Nigeria in 1min: Economic, Business and Financial Headlines – 150318

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March 15, 2018 7:30 AM / Proshare News 

PROSHARE ECONOMY

Headline Inflation Drops to 14.33% in February 2018; 0.8% Lower Than January 2018 Rate - The Consumer Price Index (CPI) which measures inflation increased by 14.33 percent (year-on-year) in February 2018. Source Proshare Read More 

Nigeria's total debt rose to 21.7 trln naira at end of 2017, debt office says - Nigeria’s total national debt grew to 21.7 trillion naira ($70.92 billion) at the end of December 2017, the director-general of Nigeria’s Debt Management Office told a news briefing on Wednesday. It was 17.36 trillion naira at the end of 2016. Source Reuters Read More 

Nigeria to Prune Local Borrowing With Debt at $61 Billion - Nigeria is reducing its domestic borrowing after government debt reached 22 trillion naira ($61 billion) in 2017, with most of it made up of high-interest, locally-acquired credit, the country’s debt office said. Source Bloomberg Read More 

Average Price of 1kg of Yam Tuber Increased by 7.10% YoY in February 2018 - NBS - Selected food price watch data for February 2018 reflected that the average price of 1 dozen of Agric eggs medium size decreased year-on-year by 0.21% and month-on-month by 18.75% to N519.07 in February 2018 from N437.13 in January 2018 while the average price of piece of Agric eggs medium size(price of one) decreased year-on-year by -3.81% and month-on-month by 6.24% to N41.27 in February 2018 from N38.85 in January 2018. Source Proshare Read More 

Chinese firm to invest $100m in Nigeria, others - A Chinese multinational company said it would invest over $100million in Nigeria and other African countries to boost the continent’s economy within the next three years. Source Guardian Read More 

FG, States Diverted N500bn Ecological Fund In 15 Years –Senate - Senate revealed yesterday that for 15 years, the federal and state governments have diverted about N500 billion ecological funds meant to tackle environmental problems of communities in the country. Source Leadership Read More 

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Nigeria Produces 3.93MT of Sweet Potato; The Largest Producer in SSA - Nigeria produces 3.92MT of sweet potato and is the largest producer in SSA and 2nd in the world. It is grown mainly in the North Central state with Plateau state being the major producer. It has limited export potential for now. Source Proshare Read More 

We’ve resources to prosecute tax debtors after VAIDS – Fowler - The Chairman, Federal Inland Revenue Service, Mr. Babatunde Fowler, has warned individuals and corporate entities, who refuse to take advantage of the Voluntary Assets and Income Declaration Scheme, that the service has voted a bigger sum of money for legal fees in its 2018 budget. Source Punch Read More 

NEXIM Bank offers Ondo exporters N500bn loan - The Nigeria Export and Import Bank has called on businessmen and women, who are into export business in Ondo State, to take advantage of the N500bn loan that the Federal Government is offering at a single digit interest rate. Source Punch Read More 

Healthy Capital Inflow for 2017 - The NBS recently released its latest report on Nigerian Capital Importation, which covers Q4 2017. The data was obtained from the CBN and compiled using information on banking transactions from all registered financial institutions in Nigeria. Source Proshare Read More 

Olam’s Response to Inaccurate Reports in the Media over Edible Oils Imports - Olam’s journey started in Nigeria in 1989 and today we employ over 7,000 people, having invested over $1 billion to support economic diversification and domestic food security. Source Proshare Read More 

Business Eye Magazine hosts discourse on Nigeria’s sustainable economic recovery - Nigeria’s economy emerged from recession last year and currently has a GDP growth rate of 1.4% which is a slow but steady growth. Source Proshare Read More 

FEC approves Nigeria’s signing of ACFTA in Rwanda - The Federal Executive Council (FEC) meeting presided over by Vice President, Yemi Osinbajo, has approved the framework agreement for establishing African Continental Free Trade Agreement (ACFTA). Source THE SUN Read More 

Nigeria Contributes 10% to Thailand’s $12bn Gemstone Market - Due to disorganised nature of the gemstone business in Nigeria, the country contributes about 10per cent of the total $12 billion revenue generated annually by Thailand from gemstone. Source Thisday Read More 

Manufacturers Lose N1bn To Fake Imported Cables – Uzodike - The President of Cable Manufacturers Association of Nigeria (CAMAN), Mr. Ifeanyi Uzodike has disclosed that the association lost N1 billion to the influx of fake cables into the country. Source Leadership Read More 

Investors still hurt by N800bn private placements sinkhole - Investors are still hurt almost eleven years after as they search for the promised returns on series of Private Placements (PPs) that had hit the market between 2007 and 2009. Source BUSINESSDAY Read More 

FEC approves Jare dam contract variation to N11billion - Federal Executive Council ( FEC), has approved variation of the Jare dam project cost from N3b to N11b with a mandate to complete the project within 36 months. Source BUSINESSDAY Read More 

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PROSHARE REGULATORS

CBN Unveils Revised Regulation for Direct Debit Scheme - The Central Bank of Nigeria (CBN) has issued the regulation for direct debit schemes in the country. Source Thisday Read More 

Accomplishments Of The Last 5 Years – Financial Conduct Authority  - Speech By John Griffith-Jones, Chairman, FCA, Delivered yesterday at an event hosted vy TheCityUK at Linklaters LLP, London. Note: This is the speech as drafted and may differ from the delivered version Source Proshare Read More 

PROSHARE MARKETS

Nigerian Stock Market Erases Previous Gain as NSEASI Dips by -0.54% -Equities market closed today on a negative note, as NSEASI depreciated by -0.54% to close at  42,839.49 basis points as against +0.04% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +12.02%. Source Proshare Read More 

PMA Rates slide lower with Demand concentrated on the 1yr - The Bond market remained slightly bullish in today’s session, but in a less aggressive manner than in the previous session. This was as the initial bullish bias following the significant decline in the Y/Y February inflation released by the NBS got slightly moderated by some profit taking by market players. Source Proshare Read More 

GTBank Reports Q4 2017 Results – Funding Income Declined by 9% YoY - GT Bank’s (GTB) Q4 2017 results which were published this morning came in strong. The results showed that PBT grew by 85% y/y to N50.2bn. Source Proshare Read More 

STANBIC Reports Q4 2017 Results – Proposed Final Dividend of 50k Below Expectation - Stanbic’s Q4 2017 results which were released this afternoon show that PBT of N15.5bn grew by 35% y/y while PAT came in at N14.2bn, up 25% y/y. Source Proshare Read More 

Zenith Bank Plc 2017FY Conference Call and Earnings Presentation - The Key Takeaways - Zenith Bank Plc held its 2017FY Investors and Analyst Conference Call Earnings Presentation. Proshare NG participated along with leading market analysts and professionals. Source Proshare Read More 

Fed Govt to redeem N482b T-bills in Q2 - Federal Government plans to repay N482 billion of treasury bills (T-Bills) in the second quarter of this year. Source THE NATION Read More 

Yields to fall as Nigeria cuts back on local debt issuance - Nigeria’s change of tack over borrowing is leaving debt-hungry investors with too little to feed on, stoking pressure on bond and Treasury bill yields. Source BUSINESSDAY Read More 

Eni, ADNOC seal $875m deal on two UAE fields - Italian oil firm, Eni, has signed, in Abu Dhabi, United Arab Emirates (UAE),  two concession agreements with Abu Dhabi National Oil Company (ADNOC) for the acquisition of five per cent stake in the Lower Zakum offshore oil field and 10 per cent stake in the oil, condensate and gas offshore fields of Umm Shaif and Nasr, for a participation fee of about $875 million for 40 years. Source THE NATION Read More 

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‘Modular refineries can’t meet petrol supply deficit’ - The proposed modular refineries in the Delta region cannot bridge the petrol supply deficit in the country, the Minister of State for Petroleum Resources, Ibe Kachikwu, has said. Source THE NATION Read More 

Nigerian crude oil supply weighs on market - Plentiful supplies of Nigerian crude weighed on the market on Wednesday, while Angola’s state oil company sold a Dalia cargo, reducing the number of unsold barrels ahead of the release of May loading programmes. Source Punch Read More 

Nigeria’s oil reserves drop by 961 million barrels - Contrary to the Federal Government’s target of increasing crude oil reserves, the country recorded a decline of 961.47 million barrels in four years on the back of low investment in exploration by oil companies. Source Punch Read More 

NERC to enforce new metering rule from April - The Nigerian Electricity Regulatory Commission will on April 3, 2018 commence the enforcement of its recently unveiled Meter Asset Provider Regulations, 2018, a policy that seeks to bridge the widening metering gap in the electricity supply industry. Source Punch Read More 

Mambilla, Zungeru Benefit From China’s $226bn Energy Funding - Nigeria’s Mambilla hydroelectric plant at Gembu in Taraba State and Zungeru hydropower plant on the Kaduna River in Niger State are among the beneficiaries of two Chinese development banks’ huge energy funding initiatives in the emerging markets, a study by Boston University has revealed. Source Leadership Read More 

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PROSHARE BUSINESS

FBNHoldings Appoints Ariyibi to FBNQuest Capital, Borodo to FBNQuest Trustees Boards - FBN Holdings has announced the appointment of Mr Olawale Ariyibi as Chairman of the Board, FBNQuest Capital Limited; and Mr Tijanni Borodo as Chairman of the Board, FBNQuest Trustees Limited. Source Proshare Read More 

#Election2019: Muhammadu Buhari’s Profile - Born (December 17, 1942) Muhammadu Buhari is a politician, former Military Head of State of Nigeria(1983-1985) and the current President of the Federal Republic of Nigeria. Source Proshare Read More 

IMF approves Kenya's request to extend stand-by agreement by 6 months - The International Monetary Fund has approved a request by Kenya to extend by six months a stand-by agreement that was due to expire at the end of March, giving it time to finish mandatory reviews, the IMF said in a statement. Source Reuters Read More 

China's EximBank approves $1.3 billion for Guinea hydro plant - China’s EximBank has approved $1.3 billion in financing for a 450 megawatt hydroelectric plant in Guinea that the West African country’s government hopes will allow it to export electricity to neighbouring countries. Source Reuters Read More 

Ghana inflation edges up to 10.6 pct y/y in Feb: stats office - Ghana’s annual consumer price inflation edged up to 10.6 percent in February from 10.3 percent the previous month, mainly driven by an increase in fuel prices, the statistics office said on Wednesday. Source Reuters Read More 

Goldman Says Emerging-Market Stocks Are the World's Best Bet - Emerging-market stocks are the world’s best investment after February’s rout cheapened valuations, according to Goldman Sachs Asset Management. Source Bloomberg Read More 

OPEC Acknowledges the Scale of the Shale Boom - OPEC for the first time is forecasting that new oil supplies from its rivals will exceed growth in demand this year as the U.S. industry thrives. Source Bloomberg Read More 

Canadian Crude Is Finding a New Way to Asia Without a Pipeline - Canadian oil producers found a way to access the growing Asian energy market without the controversial Trans Mountain pipeline. Source Bloomberg Read More 

Empty-Chair Crisis at Nigerian Central Bank Goes Down to Wire - For the second time this year, Nigeria’s central bank finds itself in suspense on whether it’ll have enough policy makers to be allowed make an interest-rate decision. Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

Google Bans Cryptocurrency Advertising, and Bitcoin Continues to Drop - More bad news rattled the cryptocurrency markets on Wednesday. Google has announced that it will no longer allow cryptocurrency-related ads on its platforms. Source Proshare Read More 

9mobile: Teleology plans to pay $50m deposit by March 22 - BusinessDay has confirmed that Teleology, the preferred bidder in the 9mobile sale process was given 21 working days after the 21st of February 2018 to pay up the sum of $50 million as a non- refundable deposit. Source BUSINESSDAY Read More 

The Bitcoin Fad Is Fading—for Now - It might be hard to believe. But after the 1,400 percent rally of 2017, with wild swings along the way, the great crypto craze has cooled, at least for now. For the past month, Bitcoin’s price has stalled between $8,500 and $11,300 -- a minuscule range by its standards. Source Bloomberg Read More 

Microsoft Plans Its First Cloud-Data Centers in Middle East - Microsoft Corp. will open data centers in Abu Dhabi and Dubai, its first in the Middle East, part of the software maker’s rapid geographic expansion to win cloud-computing business worldwide and pry customers from Amazon.com Inc. Source Bloomberg Read More 

Goldman-Backed Circle Is Hiring 100 for Global Crypto Expansion - Circle Internet Financial Ltd., the consumer finance startup backed by investors including Goldman Sachs Group Inc. and Baidu Inc., will hire 100 people as it expands a newly acquired cryptocurrency exchange. Source Bloomberg Read More 

Google purged 3.2 billion bad ads from the web last year - It's no secret that Google (and much of the tech industry) struggle to deal with bad advertising in 2017, and the company now has the stats to prove it. The company has revealed that it removed over 3.2 billion bad ads in 2017, or nearly twice as many as the 1.7 billion it pulled in 2016. Source Engadget Read More 

Amazon's first debit card arrives in Mexico - Amazon has taken a number of steps to help you shop online without a bank card, and now it's taking those efforts to their logical conclusion: the internet retailer has launched its first debit card, Amazon Rechargeable, in Mexico. Source Engadget Read More 

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