Nigeria in 1min: Economic, Business and Financial Headlines – 140618

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Tuesday, June 14, 2018 / 7:00 AM / Proshare News
 

PROSHARE ECONOMY

Headline Inflation Drops to 11.61% in May 2018; 0.87% Lower Than April 2018 Rate - The Consumer Price Index (CPI) which measures inflation increased by 11.61 percent (year-on-year) in May 2018. This is 0.87 percent points less than the rate recorded in April 2018 (12.48) percent and represents the sixteenth consecutive disinflation since January 2017. Source Proshare Read more 

2018 budget to be signed next week – FG - THE Federal Government on Wednesday said that the 2018 Appropriation Biill of N9.1 trillion will be assented to by President Muhammadu Buhari next week. Source Vanguard Read more 

Nigeria Produces About 600,000tonnes of Soybean, Ranked 2nd in SSA - The price of diesel across Nigeria increased by 4.91% to N205.67/litre in May 2018.  However, in the Lagos area, diesel is now selling for N220/litre. This spike is likely to feed into commodity prices and consumer price inflation in June. Source Proshare Read more 

FEC approves N185bn for roads, N6.5bn ITF centre - The Federal Executive Council on Wednesday approved the rehabilitation, repair and construction of 14 roads in different parts of the country. Source Punch Read more 

AfDB approves $15m investment in food security - The Board of the African Development Bank has approved equity investment of $15m in the Africa Food Security Fund, which supports Small and Medium Enterprises involved in agri-business in order to enhance food security across the continent. Source Punch Read more 

Airports record 3.4m passengers in Q1 - FAAN - The Federal Airports Authority of Nigeria (FAAN) has said about 3.4 million passengers travelled through airports during the first quarter of this year which is above the 2.6m recorded in same period of 2017. Source Daily Trust Read more 

Trade deficit in manufactured goods, beverages hits N2.7trn -  Nigeria recorded a trade deficit of N3.06 trillion in the international trade of manufactured goods, beverages and tobacco in three years and three months. Source Daily Trust Read more

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PROSHARE MARKETS

Equities Market Halts Two-Day Gaining Streak to Resume Downtrend; NSEASI Sheds -0.35% - Equities market closed today on a negative note, as NSEASI depreciated by -0.35% to close at 39,031.72.  basis points as against +0.83% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +2.06%. Source Proshare Read more 

UBA Plc - Solid Fundamentals Not Fully Priced In Yet - We believe United Bank for Africa’s (UBA) solid fundamentals and financial positions remain intact. We upgrade our recommendation to STRONG BUY (previously: OVERWEIGHT) due to a slightly higher FVE of N14.10 (previously: N12.57). Source Proshare Read more 

Market players Stay Cautious despite Projected Decline in Inflation - The Bond market remained relatively stable with yields compressing slightly by c.2bps, following some client demand on the short to medium end of the curve. Source Proshare Read more 

CBN registers 674 forex dealers in 6 months - The Central Bank of Nigeria (CBN) has registered an additional 674 foreign exchange dealers, Bureau De Change (BDC) operators between December 31, 2017 and May 30, 2018, according a release from the apex bank. Source Daily Trust Read more 

Nigeria suffers biggest oil output decline in OPEC - Nigeria suffered the biggest decline in crude oil production in the Organisation of Petroleum Exporting Countries last month as its output fell by 114,500 barrels per day. Source Punch Read more 

Italy’s Supreme Court Rejects Appeal to Stop Shell, Eni’s Nigerian Corruption Trial - Italy’s Supreme Court threw out an appeal from Shell and four former Shell managers to stop a trial on alleged corruption in Nigeria, which also sees Eni’s chief facing charges, legal sources said Wednesday. Source Thisday Read more 

Dangote deep-sea pipeline to boost Nigeria’s power generation by 12,000mw - The Dangote Group’s sub-sea pipeline infrastructure is expected to augment the natural domestic gas supply and add an estimated 12,000 Mega Watts (MW) to Nigeria’s power generation capacity. Source Guardian Read more 

International customers pay $17.730m for Nigeria’s electricity - Nigeria’s international electricity customers remitted  $17,739,042.09 to the Federal Government last month, it was learnt yesterday. Source THE NATION Read more

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PROSHARE BUSINESS

2018 Nigerian Code of Corporate Governance: Sectorial Codes to Serve as Guidelines - FRC  - The Financial Reporting Council of Nigeria says under the proposed 2018 Nigerian Corporate Governance Code for the private sector, the existing sectoral codes across the country will serve as guidelines from the regulators. Source Proshare Read more 

Fed lifts rates amid stronger inflation, drops crisis-era guidance - The Federal Reserve raised interest rates on Wednesday, a move that was widely expected but still marked a milestone in the U.S. central bank’s shift from policies used to battle the 2007-2009 financial crisis and recession. Source Reuters Read more 

Oil prices fall as U.S. crude production hits another record - Oil prices eased on Thursday, dragged down by rising output, although strong demand and a drop in U.S. fuel inventories provided the market with some support. Source Reuters Read more 

Nigeria to Receive Another $500 Million Abacha Loot - The Federal Executive Council (FEC) rose from its weekly meeting in the State House Abuja Wednesday with cheery news of the forthcoming repatriation of $500 million loot from United Kingdom, United States and France to Nigeria. Source Thisday Read more

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PROSHARE TECHNOLOGY

Africa Jumps the Bandwagon: Race Towards a Cashless Economy - Countries all around the world are working towards removing cash from day-to-day transactions and turning towards a cashless society. This is largely due to the benefits of going cashless as it allows transactions to go smoothly while also reducing the risk. Source Proshare Read more 

FG approves N500m legal fee for N330bn MTN fine - The Federal Executive Council, presided over by President Muhammadu Buhari, on Wednesday approved the payment of N500m to the lawyers who worked for the recovery of N330bn fine imposed on  MTN Nigeria Limited. Source Punch Read more 

Transactions via cheque hit N1.32 trillion in three months - About N1.32 trillion values of transactions were carried through cheque truncation in the first three months of the year. Source Guardian Read more 

Blockchain Is Opening Up Kenya's $20 Billion Informal Economy - Janeffer Wacheke’s fresh-vegetable stall in Nairobi uses technology that’s helping crack a problem Kenyan banks have so far failed to solve -- measuring the creditworthiness of traders in the country’s $20 billion informal economy. Source Bloomberg Read more

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