Nigeria in 1min: Economic, Business and Financial Headlines – 150218

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February 15, 2018 7:30 AM / Proshare News 

PROSHARE ECONOMY

Headline Inflation Drops to 15.13% in January 2018; 0.24% Lower Than 15.37% December Rate - The Consumer Price Index (CPI) which measures inflation started the year 2018 increasing by 15.13 percent (year-on-year) in January 2018. Source Proshare Read More 

Aliko Dangote Assures Timely Completion Of Apapa Road to Address Reported N20bn Daily Loss - President of Dangote Group, Aliko Dangote has assured that the Apapa Port Wharf concrete road currently under construction by his company, AG Dangote would be delivered on schedule to save the people and businesses the hassles of the traffic gridlock being experienced now. Source Proshare Read More 

Dangote, Flour Mills on course to complete repair of Apapa Wharf Access Road - The Memorandum of Understanding signed between Dangote Industries, Flour Mills Nigeria and the Federal Government last year, on the rehabilitation and reconstruction of the Apapa Port Wharf Access road through Corporate Social Responsibility, is on course to meet the July, 2018 completion deadline.  Source Proshare Read More 

Lagos-Ibadan rail’ll commence operations in January 2019 –FG - The Federal Government on Wednesday announced that despite the challenges facing the construction of the Lagos-Ibadan rail project, the facility would be put to use by January 2019. Source Punch Read More 

The Challenge of Taxing the Informal Economy - While the data on gross non-oil revenue collection for Q4 2017 show some positive momentum on a y/y basis (Good Morning Nigeria, 12 February 2018), the authorities have far to go.  Source Proshare Read More 

National Tax Policy Implementation Committee Presents Report on Tax Law Reforms - The National Tax Policy Implementation Committee (NTPIC or the Committee), on Friday, February 2, 2018, presented its progress report on the review of tax laws and regulations, and proposed tax reforms to the Minister of Finance (MoF), Mrs. Kemi Adeosun. Source Proshare Read More 

Average Air Fare Increased by 7.34% YoY in January 2018 - NBS - The Transport fare watch report for January 2018 covers the following categories namely bus journey within the city per drop constant route; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and  water way passenger transport. Source Proshare Read More 

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Nigeria, Foreign Countries Share Data on Overseas Bank Accounts, Property Owned By Nigerians - The Federal Government of Nigeria and some foreign countries, including the United Kingdom Government, have commenced the Automatic Exchange of Tax Information (AETI), particularly on overseas assets held by Nigerians. Source Proshare Read More 

Nigeria’s foreign reserve climbs to $42.8bn - Nigeria’s external reserve has climbed to $42.8 million as at Tuesday, February 13, 2018, the Central Bank of Nigeria (CBN) has said. Source Daily Trust Read More 

‘Airport parking revenue grows by 68% over automation’ - The Federal Airports Authority of Nigeria (FAAN) has automated the car park at the General Aviation Terminal (GAT) at the Murtala Muhammed Airport (MMA), Lagos. Source Daily Trust Read More 

AGOA: Nigeria’s $9m agricultural exports very small – US - Nigeria’s agricultural exports to the United States under the African Growth and Opportunity Act (AGOA) increased from around $3 million to $9 million in 2017 but the level is still very small, a trade specialist with the Department of State, Ace Gazis, has said. Source Daily Trust Read More 

FIRS seals two companies over N8bn tax debt in Delta, Edo - Officials of the Federal Inland Revenue Service ( FIRS ) on Wednesday sealed two companies in Delta and Edo over N8 billion tax debt. Source THE NATION Read More 

Dangote Rice mill to produce 250,000 metric tones annually in Sokoto - The Dangote Rice processing mill with the production capacity of 250,000 metric tonnes per annum to be ready in sokoto this year. Source Daily Trust Read More 

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PROSHARE REGULATORS

CBN spends N55bn to improve local food production - The Central Bank of Nigeria ( CBN ), says it has disbursed N55 billion to more than 250,000 farmers within two years of implementation of the Anchor Borrowers Programme ( ABP ). Source THE NATION Read More 

PROSHARE MARKETS

Stock Market Halts Downtrend as NSEASI Records 1.11% Gain - Equities market closed today on a positive note, as NSEASI appreciated by +1.11% to close at  42171.80 basis points as against -2.41% depreciation recorded previously. Source Proshare Read More 

Treasury Bills PMA Moderately Subscribed at 1.3X Bid to Cover - The bond market traded on a relatively flat note with very little volumes traded on some maturities. We witnessed slight interests on the 10 and 20-yr, but they were offset by some sell on the 2026 bond. Source Proshare Read More 

CBN raises N176b in treasury bills on lower yields - The Central Bank of Nigeria (CBN) has raised N176 billion ($576 million) worth of treasury bills at an auction held yesterday, traders said. Source THE NATION Read More 

Clean Oil That Only Costs $20  - Oil production has risen by 5 million barrels per day (bpd) since 2010, an increase of nearly 100 percent. New technology, particularly techniques in shale oil drilling, has opened up vast new opportunities for oil and gas companies. Source Proshare Read More 

DPR slams N2.5bn fine on marketers over petrol diversion - The Department of Petroleum Resources (DPR) has fined over 20 oil marketing companies N2.5 billion for diverting about 162 trucks or roughly nine million litres of petrol between January and February. Source Proshare Read More 

DPR: Marketers Diverted 162 Trucks, Nine Million Litres of Petrol in Three Months - Between December 2017 and February 2018, about 162 trucks containing eight million litres of petrol supplied by the Nigerian National Petroleum Corporation (NNPC) as intervention products were diverted away from their original destination service stations across Nigeria, the Department of Petroleum Resources (DPR) on Wednesday disclosed. Source Thisday Read More 

UK Appeal Court: Nigerians Cannot Pursue Shell Spill Claim in England - The Court of Appeal in London wednesday ruled that two Nigerian communities cannot pursue Royal Dutch Shell in English courts over oil spills in Nigeria’s Delta region. Source Thisday Read More 

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PROSHARE BUSINESS

Zuma Quits as South African President Under Cloud of Scandal - South African President Jacob Zuma resigned Wednesday, bringing an end to his scandal-marred tenure and leaving the nation’s leadership in the hands of the ruling African National Congress’s new leader, Cyril Ramaphosa. Source Bloomberg Read More 

Malawi's economy to grow as much as 5 percent in 2018: IMF - Malawi’s economy is expected to grow by 3 to 5 percent in 2018 and by as much as 7 percent in the medium term as the southern African nation recovers from drought-induced stagnation, the International Monetary Fund said on Wednesday. Source Reuters Read More 

Angola approves 2018 state budget forecasting 4.9 pct growth - Angolan lawmakers on Wednesday approved a 9.6 trillion kwanza ($45.69 billion) state budget for this year forecasting 4.9 percent economic growth, well beyond the 1.6 percent expected by the International Monetary Fund. Source Reuters Read More 

Hungary to invest $172 mln in Angolan economy - Hungary will invest 172 million dollars in the Angolan economy through various projects including a line of credit through its export-import bank, the European nation’s trade minister said on Wednesday in Luanda. Source Reuters Read More 

Egypt issues $4 billion in Eurobonds - Egypt has raised $4 billion in a dollar-denominated Eurobond sale that closed late on Tuesday, the finance ministry said, part of a drive to plug its budget deficit and boost dollar holdings as it pursues an IMF-backed reform programme. Source Reuters Read More 

Oil extends gains on Saudi commitment to cut, weak dollar - Oil prices on Thursday extended gains from the previous session, pushed up by a weak dollar and by comments from Saudi Arabia that it would rather see an undersupplied market than end a deal with OPEC and Russia to withhold production. Source Reuters Read More 

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PROSHARE FINANCE

Tax Planning: Is there any Legal and Moral Benefit? - Business owners constantly seek avenues to eliminate unnecessary and avoidable costs with the aim of optimising profits. Thus, efficient business practices become paramount in minimizing expenses, the most worrisome being “tax expense”. Source Proshare Read More 

PROSHARE TECHNOLOGY

CoinDesk Releases 2018 Blockchain Industry Report - If bitcoin is in a bubble, it is one of the few in the history of finance – if not the first – that expanded with negligible use of credit.  Source Proshare Read More 

Walmart goes to the cloud to close gap with Amazon - One of Walmart Inc’s best chances at taking on Amazon.com Inc in e-commerce lies with six giant server farms, each larger than ten football fields. Source Reuters Read More 

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PROSHARE START-UPS

GEEP: Osinbajo, BoI Disburses N295m to 5,600 Beneficiaries in Kogi - The Bank of Industry (BoI) has put the number of beneficiaries of the Government Enterprise and Empowerment Programme (GEEP) in Kogi State at 5,600. Source Thisday Read More 

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