Nigeria in 1min: Economic, Business and Financial Headlines – 040918

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Tuesday, September 04, 2018 / 7:10 AM / Proshare News

 

PROSHARE ECONOMY

Nigeria’s external debt rises by $11.77bn in three years - Nigeria’s external debt commitment rose by $11.77bn in the last three years, investigation has shown. Source Punch Read more 

China's Xi offers another $60 bln to Africa, but says no to "vanity" projects - Chinese President Xi Jinping offered another $60 billion in financing for Africa on Monday and said Chinese companies will be encouraged to invest no less than $10 billion over the next three years, but he also warned against “vanity projects”. Source Proshare Read more 

Chinese firm to secure $2.38bn for Ajaokuta-Kano pipeline project - China National Petroleum Corporation says that it will secure the financing required for the execution of the Ajaokuta-Kaduna-Kano pipeline project. Source Punch Read more 

Edo signs pact with Chinese firm to build Benin port - The Edo state government on Monday signed an agreement with a Chinese firm, China Harbour Engineering Company (CHEC) to build a port on the Benin River. Source Daily Trust Read more 

Chinese oil firm agrees to secure funds for NNPC’s $2.8bn AKK project - China National Petroleum Corporation (CNPC) has assured the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, of its unflinching commitment towards securing funding for the successful financing and subsequent execution of the Ajaokuta-Kaduna-Kano (AKK) pipeline project. Source Daily Trust Read more 

External reserves drop by $1.2bn - The nation’s foreign exchange reserves fell by $1.2bn in one month, latest data from the Central Bank of Nigeria showed on Monday. Source Punch Read more 

Low GDP Growth Rate in Nigeria: A New Norm? - The real Gross Domestic Product (GDP) growth rate of 1.50% recorded in Q2 2018 was below the expectations of most analysts. The GDP numbers reflect the impact of the rising uncertainties in the country. Source Proshare Read more 

Average of 81,561MWh of Energy Generated Daily in Q2 2018 - NBS - The power generation statistics for Q2 2018 reflected that a total average of 81,561 MWh of energy was generated daily by power stations. Source Proshare Read more 

FG extends Lagos-Ibadan Expressway project completion date to Dec 2019 - There are indications that the completion date for the Lagos-Ibadan Expressway project has been extended by another one year to accommodate additional work already approved by the Federal Government. Source Punch Read more 

EU Commits €138m to Fund Development in Lake Chad Region - The European Union yesterday announced the release of the sum of €138 million to assist vulnerable communities in Nigeria, Niger, Chad and Cameroon, saying the condition of people in the region has continued to get worse due to prolonged violence, insecurity and environmental degradation. Source Thisday Read more 

Nigeria, Volkswagen Sign Pact to Develop Automotive Industry - In a landmark development that will revive the automotive industry, the Minister of Industry, Trade and Investment, Dr. Okey Enelamah, has signed a Memorandum of Understanding (MoU) with the Volkswagen Group to develop a joint vision for an automotive hub in the country. Source Thisday Read more

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PROSHARE MARKETS

Bearish Sentiments Persist in Bond Market, amid Bargain Hunting by Local RMCs - Bearish sentiments persisted in the bond market in the first trading day of the new month, as initial selloffs from some offshores mostly on the 2027s and 2034s, widened spreads significantly at the start of the trading session. Source Proshare Read more 

NSEASI Records -0.03% Marginal Loss to Open The Week Negative; Market Extends Losing Streak - Equities market closed today on a negative note, as NSEASI depreciated by -0.03% to close at 34,837.50 basis points as against -0.68% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -8.91%. Source Proshare Read more 

Lafarge Africa Loan Restructuring - Silver Lining Or Same Old Story - Lafarge Africa Plc recently released an explanatory note to shareholders on its planned debt restructuring of its parent company’s loan ahead of the extraordinary meeting wherein the company expect to receive approval for its premeditated N90 billion rights issue. Source Proshare Read more 

Forte Oil Plc: Will Planned Divestment Unlock Value? - Having received approval from its shareholders in May 2018 to dissolve its subsidiaries, FO released its first financials detailing the performance of both the continuing and the discontinued operations Source Proshare Read more 

Money Market Rate Decreased Marginally Last Week as Overnight Rate Fell to 6.83% - The money market rate decreased marginally last week as the Overnight rate (OVN) and Open Buy Back rate (OBB) fell to 6.83% and 6.00% respectively. Source Proshare Read more 

Forex irregularities scare marketers off kerosene importation - Oil marketers in Nigeria are still reluctant to resume the importation of Dual Purpose Kerosene (DPK), after abandoning the venture for over two years on the grounds of unprofitability. Source Guardian Read more 

Customs intercepts N1.5bn petrol set for Benin Republic through Ogun creek - The Nigerian Customs Service, Federal Operations Unit, (FOU), Zone ‘A’ Ikeja at the weekend intercepted N1.5 billion worth of petroleum products on the verge of being smuggled to Benin Republic. Source Guardian Read more

 
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PROSHARE BUSINESS

Banks, MTN Engage CBN Over $8.1b Fine; Factually Incorrect Premises Highlighted - Sequel to the order by the CBN which directed four commercial banks, namely Standard Chartered Bank, Stanbic IBTC Bank, Citi Bank and Diamond Bank to pay fines totaling N5.3b as well as refund alongside MTN, the sum of $8.1b said to have been repatriated illegally, banks have begun engaging the CBN to state their sides of the story. Source Proshare Read more 

Ecobank Launches Emerald Business Club - Ecobank Nigeria has launched its ‘Emerald Business Club,’ an electronic platform aimed at offering convenience, accessible banking services especially to small and medium size enterprises, local corporates and various clients in the commercial sector. Source Proshare Read more 

Africa Becomes CISI's Fastest Growing Market Following Deal With CIBN - Africa Becomes CISI's Fastest Growing Market Following Deal With Chartered Institute Of Bankers Of Nigeria - CISI And Chartered Institute Of Bankers Of Nigeria Announce Cooperation Agreement Source Proshare Read more 

Ghana is considering $50 bln century bond to finance infrastructure development - Ghana is considering a century bond worth $50 billion as part of the West African nation’s plan to secure long-term funding to build critical infrastructure for industrial development, its leader said. Source Proshare Read more 

U.S. oil prices rise as Gulf oil rigs evacuated ahead of hurricane - U.S. oil prices rose on Tuesday, breaking past $70 per barrel, after two Gulf of Mexico oil platforms were evacuated in preparation for a hurricane. Source Reuters Read more 

Crude oil sells at $78.24 as output peaks - Members of the Organisation of Petroleum Exporting Countries (OPEC) last month produced 32.74 million barrels of crude oil per day, as price rose sharply to $78.24. Source Guardian Read more 

Turkey Central Bank Vows to Take Action After Inflation Hits 18% - Soaring inflation is putting pressure on Turkey’s central bank to raise interest rates next week, even as investors and analysts questioned whether the institution will defy President Recep Tayyip Erdogan’s demand to keep cheap credit flowing to the Turkish economy. Source WSJ Read more 

SocGen Expects to Pay About $1.4 Billion in Penalties Tied to U.S. Sanctions - Société Générale SA (GLE.FR) expects to pay roughly 1.2 billion euros ($1.39 billion) in penalties to settle an outstanding dispute with U.S. authorities over transactions that involve countries subject to sanctions. Source WSJ Read more

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PROSHARE MSME

CBN to disburse N220bn to Enterprises Development Fund - The Central Bank of Nigeria (CBN) said it had set aside N220 billion to be disbursed as loans to cooperative organisations under Micro Small and Medium Enterprises Development Fund (MSMEDF). Source Vanguard Read more

 
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PROSHARE REGULATORS-

CBN returns N65bn excess charges in 7 years - The Central Bank of Nigeria, CBN, said it has returned to N65 billion excess charges deducted from bank customers’ account in 7 years. Source Vanguard Read more

 

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