Nigeria in 1min: Economic, Business and Financial Headlines – 170518

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Thursday, May 17, 2018 / 7:00 AM / Proshare News 

PROSHARE ECONOMY

ECOWAS Predicts 2.1% Growth Rate for Nigeria in 2018 - The Economic Community of West African States (ECOWAS) on Tuesday predicted a growth rate of 2.1% for Nigeria in 2018, as against 1.6% in the previous year. Source Thisday Read more 

Nigerian Senate Passes N9.12trn 2018 Budget - The Senate of the Federal Republic of Nigeria today passed the 2018 Budget, which it received from President Muhammadu Buhari in November, 2017. Source Proshare Read more 

Average Fare for Bus Journey Within City Increased by 3.88% MoM in April 2018 - NBS - The Transport fare watch report for April 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 

Average Price of 1kg of Tomato Increased by 8.38% MoM in April 2018 - NBS -  Selected food price watch data for April 2018 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 6.45% and month-on-month by 4.70% to N552.09 in April 2018 from N527.32 in March 2018 while the average price of piece of Agric eggs medium size(price of one) decreased year-on-year by -8.59% and increased  month-on-month by 2.52% to N42.25  in April  2018 from N41.21 in March 2018. Source Proshare Read more 

FEC okays $995m, N15.45b for roads - The Federal Executive Council (FEC)  yesterday approved $995 million and N15.45 billion for two roads. Source THE NATION Read more 

FG, Chinese firm sign $6.68bn Ibadan-Kaduna rail line contract - The Federal Government, yesterday, signed a contract agreement of $6.68 billon  on the Ibadan-Kaduna railway segment of the Lagos-Kano Railway Line with the China Civil Engineering Construction Corporation (CCECC). Source Daily Trust Read more 

FG paid N22.45bn to pensioners on defined benefits in Q1 - The federal government paid a total of N22.45 billion to pensioners under the defined benefit scheme in the first quarter of 2018. Source Daily Trust Read more 

PTAD recovers N16bn pension assets from insurance underwriters - The Pension Transitional Arrangement Directorate has so far recovered N16bn of legacy pension funds and assets from insurance underwriters. Source Punch Read more 

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PROSHARE MARKETS

Equities Market Halts Downtrend as NSEASI Inches Up by 0.93% - Equities market closed today on a positive note, as NSEASI appreciated by +0.93% to close at 40,992.97. basis points as against -0.15% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +7.19%. Source Proshare Read More 

Interbank FX rate rises amid Slowdown in Reserve Accretion - The bond market traded on a relatively quiet note, with yields ticking slightly higher by c.1bp due to slight sell on the 2036s and 2027s towards close of trading. Source Proshare Read More 

Forte Oil Plc - Decent Q1’18 Numbers, AGM To Decide On Plans to Divest Subsidiaries - FO’s Q1’18 numbers were quite decent, beating our estimates across most line items. Meanwhile, the mixed performance across the company’s business segments persisted in Q1’18. Source Proshare Read More 

FCMB Attains ISO Certification for Quality Management  - Leading financial services provider, First City Monument Bank (FCMB), has been awarded the prestigious International Organisation for Standardisation (ISO) 9001:2015 certificate for Quality Management System. Source Proshare Read More 

Lafarge Africa Shareholders Approve N100bn Bond Issuance - Shareholders of Lafarge Plc yesterday at the annual general meeting (AGM) in Lagos approved plans by the company to issue a N100 billion bond later in 2018. Source Thisday Read More 

Global Mobile Money Market Hits 690m Accounts in 2017 - The seventh annual state of the industry report on mobile money that was released recently by GSMA, shows that at the end of 2017, the global use of mobile money increased by 25 per cent to reach 690 million accounts compared to 2016 figures. Source Thisday Read More 

OPEC sees oil rally towards $80 as short-term spike, not supply-driven - OPEC sees oil’s rally towards $80 a barrel as a short-term spike driven by geopolitics rather than any supply shortage, four OPEC delegates said, a sign the group is not rushing yet to rethink its supply-cutting agreement. Source Reuters Read More 

India boosts Nigeria’s power supply with $174m - Envoy - The Indian High Commissioner to Nigeria Shri Reddy has said his country has offered about $174.96million to boost power supply in Nigeria. Source Daily Trust Read More 

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PROSHARE BUSINESS

Online Crimes – Nigerian Confraternities Emerge As Business E-Mail Compromise Threat - Business email compromise (BEC) is a form of fraud by which a team of cybercriminals convince victims to wire large amounts of funds or send valuable data to criminally controlled accounts; it is facilitated by the victim’s belief that they are actually being asked or instructed to do so by a trusted party. Source Proshare Read More 

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PROSHARE MSME

BoI to simplify loan procedures for MSMEs - The Managing Director, Bank of Industry, Olukayode Pitan, on Tuesday said that the lender had opened discussions with the Small and Medium Enterprise Development Agency of Nigeria and the Nigeria Export and Import Bank to de-risk its loan portfolios to small-scale businesses. Source Punch Read More 

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PROSHARE REGULATORS

SSE Releases Q and A On Regulation Of Special Corporate Bond Financing for Poverty Alleviation - In order to implement the strategic deployment of the CPC Central Committee and the State Council on poverty alleviation, and effectively enhance the support of the capital market for the tough battle on targeted poverty alleviation, according to the general requirements of the “Opinions of China Securities Regulatory Commission on Giving Play to the Role of the Capital Market in Supporting the State’s Poverty Alleviation Strategy”, the Shanghai Stock Exchange (SSE) has been vigorously carrying out relevant policies and requirements for targeted poverty alleviation. Source Proshare Read More 

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