Nigeria in 1min: Economic, Business and Financial Headlines – 020318


March 2, 2018 7:30 AM / Proshare News 


Total Value of Capital Imported into Nigeria in Q4 2017 Estimated at $5,382.89m - NBS  - The total capital imported in the fourth quarter of 2017 was $5,382.9 million, this was an annual growth of 247.5%, and quarterly growth of 29.9%. As at the end of 2017, total capital imported into Nigeria was $12,228.6 million, an increase of $7,104.4 million or 138.7% from the figure recorded in 2016. Source Proshare Read More 

Dangote Inaugurates Rice Processing Plant in Jigawa With A Promise to End Rice importation in Nigeria - The Dangote Rice Outgrower Scheme in Jigawa State reached a turning point yesterday when the President of Dangote Group, Aliko Dangote laid a foundation stone for the construction of a multi-billion Naira rice processing mill in Hadin, Jigawa state. Source Proshare Read More 

#CodeCashCrop: AFEX leads discourse on Agric, Finance and Tech Convergence - AFEX Nigeria’s pioneer commodities exchange as part of its commitment to driving the Agric sector in the country, today hosted a discourse on the #CodeCashCrop initiative. Source Proshare Read More 

PMI Reading No 59: Stable and Positive  - Our manufacturing Purchasing Managers’ Index (PMI), the first in Nigeria, rose marginally in February from 54.6 to 54.7. Our partner, NOI Polls, has gathered and compiled the data. Source Proshare Read More 

We will expose, disgrace, prosecute tax evaders from March 31, says Adeosun - The Minister of Finance, Mrs. Kemi Adeosun, has said that the Federal Government will expose, disgrace and prosecute tax evaders that fail to utilise the Voluntary Assets and Income Declaration Scheme (VAIDS) to regularise their tax profiles. Source Guardian Read More 

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FMBN issued 2,724 mortgages from 2015, says Fashola - The Federal Government yesterday said the Federal Mortgage Bank (FMBN) has issued 2,724 morgages since 2015 to assist Nigerians own houses across the country worth 20.237 billion. Source THE SUN Read More 

Tax relief, Islamic banking not enough for infrastructure in Nigeria, says Fashola - The Federal Government is to utilise Infrastructure Bond Investment from finance institutions and investors to fast-track road/bridge projects development across the country. Source Guardian Read More 


Market Closes February 2018 in Red; Records 13.30% YTD Gain - Nigerian Stock Market closes the month of February 2018 in red with -2.28% loss recorded as against +15.95% gain recorded in January 2018 and +42.30% gain in 2017 respectively. Source Proshare Read More 

NSEASI Dips Below 43,000bpts Psychological Line as Market Sentiment Closes Negative - Equities market closed today on a negative note, as NSEASI depreciated by -1.12% to close at  42,843.38 basis points as against +2.44% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +12.03%. Source Proshare Read More 

CBN Calms Market with c.N277bn OMO Sales - The bond market opened on a slightly bullish note, as market players anticipated favorable client demand due to surplus system liquidity and unsatisfied bids on the 1yr PMA bill in the previous session. Source Proshare Read More 

Domestic and Foreign Portfolio Participation in Equity Trading – January 2018 - On a monthly basis, The Nigerian Stock Exchange polls trading figures from major custodians and market operators on their Foreign Portfolio Investment (FPI) flows. Source Proshare Read More 

Seplat Petroleum Development Company Plc Assigned Preliminary ' B-' Rating; Outlook Positive - S&P Global Ratings said today that it assigned its preliminary 'B-' long-term issuer credit rating to Nigeria-based oil and gas producer Seplat Petroleum Development Company PLC. The outlook is positive. Source Proshare Read More 

Egypt Rate Cut Made Possible by Macro Stabilisation - Egypt's first interest rate cut since exchange rate liberalisation has been made possible by an improvement in macro-economic stability, underpinned by more orthodox policy settings under the country's IMF programme, Fitch Ratings says. Source Proshare Read More 

Barclays Africa lifts profit, looks to Nigeria for growth - Barclays Africa Group, South Africa’s No.2 lender by market value, plans to extend its reach throughout the continent, it said on Thursday after posting annual profit up nearly 4 percent. Source Reuters Read More 

Nigeria Union Bank working with Citi on Eurobond, others to follow -sources - Nigeria’s Union Bank is working with Citigroup and Renaissance Capital on a planned Eurobond sale, two banking sources told Reuters, following on from its $163 million share sale in the fourth quarter to boost lending. Source Reuters Read More 

Afreximbank plans $1 billion share sale over next five years - The African Export-Import Bank plans to sell shares worth as much as $1 billion over the next five years to diversify its shareholders and add more private investors to its ownership, the trade bank told Reuters on Thursday. Source Reuters Read More 

N151.5bn Trapped In 46 Dormant Equities In 2017 - SAM DIALA gives insight into the bulk of dormant equities that plagued the Nigerian Stock Exchange (NSE) in 2017, and the ‘relief’ brought about by the new pricing rule regime. Source Leadership Read More 

New Rule: Insurance Stocks Decline By N6bn In 1 Month - The insurance stocks capitalisation on the Nigerian Stock Exchange (NSE) declined by N6 billion within a month following the implementation of the new pricing methodology. Source Leadership Read More 

Remaining parts of PIB’ll be passed before July – NNPC - The three remaining aspects of the Petroleum Industry Bill will be passed before the end of June this year, the Nigerian National Petroleum Corporation has stated. Source Punch Read More 

NNPC: Nigeria now world’s largest petrol importer - Nigeria is the only member country in the Organisation of Petroleum Exporting Countries (OPEC) that imports petrol and is currently the largest importer of Premium Motor Spirit (PMS) in the world, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, said in Abuja yesterday. Source Daily Trust Read More 

‘AEDC requires N54bn to meter customers’ - The Managing Director of the Abuja Electricity Distribution Company (AEDC), Engr. Ernest Mupwaya, has said the company requires $150 million (about N54.15bn) to provide meters for its customers in the FCT and the other North Central states under its franchise. Source Daily Trust Read More 

Africa’s Energy Market To Hit $4.5bn In 2018 - Africa’s energy industry Merger and Acquisition (M&A) in 2018 may rise to $4.5 billion this year according to Baker McKenzie’s global transaction report, which foresees increased activity in the next two years for the energy sector. Source Leadership Read More 

Egbin Power, Transcorp, others sue FG over plans to pay Azura IPP from N701bn power guarantee - Five power generation companies including Egbin, Transcorp, Mainstream and two others are suing the Federal Government over its decision to prioritise the settlement of its obligations to Azura IPP from the N701bn power guarantee to mitigate distribution companies DisCos inability to settle their market invoices. Source BUSINESSDAY Read More 

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#Elections2019: Kingsley Moghalu’s Profile - Kingsley Chiedu Moghalu is a political economist, lawyer and former United Nations Official. He served as a Deputy Governor, Financial System Stability, of the Central Bank of Nigeria (CBN) from 2009 to 2014. Source Proshare Read More 

Asia-focused private equity funds raise record $50bn - Private equity investors are increasingly turning their backs on the bulk of emerging markets, even as they throw record sums of money at Asia, according to industry figures. Source FT Read More 

The Real Risks of Trump’s Steel and Aluminum Tariffs - A higher price for metals isn’t the main concern; it’s the chance that the global trade system will be undermined. Source NYT Read More 

OPEC Oil Production Drops to 10-Month Low - Crude production from OPEC countries fell to a 10-month low in February, mainly due to maintenance at a field in the United Arab Emirates and continued output declines in Venezuela. Source Bloomberg Read More 

Libya Crude Output Is Stable Despite Halt at Key Oil Field - PetroChina Co. agreed to an annual contract to buy Libyan crude after similar deals by oil majors like Royal Dutch Shell Plc and BP Plc, underscoring a recovery in the North African country’s production even as its political uncertainty persists. Source Bloomberg Read More 

Warren Buffett Has Lost $3.7 Billion This Week - Warren Buffett’s wealth dropped $3.74 billion since Monday as U.S. stocks tumbled for a third straight day. Source Bloomberg Read More 

Oil edges up from two-week lows but gains limited - U.S. oil prices edged up on Friday, snapping three days of declines, but gains were limited as Asian share markets extended a selloff on Wall Street after news of planned U.S. tariffs on steel and aluminum raised fears of a trade war. Source Reuters Read More 

Japan jobless rate hits 25-year low, inflation ticks up -  Japan’s unemployment rate hit a 25-year low in January and job availability stayed at a two-decade high, government data showed on Friday, offering policymakers hope a strengthening economic recovery will nudge firms into raising wages. Source Reuters Read More 

Iran stops usage of U.S. dollar in import order registration - All Iranian businesses are prohibited from registering their import orders using the U.S. dollar, Financial Tribune reported Thursday. Source Daily Trust Read More 

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Again, CBN Warns on Virtual Currencies - The Central Bank of Nigeria (CBN) has again cautioned Nigerians to be wary of investments in cryptocurrency, stressing that virtual currencies are not legal tender in Nigeria. Source Proshare Read More 

Growing The Nigerian Economy Through The Mobile and Telecom Sector - Undoubtedly the giant of Africa - with an estimated population of 194 million people, Nigeria remains the largest mobile market in the continent - and still has more potential for growth and for competing on a level-playing ground with the developed nations. Source Proshare Read More 

Nigeria Among Top 3 Global Internet Consumer List– Opeke - Kagos Chief Executive Officer, MainOne Company Limited, Funke Opeke, has emphasised the need for Nigeria to accelerate increase technology adoption, adding that a recent survey carried out by the company classified Nigeria as one of the world’s top three consumers of the Internet. Source Leadership Read More 

Japan's cryptocurrency exchanges to set up self-regulatory body - Japan’s 16 government-registered cryptocurrency exchanges will set up a self-regulatory body to bolster trust in an industry rocked by a $530 million digital money heist in January. Source Reuters Read More 

No insurance for cryptocurrencies, NDIC warns - The Nigeria Deposit Insurance Corporation (NDIC) has again warned Nigerians to avoid trading in bitcoins and crypto-currencies, saying that there is 100 percent risk involved, as they are neither issued by the Central Bank of Nigeria (CBN) nor insured by NDIC. Source Daily Trust Read More 

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China Development Bank, UBA Sign Letter of Intent for a $100m Loan Deal to Support SMEs in Africa - United Bank for Africa (UBA) Plc, a pan-African banking group and China Development Bank (CDB), the world’s largest development finance institution, on February 27, 2018 announced the signing of a letter of intent for  $100 million seven-year to finance the development of small and medium enterprises (SMEs) in Africa. Source Proshare Read More 

BoI earmarks N50bn for food processing firms - The Bank of Industry has announced that it has set aside about N50bn for genuine food processing companies in the country to save the huge foreign exchange being spent yearly on food imports. Source Punch Read More



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