Nigeria in 1min: Economic, Business and Financial Headlines – 010618

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Wednesday, June 01, 2018 / 7:10 AM / Proshare News 

PROSHARE ECONOMY

Manufacturing PMI Stands at 56.5% in May 2018 from 56.9% in April 2018 - The May 2018 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period May 11 - 22, 2018. Source Proshare Read More 

Near-term Global Economic Outlook Remains Strong, But Downside Risks Rise to the Surface - However, global growth will likely moderate by the end of 2018 and in 2019 as a result of a number of advanced economies reaching full employment, and because of rising borrowing costs and tighter credit conditions in both advanced and emerging market countries that will hamper further acceleration. Source Proshare Read More 

Structural Transformation and Jobless Growth in Nigeria - Despite strong economic growth which averaged 6.5% between 2000 and 2017, high unemployment remains a critical challenge facing the Nigerian economy. Source Proshare Read More 

Nigeria Records 59.9% Export Growth – Udoma - Minister of Budget and Planning, Sen. Udoma Udo Udoma, on Thursday said the country’s total exports appreciated by 59.9 per cent between 2016 and 2017 following the implementation of the Economic Recovery and Growth Plan (ERGP). Source Leadership Read More 

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Domestic airlines resolve not to pay VAT - Nigerian domestic  airlines’ operators, after a meeting yesterday, resolved that with effect from June 14, they will no longer pay Value Added Tax, VAT, to the Federal Government as it amounts to double taxation. Source Vanguard Read More 

$46bn loan request: American firm to invest $10bn in rail - As the Federal Government scouts around the world for $46 billion loan to fix the rail infrastructure in the country, a United States-based Ameri Metro, has opted to invest over $10 billion in the coastal rail project from Lagos to Calabar and Calabar to Port Harcourt. Source THE SUN Read More 

FG still looking at selling stakes in oil joint ventures, signing AFCTA – Osinbajo -  Vice President Yemi Osinbajo has said that the federal government has not given up on its plans of selling down part of its stake in its joint venture with oil companies. Source BUSINESSDAY Read More 

FG Cuts Rice Import Bill to $160m - The federal government has declared it spent only $160 million on importation of paddy rice last year. Source Thisday Read More 

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PROSHARE MARKETS

NSEASI Sheds -1.30% to Record 10th Consecutive Loss as YTD Return Enters Negative Territory - Equities market closed today on a negative note, as NSEASI depreciated by -1.30% to close at 38, 104.54. basis points as against -1.08% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.36%. Source Proshare Read More 

CBN sells c.N560bn T-bills to Moderate Excess Inflows from OMO T-bill Maturities - The Bond market traded on a relatively muted note, as traders wound up their activities for the month. We witnessed a slowdown in bullish sentiments from the previous session, with yields rising slightly higher by c.3bps on average. Source Proshare Read More 

Stanbic Africa Holdings pays over N60bn for additional 1.1bn shares in Stanbic IBTC Holdings - Stanbic Africa Holdings Limited, the majority shareholder in Nigeria listed Stanbic IBTC Holdings Plc has increased its stake in the financial institution through an “off-market” transaction valued in excess of N63billion. Source BUSINESSDAY Read More 

Oil output dips on Nigeria’s, Venezuela’s outages - The oil output of the Organisation of Petroleum Exporting Countries (OPEC) fell to a 13-month low in May due to  Nigerian outages, declining Venezuelan production, and strong compliance with a supply-cutting deal, it was learnt yesterday. Source THE NATION Read More 

NNPC: petrol landing cost exceeds N171 per litre - The Nigerian National Petroleum Corporation (NNPC) yesterday cried out over the increase in the landing cost of petrol. The state-run oil firm lamented that the cost has exceeded N171 per liter while the pump price remained regulated at the maximum of N145 per liter. Source THE NATION Read More 

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PROSHARE BUSINESS

Adelabu To Disengage from CBN As Deputy Governor - President Muhammadu Buhari has formally accepted the disengagement of the Deputy Governor in charge of Operations at the Central Bank of Nigeria (CBN), Mr. Adebayo Adelabu, with effect from July 15, 2018. Source Proshare Read More 

IOD Roundtable advocates Robust PPP Model to Address Nigeria’s Infrastructure Gaps - Infrastructure is the cornerstone for any economy and it constitutes the bedrock for industrialization and achieving social inclusion. Source Proshare Read More 

U.S. crude oil eases for second day on record production - U.S. crude oil lost more ground on Friday, with the market set for a second week of decline on pressure from record U.S. production and expectations of higher OPEC output. Source Reuters Read More 

Steel, aluminum stocks gain as U.S. moves ahead with tariffs - Shares of U.S. steel and aluminum producers gained on Thursday after the Trump administration moved ahead with tariffs on aluminum and steel imports from Canada, Mexico and the European Union, ending a two-month exemption. Source Reuters Read More 

Goldman Sachs vice president charged with insider trading - Federal prosecutors charged a vice president at Goldman Sachs Group Inc (GS.N) on Thursday with insider trading by illegally using non-public information about several companies that were clients of the investment bank. Source Reuters Read More 

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