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Nigeria in 1min: Economic, Business and Financial Headlines – 040718

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

PROSHARE ECONOMY

Nigerian Financial Institutions National Scale Ratings Revised After Criteria Update- S&P Global Ratings today reviewed its national scale ratings on Nigeria-based financial institutions, which it had placed under criteria observation (UCO) after the revision of its national scale rating criteria and the subsequent recalibration of its mapping table for Nigeria. Source Proshare Read more 

Year-On-Year Inflation Set To Fall Again To 11.1% but Monthly Inflation to Spike- Nigeria’s headline inflation is likely to slip 0.51% to 11.1% in June, making it the 17th consecutive monthly decline. Like most Sub-Saharan African economies, Nigeria’s rate of inflation is now coming close to the African average of 10%. Source Proshare Read more 

Nigeria National Scale Ratings Raised To 'ngA and ngA-1' On Criteria Change- On July 2, 2018, S&P Global Ratings raised its long- and short-term national scale ratings on Nigeria to 'ngA/ngA-1' from 'ngBBB/ngA-2' and removed the under criteria observation (UCO) designation from the ratings. Source Proshare Read more 

Nigeria gets $475m grants from France - Nigeria and France Tuesday signed agreements for the provision of development grants to fund various projects worth $475 million, about N14.5b in Nigeria. Source BUSINESSDAY Read more 

Domestic debt servicing gulped N923.3bn in three months –DMO - The Federal Government spent a total of N923.3bn on servicing domestic debts in the first three months of the year, statistics obtained from the Debt Management Office have shown. Source Punch Read more 

Contributory pension scheme records 8.02 million participants - The number of workers with Retirement Savings Accounts under the Contributory Pension Scheme rose to 8.02 million at the end of April this year, figures released by the National Pension Commission on Monday showed. Source Punch Read more 

Insurers Secure Tax Refund of N1bn from FG, States - The Nigeria Insurers Association (NIA) said it secured a tax refund of over N1 billion and realised a total of N500 million as contributions from all its members in 2017. Source Thisday Read more 

Submarine cable investments hit $2.2tn, says FG - Investments in submarine cables in the country have risen to $2.2tn, the Federal Government has said. Source Punch Read more 

Sugar Prices Declined By 2.94% to $0.1189 Per Pound  - Source Proshare Read more 

Nigeria’s cocoa processors squeezed as debts hit N50bn - Despite the Federal Government’s export drive initiative, Nigeria’s cocoa grinding has slumped to less than 20 percent of installed capacity of processors, as a N50 billion debt burden cripples activities in the sub-sector, BusinessDay investigations have shown. Source BUSINESSDAY Read more 

Moody’s sees Africa–China trade threatened by consumption growth shift - The trade volume of about $170 billion between China and Africa in 2017 makes China the largest trading partner of Africa. Source BUSINESSDAY Read more 

Firm to invest N8.235billion in ground transport at Lagos airport – FG - The Minister of state for aviation, Sen. Hadi Sirika has disclosed that a private firm, Elysium Integrated Development Company, has indicated interest to invest $27milion (N8.235bn) in a mass transit ground transportation structure at the Murtala Muhammed Airport, Lagos. Source Daily Trust Read more 

2018 FG Budget Extended Analysis: New Projects Inserted by NASS - Source Budgit Read more

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PROSHARE MARKETS

Stock Market Closes Q2 2018 in Red; FMDQ Unveils Clearing Infrastructure- Nigerian Stock Market closed the month of June 2018 with a gain as NSEASI Inches up by +0.46% as against -7.67% loss recorded in the month of May 2018 while market YTD performance returns to positive territory as it stood at +0.09% at the end of the month under review. Source Proshare Read more 

Equities Market Maintains Downtrend as NSEASI Sheds -0.90% Amid Negative Breadth- Equities market closed today on a negative note, as NSEASI depreciated by -0.90% to close at 37,605.12  basis points as against -0.87% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.67%. Source Proshare Read more 

July 2018 FGN Savings Bonds Offer for Subscription – Debt Management Office on behalf of the Federal Government of Nigeria Offers for Subscription and is authorized to receive applications for the Federal Government of Nigeria Savings Bond at the following interest rates. Source Proshare Read more 

Forex Market Gets $210m Lift from CBN - In its desire to ensure liquidity in the foreign exchange market to meet customers’ requests in various segments of the market, the Central Bank of Nigeria (CBN) has again injected the sum of $210million into the inter-bank Foreign Exchange Market. Source Proshare Read more 

Dangote inaugurates mega cement warehouse in Owerri - A mega cement warehouse located at the Industrial Layout, Onitsha Road, Owerri, capital of Imo State, to serve corporate outfits and people of the Southeast and other zones in the country, was on Monday, opened for commercial use. Source Guardian Read more 

NNPC says Nigeria will increase crude oil reserves by one billion barrels yearly - The Nigerian National Petroleum Corporation (NNPC) has said that the country will increase crude oil reserves by one billion barrels yearly to meet 40 billion barrels target by 2020. Source Guardian Read more 

NNPC seeks capital market funds for oil projects - The Nigerian National Petroleum Corporation is planning to raise money from the capital market to finance oil projects across the country. Source Punch Read more 

$10.3tr investment needed to meet global oil demand – OPEC - The Oil-Producing Exporting Countries (OPEC) yesterday disclosed that a whopping $10.3 trillion investment would be required to meet the 15 million barrels per day (mb/d) projected increase in global oil demand from 94.5 mb/d in 2016 to 111.1 mb/d in 2040. Source SUN Read more

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PROSHARE BUSINESS

In Defence Of The Fulani In Our Midst- In the last two weeks, over 200 persons in Plateau state were reportedly killed by Fulani herdsmen, 45 villages were ransacked and sacked and those villages we are told have been taken over by Fulanis, and the original owners have had to flee from their homes. Source Proshare Read more 

Ten African nations face $1 trillion infrastructure funding gap - A group of 10 African nations, including some of the continent’s rising economic stars, will fall $1 trillion short of the infrastructure financing required to meet U.N. development goals by 2040, a study released on Tuesday found. Source Reuters Read more 

Africa's Ecobank plans dollar bond after investor meetings - Ecobank has mandated international lenders to arrange investor meetings in Britain and the United States, after which it plans to issue a five-year dollar-denominated bond, the African bank said on Monday. Source Reuters Read more 

Oil prices edge up as U.S. supply tightens, Iran sanctions loom - Oil prices edged up on Wednesday following a report of tightening U.S. fuel inventories amid an outage at Syncrude Canada oil sands facility in Alberta, which usually supplies the United States. Source Reuters Read more

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PROSHARE MSME

The Secured Transaction in Movable Assets Act and MSMEs Financing- Micro, small and medium-sized enterprises (MSMEs) represent 96% of Nigerian businesses, so it is crucial to support their growth and innovation. One of the most important difficulties facing MSMEs is Access to Finance. Source Proshare Read more 

#UnitedNationsMSMEsDay2018: LeapWorld leads discourse on Entrepreneurship -  As part of its commitment to the development and growth of MSME’s in Nigeria, LeapWorld in partnership with the United Nations Industrial Development Organization(UNIDO), celebrated the international MSMEs day on Wednesday, June 27, 2018, themed “The Youth Dimension”. Source Proshare Read more
 
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PROSHARE TECHNOLOGY

Trends set to Impact Nigeria’s Banking Industry- The Nigerian Banking Ecosystem is changing. Increase in the use of the internet as well as the rise of cutting edge technological innovations in the financial services sector is shaping the advent of Digital Banks. Source Proshare Read more
 

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PROSHARE FINANCE

PenCom recovers N14bn unremitted contributions to pension accounts - THE National Pension Commission (PenCom), has recovered unremitted contributions with interest penalty from the private sector amounting to N14billion. Source Vanguard Read more

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