Nigeria in 1min: Economic, Business and Financial Headlines – 141117


November 14, 2017 7:10 AM / Proshare News 


Budget: FG earmarks N1.76tr to settle domestic debts -The federal government has set aside N1.76 trillion in 2018 appropriation bill, equivalent to 87.38 per cent of the debt service amount, for the settlement of domestic obligations. Source Daily Trust Read More 

2018 Budget: Tax target threatens companies — NACCIMA - NIGERIAN Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, has warned the Federal Inland Revenue Service (FIRS) to desist from overburdening already tax compliant companies in the country. Source Vanguard Read More 

Firms pay higher taxes in Q3 as profits recover - Nigeria’s fledgling economic recovery is showing up in the performance of its largest listed firms as both profitability and company income tax liabilities are rising from levels seen a year ago. Source BUSINESSDAY Read More 

Budget: Katsina proposes N211.4b for 2018 fiscal year - Katsina state government on Monday announced a budget proposal of N211.4b for its 2018 fiscal year. Source Daily Trust Read More                                                                                                                                         Proshare Nigeria Pvt. Ltd.   

                                                                                                                                                                     Airline revenue of $1.2 bn blocked across Africa -IATA - The global airline industry has $1.2 billion blocked in nine dollar-strapped African countries, the International Air Transport Association (IATA) said on Monday. Source Reuters Read More 

Government loses N300b to National Theatre decay - For the most part of 30 years in which Nigeria’s foremost culture edifice, National Theatre, has been in comatose, government has lost over N300 billion. Source Guardian Read More 


SEC Nigeria says it has robust rules, to attract key listings in the Nigerian capital market  - The Securities and Exchange Commission of Nigeria says it has a robust rule making process, to attract key  listings in the capital market. Director-General of the Commission Mr Mounir Gwarzo disclosed this at the last Capital Market Committee press briefing in Lagos. Source Proshare Read More 


Nigerian Stock Market Maintains Uptrend to Open The Week Positive- Equities market closed today on a positive note, as NSE ASI appreciated by +0.52% to close at 37,312.28 basis points as against +0.19% appreciation recorded previously.  Proshare Read More 

Local Leadership Changes in South Africa Boost Ramaphosa''s Prospects- A Series Of Recent Changes To Local Level Party Leadership Have Boosted Deputy President Cyril Ramaphosa's Prospects For Victory At The Ruling African National Congress (Anc)'S Elective Conference Source Proshare Read More 

Modest Monetary Tightening in Morocco From 2018- We expect an uptick in inflation in Morocco in 2018, as food prices recover from their 2017 slump, and as rising oil prices push transport and utilities costs up. Source Proshare Read More 

Libya: No Breakthrough in Peace Process from Paris Meeting- We expect political resolution of the ongoing conflict in Libya to remain elusive over the months ahead Source Proshare Read More 

Limited Space for Fiscal Consolidation in Tunisia- We maintain our view for the pace of fiscal consolidation in Tunisia to be modest over the years ahead Source Proshare Read More 

Algeria: Unorthodox Financing Plan Will Raise Political Risk- Despite having published a new economic plan, we do not expect that the government of Algerian Prime Minister Ahmed Ouyahia will successfully balance its budget by 2022, as it has set out to do. Source Proshare Read More 

Afrinvest Stock Recommendation for the Week - 131117- Market performance was largely positive last week as the All Share Index added 0.5% W-o-W while YTD return expanded to 38.1%. Source Proshare Read More 

Zimbabwe: Low Inflation Data Belies Rising Prices- The Reserve Bank of Zimbabwe's (RBZ) decision to release inflation data quoting prices in hard currency terms points to the likelihood of a growing disparity between official statistics and reality on the ground. Source Proshare Read More 

Julius Berger Nigeria Plc Q3’17 Results: Topline Recovery Sustained; Profit Expected In FY- JBERGER reported a mild profit (Q3’17 PAT: ₦16 million; Q2’17: ₦72 million) for the second consecutive quarter as the construction company continues to recover from its recent earnings slump Source Proshare Read More 

South Africa: Slow Growth and High Inflation Suggest Depreciation Ahead- We see the rand as set for a gradual sell-off in the months ahead, forecasting the currency will end 2017 at ZAR13.95/USD.  Source Proshare Read More Source Proshare Read More 

Angola: Policy Continuity under Lourenço Bodes Poorly For Economic Reform- Prospects for much-needed economic reform in Angola remain slim following the election of João Lourenço in the August general election, weighing on the country's chances of securing a more sustainable recovery in economic growth. Source Proshare Read More 

Bond Yields Decline on Renewed Buying Interests - The bond market opened the week on a slightly bullish note, with demand especially on the 2024 (-5bps) and 2036 (-5bps) bonds.  Source Proshare Read More 

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Dangote Cement shares trade in off-market deal worth $86 mln - Nigeria’s Dangote Industries Limited sold 128.5 million shares of Dangote Cement at 210 naira each on Monday in a one-off stock market deal valued at 27 billion naira ($85.9 million), traders said. Source Reuters Read More 

Ten bank CEOs make N12.1 billion from stock market rally in 2017 - Ten bank CEOs have made a fortune on the back of the rally in Nigerian bank stocks from January 2017 to date, BusinessDay study of market trends has shown. Source BUSINESSDAY Read More 

Improved FX Access for Petroleum Marketers- The National Bureau of Statistics (NBS) has released its latest premium motor spirit (PMS) price watch report. Source Proshare Read More 

Naira Remains Strong as CBN Pumps in $195m - The Central Bank of Nigeria has continued its sustenance of FOREX liquidity by injecting another $195 million into the inter-bank Foreign Exchange Market, even as the Naira maintains its strength. Source Proshare Read More

Portugal, others buy Nigerian crude oil first time - Nigerian crude cargoes found their way to Portugal for the first time this year, crude export destination data released by the Nigerian National Petroleum Corporation (NNPC) showed. Source Daily Trust Read More 

Oil cuts “only viable option” to stabilize market, says Barkindo - The Organisation of Petroleum Exporting Countries, OPEC, Secretary-General, Nigerian-born Mohammad Barkindo, yesterday said that the oil market is re-balancing at a quickening pace, proffering  production cuts as the “only viable option” to restore stability. Source Vanguard Read More 

Revamped Forcados Terminal Reduces NNPC’s Trading Deficit - A monthly report of the Nigerian National Petroleum Corporation (NNPC) has disclosed that the state-run oil firm reduced its operational deficit for the month of August to N5.7 billion from N11.9 billion it recorded in July, following the resumption of operations at the Forcados export terminal which was down and out of operations for a very long time. Source Thisday Read More 

Kachikwu: NNPC Operations Not Yet Fully Transparentc - The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has said that reforms initiated by the federal government to clean up years of corrupt practices in the Nigerian National Petroleum Corporation (NNPC) have not completely guaranteed that the state oil firm is now transparently run. Source Thisday Read More 

Nigeria’s oil sales suffer, US exports rise - More than two dozen Nigerian crude oil cargoes were left unsold on Monday amid a supply glut of light sweet crude in the market. Source Punch Read More 

Power distributors to pay interest on N120bn debt – FG - Power distribution companies are going to start paying interest on the debt they owe the electricity Market Operator since the commencement of the Transitional Electricity Market in January 2015, the Federal Government has declared. Source Punch Read More 

FG Recovers N23bn Electricity Debts From Benin, Niger Republics - The federal government has recovered $64,630,055:00 (N23billion) from her international customers in Benin Republic and the Republic of Niger. Source Leadership Read More 

Bulk electricity users to buy directly from GENCOs - ELECTRICITY consumers, especially bulk users now have an option as the federal government has approved a new policy to enable them buy power directly from the electricity generating companies, GENCOs. Source Vanguard Read More 

Customers bought more meters than Discos in 3yrs - As the Nigerian Electricity Regulatory Commission (NERC) plans to roll out a new metering regulation, Daily Trust reports that customers bought 410,796 meters between 2013 and 2016 under the previous arrangement - the Credited Advance Payment for Metering Initiative (CAPMI). Source Daily Trust Read More 

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South Africa's Treasury head of budget resigns - South Africa’s Treasury on Monday confirmed that Deputy Director-General Michael Sachs, the senior official in charge of the budget office, had quit the department. Source Reuters Read More 

China’s Economy Moderates as Retail, Factories, Investment Slow - China’s economic expansion dialed back a notch in October, as a campaign to manage credit risks took hold and the Communist Party signaled a less stringent approach to hitting growth targets. Source Bloomberg Read More 

Venezuela Declared in Default by S&P After Missing Bond Payments - Venezuela, one of the world’s riskiest credits, was declared in default by S&P Global Ratings after missing two interest payments on its debt. Source Bloomberg Read More 

China Coal Output Falls to Eight-Month Low Amid Party Congress - China’s coal production in October dropped to the lowest in eight months as some mines were shut to ensure safety during the twice-a-decade Community Party congress. Source Bloomberg Read More 

Ghana to Cut $2.2 Billion Bill With Farm Support, President Says - Ghana has a target of supporting one million farmers in the next four years with plans to invest in agriculture as the West African nation seeks to increase trade and cut its reliance on food imports that cost about $2.2 billion annually. Source Bloomberg Read More 

Breakup of Saudi-Russian ‘Bromance’ Would Collapse Crude Prices - The Saudi- and Russia-led supply limits that have lifted crude to a 2 1/2-year high must be prolonged for an extended period or prices will collapse, said Ed Morse, global head of commodities research at Citigroup Inc. Source Bloomberg Read More 

Egypt Signs Expanded $3.2 Billion Financing Deal With Lenders - Egypt signed an expanded $3.2 billion financing deal with foreign banks, the central bank governor said, as it continues to bolster foreign reserves and prepare for about $14 billion of foreign debt repayments in 2018. Source Bloomberg Read More 

Hedge Funds Add Bullish Oil Bets With Mideast Tension Heating Up - The Middle East is kicking things up a notch in the oil market. Source Bloomberg Read More 

Eastern EU Economic Growth Seen Speeding Up on Consumer Spending - Economic growth in the European Union’s eastern members probably picked up in the third quarter as rising wages propelled consumer spending. Source Bloomberg Read More 

FDA Approves a Digital Pill That Can Track When You Swallowed It -U.S. regulators approved the first medicine with an embedded sensor to help keep track of whether patients are adhering to their prescriptions, a so-called digital pill made by Otsuka Pharmaceutical Co. and Proteus Digital Health. Source Bloomberg Read More 

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FBNHoldings Partners with WIMBIZ Annual Conference to Promote Women Economic Empowerment - In line with the commitment to drive sustainable diversity and parity for women in business and public service,  First Bank of Nigeria Limited and FBNQuest Merchant Bank Limited, both subsidiaries of FBN Holdings Plc have partnered with Women in Management, Business and Public Service (WIMBIZ) in its 2017 annual conference themed “The Next Frontier: Women, You’re your Place”.  Source Proshare Read More 


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