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Nigeria in 1min: Economic, Business and Financial Headlines – 061217

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December 6, 2017 7:30 AM / Proshare News 

PROSHARE ECONOMY

The Legislative Passage of The 2018 to 2020 Fiscal Strategy Paper - The 2018 to 2020 medium term expenditure frame work was passed by the senate on Tuesday 5th October 2017 to law. Source Proshare Read More 

2018 Budget Passes 2nd Reading - The 8th Senate has passed the Second Reading of the 2018 Appropriation Bill. The Bill has been forwarded to the Committee on Appropriations and its various sub-committees for further consideration and budget defence by the various ministries, departments and agencies of the Federal Government. Source Proshare Read More 

Foreign reserves hit 3-year high at $38.2bn - The Central Bank of Nigeria (CBN) has disclosed that the nation’s foreign reserves has reached $38.2 billion, the only time in nearly three years. Source Daily Trust Read More 

2,478 Road Traffic Crashes Recorded in Q3 2017 - NBS - The Q3 2017 road transport data reflected that 2,478 road crashes occurred in Q3 2017. Speed violation is reported as the major cause of road crashes in Q3 and it accounted for 44.51% of the total road crashes reported. Source Proshare Read More 

W’Bank gives Nigeria N107.4bn loan for rural electrification - The World Bank on Tuesday announced the provision of a $350m loan (N107.4bn at the official exchange rate of N307 to a dollar) for the development of rural electrification projects in Nigeria Source Punch Read More 

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IATA projects global aviation profit to hit $38.4bn - The International Air Transport Association says the global industry net profit will rise to $38.4bn in 2018. Source Punch Read More 

U.S. businesses in Nigeria paid N34.4b tax in 2016 - A recent Economic Impact Survey of United States companies in Nigeria has shown that such business interests have contributed over N34.4 billion to the nation’s tax revenue in 2016, even as the firms have expressed commitments towards deepening their investments in the country. Source Guardian Read More 

Nigeria loses N175bn to medical tourism –ex-Health Minister - The Former Minister of Health, Prof Onyebuchi Chukwu, has said that Nigeria was losing about N175 billion annually to medical tourism. Source THE SUN Read More 

PROSHARE REGULATORS

CBN to Draft Framework on Credit to SMEs - The Central Bank of Nigeria (CBN) has disclosed plans to draft a framework on credit to Small and Medium Enterprises (SMEs) aimed at improving credit to the sector. This was disclosed by the Governor, Mr. Godwin Emefiele, at a strategy meeting with selected Development Finance Institutions (DFIs) and other stakeholders, on enhancing access to credit to SMEs in the country. Source Proshare Read More 

SEC to Resume Oando Forensic Audit from Wednesday - In a nod to the U-turn made by the Minister of Finance, Mrs Kemi Adeosun, to allow the forensic audit into the activities of Oando Plc to go ahead, the Securities and Exchange Commission (SEC) Tuesday said that the audit will resume from Wednesday in the company’s office. Source Thisday Read More

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PROSHARE MARKETS

NASD OTC Introduces its Enterprise Portal to Market Stakeholders - As part of efforts in deepening the OTC market in Nigeria, the NASD OTC Exchange today introduced its Enterprise Portal to capital market stakeholders in Lagos.  Source Proshare Read More 

NSEASI Closes Above 38,000bpts as Market Maintains Uptrend - Equities market closed today on a positive note, as NSEASI appreciated by +1.37% to close at 38,494.43 basis points as against +0.08% appreciation recorded previously. Source Proshare Read More 

Bond yields drop as Senate approves the FG’s MTEF - The Bond market maintained its bullish bias in today's session with demand witnessed mostly from offshore clients on the 10- and 20-yr bonds. Average bond yields consequently declined by 10bps to 14.61%, with the 2037 bond recording the highest price gain of c.70k. Source Proshare Read More 

Q3: Foreign Portfolio Investments Jump 259% on Renewed Demand for Equities - Foreign Portfolio Investment (FPI) jumped by 259.2 per cent in the third quarter(Q3) ended September 30, 2017 to $2.77 billion, which is a consolidation on the increase recorded in second quarter of 2017 (Q2-17). Source Thisday Read More 

Lafarge Africa’s N131bn right issue biggest in NSE history - Lafarge Africa Plc has announced its plan to raise N131.65 billion through right issue of N3,097 billion ordinary shares of 50 kobo each at N42.50 per share on the basis of 36 new shares for every nine ordinary shares held. Source Daily Trust Read More 

Naira Stability, Policy Stability - Today’s chart highlights the average official (interbank) and bureaux de change exchange rates over the past two years. Fx scarcity and therefore a large rate differential marked the period through to Q1 2017 when the CBN started to experiment with multiple currency practices (MCP).  Source Proshare Read More 

CBN pumps $210m into forex market - The Central Bank of Nigeria (CBN) yesterday injected $210 million into the foreign exchange market to sustain its liquidity. Source THE NATION Read More 

Lending at risk with CRR near 40% for some banks - Some Nigerian deposit money banks have their effective cash reserve ratio (CRR) as high as 40 percent, much higher than the 22.5 percent regulatory ratio, with negative implication for credit creation in the economy Source BUSINESSDAY Read More 

Does OPEC Need An Exit Strategy? - One of the crucial details that OPEC omitted when it rolled over its production cuts for another year was how the group plans on winding down the agreement. Source Proshare Read More 

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Fuel scarcity raises concern over petrol pricing as IPMAN embarks on strike - The current squeeze in the downstream sector which has seen long queues resurface in filling stations across Nigeria is once again highlighting the unsustainable nature of fuel pricing template which pegs the retail price of petrol at N145 per litre. Source BUSINESSDAY Read More 

Reps tell NPDC to pay $1.5bn royalty debt - A House of Representatives ad hoc panel yesterday asked the Nigeria Petroleum Development Company (NPDC) to clear the $1.5 billion unpaid royalties on oil and gas activities by international oil companies (IOCs). Source Daily Trust Read More 

Fed Govt eyes 3,000Mw from mini-grids - The Federal Government plans to generate 3,000 megawatts (Mw) of electricity through 10,000 mini-grids to energise under-served off-grid communities across Nigeria by year 2020. Source THE NATION Read More 

PROSHARE BUSINESS

Tony Elumelu becomes the 1st African to receive the Dwight Eisenhower Global Entrepreneurship Award - The Business council for International Understanding (BCIU), a non-profit U.S Business association dedicated to forging relationships and promoting dialogue between business and government communities across the globe, tonight presented the prestigious Dwight D. Eisenhower Global Entrepreneurship Award to both Tony O. Elumelu and Bill Marriott, Chairman, Marriott International Inc. Source Proshare Read More 

Dangote named among 50 most influential people globally - The President of Dangote Group, Aliko Dangote, has been recognised as one of the people who defined global business in 2017. Source Punch Read More 

Access Bank Appoints Ms. Hadza Ambursa, as Executive Director - Access Bank has announced the appointment of Ms. Hadza Ambursa, as Executive Director, Commercial Banking, North. Source Proshare Read More 

Transcorp Hotels Plc Announces Changes on its Board - Please be informed that at the meeting of the Board of Transcorp Hotels Plc held on Thursday, November 30, 2017, the Board resolved that Baba Mohammed ceases to be a member of the Board following his recall by BPE effective August 2017. Source Proshare Read More 

South Africa's Q3 GDP expands as agriculture soars - South Africa’s economy grew more than expected in the third quarter as the agricultural sector continued to recover from a severe drought while mining and manufacturing also improved, lifting hopes the country may avoid further credit downgrades. Source Reuters Read More 

Asia stocks stumble on Wall Street losses, dollar sags - Asian stocks slipped on Wednesday, dragged by losses on Wall Street as the technology sector stuttered yet again after a brief rebound, while the dollar sagged on lower long-term U.S. yields. Source Reuters Read More 

African Development Bank gives $148 million to support Namibia's education, agriculture - The African Development Bank (AfDB) has approved a total of 2 billion rand 148 million) in loans to boost Namibia’s education and agriculture sectors, it said on Tuesday. Source Reuters Read More 

Gold prices range-bound as investors focus on U.S. tax reform - Gold prices held within a tight range in Asian trade on Tuesday, amid a steady dollar as investors awaited the next steps over U.S. tax reform legislation. Source Reuters Read More 

Australian Growth Misses Estimates as Household Spending Falters - Australia’s economy grew slower than forecast as household spending rose at the weakest pace since the 2008 financial crisis, reinforcing the likelihood of the central bank keeping interest rates on hold for longer. Source Bloomberg Read More 

Ghana Seeks $750 Million Loan to Replace Diseased Cocoa Trees - Ghana’s cocoa regulator plans to raise $750 million in loans to finance the replacement of almost half of the trees that produce the crop in the country because they are either old or ridden with disease. Source Bloomberg Read More 

Libya to Keep Oil Output Stable in Line With OPEC Deal - Libya, which has been stepping up efforts to boost oil output, will maintain its current production level until the end of next year to stay in line with OPEC’s agreement to trim global supplies. Source Bloomberg Read More 

French President Macron’s Approval Rate Surges 6 Points to 50%, Poll Shows - French President Emmanuel Macron’s popularity surged six points to 50 percent in one of the fastest approval rating rebounds for French presidents measured by pollster Ifop, according to Paris Match magazine. Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

Bitcoin Climbs to $12,000 as Futures Move Closer to Reality - Bitcoin surpassed $12,000 for the first time amid speculation that the widespread use of futures will help lead to digital currencies being viewed as a legitimate asset class for mainstream investors. Source Bloomberg Read More 

IOC Bans Russia From The 2018 Winter Olympics For Absurdly Intricate Doping Scheme - The International Olympic Committee announced today that it has banned Russia—but not all Russian athletes—from the 2018 Winter Olympics in Pyeongchang, South Korea, as an unprecedented punishment for systemic doping, including at the 2014 Games in Sochi. Source DEADSPIN Read More 

New York Stock Exchange owner ICE holds back on crypto-futures - Intercontinental Exchange Inc (ICE.N) has put a lot of thought into the idea of futures contracts on cryptocurrencies like bitcoin, but has yet to move forward due to the opaque nature of the underlying markets, the New York Stock Exchange owner’s chief executive officer said on Tuesday. Source Reuters Read More 

PROSHARE MSME

Fidelity Bank disburses N2.3bn to 118 MSMEs - Fidelity Bank Plc has disbursed a total of N2.3 billion to 118 beneficiaries under the Central Bank of Nigeria (CBN)’s N220 billion Micro Small and Medium Enterprises (MSMEs) loan scheme launched in 2013. Source Daily Trust Read More 

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