Nigeria in 1min: Economic, Business and Financial Headlines – 040418

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Wednesday, April 04, 2018 / 7:10 AM / Proshare News 

PROSHARE ECONOMY

Updated 2017 IGR Report – Osun State Grows IGR by 32.04% in FY 2017 - The National Bureau of Statistics Publishes Internally Generated Revenue at State level for 2017 Fiscal Year. Source Proshare Read More 

Pre-MPC Commentary: Will The New MPC Stick To Or Twist? - The inauguration of the new Monetary Policy Committee (MPC) is hugely welcome given the uncertainty around monetary policy since the start of the year. Source Proshare Read More 

Revamped Nigerian MPC May Make the Same Rates Call as Before - The Nigerian Monetary Policy Committee will probably leave interest rates unchanged at its first meeting of the year even though the panel has added five new members since its previous gathering in November. Source Bloomberg Read More 

N299b Abuja rail nears completion 11 years after - Eleven years after former President Olusegun Obasanjo flagged-off the Abuja Rail Mass Transit Project in an attempt to host the 2014 Commonwealth Games, the Federal Government yesterday, said the project may become operational soon. Source Guardian Read More 

‘FG must intervene urgently to save South East economy’ - The Federal Government has been called upon to come to the rescue of the South East region from impending collapse. Source Guardian Read More 

FIRS, Customs, NNPC Receive N191.34bn For Revenue Generation Cost - Three revenue generating agencies of the federal government: Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Nigerian National Petroleum Resources (through the Department of Petroleum Resources) have all received cumulative sum of over N191.34 billion as cost of revenue collection in the last 14-months Source Leadership Read More 

World Bank, FG discuss new lending framework - The World Bank and senior officials of the Federal Government on Tuesday commenced a discussion aimed at explaining new environmental and social framework that would guide the bank’s investment in Nigeria beginning from October. Source Punch Read More 

Multiple taxation affecting ease of doing business – ALTON - The Association of Licensed Telecommunications Operators of Nigeria has decried the negative impact of multiple taxation on business operations in the telecommunications industry. Source Punch Read More 

FG commits over N6.3b to Federal Polytechnic, Bali - Federal Government in its strides to providing quality tertiary education has released over N6.3billion to Federal Polytechnic, Bali. According to the Tertiary Education Trust Fund (TETFund) on Tuesday, the institution has received a total intervention disbursement of N6, 313,900billion to  enable the polytechnic construct various physical infrastructure and procure several academic facilities for science Source BUSINESSDAY Read More 

FSDH Research Forecasts a Growth in the Banking Sector Credit to Private Sector - FSDH Research expects a growth in the banking sector credit to the private sector in 2018.The improvement in the macroeconomic and business environment; improved consumers’ confidence; and the drop in the yields on the Nigerian Treasury Bills (NTBs) are the main drivers of the expected credit growth. Source Proshare Read More 

No functional tomato processor in Nigeria despite billions from FG - Nigeria’s Federal Government through the Central Bank of Nigeria (CBN) provided money running into billions of naira to Dangote Tomato, Erisco Foods, Vegefresh Group and Savannah Group to enable them process fresh tomatoes into triple concentrate, but none of them is currently doing so. Source BUSINESSDAY Read More 

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PROSHARE MARKETS

Nigerian Stock Market Records -1.56% Loss to Open The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -1.56% to close at  40,855.64 basis points as against +1.72% appreciation recorded previously. Source Proshare Read More 

Oando Commissions New Office Space: Wings Office Complex  - Oando PLC (referred to as “Oando” or the “Company”), Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, officially commissioned its new office building, the ‘Wings Office Complex’ today. Source Proshare Read More 

Slight Reversal in Bond yields as CBN holds off on OMO ahead of T-bills PMA - The bond market witnessed slight reversals from its bearish trend in the previous week, as market players cherry-picked on some high yielding bonds consequently compressing the curve by c.11bps on average. Source Proshare Read More 

Improved Margins Of Dangote Sugar Refinery Underpin Solid Earnings Growth in FY 17, Rated Overweight - Dangote Sugar Refinery (Dangsugar) finished its financial year 2017 on a high note with its recently released full year results revealing impressive earnings of N39.8 billion which almost tripled its performance in 2016 and translates to earnings per Share (EPS) of N3.31 (FY 16: N1.20). Source Proshare Read More 

PMA to Hold Tomorrow; T-Bills Indicative Rates - In the Treasury Bills (“T-Bills”) market last week, trading was largely quiet due to tight system liquidity up until Thursday where the market witnessed a mildly bullish performance on the back of improved liquidity as N189.0bn worth of matured T-Bills hit the system. Source Proshare Read More 

Nigeria adds to $42.6tr new market bank assets - Global Progress Report on Sustainable Banking Network says Nigeria remains a major contributor to the $42.6 trillion bank assets by 34 emerging markets countries. Source THE NATION Read More 

An Oil Price Rally Is Likely - Oil prices seesawed at the start of the week before jumping close to multi-year highs on geopolitical concerns, with Brent hitting $70 and WTI at $65. Source Proshare Read More 

Oil Prices Bounce Back On Geopolitical Concerns - OilPrice Intelligence Report - Oil prices have bounced back at the end of the quarter as geopolitical risk and OPEC's determination to further extend its production cut deal put a floor under prices. Source Proshare Read More 

Oil edges higher with Wall Street, Brent well below $70 - Oil edged up on Tuesday, supported by a recovery in the equities market and on a technical bounce for crude after the biggest daily percentage drop in almost a year, but Brent futures stayed well below $70 a barrel. Source Reuters Read More 

NNPC’s Refineries Contributed Only 0.55% to Nigeria’s GDP in 2016, Says Report - A study commissioned by the Nigerian Natural Resource Charter (NNRC) and conducted by the Centre for Petroleum, Energy Economics and Law (CPEEL), University of Ibadan on the contributions of the four refineries owned and operated by the Nigerian National Petroleum Corporation (NNPC) to Nigeria’s Gross Domestic Product (GDP) has showed that their average contribution was just about 0.55 per cent as at 2016. Source Thisday Read More 

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PROSHARE BUSINESS

CBN Publishes Credit Conditions Report for Q1 2018 - The availability of secured credit to households increased in Q1 2018 and was expected to increase in the next quarter. Favourable economic outlook was the major factor for the increase in the secured credit. Source Proshare Read More 

Where Is The Nigerian Opposition? - Less than a year to the next general elections in Nigeria, the biggest deficit in the political process leading to that moment is the absence of a robust, virile and effective opposition. Source Proshare Read More 

Buhari, APC governors meeting deadlocked - THE meeting between President Muhammadu Buhari and the All Progressives Congress, APC, governors yesterday, ended in deadlock Source Vanguard Read More 

NHIS Boss in Another Controversy, Ignores TSA, Moves to Invest N25bn in FGN Bonds - The Executive Secretary of the National Health Insurance Scheme (NHIS), Prof. Usman Yusuf, is embroiled in yet another controversy following his decision to invest at least N25 billion of the scheme’s funds in government securities through Cowry Asset Management Limited. Source Thisday Read More 

N5.5bn Alleged Debt: Court Suspends Hearing in Honeywell Suit - A Federal High Court in Lagos has suspended the hearing of a N5.5 billion debt case between Honeywell Flour Mills Plc, its sister companies and Ecobank Nigeria Limited. Source Thisday Read More 

Swiss Authorities Block Bank Accounts Linked to Malabu Deal - The government of Switzerland has blocked several bank accounts in the country linked to the planned bribery trial of Eni and Shell executives in Milan, Italy, as it relates to the infamous Malabu oil scam. Source Thisday Read More 

INVESTIGATION: How Lagos govt sidelined local operators for foreign company with no experience in waste collection - Brimming with confidence like the salesman of an elixir that promises to finally cure an intractable disease, the Governor of Lagos State, Akinwunmi Ambode, told participants at an environmental conference last July, that Visionscape, a foreign waste management company, was the solution to the state’s perennial refuse-collection problem. Source Premium Times Read More 

Port Harcourt: Wrapped in Soot - This article is a long-read. It was written after a trip by Stears journalist, Aisha Salaudeen, to Port Harcourt, in order to investigate the 'dark smog' covering the city. Source StearsBusiness Read More 

Afreximbank’s $1.5b facility for Zimbabwe - The African Export-Import Bank (Afreximbank) will arrange between $1 billion and $1.5 billion of funded and guarantee facilities to support businesses interested in investing in Zimbabwe, its President, has announced. Source THE NATION Read More 

South African close to 1.216 trillion rand revenue target for 2017/18 - finmin - South Africa’s Treasury is very close to meeting its revenue collection target for the just ended financial year, the Finance Minister Nhlanhla Nene said on Tuesday. Source Reuters Read More 

Sagarmatha eyes $4 bln valuation in S.Africa's first e-commerce IPO - Sagarmatha Technologies Ltd, a South African company that owns newspapers, online shopping and classified platforms, is targeting a valuation of more than $4 billion in Johannesburg’s first initial public offering of an e-commerce company. Source Reuters Read More 

U.S. escalates China trade showdown with tariffs on $50 billion in imports - The Trump administration on Tuesday raised the stakes in a growing trade showdown with China, targeting 25 percent tariffs on some 1,300 industrial technology, transport and medical products to try to force changes in Beijing’s intellectual property practices. Source Reuters Read More 

Spreading Nigerian Violence Draws Military Into Policing Role - It’s a common scene along Nigeria’s main roads -- barriers stopping cars, machine-gunners poised behind sandbags and stern-looking soldiers checking vehicle trunks and scrutinizing the faces of passengers. Source Bloomberg Read More 

Kenya Pipeline Plans Cooking-Gas Plants Worth $125 Million  -  Kenya Pipeline Co. plans to build facilities worth $125 million to handle and store liquefied-petroleum gas with a view to boosting cooking-gas use in the rapidly urbanizing nation, Managing Director Joe Sang said. Source Bloomberg Read More 

Ghana Plans to Sell Stakes in Thermal-Power Plants to Cut Debt - Ghana will sell stakes in three thermal power plants as it seeks to cut state-owned companies’ debt and boost electricity production following years of outages that hurt investor confidence. Source Bloomberg Read More 

Tunisia's Dinar Must Weaken Further to Boost Economy, IMF Says - Tunisia’s dinar must weaken further this year if the North African country is to boost exports and revive an economy battered by political upheaval since its 2011 uprising, the International Monetary Fund said. Source Bloomberg Read More 

U.A.E. Says Oil Cuts Removed ‘85% of the Problem’ of Oversupply - The global deal to rein in oil output has removed “85 percent of the problem” of oversupply, and OPEC and allied producers are seeking ways to cooperate after the agreement ends, according to United Arab Emirates Energy Minister Suhail Al Mazrouei. Source Bloomberg Read More 

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PROSHARE FINANCE

Jaiz Bank And Islamic Development Bank Sign $20m SMEs Financing Deal - Jaiz Bank Plc and Islamic Corporation for the Development of Private Sector (ICD), the development arm of Islamic Development Bank (IDB), yesterday signed a $20 million line of agreement to finance Small and Medium Sized Enterprises (SMEs) in Nigeria. Source Proshare Read More 

PROSHARE TECHNOLOGY

MainOne to invest $300m in communication infrastructure - Chief Executive Officer of MainOne, Funke Opeke, has said that the company plans to invest an additional $300 million to enhance communication infrastructure across West Africa over 10 years. Source THE SUN Read More 

The Bank of England is testing blockchain tech to support domestic payments - The Bank of England said last week that it’s currently working on a “proof of concept” to see if its real-time gross settlement (RTGS) service will benefit from blockchain technology. Source Digital Trends Read More 

The State of ICO Regulation Around The World: An Update - Initial coin offerings (ICOs) have been all the rage these past years raising an estimated US$4 billion globally. An increasing number of startups, in the blockchain space and beyond, are opting for the novel fundraising method instead of traditional venture capital. Source Proshare Read More 

Fifteen Applications Of AI And Machine Learning In Financial Marketing - AI and machine learning are making the customer experience more personalized and contextual than ever before. Banks and credit unions are using advanced technology to make websites, emails, digital advertising, social media and other content more efficient and effective. Source Proshare Read More 

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PROSHARE MSME

FIRE Africa Grants - Submission Of Grants Proposals For 2018 Closes on April 6 - The FIRE Africa Grants will be open between 5th March and 6th April. A total of $58,000 USD in funding will be available across two (2) categories. Source Proshare Read More 

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