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Nigeria in 1min: Economic, Business and Financial Headlines – 020718

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Monday, July 02, 2018 / 7:00 AM / Proshare News 

PROSHARE ECONOMY

What To Expect From The Markets This Week - 020718 - According to the Debt Management Office of Nigeria, the Federal Government at the end of the first quarter of 2018 paid N642 billion in debt servicing on domestic debt instruments alone. Thereby reflecting a 49.8 % and 51% astronomical increase in debt servicing compared to the previous quarter and year, where debt servicing stood at N 429.75 and N424 billion, respectively. Source Proshare Read more 

Manufacturing PMI Stands at 57.0% in June 2018 from 56.5% in May 2018 - The June 2018 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period June 8 - 19, 2018. The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in 31 locations in Nigeria (Fig. 1). Source Proshare Read more 

Nigeria’s Export Earnings Rise by 10% to $14.4bn in Q1 2018 - Nigeria’s total export earnings increased by 10.2 per cent to $14.394 billion in the first quarter (Q1) of 2018 compared with the $12.925 billion recorded in Q4 2017. Source Punch Read more 

Federation Account: FG, states, LGs shared N8.9tn in 16 months - The near total reliance of the three tiers of government on revenue accruing to the federation for their everyday activities is a huge source of worry, IFEANYI ONUBA writes on how Federation Account Allocation Committee has distributed money among them in 16 months Source Punch Read more 

90% world trade transported via sea, says Okowa - via sea, says Okowa - About 90 per cent of world trade is transported through the sea whereas the efficiency and effectiveness of the Nigerian economy depends largely on the maritime sector. Source THE SUN Read more 

N5.4trillion debt: AMCON to seize assets of debtors - The Assets Management Company of Nigeria (AMCON) has said that there will be no more room for negotiation with obligors as the company is now set for a new stage which is complete assets take-over. Source Daily Trust Read more 

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PROSHARE MARKETS

Market Review and Round-Up of Corporate News Announced During The Week Ending 290618 - The equities market recorded mixed performance – the listed equities market recorded +1.10% gain WoW while the NASD OTC also dropped by -1.13% WoW. Source Proshare Read more 

NASD Plc to Hold 5th AGM on July 11th, 2018; USI Sheds 1.13% WoW - The NASD OTC Market ends the week with a decrease in market metrics, as the NASD USI decreased by 1.13%, closing at 651.69 points (as against 659.16 points last Friday). Source Proshare Read more 

Corporate Earnings for the Week Ending 290618 - Further analysis on these companies revealed that three out of the four quoted firms recorded price appreciation between when their financial were released while one recorded a flat in share price. Source Proshare Read more 

FOREX: CBN Boosts Retail Segment With $318.73m  - Customers in the retail segment of the Nigerian inter-bank foreign exchange market received a $318.73m boost from the Central Bank of Nigeria (CBN) on Friday, June 29, 2018.  Source Proshare Read more 

Britain and Nigeria exploring ways to list naira bonds in London -Lord Mayor - Britain and Nigeria are exploring ways to list naira-denominated bonds on the London Stock Exchange to help fund infrastructure projects in the West African country, the City of London’s Lord Mayor told Reuters. Source Reuters Read more

Atlas Mara nears takeover of Union Bank with 49% stake - Atlas Mara Limited is inching closer to the takeover of Union Bank of Nigeria, as the company affirmed an agreement to acquire additional shares that will take their shareholding to 49 per cent from 48 per cent. Source Guardian Read more

Insurance sector recorded N363bn premium in 2017 – Efekoha - The Nigerian insurance industry generated N363bn in premium in the 2017 financial period. Source Punch Read more 

$22b Diaspora inflows trigger credit data exchange on immigrants - Credit bureau operators in Nigeria, United States and Canada have agreed to share credit data of their citizens to boost over $22 billion Diaspora remittances flowing into Nigeria Source THE NATION Read more 

Domestic gas supply shortfall to hit 2.9bscf/d - Gas supply to the domestic market has been predicted to record a shortfall of 2.9 billion standard cubic feet per day (bscf/d) by 2020, equivalent to about 21 trillion standard cubic feet reserves, available data from the industry has shown. Source THE NATION Read more 

Nigeria to earn $5.60 billion from new oil deal, says NNPC - The Nigerian National Petroleum Corporation (NNPC) has said that a new financing and technical services pact between corporation, First E&P Joint Venture and Schlumberger for the Anyalu and Madu Oil Field will enable Nigeria generate about $5.60 billion taxes and royalties. Source Guardian Read more 

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PROSHARE BUSINESS

South African fuel prices to rise by more than 1.5 pct in July - The retail price of petrol in South Africa will rise by more than 1.5 percent from July 4, while the price of wholesale diesel will rise by 1.8 percent, the energy department said on Sunday. Source Reuters Read more 

Oil falls amid rising Saudi output, Asian economic slowdown - Oil prices fell by more than 1 percent on Monday as supplies from top exporter Saudi Arabia rose and as signs of an economic slowdown in Asia dented the outlook for demand. Source Reuters Read more

Nigeria Has Recorded Nearly 20,000 Deaths under Buhari, Says US Body - More than 53,000 people killed since 2011 Christian Solidarity Worldwide: Fulani militia killed 1,061 in 106 attacks between January and April UK parliamentarian, Baroness Berridge urges Nigerians to use 2019 presidential election to seek end to violence Source Thisday Read more 

Africa Reels as Rout Spreads From Egypt Stocks to Rand Bonds - The continent’s bonds and stocks are being hammered more than those in most other regions amid a rout that’s wiped over $1 trillion off developing nations’ equity markets this quarter and sapped confidence from Brazil to China. Source Bloomberg Read more 

Burning Villages, Ethnic Tensions Menace Mozambique's Gas Boom - Women’s cries just after 1 a.m. confirmed Barnabe Samuel Mussa’s worst fears -- an attack was underway. Source Bloomberg Read more 

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PROSHARE MSME

Diamond Bank commits N105m to entrepreneurial development - DIAMOND Bank Plc said it has committed N105 million in seven years in grants to support budding entrepreneurs in the country through its Building Entrepreneurs Today, BET, programme. Source Vanguard Read more 

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PROSHARE TECHNOLOGY

IMF, FINTECH Nigeria Meet on Boosting Financial Inclusion - The International Monetary Fund Mission Team in Nigeria today met with the Fintech Nigeria Assocation, as part of their multi-stakeholder engagement on key developments in the economy. Source Proshare Read more 

Bitcoin Bloodbath Nears Dot-Com Levels as Many Tokens Go to Zero - Bitcoin’s meteoric rise last year had many observers calling it one of the biggest speculative manias in history. The cryptocurrency’s 2018 crash may help cement its place in the bubble record books. Source Bloomberg Read more 

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