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Nigeria in 1min: Economic, Business and Financial Headlines – 111217

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December 11, 2017 7:10 AM / Proshare News 

PROSHARE ECONOMY

What To Expect From The Markets This Week- 111217 - According to the Central Bank of Nigeria, the amount accrued to total remittances as at September 2017 stood at $381 million. When compared to the previous month, total remittances shrunk by 52.1%. Source Proshare Read More 

Is Nigeria’s Recession Really Over?  - When Nigeria’s second quarter GDP data was released, I wrote an article in this column (“A very fragile exit from recession”-September 13, 2017) warning that our exit from recession was very fragile and urging policy to focus on the implications of the data Source Proshare Read More 

How sustainable is our country's food system? Ethiopia does better than US, China and Nigeria - Food represents a common thread linking the 17 Sustainable Development Goals adopted by UN member states in 2015. The Food Sustainability Index (FSI), developed by The Economist Intelligence Unit with the Barilla Center for Food & Nutrition Source Proshare Read More 

Fitch Cuts Nigeria's 2017 GDP Growth Forecast to 1pct from 1.50pct - Fitch has cut its 2017 economic growth forecast for Nigeria to 1 percent from 1.5 percent, the ratings agency said on Friday. Source Proshare Read More 

FG reviewing non-performing privatised firms’ operations — BPE - The Bureau of Public Enterprises says it has started reviewing privatised public enterprises that have failed to live up to expectation. Source Punch Read More 

FG plans N110bn bond auction this month -  The Federal Government, through the Debt Management Office, is scheduled to hold the last bond auction for the year on December 13, 2017. Source Punch Read More 

Pension Fund Assets Rise To N7.3trn - The nation’s pension assets gained a whopping N1.2 trillion in the last 12 months, shooting up the pension funds from N6.1 trillion in December 2016 to N7.3 trillion as at the end of November 2017, LEADERSHIP findings has revealed. Source Leadership Read More­ 

FG Spends N117bn On Debt Servicing In 9 Months – CBN- The Central Bank of Nigeria (CBN) has disclosed that an estimated N118 billion ($384.98 million at N306.4/ Dollar) has been spent by the Federal Government on debt services/payments between January and September 2017. Source Leadership Read More 

Less than 14 of 34 FTZs operating – NEPZA MD - Less than 14 of the nation’s 34 Free Trade Zones (FTZs) are operating, actively, the Managing Director (MD) of the Nigeria Export Processing Zones Authority (NEPZA), Rt. Hon. Emmanuel Jime, disclosed at the weekend. Source Vanguard Read More 

FG Earned $7bn from Addax Petroleum Since 2009, Says Oil Firm - Addax Petroleum Development (Nigeria) Limited, which operates Production Sharing Contract (PSC) with the Nigerian National Petroleum Corporation (NNPC) PSC has produced 425 million barrels of crude oil and generated over $7 billion in revenue to the Nigerian government since 2009 when SINOPEC took over the company. Source Thisday Read More 

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PROSHARE REGULATORS

CBN Revamps N500b Export Stimulation Fund …Repackages P.A.V.E - In its bid to diversify the country’s economy away from oil, in line with the Federal Government’s economic plan, the Central Bank of Nigeria (CBN) has announced a revamp of the N500 billion Export Stimulation Fund for the promotion of non-oil exports in the country using the Anchor Borrowers’ Programme model. Source Proshare Read More 

Bankers committee diverts N26bn Agric fund to medium enterprises - Owing to its inability to disburse a single kobo from the N26 billion Agro based funds, the  bankers committee has restricted the funds to accommodate small and medium enterprise from sectors other than agriculture. Source Daily Trust Read More 

CBN Reviews Stringent Criteria For Accessing MSMEs Funds, Cuts Rate To 5% - The Central Bank of Nigeria has expressed concern that “not a penny” of the N26 billion Agri-Business, Small and Medium Enterprises Investment Scheme (AGSMEIS) has been disbursed nearly one year after its establishment, even as it expects the fund to hit N60 billion by the end of the year. Source Leadership Read More 

CBN’ll use BVN to blacklist loan defaulters –Emefiele - The Central Bank of Nigeria under the auspices of the Bankers’ Committee has concluded plans to use the Bank Verification Number of customers to blacklist loan defaulters from accessing further loans in the nation’s banking system. Source Punch Read More 

Nigerian capital market issuances hit N1.55trn in September – SEC - The Securities and Exchange Commission (SEC) on Sunday said that the total value of issuances in the Nigerian capital market amounted to N1.55 trillion in September. Source THE NATION Read More 

Stock Exchange expels 90 stockbrokers from capital market - Authorities at the Nigerian Stock Exchange (NSE) has revoked the operating licence and expelled Midland Capital Markets Limited from the capital market, bringing to 90 the number of stockbrokers so far expelled from the market this year. Source THE NATION Read More

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PROSHARE MARKETS

NSEASI Dips by -0.70% to Halt Uptrend - Equities market closed today on a negative note, as NSEASI depreciated by -0.70% to close at 39,257.53 basis points as against +1.17% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +46.08%. Source Proshare Read More 

NASD introduces its Enterprise Portal to Capital Market Operators - 'NASD OTC Securities Exchange on Tuesday, 5 December, 2017 introduced the NASD Enterprise Portal (NASDeP) to  Securities and Exchange Commission​​ registered Capital Market Operators . Source Proshare Read More 

Flour Mills to raise N39.9b new capital from shareholders - Flour Mills of Nigeria Plc at the weekend submitted formal application to the Nigerian Stock Exchange (NSE), seeking to raise N39.9 billion in new equity funds from existing shareholders. Source THE NATION Read More 

FX Window Records $1.11bn Transactions in One Week - The level of activities on the Investors and Exporters (I&E) foreign exchange (FX) window strengthened to $1.110 billion in just one week, compared with the $759.2 billion recorded the preceding week. Source Thisday Read More 

Forex market gets $514m boost ahead of Yuletide - The Central Bank of Nigeria (CBN) ended foreign exchange (forex) market transactions for the week with $303.9 million, as it earlier in the week, sold $210 million to sustain liquidity. Source Guardian  Read More 

Addax plans $5billion fresh investment in Nigeria - Addax Petroleum Development (Nigeria) Limited, said it is planning a fresh investment of up to $3-5billion in the country over the coming years, as part of efforts to optimise its oil and gas operations in the country, and increase production from its existing assets, both onshore and offshore. Source Guardian  Read More 

Zenith Bank, UBA, 5 Others Pay N499bn On Income Tax Expenses - A total of seven Systematic Importance Banks (SIBs) of the Central Bank of Nigeria (CBN) have paid N499 billion on income tax expenses between 2011 and 2016, information gathered by LEADERSHIP has revealed. Source Leadership Read More 

577 Firms Bid For NNPC Insurance Renewal Programme - The Nigerian National Petroleum Corporation (NNPC) said that 577 firms have indicated interest to secure the insurance renewal contract for its oil and non-oil assets. Source Leadership Read More 

Oil Prices Recover As Middle East Tensions Mount - Oil prices had been falling following the OPEC deal extension, but Trump's decision to officially recognize Jerusalem as the capital of Israel has caused tensions in the Middle East to spike and oil prices along with them. Source Proshare Read More 

NERC approves 2,000MW IPP for Oyo govt - The National Energy Regulation Commission (NERC) has approved  2,000mw of electricity generation through the Independent Power Project (IPP) for the Oyo State Government, the Commissioner for Works and Transport in the state, Wasiu Dauda has said. Source Daily Trust Read More 

Oyo to generate 2,000MW through IPP - The Oyo State government has said arrangements are in place to generate electricity through the Independent Power Project (IPP). Source THE NATION Read More 

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PROSHARE BUSINESS

Brexit Forces Review Of UK Regulatory Structures  - A new report by the International Regulatory Strategy Group (IRSG) in collaboration with Linklaters, urges a review of the UK’s rule making system for financial services post-Brexit Source Proshare Read More 

Congolese lower house adopts new mining code that increases taxes - The Congolese lower house of parliament has adopted a new mining code that will increase taxes and royalties, two members of parliament and an aide to the speaker said. Source Reuters Read More 

African Development Bank to lend $100 mln to Guinea bauxite mine - The African Development Bank said on Saturday it had approved a $100 million loan to develop a bauxite mine in northwest Guinea, as the West African country works to treble output by 2020.Source Reuters Read More 

Foreign investment in Egyptian securities rises to $19 bln - Foreign investment in Egyptian securities hit $19 billion as of December 6 since the flotation of the pound currency in November 2016, Finance Minister Amr El Garhy said. Source Reuters Read More 

Rwanda's inflation declined to 2.2 percent in November - stats office - Rwanda’s inflation fell to 2.2 percent year-on-year in November from 3.6 pct a month earlier, the National Institute of Statistics said on Sunday. Source Reuters Read More 

China Starts World's Biggest Floating Solar Project - A unit of China Three Gorges Corp. is building a 1 billion yuan ($151 million) floating solar power plant, the world’s biggest, in the nation’s eastern province of Anhui. Source Bloomberg Read More 

Kuwait Says Global Oil Cuts Can Halt If Market Balances by June - OPEC and its global allies including Russia may end their production cuts before 2019 if the crude market re-balances by June, Kuwait’s oil minister said. Source Bloomberg Read More 

Oil prices drop on increased U.S. drilling activity - Oil prices fell on Monday as last week’s rise in the U.S. rig count pointed to a further increase in American production that could undermine OPEC-led efforts to tighten markets. Source Reuters Read More 

Bitcoin futures surge past $18,000; Asian shares firm - The craze for cryptocurrencies entered a new chapter on Monday as bitcoin futures rocketed by one-fifth of their value at a closely-watched launch, while Asian shares climbed amid optimism about global growth. Source Reuters Read More 

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PROSHARE TECHNOLOGY

Bitcoin Drops to $13k in Red Day for Crypto Markets - Whatever the reason, the price of bitcoin spent much of Saturday in decline, as the world's largest cryptocurrency saw a nine percent drop over the 24-hour span. Sunday's session has so far seen that drop intensify, with the price down nearly 12 percent as of 4:00 UTC. Source Proshare Read More 

Mexico Releases First Draft of Financial Technology Institutions Law - On March 23 2017 the Ministry of Finance and Public Credit (SHCP) distributed the first draft of the Financial Technology Bill to several members of the banking and financial industry. Source Proshare Read More 

CBOE Launches Bitcoin Futures, Site Immediately Crashes - In a vindication of cryptocurrency exchanges which have had their share of growing pains this year, CBOE launched Bitcoin futures trading at 5 PM Central time and their website went down within minutes. CBOE has confirmed that the slowness (and 404 errors) users are receiving are due to much higher than normal traffic Source THE COINTELEGRAPH Read More 

Telecom operators lose 14.3 million subscribers in 10 months - Active mobile voice subscriptions on the MTN, 9mobile, Airtel and Globacom networks crashed from 154.7 million in January to 140.4 million in October, 2017. Source Punch Read More 

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