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Nigeria in 1min: Economic, Business and Financial Headlines – 090318


March 9, 2018 7:10 AM / Proshare News 


Gross Official Reserves Increased by US1.81bn in February 2018 - Gross official reserves increased by US$1.81bn in February to US$42.49bn. The rapid accumulation of US$12.85bn over 12 months can be traced largely to two sizeable Eurobond launches and the recovery in oil export revenues (through the NNPC’s share of production). Source Proshare Read More 

FG convenes Focus Labs to fast track attainment of ERGP objectives - The Ministry of Budget and National Planning today (Tuesday, March 6, 2018) in Abuja unveiled the scale and purpose of the upcoming Economic Recovery and Growth Plan (ERGP) Focus Labs, which will take place over a six week period, beginning March 13, 2018. Source Proshare Read More 

We won’t spend money on Ajaokuta again – FG - The Federal Government on Thursday said it would not repeat the mistake of the former President Olusegun Obasanjo’s administration on the Ajaokuta Steel Complex in Kogi State. Source Punch Read More 

FG set to resell Yola Disco, Afam Power - The Federal Government is set to offer two key power firms, Yola Electricity Distribution Company and Afam Power Plc, for sale to new core investors, investigation has shown. Source Punch Read More 

REC, Afreximbank to invest in African aviation market, others - The Russian Export Centre Group (REC) will collaborate with the African Export-Import Bank (Afreximbank) to explore opportunities to develop Africa’s aviation industry and to support other sectors like mining, agro-processing, railways and the metals industry, the two institutions announced recently in Cairo. Source Guardian Read More 

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We need $50bn to tackle infrastructure deficit –LASG - The Lagos State Commissioner for Finance Mr. Akinyemi Ashade has said that the state would need about $50 billion to tackle infrastructure deficits in the state within the next five years. Source THE SUN Read More 

Global Remittances To Hit $600bn In 2018 – World Bank - The World Bank estimates that global money remittances will grow by 3.4 per cent to $616 billion in 2018. Sub-Saharan Africa, with an average cost of 9.1 per cent, remains the highest-cost region, it said. Source Leadership Read More 

Nigeria Seaports Record Lower Ship Call over FG’s Unfavourable Policies - The fortunes of Nigeria’s seaports have continued to dwindle following the federal government’s unfavourable and inconsistent policies leading to reduction in the number of ships calling at the nation’s seaports across the country. Source Thisday Read More 

Six Banks Accounted for 57% Total Industry Deposits as at June - Six of the largest banks in the country accounted for 57.05 per cent of the total deposits in the industry as at June 2017, compared with the 53.70 per cent recorded at the end of December 2016. Source Thisday Read More 

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Again, US Secretary Tillerson Warns Nigeria, Other African Countries Against Chinese Loans - U.S. Secretary of State, Mr. Rex Tillerson has counselled Nigeria and other African countries not to forfeit their sovereignty when they accept loans from China, the continent’s biggest trading partner. Source Thisday Read More 

FIRS Threatens to Sell Properties of Defaulting Tax Payers - The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has said the federal government is processing court documents that will allow it sell properties of companies which have been evading taxes. Source Thisday Read More 

Niger Gets N200b Investment For Industrial Park - A private investment company is set to invest N200 billion for industrial parks and airstrip in Niger State, with the state providing 524 hectares of land for it. Source Leadership Read More 


CBN Publishes June 2017 Financial Stability Report - Global output growth was projected at 3.5 per cent in 2017, compared with 3.2 per cent recorded in 2016. The key drivers of the increase in growth included the strengthening of financial markets and expected recovery in manufacturing and trade. Source Proshare Read More 

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Nigerian Stock Market Resumes Uptrend as NSEASI Inches Up by 0.33% Amid Positive Breadth - Equities market closed today on a positive note, as NSEASI appreciated by +0.33% to close at 43,092.63 basis points as against -1.51% depreciation recorded previously. Source Proshare Read More 

CBN Mops up Inflows from Maturing bills with N150bn OMO sales. - The Bond market traded on a slightly bullish note, with slight buys especially on the 2027s which was bought down to c.13.73%. Source Proshare Read More 

Resort Savings and Loans Plc Sources Prospective Investors, Milost Global Inc - The Board of directors and management wish to notify The Nigerian Stock Exchange (‘’ The Exchange’’) that the bank has been able to source a prospective investors, Milost Global Inc. of New York, USA who has held preliminary discussion with the bank. Source Proshare Read More 

Nestle Nigeria Results Review: Mixed Results in Q4 2017 - Nestle Nigeria’s (Nestle) Q4 sales were the weakest in 2017 and showed a q/q decline for the first time in a decade. Compared with our forecast, sales missed by 11%. Source Proshare Read More 

Glut looms as buyers reject Nigerian crude - Nigeria’s oil supply to the international market is facing glut as ample supply of light and medium grades from the North Sea and the Mediterranean are limiting buying interest for Nigerian crude, traders said. This is coming as Angola launches big oil block. Source Vanguard Read More 

PENGASSAN seeks NNPC’s reimbursement for oil subsidy payment - The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called on the Federal Government to reimburse the Nigerian National Petroleum Corporation (NNPC) for the expenses it incurred on payment of subsidy to marketers. Source THE NATION Read More 

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The Cost of Corruption in Nigeria ... and More Deaths Than We Should Have - We published our Cost of Corruption paper a while back - back at the beginning of 2016 (in fact, we were very privileged to be able to present it to the Vice President of Nigeria before releasing publically). Source Proshare Read More 

#Elections2019: Victor Okhai’s Profile - Victor Okhai is a 51-year old dynamic Nigerian who hails from Edo State, in the oil-rich South-South geo-political zone. Source Proshare Read More 

Kenya asks IMF for a 6-month extension of $1.5 bln standby credit - Kenya has asked the International Monetary Fund (IMF) to extend its $1.5 billion standby credit facility that expires in March for a further six months, the IMF said. Source Reuters Read More 

French firms to invest $10 billion in Kenya: minister - French companies will invest $10 billion in Kenya in roads, energy, manufacturing and other sectors, a Kenyan official said on Wednesday without giving a timeframe, after a visit by more than 60 French executives. Source Reuters Read More 

IMF's Lagarde fears 'tit-for-tat' escalation from Trump tariff move - International Monetary Fund Managing Director Christine Lagarde said on Thursday that she feared a “tit-for-tat” escalation of trade retaliation over U.S. President Donald Trump’s steel and aluminum tariffs that would sap business confidence and investment. Source Reuters Read More 

U.S. Asks China for Plan to Reduce Trade Deficit by $100 Billion - The Trump administration is asking Beijing for a plan to cut the annual U.S. trade deficit with China by $100 billion, according to people familiar with the matter. Source WSJ Read More 

Oil prices rise as US President Trump set to meet North Korea's Kim - Crude oil futures rose on Friday as Asian stock markets gained on news that North Korean leader Kim Jong Un will meet with U.S. President Donald Trump. Source Reuters Read More 


South Africa's MTN cuts 2018 dividend to rein in debt, shares rise - South African telecoms firm MTN Group cut its 2018 dividend on Thursday to cut debt but outlined increases in the next three to five years, lifting sentiment in the firm which some investors had expected to scrap this year’s payout. Source Reuters Read More 

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