Nigeria in 1min: Economic, Business and Financial Headlines – 030118

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January 3, 2017 7:10 AM / Proshare News 

PROSHARE ECONOMY

2018 Nigerian Economic Outlook: 10 Things to Watch - It’s a new year and a defining one for Nigeria, as it is the pre-election year that will herald the 2019 general elections. Source Proshare Read More 

The FDC 2018 Periscope – The Good, The Bad and The Annoying - 2017 was a distinct year. On one hand, Nigeria boasts of the 2nd lowest cost of living in the world, but on the other hand it has the 20th highest death rate. Source Proshare Read More 

Sirika: $400m Needed to Complete Abuja Airport New Terminal  - The Minister of State for Aviation, Mr. Hadi Sirika, Tuesday disclosed that the new terminal currently under construction at the Nnamdi Azikiwe International Airport, Abuja would need additional $400million to $500 million to fully function. The minister hinted this when he visited the airport for the inspection. Source Thisday Read More 

International Monetary Fund Revises Nigeria’s Gross Domestic Product Growth Upwards - The International Monetary Fund (IMF) has revised its projections for Nigeria’s growth to 2.1% from 1.9%. Source Proshare Read More 

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Combined Unemployment and Underemployment Spike to 40%, Misery Index at 55.9 - Nigeria’s unemployment rate rose to 18.8% in Q3 2017, from 16.2% in Q2 and 13.9% in Q3’16. This is also the 11th highest unemployment rate in the world. Source Proshare Read More 

PMI Reading No 57: A Seasonal Surge - Our manufacturing Purchasing Managers’ Index (PMI), the first in Nigeria, rose strongly in December to 68.7 from 60.1. Our partner, NOI Polls, has gathered and compiled the data. Source Proshare Read More 

France invests N150 billion in Nigeria - The Ambassador of the Federal Republic of Nigeria to France, Dr. Modupe Irele, on Tuesday announced that France invested about N150 billion ( 350 million euros ) in Nigeria in 2017. Source THE NATION Read More 

Lagos targets N720bn IGR in 12 months - To successfully drive the implementation of the N1.046 trillion 2018 Lagos’ budget proposal, the state is targeting an approximately N720.123 billion Internally Generated Revenue (IGR), representing about 80 percent of the total revenue expected to accrue to government’s coffers (including federal transfers) in the course of the year. Source BUSINESSDAY Read More 

World Bank releases N600m grant to Kwara community - The Acting General Manager, Kwara State Community and Social Development Agency, Alhaji Yahaya Ahmed, says the agency has accessed over N600m from the World Bank for community and social development projects. Source Punch Read More 

Tin Can records 150% increase in agro exports - A total of 161,285.72 metric tonnes of agricultural products were exported through Tin Can Island Port in 2017, representing over 150 per cent increase from the 55,000 metric tonnes processed through the port in 2016. Source Punch Read More 

Abuja- Kaduna rail passengers to pay more as FG readies 12 more coaches - The Federal Government is readying 12 more coaches and locomotives for the Abuja-Kaduna rail line to improve efficiency and reduce corruption at rail stations. Source BUSINESSDAY Read More 

NPA, oil companies rift threatens Engina FPSO production schedule - Unless nipped in the bud, the threat by the Nigerian Ports Authority (NPA) to bar the Total Engina Floating Production Storage (FPSO) from entering Nigeria over Total’s refusal to use local towing services could upset the programme to ramp Nigeria’s crude output by 200,000 barrels per day (bpd) this year. Source BUSINESSDAY Read More 

Fed Rate Hikes Expected to Hurt Car Sales in 2018 - As automakers seal their first annual United States sales decline since 2009, expectations for more interest-rate hikes are contributing to the nearly unanimous view that car demand will drop again in 2018. Source Thisday Read More 

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PROSHARE REGULATOR

E-dividend Registration to Continue – SEC Nigeria - The Securities and Exchange Commission (SEC Nigeria) has announced that the e-dividend registration exercise would continue seamlessly in spite of the expiration of the December 31st 2017 Free registration deadline Source Proshare Read More 

NSE Calls for Comments and Drafting of Rules on the Derivatives Market - The Exchange, in line with its strategic objective to increase the number of asset classes traded on its platform, is working on introducing Exchange Traded Derivatives (ETDs) in the Nigerian capital market. Source Proshare Read More 

PROSHARE MARKETS

NSEASI Records 0.06% Gain; Opens Year 2018 on a Positive Note - Equities market closed today on a positive note, as NSEASI appreciated by +0.06% to close at 38,264.79 basis points as against +0.66% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +0.06%. Source Proshare Read More 

GTI Top-5 Weekly Stock Picks - 020118 - The equity market undulated in the period under review and was essentially driven by festive season’s activities. Source Proshare Read More 

CBN to Sell N149bn Treasury bills in its first PMA for the year - The bond market opened the year on a very quiet note, with some sell witnessed on the 2021 bond due to the relatively higher valuation of the bond. Source Proshare Read More 

Ahead of Next T-bills Auction Scheduled 3rdJanuary, 2018 - The Central Bank of Nigeria (CBN) is scheduled to hold the first Treasury Bills (T-Bills) Primary Market Auction (PMA) for 2018 on the 3rd of January 2018. Source Proshare Read More 

Union Bank Plc Announces Results of Its Rights Issue - Union Bank Plc Announces the result of the Rights Issue of 12,133,646,995 Ordinary Shares of 50 Kobo each on the basis of Five (5) New Ordinary Shares for every Seven (7) Ordinary Shares at N4.10 Kobo per share Source Proshare Read More 

DANGFLOUR, DIAMONDBNK Are Likely Incoming Stocks in NSE Market Indices - The Nigerian Stock Exchange (NSE or “The Exchange”) is pleased to announce the review of the NSE-30, and the seven sectoral indices of the Exchange, which are NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas, NSE Pension and the NSE Lotus Islamic Indices. Source Proshare Read More 

Global ETFs in 2017 - Every major country ETF in the world was positive in 2017 with an average return of 28%.  Source Proshare Read More 

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FMDQ records N130.17t turnover in 11 months - FMDQ OTC Securities Ex change recorded a turnover of N130.17 trillion in the first 11 months of 2017, according to provisional data provided by the over-the-counter platform for debt securities. Source THE NATION Read More 

10 Banks Facilitate N93trn Investment in Fixed Income Securities, Currency - Stanbic IBTC Bank Plc, Access Bank Plc, Ecobank Nigeria Limited led the top 10 banks that facilitated investment in fixed securities and currency valued at N93.36 trillion on the FMDQ OTC Securities Exchange between January and November 2017. Source Thisday Read More 

‘Investors, exporters forex window records $1b weekly turnover’ - The Investors’ & Exporters’ (I&E) Forex Window launched by the Central Bank of Nigeria (CBN) in April last year now attracts weekly transaction volume worth $1 billion, a report released yesterday by FBN Capital, said. Source THE NATION Read More 

Naira begins the year with loss at investors window - The foreign exchange market resumed trading on Tuesday after Christmas-New Year holiday with the nation’s currency trading at a loss at the investors and exporters forex window. Source BUSINESSDAY Read More 

FG rakes in N7.3bn from savings bond - The Federal Government raised a total of N7.3bn from the FGN Savings Bond in 2017, the Debt Management Office data showed on Tuesday. Source Punch Read More 

Nigeria’s monthly oil export to US rises by 56% - The export of Nigerian crude oil to the United States rose by 56 per cent to 13.67 million barrels in October last year, the highest level since February 2013. Source Punch Read More 

Nigeria’s Bonny Light crude oil hits $67.10 a barrel - The price of Nigeria’s Bonny Light crude oil reached $67.10 per barrel to emerge the highest priced product among members of Organisation of the Petroleum Exporting Countries (OPEC). Source Guardian Read More 

Subsidy removal caused fuel scarcity – DAPMAN - MAJOR players in the oil industry Tuesday attributed the fuel scarcity witnessed in different parts of the country during the Christmas festival to the increase of crude in international market and the removal of subsidy. Source Vanguard Read More 

We can’t sell petrol at N145 per litre, marketers tell FG - The Chairman of Depot and Petroleum Marketers Association of Nigeria (DAPMAN), Mr. Dapo Abiodun,  yesterday, told the Federal Government that petroleum marketers  could no longer sell petrol at N145 per litre. Source THE SUN Read More 

Nigeria earns N398bn from LNG, cooking gas exports - Nigeria earned N397 billion from the export of Liquefied Natural Gas, LNG and Liquefied Petroleum Gas, LPG, also known as cooking gas, in the third quarter of 2017, data obtained from the National Bureau of Statistics, NBS, has revealed. Source Vanguard Read More 

Global coal demand to hit 5.534bn tonnes by 2022- IEA - The International Energy Agency, IEA, has said that global coal demand will be subdued over the next five years, growing at just 0.5 percent a year, marginally higher than current levels, due to lower consumption in China. Source Vanguard Read More 

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PROSHARE BUSINESS

China's central bank lifts yuan mid-point to highest since May 2016 - China's central bank lifted its official yuan midpoint CNY=PBOC to the highest level in over 1-1/2 years to 6.4920 per dollar on Wednesday, breaching a key threshold, reflecting broad dollar weakness and solid spot yuan performance. Source Reuters Read More 

Sudanese parliament passes 2018 budget with 2.4 pct deficit - Sudan’s parliament passed its 2018 budget on Sunday and projected a budget deficit of 2.4 percent of GDP, state minister for finance Abdel-Rahman Dirar told Reuters. Source Reuters Read More 

Tunisia raises fuel prices in push to reduce deficit - Tunisia announced on Sunday the second increase in fuel prices in six months, raising the price of petrol by 2.85 percent as the government tries to rein in the budget deficit. Source Reuters Read More 

Egypt to keep customs exchange rate at 16 pounds in January - Egypt will keep its customs exchange rate steady at 16 pounds per dollar for January, the finance ministry said on Sunday. Source Reuters Read More 

U.S. blocks MoneyGram sale to China's Ant Financial - A U.S. government panel rejected Ant Financial’s acquisition of U.S. money transfer company MoneyGram International Inc (MGI.O) over national security concerns, the companies said on Tuesday, the most high-profile Chinese deal to be torpedoed under the administration of U.S. President Donald Trump. Source Reuters Read More 

Oil prices close to mid-2015 highs, but doubts over further rises loom - Oil prices were stable on Wednesday, not far off mid-2015 highs reached the previous session, as strong demand and ongoing efforts led by OPEC and Russia to curb production tightened the market. Source Reuters Read More 

California Legalization Has Canadian Pot Stocks Smoking - Long line ups to buy marijuana in California and a new ETF sent Canadian pot stocks roaring into the new year. Source Bloomberg Read More 

Ugandan Leader Signs ‘Life Presidency’ Legislation Into Law - Ugandan President Yoweri Museveni signed a controversial law that abolishes an age limit of 75 for candidates seeking to lead the country, positioning him to potentially extend his three-decade rule. Source Bloomberg Read More 

Asia's Top-Performing Currency Is Still Raring to Go in 2018 - After rounding off its best year in more than a decade, Asia’s top-performing currency is still raring to go in 2018. Source Bloomberg Read More 

Russia's Oil Friendship With China Makes Crude Costly for Europe - Europe’s set to be stuck with a higher oil bill as Russia shifts more of its supply to the Chinese oil market. Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

Amazon says over 5 billion items shipped in 2017 via Prime - Online retailer Amazon.com Inc (AMZN.O) said on Tuesday it shipped over 5 billion items worldwide via its subscription based Prime service in 2017 while adding more new members than ever before. Source Reuters Read More 

Spotify hit with a $1.6 billion lawsuit over Tom Petty, Neil Young songs - Spotify’s 2018 is off to a rocky start as it emerged the company has been hit with a $1.6 billion lawsuit brought by a major music publisher. Source Digital Trends Read More 

Venezuela and Russia Move Forward With Laughable Dive Into the Dirty Business of Cryptocurrencies - Venezuela and Russia both have economies that are heavily dependent on the price of oil. Both countries are dealing with economic sanctions imposed by the United States. And in the past few days, both countries began moving forward with an official state cryptocurrency. Source Digital GIZMODO Read More 

PROSHARE MSME

TEF Accepting Applications for the 2018 $100m Entrepreneurship Development Programme - Africa’s largest philanthropy supporting entrepreneurship – The Tony Elumelu Foundation (TEF) is now accepting applications for business ideas that can transform Africa. Source Proshare Read More

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