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Nigeria in 1min: Economic, Business and Financial Headlines – 160418

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Monday, April 16, 2018 / 7:10 AM / Proshare News 

PROSHARE ECONOMY

Nigeria – How to Win - Text of a paper presented by Bode Agusto at the 2018 Vanguard Newspaper’s Annual Economic Discourse held in Lagos, 13 April 2018. Source Proshare Read More 

What To Expect From The Markets This Week- 160418 - During the previous week, we released our Proshare Confidential Report titled “Judging the IMF’s Position on Development Indices”. Source Proshare Read More 

What Has Changed In The Discourse? Poverty - The fund was more concerned about selected issues which hinge more on qualitative variables and poverty; especially with growth largely timid had has failed to be inclusive. Source Proshare Read More 

Where Does Nigeria Stand In The Midst Of The Current Trade Fog? - First of all the negative effect on the price of oil could affect the potential of oil  revenue moving forward Source Proshare Read More 

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Judging IMF Tea Leaves - Unlike 2016 where severe shocks from declining oil prices and productivity affected the macro path of the nation forcing the fund to adjust its base case scenario. Source Proshare Read More 

External Debt: Is It Really Cheap? - Over the years the astronomical increase in government debt servicing has raised eye brows especially in the face of limited revenue. After all, debt servicing does not trigger either consumption or investment. Source Proshare Read More 

Fitch Warns about Debt Financing Risk in Nigeria, Others - Fitch Ratings has noted that sub-Saharan African (SSA) sovereign debt levels were stabilising following their recent sharp increase. Source Thisday Read More 

FMBN to spend N13bn on home renovation loans - The Federal Mortgage Bank of Nigeria (FMBN) plans to spend about N13billion on one of its special products; the workers’ home renovation loan scheme in 2018, Managing Director of FMBN Ahmed Dangiwa has said. Source THE SUN Read More 

‘Nigeria has received $14.2b from World Bank group’ - The World Bank Group, which begins its week-long yearly Spring Meetings today in Washington has supported Nigeria with loans and International Development Association (IDA) credits worth about $14.2 billion since 1958. Source THE NATION Read More 

Cement makers’ profits drop to 5-year low as tax credits expire - A curious thing is happening to Nigerian Cement makers. While revenues are surging, profits are dropping, signalling falling margins and higher tax expenses. The firms analysed by BusinessDay are Dangote Cement Plc, Cement Company of Northern Nigeria (CCNN) Plc and Lafarge Africa Plc, which control about 90 percent of the Nigerian cement market. Source Punch Read More 

Unclear Economic Policies, Others Worry Business Operators  - Some business operators have identified insufficient power supply, unclear economic policies,high interest rate, and unfavourable economic climate as major constraints to the growth of businesses in Nigeria. Source Thisday Read More 

Customs Command generates over N80bn revenue in Q1 - The Apapa Area 1 Command of the Nigeria Customs Service (NCS), says it collected N81.74 billion in the first quarter of 2018, up from N77.43 billion collected in the same period of 2017. Source Daily Trust Read More 

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PROSHARE REGULATORS

Minister of Finance Appoints Mary Uduk as Acting DG of SEC, Redeploys Dr. Abdul Zubair - Honourable Minister of Finance Kemi Adeosun today approved the reassignment of portfolios in the Securities and Exchange Commission (SEC), Nigeria Source Proshare Read More 

NSE fines African Alliance N46.1m for late account submission - The Nigerian Stock Exchange (NSE) has imposed a fine of N46. 1 million on African Alliance Plc for breaking its rule on account submission. Source THE NATION Read More 

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PROSHARE MARKETS

NSEASI Erases Previous Day Loss as Market Sentiment Turns Positive; Records 0.21% Gain WoW - Equities market closed today on a positive note, as NSEASI appreciated by +0.29% to close at  40,928.70 basis points as against -0.09% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +7.02%. Source Proshare Read More 

NASD USI Gains 1.41% WoW - The NASD OTC Market ends the week in with an increase in market metrics, as the NASD USI decreased by 1.41%, closing at 665.79 points (as against 656.55 points last Friday). Source Proshare Read More 

Bond yields Crash by 28bps amid renewed interests from offshore buyers - The bond market traded on a significantly bullish note, largely driven by demand from offshore clients, especially on the 19s and 37s. The 19s compressed further by c.120bps, down to 12.30%, while the 37s gained as much as 1pt, up to 119.90 Source Proshare Read More 

Corporate Earnings for the Week Ending 130418 – WEMABANK Declares N2.26bn PAT in 2017 Audited Result – Source Proshare Read More 

Reserves inch closer to $47b on stable oil price - The positive development in international price of crude oil and the producers’ cut agreement have continued to strengthen Nigeria’s external reserves buffer and supporting the currency defense of the Central Bank of Nigeria (CBN). Source Guardian Read More 

Zenith Bank’s shareholders approve N2.70k dividend payment - Shareholders of Zenith Bank have commended the management and board of directors of the bank for the gross earnings recorded which increased by 46.7 per cent to N745.1 billion at the close of 2017. Source Daily Trust Read More

Medview Spends N22bn on Aviation Fuel in Five Years - Nigeria’s major domestic carrier, Medview Airline, has said due to high cost of aviation fuel in Nigeria, it spent about N22 billion on the product in the last five years. Source Thisday Read More 

Nigeria's NNPC engineering unit says 2017 pretax profit down 34 pct - Nigeria’s state oil company NNPC’s engineering subsidiary on Friday reported a 34 percent fall in 2017 profit before tax to 3.26 billion naira ($10.4 million) compared with the previous year. Source Reuters Read More 

Depot, pipeline maintenance gulped N167bn in 13 months - The Nigerian National Petroleum Corporation (NNPC) spent about N167 billion to maintain its networks of pipelines and depots in one year, official records have shown. Source Daily Trust Read More                                                                                                                                                                                                                                                                      Proshare Nigeria Pvt. Ltd.                                                                                                      

PROSHARE BUSINESS

IMF resumes lending to Chad following Glencore debt deal - The International Monetary Fund said it was resuming loan disbursements to Chad after the Central African oil producer reached an agreement in principal to restructure its more than $1 billion debt to Glencore and four banks. Source Reuters Read More 

Oil May Be About to Spike, and JPMorgan Has Trades to Play It - Oil prices, already at more than three-year highs, may be about to jump further. And, to JPMorgan Chase & Co., crude-related assets are starting to look attractive. Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

Konga, Yudala Announce Merger, to Rule E-Commerce, Organised Retail Sector - Konga, Nigeria’s largest online mall, and Yudala, Africa’s pioneer composite e-commerce company, have officially announced a merger of their operations which will see them effectively become the biggest organised retail and e-commerce/marketplace outfit on the African continent. Source Thisday Read More 

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