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Nigeria in 1min: Economic, Business and Financial Headlines – 060718

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Friday, July 06, 2018 / 7:30 AM / Proshare News

 

PROSHARE ECONOMY

Stable Macros, Political Concerns, Cautious Markets - H2 2018 Outlook- We are pleased to share with you, the Nigeria Mid-year Outlook Report — with the theme "Stable Macros, Political Concerns, Cautious Markets". In the report, we analyse the Nigerian economy in detail, discussing the salient events that happened in H1-2018, but dwelling more on expectations for the second half of the year. Source Proshare Read more 

Nigeria to offer 12.7 bln naira mining contract to eight firms - Nigeria will offer a 12.7 billion naira ($41.6 million) mining contract to eight companies in exploration and consultancy, its junior mining minister said on Wednesday, adding both foreign and local firms were encouraged to participate. Source Reuters Read more 

Nigeria debt service burden jumps to N2trn in 2018 - Nigeria debt service burden appears to be worsening as budget office estimates an increase of around N340 billion in debt servicing cost this year. Source BUSINESSDAY Read more 

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France to invest N83.7bn in Lagos public transport - THE French Republic, yesterday, expressed readiness to support Lagos State government in its Mega City agenda through the commitment of €200 million (N83.7 billion) to set up an efficient public transportation system in the state. Source Vanguard Read more 

Indian firms to invest $100M in Cross River  - At least, one hundred million dollars will soon be injected into the Cross River State economy, Mr Rahul Mehndiratta, a representative of Avaada Concept, has said. Source Daily Trust Read more 

Firm to Invest N9.7bn on Infrastructure at MMIA - Elysium Integrated Development Company has completed plans to invest N9.720 billion ($27 million) in a mass transit transportation at the Murtala Muhammed International Airport (MMIA), Lagos. Source Thisday Read more 

Ambode: Lekki Zone export flow’ll hit over $6b - Lagos State Governor, Akinwunmi Ambode yesterday said the export inflow at the Lekki Free Zone (LFZ), is projected to hit over $6billion (about N2.159trillion) by 2020. Source THE NATION Read more 

Why we shut down N300m Agbara factory – P&G - Procter and Gamble has said that the decision to shut down its N300m diaper factory in Agbara, Lagos is strictly a business one, aimed at restructuring and making the firm more productive. Source Punch Read more 

Nigeria Imported Fish Worth $170m from Iceland, Russia, Norway in 2017 - Nigeria imported fish worth $71 million, $56 million and $43 million from Iceland, Russia and Norway respectively in 2017. Source Thisday Read more 

Nigeria Loses $30m Exports to Poor Quality Control, Packaging - Nigeria loses over $30 million in export produce annually, due to poor quality control and poor packaging. Source Thisday Read more

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PROSHARE MARKETS

Nigeria’s Equities Market Halts Three-Day Losing Streak as NSEASI Inches Up by 0.65%- Equities market closed today on a positive note, as NSEASI appreciated by +0.65% to close at 37,743.22  basis points as against -0.28% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.31%. Source Proshare Read more 

Notification Of Suspension Of Trading In The Shares Of STACO, ROYALEX and Six Others- The suspension of the above listed companies will only be lifted upon the submission of the relevant accounts and provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange. Source Proshare Read more 

Domestic and Foreign Portfolio Participation in Equity Trading – May 2018- On a monthly basis, The Nigerian Stock Exchange polls trading figures from major custodians and market operators on their Foreign Portfolio Investment (FPI) flows. The table below shows an analysis of transactions on The Exchange as at the end of May 2018. Source Proshare Read more 

Nigeria's Dangote to Consider London Cement Listing After Elections - Dangote Cement Plc, Africa’s biggest producer of the building material, may carry out its long-planned listing of shares in London after Nigerian elections early next year, as it seeks to expand through acquisitions. Source Bloomberg Read more 

AfCFTA: Dangote Cement Consumption in Africa to Attain 275.7 MT By 2030 - The removal of tariffs and non-tariff barriers under the African Continental Free Trade Area (AfCFTA) will help to speed up the expansion plans by Dangote Cement Plc in Sub- Saharan Africa and increase its consumption across 16 countries to 275. Metric tonnes by 2030. Source Thisday Read more 

NNPC pays $1b out of $5b cash call, says Baru - The Nigerian National Petroleum Corporation (NNPC) has paid $1billion out of its $5billion cash call arraers. Source THE NATION Read more 

NNPC audits retail subsidiary’s field operations - The Nigerian National Petroleum Corporation announced on Thursday that it had commenced a nationwide audit of the field operations of its subsidiary, NNPC Retail Limited. Source Punch Read more 

BP to sell Alaska oil field stake to ConocoPhillips - BP is planning to sell its stake in a large northern Alaska oil field to ConocoPhillips and increase its holdings in an offshore oil field near the United Kingdom. Source Punch Read more 

$2.1bn World Bank Concessionary Loan: Nigeria To Get $350m For Solar Projects - The World Bank has said that Nigeria would get $350 million from the $2.1 billion it recently approved for it, to push through its electrification programme expected to provide electricity for 2.5 million people and 70,000 micro, small and medium enterprises (MSMEs). Source Leadership Read more

 
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PROSHARE REGULATORS

CBN Directs Banks to Render Daily Returns on Shared Agency Network Expansion Fund Initiative - Pursuant to the decision of the Bankers‘Committee to adopt and implement the Shared Agency Network Expansion Fund initiative by the Banking Industry, aimed at accelerating the Bank’s financial inclusion program, the Bank hereby issues this regulatory requirement for data rendition for effective monitoring and evaluation purposes. Source Proshare Read more

 
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PROSHARE BUSINESS

FBNQuest Expands Financial Resource Centre in Lagos Business School- In line with its commitment to support reputable educational establishments with strong business and finance faculties, FBNQuest Merchant Bank, the merchant banking and asset management subsidiary of FBN Holdings Plc has delivered a ‘Bloomberg Room’ at the Lagos Business School – Pan Atlantic University (LBS). Source Proshare Read more 

BPMI Nigeria to Support Nigerian SMEs, Corporates in Business Process Management - The Business Process Management Institute of Nigeria has committed to supporting the development of the business process framework and operations in the first 50 SMEs, Startups and Corporates that approaches it for assistance, free of charge. Source Proshare Read more 

FAAC deadlock: Buhari to decide on NNPC — Adeosun - PRESIDENT Muhammadu Buhari, yesterday, agreed to meet officials of Nigeria National Petroleum Corporation, NNPC, over failure of the corporation to make accurate remittances to the Federal Allocation Account Committee, FAAC, in the month of June. Source Vanguard Read more 

Oil dips in nervous trading as U.S.-China trade war looms - Oil prices dipped on Friday in a nervous market ahead of a raft of import tariffs expected to be imposed later in the day by the world’s two biggest economies, the United States and China. Source Reuetrs Read more 

The New Oil Cartel Threatening OPEC  - When reports emerged that India and China are in talks about forming an oil buyers' club, OPEC was probably too busy with its upcoming June 22 meeting to concern itself with that dangerous alliance. Now, it may be time for it to start worrying. Source Proshare Read more 

From Protectionism To Prosperity  - It is a great pleasure to join the Great Exhibition of the North and to be a small part of your proud tradition of innovation and openness. Source Proshare Read more 

Saudis Lower Most Oil Pricing as Iran Taunts Trump on Tweets - Saudi Arabia cut pricing for most of its oil grades as the world’s biggest crude exporter is increasing production to assure buyers there is sufficient supply following U.S. President Donald Trump’s demands that OPEC do more to stabilize oil markets. Source Bloomberg Read more 

U.S.-China trade war heats up as tariffs take effect - U.S. tariffs on $34 billion in Chinese imports took effect as a deadline passed on Friday, and with Beijing having vowed to respond immediately in kind, the two biggest economies were set on a risky path toward a full-blown trade war. Source Reuters Read more

 
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PROSHARE TECHNOLOGY

Swiss bourse launches cryptocurrency platform - Switzerland’s stock exchange is seeking a global lead in the trading of digital assets, announcing plans for new market infrastructure which will boost the country’s credentials as a “crypto nation”. Source FT Read more 

Orange holding off Nigeria investment until mobile money regulatory tweak - A Central Bank regulation barring non-financial institutions from providing financial services in Nigeria is all that stands in the way of Orange SA f ... Source BUSINESSDAY Read more 

FG sets up panel to review broadband policy - The Federal Government has set up a committee to review the nation’s broadband policy and come up with a new one that will help to realise the yearnings of Nigerians for efficient broadband services. Source Punch Read more 

 

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