Nigeria in 1min: Economic, Business and Financial Headlines – 050318

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March 4, 2018 7:10 AM / Proshare News 

PROSHARE ECONOMY

What To Expect From The Markets This Week- 050318 - Certainly, the previous week was one characterised with flurry of economic data, intriguingly all of them were leading indicators; thus providing foresight on the macro picture. One of such was the Capital Importation Report. Source Proshare Read More 

Nigeria's Sticky Inflation Threatens to Frustrate Rate-Cut Hopes - Nigeria’s long-awaited interest rate-cutting cycle risks being short-lived, if it starts at all. Source Bloomberg Read More 

Foreign investors inject $10.6bn in I&E in 2 months - FOREIGN investors have injected $10.6 billion into the economy  through the Investors and Exporters (I&E) window since the beginning of the year, even as they intensified demand for Nigerian Corporate Eurobonds listed on the London Stock Exchange (LSE). Source Vanguard Read More 

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Nigeria’s Merchandise Trade Declined Marginally QoQ but Increased YoY for Q4 2017 - Total Imports value at N2, 112.3 billion in Q4 2017 was 15.1% less than Q3 2017 Figure (N2,487.8 billion) and 8.5% lower than Q4, 2016 (N2,307.6 billion). Total imports for full year 2017 stood at N9, 562.7 billion which was 8.5% lower than the 2016 trade import value of N8, 817.5 billion Source Proshare Read More 

Nigeria To Rake In N1trn From Bunkering Annually - Nigeria could generate a whopping N1 trillion ($3 billion) annually through its maritime industry from robust bunkering business if the Petroleum Industry Governance Bill (PIGB) is passed into law. Source Leadership Read More 

Adeosun urges tax payers to obtain written notice from tax officials - The Minister of Finance, Mrs Kemi Adeosun, has advised tax payers to demand for written notice when they receive phone calls from tax officials. Source Daily Trust Read More 

Thailand to establish rice mills in Nigeria – Minister - The Federal Government on Sunday announced that Thailand had commenced moves to establish rice mills in Nigeria. Source Punch Read More 

N3.17bn Federal Secretariat in Bayelsa for completion June - Barring any unforeseen contingency, the Federal Ministry of Power, Works and Housing’s secretariat complex in Yenagoa, Bayelsa State, commissioned about six years ago, is due to be completed in June this year. Source Punch Read More 

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PROSHARE MARKETS

NSEASI Records Zig-Zag Movement During The Week; Inches Up by 0.72% WoW - Equities market closed today on a positive note, as NSEASI appreciated by +0.08% to close at  42,876.23 basis points as against -1.12% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +12.11%. Source Proshare Read More 

Where is NASD in the ERGP? - The price of the product that generated the bulk of the country’s foreign exchange earnings had hit a 13 year low – there was even a threatened glut in the product itself.  Alternative industry that would have provided a buffer was closer to extinction after 20 odd years of neglect during the good (?) oil boom times. Source Proshare Read More 

Corporate Earnings for the Week Ending 020318 – SEPLAT Declares N81.11 billion PAT in Q4 2017 Result - Source Proshare Read More 

Banks fraud, forgeries rise to N5.52bn - The value of fraud and forgeries in banking sector rose to N5.52 billion at the end of June 2017 from N4.12 billion at end of December 2016, according to the Central Bank of Nigeria (CBN).Source BUSINESSDAY Read More 

Nigeria to issue N150bn green bonds in 2018 - Following increased calls for climate funding, Mr Ahmad Salihijo, a technical assistant to the Minister of Environment, said the ministry planned to issue N150 billion green bonds to the public. Source Vanguard Read More 

Oil Market Sentiment Sours Amid Global Financial Turmoil - OilPrice Intelligence Report - Oil prices held steady on Friday afternoon, but the announced sanctions on steel and aluminium imports spooked global markets. Source Proshare Read More 

NNPC incurring N774m subsidy daily — Baru - Nigerian National Petroleum Corporation, NNPC, yesterday, disclosed that it was incurring an under recovery of N774 million daily based on the questionable increase of Nigeria’s fuel consumption to 50 million litres per day. Source Vanguard Read More 

EEDC decries N1.9bn monthly revenue loss to energy theft  - Mr Chukwuemeka Ezeh, Head of Communications, Enugu Electricity Distribution Company (EEDC) has lamented the company’s N1.9 billion loss of revenue to energy thieves every month. Source Daily trust Read More 

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PROSHARE BUSINESS

#Elections2019:Rabiu Musa Kwankwanso’s Profile - Senator Rabiu Musa Kwankwanso (Born 21 October, 1956) representing Kano Central District is one of the most popular politicians, to emerge from the North-West region in the fourth republic. Source Proshare Read More 

IMF tells Ghana to adopt new revenue plan before April review - Ghana must legislate new measures to boost revenues by at least 0.5 percent of gross domestic product before the IMF reviews a $918 million credit deal next month, the Fund said. Source Reuters Read More 

South Africa fuel prices to fall in March on stronger rand - The retail price of petrol and the wholesale price of diesel in South Africa will fall on Wednesday after the rand strengthened, the energy department said on Friday. Source Reuters Read More 

Oil major Total expands in Libya, buys Marathon's Waha stake for $450 mln - French energy company Total substantially raised its presence in Libya with the purchase of a 16.33 percent stake in Libya’s Waha concessions from U.S. Marathon Oil for $450 million on Friday. Source Reuters Read More 

China Sets 2018 GDP Target at About 6.5% as Stability Push Intensifies - China set a 2018 growth target of around 6.5 percent, omitting an intention to hit a faster pace if possible, as leaders intensify their push to ensure financial stability. Source Bloomberg Read More 

World's Best Performing Macro Hedge Fund Lost 16% Last Month - The PruLev Global Macro Fund gave up almost one-third of last year’s 52 percent gain in February, after being caught out by the return of volatility. Source Bloomberg Read More 

Biggest Libya Oil Field Is Said to Stop Pumping on Pipeline Halt - Libya’s Sharara oil field stopped pumping crude oil several days after output plunged at another of the OPEC member’s biggest deposits. Source Bloomberg Read More 

Saudi Arabia Raises Size of 2016 Syndicated Loan to $16 Billion - Saudi Arabia said it’s increasing a $10 billion syndicated loan by $6 billion as the biggest Arab economy steps up borrowing to plug its budget deficit. Source Bloomberg Read More 

Tax the Wealth of Older Britons to Help the Young, Report Argues - Britain should impose higher wealth taxes on the older generation to ease the growing burden on young people, according to the Resolution Foundation. Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

Drones are helping restore power to Puerto Rico - Drones have become relatively commonplace for both recreational and commercial use. But even the commercial flyers are mainly used for taking pictures or creating maps of areas. Source Digital Trends Read More 

PROSHARE MSME

BOI earmarks N50bn for food processing as reps conduct oversight - The Bank of Industry (BoI) has set aside N50 billion for genuine food processing companies in the country to save the huge amounts in foreign exchange the country spends yearly on food imports. Source Daily Trust Read More 

SMEDAN flags up N2b CGS scheme in 6 states - The Small and Medium Enterprise Development Agency SMEDAN on Saturday in Daura, Katsina state flagged  up the pilot phase of its N2b Conditional Grant Scheme CGS for Micro Enterprises aimed at formalising micro businesses across the country. Source Daily Trust Read More 

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