Nigeria in 1min: Economic, Business and Financial Headlines – 080318

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March 8, 2018 7:10 AM / Proshare News 

PROSHARE ECONOMY

IMF Executive Board Concludes 2018 Article IV Consultation With Nigeria - On March 5, 2018, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Nigeria. Source Proshare Read More 

Lagos, Abuja, Port Harcourt, Owerri and Kano Airports Served Over 92% of Total Passengers in Q4 2017 - The total number of air passengers who traveled to or from Nigerian airports in 2017 Q4 hit 3,659,999. This figure grew by 4.89% year-on-year and declined by 0.56% quarter-on-quarter. Source Proshare Read More 

Return to Trade Surplus in 2017 - The latest data from the NBS in its Foreign Trade in Goods Statistics report for Q4 2017 show the total value of trade as N6.02trn, representing a decline of less than 1% on the preceding quarter. Source Proshare Read More 

Africa’s population is a ticking time bomb — ADB Governors - The African Development Bank (ADB) and its East and North African Governors have stressed the need for urgent measures to match the continent’s growing population and youth unemployment, which they likened to a “ticking time bomb.” Source Daily Trust Read More 

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FG grants N329.172bn tariff concession to sugar refineries in 4 years - Federal Government on Wednesday disclosed that it granted tariff concession worth N329.172 billion to the three sugar refineries operating in the country between 2013 and 2017. Source BUSINESSDAY Read More 

External reserves hit $43.2bn, says CBN - The nation’s external reserves hit $43.2bn on March 6, 2018, data obtained from the Central Bank of Nigeria showed on Wednesday. Source Punch Read More 

We’ll soon package more companies for sale – AMCON MD - We are just finalising our account so it will not be fair for me to publicise those figures but after the approval of the account, we should have engagement with the press so that we can discuss the figures specifically. Source Daily Trust Read More 

PenCom recovers N1.34 bn pension in third quarter of 2017 - The National Pension Commission (PenCom) has recovered pension contributions and interest totalling N1.34billion from defaulting employers during the third quarter of 2017. Source Daily Trust Read More 

VAIDS: 262 Nigerians paid N20bn in eight months, says Fowler - A total of N20bn has so far been realised from 262 taxpayers who have declared their assets under the Voluntary Assets and Income Declaration Scheme by the Federal Government. Source Punch Read More 

Apapa Gridlock: Dangote sugar company loses N2bn monthly - The Management of Dangote Group says its sugar and salt company loses about N2 billion to the perennial traffic gridlocks on Apapa port roads in Lagos every month. Source Vanguard Read More 

Nigeria loses $380b to capital flight - Before the enactment of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act in 2010, most fabrications, engineering, and procurements in the oil and gas industry were done abroad, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Kesiye Wabote, has said. Source THE NATION Read More 

FDI: US-based company launches $7m food business in Nigeria - United States based firm, Krispy Kreme Doughnut Corporation yesterday formally commenced business operation in Nigeria worth over seven million dollars ($7m). Source THE SUN Read More 

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PROSHARE REGULATORS

SEC extends e-dividend registration deadline to March 31 - The Securities and Exchange Commission (SEC) has extended its free e-dividend registration deadline to March 31, the News Agency of Nigeria (NAN) learnt on Wednesday. Source Daily Trust Read More 

CBN earmarks 60% of N220bn MSMES fund for women-based programmes - The Central Bank of Nigeria (CBN), on Wednesday, said it allocated 60 per cent of its N220 billion Micro, Small and Medium Enterprises Development Fund (MSMEF) to women-based programmes, in its quest to get more of them into the formal financial sector, especially with regards to access to credit and other intervention schemes. Source THE SUN Read More 

PROSHARE MARKETS

NSEASI Dips by -1.51% as Market Halts Three-Day Gaining Streak - Equities market closed today on a negative note, as NSEASI depreciated by -1.51% to close at  42,952.70 basis points as against +0.22% appreciation recorded previously. Source Proshare Read More 

Navigating Monetary Policy As Headwinds Shift To Tailwinds - Many of the forces that acted as headwinds to U.S. growth and weighed on policy in previous years are generating tailwinds currently. Source Proshare Read More 

Low Macro-Prudential Risk in Record Number of Markets; Bottom of Global Credit Growth Cycle - Fitch Ratings' updated macro-prudential risk indicators (MPI scores) suggest low vulnerability to systemic stress in a record high number of markets. Source Proshare Read More 

Investors’ wealth plunges by 1.5%, highest dip in one month - Equity transactions on the stock market closed on a downturn yesterday, following price losses suffered by major highly capitalised stocks, especially Dangote Cement, and Total, as investors’ wealth depreciated significantly by 1.53 per cent. Source Guardian Read More 

Oil Prices Start The Week With A Bounce - OilPrice Intelligence Report - In today’s newsletter, we will take a quick look at some of the critical figures and data in the energy markets this week. Source Proshare Read More 

Nigeria gas reserves up by 4.067tcf - Nigeria‘s natural gas re-serves have risen by 4.067 trillion cubic feet (tcf) from 187.998tcf in 2014 to 192.065tcf in 2015, the Nigerian Natural Resource Charter (NNRC) has said. Source THE NATION Read More 

Indonesia eyes more Nigerian crude oil - Indonesia had expressed its desire to buy more crude oil from Nigeria, the Nigerian National Petroleum Corporation announced on Wednesday. Source Punch Read More 

FG set to commission 10mw Katsina wind power - The Federal Government is set to commission a section of the 10 megawatts (mw) Katsina Wind Power Plant by the end of March, Daily Trust reports. Source Daily Trust Read More 

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FG targets 10,000 rural communities with mini power grids - A total of 10,000 rural communities across the country are to be electrified by the Federal Government through mini power grids. Source Punch Read More 

African power sector needs better regulation — Egbin MD - The Chairman of Egbin Power Plc, Kola Adesina, has called on regulatory authorities in the power sectors across Africa to provide the guidance and requisite expertise to enhance economic growth and development across the continent. Source Punch Read More 

PROSHARE BUSINESS

Report of the Senate Public Accounts Committee (SPAC) on the ‘Status of Compliance of Parastatals Submission of Audited Accounts and Auditor’s Report.' – Source SENATE Read More 

EFCC, BOI, 83 others ”never submitted their audit reports since inception” – Senate - The Senate committee on public accounts has revealed that 85 government parastatals have failed to submit their audited accounts to the Auditor-General of the Federation since the time of their establishment. Source Premium Times Read More 

‘Mistake or Mirage?’…Lagos lawmakers give conflicting account on Alpha Beta insertion in Land Use Act - The raging debate over a controversial land use law in Nigeria’s commercial city took a confusing turn on Wednesday with fresh criticism directed the way of lawmakers who initially admitted that inserting ‘Alpha Beta,’ a private company into the law was a “mistake” but later recanted after realizing the implication of such an admission Source BUSINESSDAY Read More 

Ikeja NBA gives Lagos seven-day ultimatum to reverse Land Use Charge - The Nigerian Bar Association, Ikeja Branch, has given the Lagos State Government a seven-day ultimatum to reverse the recent hike in Land Use Charge. Source Punch Read More 

Jim Ovia Pledges N250Million to the Lagos State Security Trust Fund - The Founder/Chairman, Zenith Bank Plc, Mr. Jim Ovia, on Tuesday re-affirmed his support to the Lagos State Security Trust Fund by pledging an additional 150 percent of previous donations to the Trust Fund. Source Proshare Read More 

ALAT by Wema Launches Quick Loans and Virtual Dollar Card - ALAT, Nigeria's only fully digital bank, has released two exciting new features: quick short-term loans and a virtual dollar card for paying online internationally. Source Proshare Read More 

#Elections2019:Sule Lamido's Profile - Sule Lamido (Born August 30, 1948) is a native of Bamaina village, Jigawa State and is one of the few northerners that has gained wide-level exposure in leadership. Source Proshare Read More 

Ivory Coast to begin week-long Eurobond roadshow in London: FinMin -  Ivory Coast is launching a week-long roadshow starting in London for its planned Eurobond issue, Finance Minister Adama Kone told Reuters on Wednesday. Source Reuters Read More 

Namibia's GDP contracted in 2017, 1.2 percent growth expected for 2018 - Namibia’s economy contracted in 2017 by 0.4 percent but is expected to recover and expand by 1.2 percent in 2018 and by double that the year after as a return of government spending boots activity, the finance minister said on Wednesday. Source Reuters Read More 

Japan punishes seven cryptocurrency exchanges over lapses - Japan’s financial regulator on Thursday punished seven cryptocurrency exchanges, suspending business at the two of them, in an effort to shore up consumer protection after the $530 million theft of digital money from Tokyo-based Coincheck. Source Reuters Read More 

Saudi Aramco Set to Join the Shale Revolution - Saudi Aramco, the world’s largest oil exporter, is set to join the shale revolution with plans to start producing unconventional natural gas this month and exploit a deposit that could rival the Eagle Ford formation in Texas. Source Bloomberg Read More 

U.K., Saudi Arabia Target 65 Billion Pounds of Mutual Investment - The U.K. and Saudi Arabia agreed a goal of 65 billion pounds ($90 billion) of mutual trade and investment in the coming years, with Prime Minister Theresa May’s office calling it a “vote of confidence” in the economy before Britain leaves the European Union. Source Bloomberg Read More 

Kenya Says French Companies to Invest $10 Billion in 12 Projects - French companies plan to invest more than $10 billion in 12 Kenyan projects spanning the manufacturing, energy, agriculture and technology industries, President Uhuru Kenyatta said. Source Bloomberg Read More 

Deloitte Pays U.K. Women 43% Less Than Men  - Deloitte’s U.K. division said its female staff are paid 43.2 percent less on average than male employees -- one of the wider gender gaps reported so far, but also one that included the high-earning partners that similarly structured firms have been excluding from their data. Source Bloomberg Read More 

Oil steadies after big fall, but soaring US crude output still weighs - Oil prices steadied on Thursday after falling the previous day on the back of record U.S. crude production and rising inventories. Source Reuters Read More 

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PROSHARE FINANCE

Questions Arise Over Insertions Of AlphaBeta Consulting LLP Into Lagos Land Use Act - Amid a brutal backlash from Lagos residents over a four increase in land use charges in Nigeria’s commercial city, fresh questions are now being raised over the private company- Alpha Beta, exclusively named in the law to manage the revenue collection process. Source Proshare Read More 

PROSHARE TECHNOLOGY

Cryptonomics - the economics of cryptocurrencies and the battle for control of the world  - I had a chance to speak about cryptocurrencies at the recent Fintech conference in Lagos organized by the Fintech Association of Nigeria (led by my dear friend Dr Segun Aina and his wonderful colleagues). Source Proshare Read More 

Dream Merchants In Uncertain Times - I had just settled into the metal chair in the departure lounge at Nnamdi Azikiwe International Airport, Abuja, when I saw him walk in. Source Proshare Read More 

Robots to build ships at Hyundai Heavy Industries - South Korean shipbuilder Hyundai Heavy Industries (HHI) has unveiled its plans to start using robots to construct ships in an effort to improve efficiency and cut costs. Source Guardian Read More 

Virtual currencies are commodities, U.S. judge rules - Virtual currencies like bitcoin can be regulated as commodities by the U.S. Commodity Futures Trading Commission, a federal judge ruled yesterday. Source Daily Trust Read More 

Digital currency prices fall after SEC warns about exchange dangers - The values of many digital currencies took a tumble after the U.S. Securities and Exchange Commission (SEC) said on Wednesday, March 7, that platforms used to trade digital currencies need to be registered. Bitcoin dropped 6.65 percent to $10,082 after the warning, Ethereum fell 7.55 percent to $756.29, and Bitcoin Cash dropped 9.14 percent to $1,095.77. Source Digital Trends Read More 

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PROSHARE MSME

BoI grants N1.5bn direct funding to 28 businesses - The Bank of Industry on Wednesday presented N362m cheque to the first batch of the beneficiaries of the N2bn-Micro, Small and Medium-scale Enterprises, Development Fund in Benue State. Source Punch Read More 

Tambuwal: High Interest Rate Hurting Small Businesses - Sokoto State Governor, Alhaji Aminu Tambuwal, wednesday said that the prevailing interest rate charged by banks is hurting small businesses in the country. Source Thisday Read More 

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