income hits N418.52bn as customers groan under excess charges - Nine deposit money banks earned a total of N418.52 billion from fees and commissions in full year 2017, representing 8.09 percent increase over N387.18 billion earned in the corresponding year of 2016 Source BUSINESSDAY Read More 

Nigeria’s foreign reserves hit $47.4b - Nigeria’s foreign exchange reserves rose 2.9 per cent from a month ago to a five year high of $47.36 billion as of April 25, Central Bank of Nigeria (CBN) data showed yesterday. Source THE NATION Read More 

Oil price rises above $75 per barrel - International oil benchmark, Brent crude, on Monday hit $75 per barrel and rose further amid growing geopolitical tensions in the world. Source Punch Read More 

Kachikwu: FG Has Attracted $60bn in Oil Sector Within Three Years - The Minister of State for Petroleum, Dr. Ibe Kachikwu, has said that about $60 billion investments had been attracted to the sector since 2016. Source Thisday Read More 

NNPC, NCDMB to Adopt One-stop Approval Desk for Nigeria’s Oil Industry - The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has stated that the Nigerian Content Development and Monitoring Board (NCDMB) and the Nigerian National Petroleum Corporation (NNPC) will adopt a one-stop shop arrangement for reviewing and approving oil industry projects and contracts before the end of 2018 in a bid to shorten the industry contracting cycle. Source Thisday Read More 

NNPC to acquire oil blocks in W’Africa, others - The Nigerian National Petroleum Corporation’s (NNPC)’s upstream subsidiary, the Nigerian Petroleum Development Company (NPDC), has disclosed plans to acquire oil blocks in West Africa and beyond. Source THE SUN Read More 

Fuel Subsidy: NNPC recorded N144.5bn under-recovery in 2017 - The Nigerian National Petroleum Corporation, NNPC, said that it spent N144.53 billion in subsidising premium motor spirit, PMS, also known as petrol in 2017, translating to an average of N366 million per day. Source Vanguard Read More 

AEDC earmarks N10bn to meter 222,000 electricity users - The Managing Director of Abuja Electricity Distribution Company (AEDC), Engr. Ernest Mupwaya, says the firm has earmarked N10 billion to provide 222,617 meters in order to reduce the estimated billing method. Source Daily Trust Read More 

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PROSHARE BUSINESS

Operating surplus: Immigration shuns FRC’s invitation - The Nigeria Immigration Service has shunned an invitation from the Fiscal Responsibility Commission to appear before the commission in connection with the payment of operating surplus. Source Punch Read More 

World Bank approves $180 mln loan guarantee for Kenya's energy sector - The World Bank approved a $180 million loan guarantee on Monday for Kenya Electricity Generation Company to help strengthen the financial position of the state-run company, which produces more than 70 percent of the country’s electricity. Source Reuters Read More 

Egypt Is Confident $23 Billion Debt Inflows Won't Flow Out - Egypt’s finance minister said he’s confident the $23 billion that foreigners invested in Egyptian Treasury bills will stay in the country, thanks to its improved credit profile and rising global liquidity. Source Bloomberg Read More 

U.S. Extends Steel Tariffs Relief for EU and Other Allies - President Donald Trump will delay imposing steel and aluminum tariffs on the European Union, Mexico and Canada until June 1 as he finalizes deals with them, the White House said in a statement. Source Bloomberg Read More 

Australia’s Central Bank Holds Rates at a Record-Low 1.5% - The Reserve Bank of Australia has kept rates on hold at a record-low 1.5 percent. Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

Fintech Nigeria hosts social forum, to strengthen its Industry ecosystem - Fintech Association of Nigeria on April 27, 2018, organized a Social Meet at the Lagos Motor Boat Club, 28 Awolowo Road, Ikoyi, Lagos. Source Proshare Read More 

Revealed: Teleology Offered $301m to Win 9mobile Bid - Facts have emerged that Teleology Holdings Limited actually offered to pay $301 million during the bid process for the sale of 9mobile to emerge as the preferred bidder, as against the $500 million that was widely reported. Source Thisday Read More 

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