Nigeria in 1min: Economic, Business and Financial Headlines – 120718

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Thursday, July 12, 2018 / 7:30 AM / Proshare News

 

PROSHARE ECONOMY

 NSR H2 2018 (1) – Supportive Global Monetary Policy to Consolidate Global Growth Over 2018-  The year 2018 started with worries that the high base of 2017 and protectionism rhetoric between US and China would have a reverberating effect on global growth. Over H1 2018, the duo of stronger growth across emerging markets – relaying the still elevated commodity prices, especially for oil exporting countries. Source Proshare Read more 

Corn Price Declined By 0.99% to $3.50 per Bushel as US Tariffs on China Weigh on Demand - Source Proshare Read more 

Lagos overtakes Ogun in new manufacturing investments - Lagos overtakes Ogun in new manufacturing investments Source BUSINESSDAY Read more 

Afreximbank Invests $17bn in Nigeria - The Africa Export-Import Bank (Afreximbank) disclosed yesterday that its investment in the Nigerian economy stands at over $17 billion . Source Thisday Read more 

FG okays N358bn contracts for roads, others - The Federal Government on Wednesday approved contracts totalling about N358bn for roads, bridges and power at a meeting of the Federal Executive Council meeting presided over by President Muhammadu Buhari. Source Punch Read more 

Eastern ports got 39% of dry cargoes in Q1 – Peterside - The Director-General, Nigerian Maritime Administration and Safety Agency, Dr Dakuku Peterside, has said that the eastern ports accounted for 39 per cent of dry cargo vessels in the first quarter of 2018. Source Punch Read more 

FOU Customs generate N8.6bn revenue in six months - The Nigeria Customs Service, Federal Operations Unit, Zone ‘A,’ has announced revenue generation of over N8.6bn between January and June. Source Punch Read more

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PROSHARE MARKETS

Nigeria’s Equities Market Maintains Downtrend as Bellwether Stocks Depress NSEASI Further- Equities market closed today on a negative note, as NSEASI depreciated by -0.45% to close at 37,253.25 basis points as against -0.60% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.59%. Source Proshare Read more 

Regional Stock Markets in Reverse- Within a broader trend in the emerging/frontier economy space, the three leading stock markets in sub-Saharan Africa all find themselves in negative territory ytd: the Lagos all-share index (NSEASI) and Johannesburg all-share index both by -2.1%, and Nairobi (NSE 20) by -11.0%. Source Proshare Read more 

Mixed Trading for Nigerian Markets - The Bond market continued its bearish trend, with sell offs concentrated on the mid-end of the curve. Source Proshare Read more 

NB to issue N8bn commercial papers - Nigerian Breweries Plc (NB), a subsidiary of Heineken N.V. Group, is set to launch a N8 billion Series 15 Commercial Paper (“CP’) with 91 days ten Source BUSINESSDAY Read more 

NLNG: Buhari's Signature Project Back On The Cards As President Congratulates Stakeholders - President Muhammadu Buhari congratulates the board, management, staff and shareholders of the Nigerian Liquefied Natural Gas company (NLNG), the NNPC and other Joint Venture partners, Shell, Total and AGIP on the signing of the contracts for the Front End Engineering Design (FFED) of Train 7 of the Nigeria Liquefied Natural Gas Project.Source Proshare Read more

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PROSHARE BUSINESS

48th AATWA Induction: ICAN President, Awoyemi charges new Accounting Technicians to Develop IT Skill- The latest set of accounting technicians in Nigeria have been charged to develop their information technology skills, to remain relevant and competitive in the age of the digital fourth global industrial revolution. Source Proshare Read more 

Buhari Signs Law Separating NFIU from EFCC - President Muhammadu Buhari today took a major decision in the anti-corruption architecture for Nigeria, with the signing of the bill that empowers the Nigerian Financial Intelligence Unit, to serve as an autonomous body. Source Proshare Read more 

NESG Appoints Niyi Yusuf and Onyeche Tifase as New Vice Chairmen - July 7, 2018, Lagos: The board of directors of the Nigerian Economic Summit Group (NESG) has announced the appointment of Mr. Niyi Yusuf and Mrs. Onyeche Tifase, who are presently Non-Executive Directors of the company, as new Vice-Chairmen of the board. Source Proshare Read more 

NDDC revenue: NPDC, others get July deadline to remit funds - The House of Representatives ad hoc panel “investigating all outstanding sums due to the Niger Delta Development Commission (NDDC) since 2000” yesterday mandated defaulting oil firms to remit their indebtedness to the Commission before end of July 2018 or “face the wrath of the law.” Source Daily Trust Read more 

OPEC sees lower 2019 demand for its oil, points to return of surplus - OPEC on Wednesday forecast world demand for its crude will decline next year as growth in consumption slows and rivals pump more, pointing to the return of an oil market surplus despite an OPEC-led pact to restrain supplies. Source Reuters Read more 

U.S. oil exports to India soar ahead of sanctions on Iran - U.S. crude oil exports to India hit a record in June and so far this year are almost double last year’s total as the Asian nation’s refiners move to replace supplies from Iran and Venezuela in a win for the Trump administration. Source Reuters Read more 

Brent oil gains $1 to claw back some losses - Brent crude rose more than $1 on Thursday, recouping some ground after its biggest one-day drop in two years in the previous session on news that Libya would resume oil exports and U.S.-China trade tensions. Source Reuters Read more 

Libyan NOC announces reopening of key oil export terminals - Tripoli-based National Oil Corp (NOC) said on Wednesday four export terminals were being reopened after eastern factions handed over the ports, ending a standoff that had shut down most of Libya’s oil output. Source Reuters Read more 

Bank of Canada Raises Key Interest Rate to 1.50% - The Bank of Canada said a strong labor market and on-target inflation supported its decision to raise the benchmark interest rate on Wednesday, despite concerns over mounting trade tensions. Source WSJ Read more

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PROSHARE TECHNOLOGY

Digital Economy: FG Targets $88bn Revenue in Three Years - The Nigerian government is resolute in creating an enabling environment where digital economy opportunities are not just theoretical but become real, the Minister of Industry, Trade and Investment, Dr Okey Enelamah has said. Source Thisday Read more 

Telecoms Operators Threaten to Shut Down Operations over Attacks - Following this week’s attack on MTN facilities and staff across different locations by the Nigeria Labour Congress (NLC), coupled with other attacks on telecoms facilities emanating from government agencies across the country, telecommunication operators have called on the federal government to intervene in order to avoid collapse of the country’s telecoms system. Source Thisday Read more

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