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Nigeria in 1min: Economic, Business and Financial Headlines – 080518

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Tuesday, May 08, 2018 / 7:00 AM / Proshare News 


PROSHARE ECONOMY

Nigeria spends $36.3bn on fuel importation in 5 years — CBN - CENTRAL Bank of Nigeria, CBN, yesterday, disclosed that the sum of $119.409billion was spent on the importation of commodities into the country in five years. Source Vanguard Read More 

Africa loses $5.5b to capital flight - Ghanian President, Addo Dankwa Akufo-Addo yesterday said the African continent loses $5.5 billion insurance premium to capital flight yearly. Source THE NATION Read More 

Banks’ credit to economy dropped by N136bn in Q1 – NBS - The total credit from banks to the economy recorded a decline of N135.8bn from N15.74tn at the end of the fourth quarter of last year to N15.6tn in the first three months of 2018. Source Punch Read More 


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PROSHARE REGULATORS

WASRA to Converge Rules to Boost Cross Border Listing - The West African Securities Regulatory Authorities (WASRA) has agreed to converge existing rules of Capital Market regulatory agencies within the region in a bid to ensure that cross border listing is carried out with little or no hindrances. Source Proshare Read More 

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PROSHARE MARKETS

NSEASI Dips by -0.11% to Open The Week Negative Amid Positive Breadth  - Equities market closed today on a negative note, as NSEASI depreciated by -0.11% to close at 41,172.82. Source Proshare Read More

Funding Rates Spike to One Month High Amid CBN FX Interventions - The bond market traded on a very quiet note following absence of major offshore players observing the May Bank holiday in the UK. We observed some pullback in yields as there was no offshore selling which caused the significant uptick in yields in the previous session. Source Proshare Read More

Q2 American Economy: Riding On The Back Of Surging Private Investment - Slacks produce negative shocks to productivity, eventually affecting government revenue for the period under view. Source Proshare Read More 

May 2018 FGN Savings Bonds Offer for Subscription - Pursuant to the Debt Management Office (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004.   Source Proshare Read More 

Solvency ratio of 5 Nigerian insurers fall below regulatory threshold - The solvency ratio of five Nigerian insurers out of 12 that have released full year 2017 results has fallen below the regulatory threshold, according to data compiled by BusinessDay. Source BUSINESSDAY Read More 

Seplat Petroleum to Drill Five New Wells in OMLs 4, 38, 41 - Exactly two years after it last drilled production wells in Oil Mining Leases (OMLs) 4, 38 and 41, Seplat Petroleum Development Company Plc, which is listed in both Nigerian and London Stock Exchanges, will drill five new wells in the three acreages in 2018, as part of the company’s efforts to sustain optimal production. Source Thisday Read More 

Electricity grid loses 1,015MW over gas, distribution constraints -The Nigerian electricity grid lost 1,015 megawatts (MW) at the weekend as it dropped from a threshold of 4,207MW reached on Saturday to 3,192MW on Sunday, industry report has shown. Source THE SUN Read More 

AfDB approves $1.5m for Jigawa power project - The African Development Bank (AfDB) says it has approved  a grant of 1.5 million dollars (about N540 million) to support power project in Jigawa State Source THE SUN Read More 

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PROSHARE BUSINESS

Govt recovers N7.8b, $378m through Whistle-blower’s policy - Vice President Yemi Osinbajo said yesterday that Nigeria recovered about N7.8 billion, $378 million and £27,800 through the Whistle-blower’s Policy launched by President Muhammadu Buhari in December 2016. Source THE NATION Read More 

Kenya's fiscal deficit seen dropping to 5.7 pct of GDP in 2018/19 - Kenya’s budget deficit is expected to drop to 5.7 percent of GDP in the 2018/19 (July-June) fiscal year from 7.2 percent this fiscal year, estimates sent to parliament by the Treasury showed on Monday. Source Reuters Read More 

Oil trims gains ahead of Trump Iran announcement, Asia shares up - Oil prices eased slightly on Tuesday, a day after hitting 3-1/2 year highs, as investors braced for President Donald Trump’s decision on whether to withdraw the United States from the Iran nuclear deal, a move that could disrupt global oil supply. Source Reuters Read More 

China's trade surplus with U.S. widens to $22.19 billion in April - China’s trade surplus with the United States widened to $22.19 billion in April, from $15.43 billion in March, customs data showed on Tuesday. Source Reuters Read More 

AfDB Leading Talks With Zimbabwe and Creditors to Clear Arrears - The African Development Bank is leading talks with Zimbabwe and its creditors to make plans for the nation to pay off some of its arrears so it can restore relations with lenders, said Akinwumi Adesina, the bank’s president. Source Bloomberg Read More 

Saudi Arabia's Non-Oil Income Rises 63 Percent on New Taxes - Saudi Arabia’s non-oil revenue climbed 63 percent in the first quarter of 2018, propelled by improved tax collection as part of a drive to reduce the economy’s reliance on income from oil exports. Source Bloomberg Read More 

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