Nigeria in 1min: Economic, Business and Financial Headlines – 030818

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Friday, August 03, 2018 / 7:10 AM / Proshare News

 

PROSHARE ECONOMY

NSR H2 2018 (13) - Monetary Policy: A Classic Catch-22, Where will the Balance Tilt?- In our H1 18 Nigeria Strategy Report, we projected that over the first half of 2018, the CBN will opt for a sustained moderation in the marginal clearing rate at its OMO auctions as well as lower. Source Proshare Read more 

Nigeria H2 2018 Outlook - Navigating The Tide-  The global economy commenced the year on an upbeat note, but uncertainties around trade war concerns have steadily soured sentiments, with the possibility of dampening global growth prospects. Source Proshare Read more 

Nigeria Produced 45.74m Tons of Solid Minerals in 2017 - The States Disaggregated Mining and Quarrying Data for 2017 reflected Nigeria produced 45,748,257.14 tons of solid minerals. Ogun State produced the highest tons of solid minerals among the 36 States and the FCT. Source Proshare Read more 

Economic reforms: $84bn investments recorded in 18 months — Osinbajo - An update received from the office of the Vice President of Nigeria on the state of foreign investment inflow into the economy has indicated that about $83.9 billion worth of investments were announced between January 2017 and the end of the first quarter of 2018, Q1’18. Source Vanguard Read more 

FG generates N1.4tn from operating surplus in 11 years - More than N1.4tn has accrued to the Federal Government through the payment of operating surplus by Ministries, Departments and Agencies since the enactment of the Fiscal Responsibility Act in 2007, the Fiscal Responsibility Commission has said. Source Punch Read more 

World Bank to support Nigeria on economic growth - The World Bank has indicated its willingness to provide technical support for Nigeria in critical areas to facilitate her economic growth and development. Source Punch Read more 

External reserves lost $669m in July ― CBN - The nation’s external reserves fell by $669m last month, data from the Central Bank of Nigeria showed on Thursday. Source Punch Read more 

NPA to open eastern ports with N1bn investment – Usman - The Managing Director of the Nigerian Ports Authority  (NPA), Hadiza Bala Usman, has expressed the agency’s willingness to open up the eastern ports with N1 billion investments. Source Daily Trust Read more 

Understanding The Crisis Of Defections and APC’s Response - Comrade Adams Oshiomhole, the “factional” leader of the ruling All Progressives Congress (APC) has reportedly asked Senate President Abubakar Bukola Saraki to resign his position as Senate President. Source Punch Read more 
  

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PROSHARE REGULATORS

CBN Mops up Excess OMO Inflows as SLF Window hits a Record Zero Patronage- The Bond market remained scantily traded, with slight demand mostly on the 28s and 36s taking yields lower by c.2bps on average. The 2027 bond however weakened further by c.2bps in line with our expectations for a shift by market players towards the higher yielding maturities. Source Proshare Read more 

CBN Releases The Revised Nigeria Bankers’ Clearing System Rules- The Central Bank of Nigeria (CBN) in furtherance of its mandate for the development of electronic payments system in Nigeria, hereby issues the revised Nigeria Bankers’ Clearing System (NBCS) Rules. Source Proshare Read more 

Bank of England’s Monetary Policy Committee Voted Unanimously to Raise Bank Rate to 0.75%- The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. At its meeting ending on 1 August 2018, the MPC voted unanimously to increase Bank Rate by 0.25 percentage points, to 0.75%. Source Proshare Read more 

CPMI-IOSCO Assessment Concludes That Canada Has Broadly Implemented The PFMI- An assessment report published today concludes that Canada´s legal, regulatory and oversight frameworks for financial market infrastructures (FMIs) are generally complete and consistent with the Principles for financial market infrastructures (PFMI), with some exceptions. Source Proshare Read more 

CBN Notifies on the Revised Foreign Exchange Manual- It will be recalled that as part of a deliberate programme for the liberalization of the Foreign Exchange Market, the Bank in 2006 undertook a review of the Foreign Exchange Manual to incorporate policy changes that had taken place since its introduction in 1995 pursuant to the powers vested on the CBN via the provisions of Act 17 section 1 (2) of 1995, LFN Cap F34. Source Proshare Read more

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PROSHARE MARKETS

Nigeria’s Equities Market Closes Down in July 2018; FMDQ Admits Largest Commercial Paper Issuance- Nigerian Stock Market closed the month of July 2018 downwards as NSEASI Dipped by -3.29% as against +0.46% gain recorded in the month of June 2018 while market YTD performance returns to negative territory as it stood at -3.20% at the end of the month under review. Source Proshare Read more 

Ceo’s Speech At The Facts Behind The Listing Presentation Of Notore Chemicals Industries Plc- It gives me great pleasure to welcome you to this Facts Behind the Listing of Notore Chemicals Industries Plc. On behalf of the National Council, Management and Staff of The Nigerian Stock Exchange, I congratulate the Board and Management of Notore Chemicals Industries Plc on its successful listing on the Main Board of the Nigerian Stock Exchange. Source Proshare Read more 

Nigeria’s Equities Market Halts Downtrend as NSEASI Inches Up by 0.21%- Equities market closed today on a positive note, as NSEASI appreciated by +0.21% to close at 36,688.91 basis points as against -1.09depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.06%. Source Proshare Read more 

ALERT: NAHCO Trades 41% of Total Market Volume Today-  At the closing of trading today, a total volume of 130.59mln units of shares of Nacho Aviance Plc valued at N777.34mln was traded. Source Proshare Read more 

Lafarge Africa Plc Series 7 Commercial Paper Now Open- An investment opportunity in the Lafarge Africa Plc’s Commercial Paper (“CP”) issuance of up to N10 billion in one single tenor – a 120-day CP (“Series 7”) under its N60 billion CP Issuance Programme. Source Proshare Read more

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PROSHARE BUSINESS

FirstBank Launches ChatBANKING On WhatsApp- FirstBank has announced the launch of chat banking on WhatsApp. FirstBank customers can leverage the real-time messaging capabilities of the WhatsApp Business solution to check their account balances as well as perform simple banking queries. Source Proshare Read more 

2018 Making Business Work Report In Nigeria – The Journey So Far- Micro, small and medium enterprises (MSMEs) account for more than 90% of all registered businesses in Nigeria. They provide about 84% of jobs and contribute just under 50% of GDP to the economy. Source Proshare Read more 

UBA’s Leo launched on WhatsApp- Pan-African Financial Institution, United Bank for Africa (UBA) who recently clinched the Euromoney awards as the Best Digital Bank in Africa, is once again asserting itself as a pace setter, moving in leaps and bounds in unchartered territory. Source Proshare Read more 

Oil edges lower as supply concerns return - Oil prices edged lower on Friday after strong gains the previous day, easing on persistent supply concerns as Russia increased production in July and Saudi Arabia cut the price of crude for its Asian customers. Source Reuters Read more 

Russia Rolls Back Most of Oil Cuts as Supply Risks Worsen - Russia boosted oil production to levels not seen since it joined OPEC in a coordinated output cut, helping the group offset supply disruptions elsewhere. Source Bloomberg Read more 

China Dethroned by Japan as World's Second-Biggest Stock Market - China just lost its ranking as the world’s number two stock market. Source Bloomberg Read more 

17,000 Persons Missing in Nigeria Due to Conflicts, Says Red Cross - International Committee on the Red Cross (ICRC) has revealed that the fate and whereabouts of about 17,000 persons remain a mystery in Nigeria as a result of conflicts. Source Thisday Read more

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PROSHARE MSME

FAFINA Receives $1 million To Fund West and Southern African Agri SMEs- By 2030, it is estimated that Africa’s urban food markets will be valued at US$1 trillion. Despite this potential, the sector substantially lacks financial investment. The share of commercial bank lending to agriculture remains very low, ranging from 3% in Sierra Leone, 4% in Ghana and Kenya, 6% in Uganda, 8% in Mozambique to 12% in Tanzania. Source Proshare Read more 

DBN, LAPO Microfinance Bank to fund 10,000 MSMEs - Development Bank of Nigeria Plc (DBN), the first wholesale development finance institution in Nigeria, has partnered with LAPO Microfinance Bank Limited, to provide lending to about 10,000 Micro, Small and Medium Scale Enterprises (MSMEs), to alleviate the financial constraints they face. Source Guardian Read more  

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PROSHARE TECHNOLOGY

Quidax Launches in Nigeria- A European based company called Quidax launches her digital assets exchange in Nigeria. Their story dates to 2016 when the founders came together to create a platform that will leave a dent in the world of finance and their goal is to give opportunities to as many that want to be a part of a great story of wealth circulation. Source Proshare Read more 

Apple Becomes First U.S. Company to Hit $1 Trillion Value - Apple Inc. became the first U.S.-based company with a market value of $1 trillion, four decades after it was co-founded by Steve Jobs in a Silicon Valley garage and later revolutionized the worlds of computing, music and mobile communications. Source Bloomberg Read more 

Bitcoin Needs to Hit $213,000 to Replace Money Supply, UBS Says - Bitcoin evangelists preach that the virtual currency will one day supplant the dollar. Source Bloomberg Read more

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PROSHARE FINANCE

Nigeria’s Construction Sector in June- The month of June witnessed some noteworthy events of significant implications for the construction sector. In Nigeria, these range from the presidential assent to the 2018 budget, the federal government’s announcement of a new building code and Julius Berger’s introduction of a technology that would guarantee roads durability of in the country. On the SSA front, construction activities have shown progress ahead of the 2019 African Cup of Nation (AFCON) scheduled to be held in Cameroon. Source Proshare Read more

 

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