Nigeria in 1min: Economic, Business and Financial Headlines – 120618

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Tuesday, June 12, 2018 / 7:30 AM / Proshare News

 

PROSHARE ECONOMY

Inflation Rate to Drop but New Pressure Emerging - FSDH Research expects the inflation rate (year-on-year) to drop to 11.50% in May 2018 from 12.48% recorded in the month of April. Source Proshare Read more 

How to Solve Income Inequality in Nigeria  - A cursory look at the nation’s low level of capital formation on a quarterly basis, pinpoints to the limitation of economic drivers. For instance, over the past 6 years Source Proshare Read more 

LCCI Outlines The Impact of Late Passage Of The 2018 Budget  - On the 16th of May 2018, the National Assembly passed a budget of N9.12 trillion for the 2018 fiscal year. Source Proshare Read more 

Reps approve N396bn promissory notes, bonds to reflate economy - Nigeria’s House of Representatives has approved President Muhammadu Buhari’s request to issue promissory note and bonds worth N396 billion as payment of refunds to 19 states. Source Businessday Read more 

Lagarde Says Clouds Over Global Economy Are ‘Darker by the Day’ - IMF Managing Director Christine Lagarde said the risks to the global economy are rising as major industrial nations sharpen threats of a trade war. Source Bloomberg Read more
 
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PROSHARE MARKETS

Equities Market Resumes Uptrend to Open The Week on a Positive Note - Equities market closed today on a positive note, as NSEASI appreciated by +0.46% to close at 38,845.31.  basis points as against -0.96% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +1.57%. Source Proshare Read more 

Nigeria Wins Three EMEA Awards – DMO - Nigeria was celebrated yesterday when it won awards in 3 categories for its securities issuance activities in the domestic and international capital markets. Source Proshare Read more 

Ghana, others to import petrol from Dangote refinery - Petroleum importing African nations and Bulk Oil Distributors based in Ghana have expressed eagerness to patronize the Dangote Oil Refinery when production starts. Source Daily Trust Read more 

Nigeria spends N190b on petrol subsidy in one year - With continued plummeting of crude oil prices, Nigeria now records a monthly average of N15.859 billion as under-recovery on importation of petrol or Premium Motor Spirit (PMS) into the country. Source Guardian Read more 

Government in talks with IOCs over $21b losses, says NNPC - The Nigerian National Petroleum Corporation (NNPC) has said the state owned company is currently in talk with International Oil Companies (IOCs) with the aim of reviewing the Production Sharing Contract (PSC) signed about 25 years ago between the two parties. Source Guardian Read more 

Nigeria, Morocco sign 25-year gas pipeline agreement - The Federal Republic of Nigeria and the Kingdom of Morocco on Monday, signed three agreements, including a regional gas pipeline that will see the nation providing gas to countries in West African sub-region which could extend to Morocco and Europe. Source THE SUN Read more 

Oil exploration investment difficult in Nigeria, others – FG - The Federal Government and the African Petroleum Producers Organisation on Monday stated that it was worrisome to note that a lot of investors were finding it difficult to invest in oil exploration in Nigeria and other countries on the continent despite the increasing oil finds. Source Punch Read more 

Nigeria’s Oil Exports to Fall to 2018 Low in July - Nigeria’s oil exports are expected to fall in July to 1.43 million barrels per day (bpd), according to the loading plans, the lowest level so far this year. Source Thisday Read more 

Fed Govt okays N37b cash for prepaid meters - The Federal Government has taken advantage of the new Meter Asset Provider (MAP) regulations to give a grant of N37 billion to a private sector operator to supply meters to interested Distribution Companies (DisCos). Source THE NATION Read more 

TCN Raises $1.57bn to Build Critical Transmission Infrastructure - The Managing Director and Chief Executive Officer of Transmission Company of Nigeria (TCN), Mr. Usman Gur Mohammed has stated that the company has raised a total of $1.57 billion to build critical infrastructures across the country Source Thisday Read more

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PROSHARE BUSINESS

NSBAG marks 2018 World Agric Day with forum on Investing in Nigeria’s Agribusiness Value Chain - The Nigeria Stockbrokers Agribusiness Group  marked the 2018 World Agriculture day, with a symposium on the theme “Tapping into investment opportunities in Agribusiness Value Chain” at the Nigeria stock exchange, Lagos. Source Proshare Read more 

Argentina: Waiting on the Fringes - The market had been worried over the soft dollar. However, the long waited strong dollar did arrive and came on the heel of strong economic performance. Source Proshare Read more 

Oil steady as Trump cites progress in talks with Kim - Oil markets were stable on Tuesday amid cautious optimism over the outcome of a summit between U.S. President Donald Trump and North Korean leader Kim Jong Un in Singapore. Source Reuters Read more 

Saudi Oil Output Rises Above 10 Million Barrels a Day - Saudi Arabia boosted daily oil output in May to the highest level since October, ahead of meetings with Russia and other global producers next week where they may propose raising production even further and phasing out 18 months of voluntary cuts. Source Bloomberg Read more 

OPEC Resistance to Saudi Supply Plan Grows With Iraqi Defiance - Iraq said OPEC should resist pressure to increase oil supplies, strengthening opposition to plans by Saudi Arabia as the group prepares to meet next week. Source Bloomberg Read more

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