Nigeria in 1min: Economic, Business and Financial Headlines – 110518

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Friday May 11, 2018 / 7:18 AM / Proshare News

 

PROSHARE ECONOMY

FAAC disbursed N1.94tn to FG, states, LGAs in Q1 - The Federation Account Allocation Committee disbursed N1.938tn to the three tiers of government in the first quarter of this year. Source Punch Read More 

Nigeria secured $17.8bn investment pledge in three months – NIPC - The Nigerian Investment Promotion Commission on Thursday said that in the first quarter of this year, states received a total investment commitment of $17.88bn. Source Punch Read More 

Nigeria Exports N29.146bn Worth of Agricultural Produce in Three Months - The federal government’s initiative on export especially the agricultural commodities is yielding results as a total of 45, 462 metric tons with free on board (FOB) value of N29.146 billion of agricultural produce were exported out of Nigeria between January and March 2018. Source Thisday Read More 

AfDB, Afreximbank Earmark $20bn for Establishment of Leasing Company, MRO in Nigeria - African Development Bank (AfDB) and African Export, Import Bank (Afreximbank) have agreed to raise capital base of about $20 billion for the actualisation of federal government’s plan to establish aircraft leasing company and Maintenance, Repair and Overhaul (MRO) facility. Source Thisday Read More 

ERGP: FG commits N300B to road projects—Fashola - FEDERAL Government has committed a total sum of N300 billion for construction and reconstruction of various highways across the country under the Economic Recovery and Growth Plan, ERGP, Minister of Power, Works and Housing, Mr. Babatunde Fashola has said. Source Vanguard Read More 

National Assembly considers $50 oil benchmark – Finance Chair - The National Assembly is considering $50 crude oil benchmark in the 2018 budget against the $47 benchmark adopted in the Medium Term Expenditure Framework (MTEF), BusinessDay gathered on Thursday. Source BUSINESSDAY Read More 

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PROSHARE REGULATORS

No insurance company is insolvent – NAICOM -The National Insurance Commission (NAICOM) has refuted media claims (not Daily Trust) that some insurance companies have solvency ratios below the regulatory threshold. Source Daily Trust Read More 

PROSHARE MARKETS

Nigerian Stock Market Records Further -0.40% Loss To Extend Three-Day Negative Stance - Equities market closed today on a negative note, as NSEASI depreciated by -0.40% to close at 40,915.17. basis points as against -0.18% depreciation recorded previously. Source Proshare Read More 

Funding Rates Spike as CBN Mops up System Liquidity with c.N454bn OMO Sale - The bond market witnessed slight pullback in yields following a slowdown in offshore profit taking and renewed buying interest from local clients. Yields consequently compressed by c.7bps on average. We however note that yields rose slightly from their intra-day lows following release of the OMO auction result in which all subscriptions were filled by the CBN. Source Proshare Read More 

Buhari Requests Senate Approval on Promissory Note and Bond Issuance to Settle Inherited Local Debts - At plenary yesterday, the Nigerian Senate deliberated on an executive communication on the request of Mr President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria. Source Proshare Read More 

Bank of England Maintained Bank Rate at 0.5% At the End of May 2018 Meeting - The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. Source Proshare Read More 

Banks earn N300bn annually from savers – GDL - The Nigerian banking sector earn N300 billion annually from depositors as savings pool in the country approaches N4 trillion. Source BUSINESSDAY Read More 

UK Household Finances Pose Risk to Growth, Consumer Loans - The UK household sector's worsening financial health reduces consumer resilience to income or interest rate shocks and presents risks for UK consumer loan portfolios, Fitch Ratings says in a new report. Consumer credit has been a key driver of rising household debt. Source Proshare Read More 

Nigeria draft oil reforms seek to establish powerful industry regulator - The draft laws, posted on the Nigerian legislature’s website on April 30, are the versions intended for the Senate, the upper house of parliament. Source Reuters Read More 

Oil & gas sector attracts $13bn investment commitments in Q1 – NIPC - The nation’s oil and gas sector attracted about $12.9 billion in investment commitments in the first quarter of the year. Source Vanguard Read More 

Shell Paid $23bn to FG in Five Years, Says Oil Giant - The Managing Director of Shell Petroleum Development Company (SPDC) and Country Chairman of Shell Companies in Nigeria, Mr. Osagie Okunbor, has stated that the SPDC JV partners made an economic contribution of $23 billion (N5.31trillion) to the Nigerian Government between 2013 and 2017. Source Thisday Read More 

Shell supports Nigerian contractors with N472bn loans - Some 290 Nigerian contractors have received loans worth over N472bn under the Shell Contractor Support Fund, which was set up by Shell Companies in Nigeria to help vendors and suppliers in the oil and gas industry to secure funds at reduced interest rates, relaxed collateral requirements and quicker processing time. Source Punch Read More 

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PROSHARE BUSINESS

South African Airways to get $400 million capital injection after plea for cash: CEO - South Africa has promised another 5 billion rand ($400 million) capital injection to help its struggling state airline meet urgent financial obligations, the CEO of South African Airways (SAA) said on Thursday. Source Reuters Read More 

Dufil acquires M&B noodles factory for N775m - Dufil Prima Foods has acquired May and Baker noodles factory for N775m. Source Punch Read More 

Oil dips from recent highs on hopes of alternatives to Iran supply -The United States plans to re-introduce sanctions against Iran, which produces around 4 percent of global oil supplies, after abandoning an agreement reached in late 2015 that limited Tehran’s nuclear ambitions in exchange for removing U.S.-Europe sanctions. Source Reuters Read More 

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PROSHARE TECHNOLOGY

Senate open to legislation, that will encourage Fintech in Nigeria - Saraki - The Senate of the Federal Republic of Nigeria is open to bills and legislation that encourage the growth of the Fintech Industry. Source Proshare Read More 

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