Nigeria in 1min: Economic, Business and Financial Headlines – 170818

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Friday, August 17, 2018 / 7:30 AM / Proshare News

 

PROSHARE ECONOMY

Individuals Working on the Nigerian Offshore Oil-drilling Platforms – Who Gets the Tax?- Nigeria operates a federal system of government. Governing bodies at the centre differ from governing bodies in the sub-units (states). This dichotomy also impacts tax administration, with the Federal Inland Revenue Service (FIRS) overseeing taxation of companies, non-resident individuals etc. Source Proshare Read more 

Average Fare Paid by Commuters for Bus Journey Intercity Increased by 0.30% MoM to N1,733.33 in July- The Transport fare watch report for July 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 Yam Tuber Decreased by 1.75% MoM to N280.83 in July 2018 - NBS- Selected food price watch data for July 2018 reflected that the average price of 1 dozen of Agric eggs medium size decreased year-on-year by -5.36% and month-on-month by -12.60% to N471.75  in July 2018 from  N539.75 in June 2018 while the average price of piece of Agric eggs medium size(price of one) decreased year-on-year by -6.99%. Source Proshare Read more 

Nigeria’s July, 2018 Inflation: 5 Things to Note - The Nigerian Inflation report for July, 2018 was released yesterday by the National Bureau of Statistics and in this article we bring you 5 key things to note from the index. Source Proshare Read more 

British American Tobacco, Olam, Indorama top 100 non-oil exporters in 2017 – CBN - British American Tobacco, Olam Nigeria and Indorama Eleme Fertilizer & Chemicals Limited were three top non-oil export performers in 2017, according to the Central Bank of Nigeria (CBN) annual report released on Wednesday. British American Tobacco was first on the list, exporting various forms of cigarette valued at $145.48 million to Liberia, Guinea, Ghana, Cameroun Source BUSINESSDAY  Read more 

Agriculture, real sector to get CBN, banks’ CRR lending at 9% - The Central Bank of Nigeria (CBN), and commercial banks are to start channeling the Cash Reserve Requirement kept in the apex bank vault to agricultural and manufacturing lending at single interest rate of 9 per cent. Source THE SUN Read more 

States owe N41b in unremitted VAT, withholding tax – NEC - The National Economic Council (NEC), Thursday, said States are owing over N41 billion in yet to be remitted deduction of Value Added Tax (VAT) and Withholding tax deductions due to the Federation Accounts This followed presentations to the Council by the Executive Chairman of the Federal Inland Revenue Services, FIRS, Babatunde Fowler Source BUSINESSDAY  Read more 

FG to sell Afam GenCo, Yola DisCo - The Federal Government has given the Bureau for Public Enterprises (BPE) go ahead to privatise the Afam Power Generation Company Plc and the Yola Distribution Company. Source Daily Trust Read more 

FIRS shuts NNPC subsidiary, others over tax default - The Federal Inland Revenue Service (FIRS) has sealed off the premises of companies defaulting in tax payments in Lagos and Benin, in continuation of its enforcement exercise. Source Vanguard Read more 

Nigerian Owned Vessels on Cabotage Register Up 33% - There has been an increase in number of wholly Nigerian owned vessels on the Nigerian Cabotage register following the renewed drive by the Nigerian Maritime Administration and Safety Agency (NIMASA) to reverse what hitherto obtains in the maritime industry. Source Thisday Read more 

43% of Nigerians remain financially excluded ―LBS - The Lagos Business School has revealed that 43 per cent of Nigerians are financially excluded. Source Punch Read more

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PROSHARE MARKETS

NSEASI Sheds -1.29% to Close Below 35,000bpts as Sell-off Continues- Equities market closed today on a negative note, as NSEASI depreciated by -1.29% to close at 34,618.43 basis points as against -0.62% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -9.48%. Source Proshare Read more 

STANBIC Declares N43.08bn PAT in Q2 2018 Results,(SP:N50.00k)– Equities market closed today on a negative note, as NSEASI depreciated by -0.62% to close at 35,069.34 basis points as against -0.35% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -8.30%. Source Proshare Read more 

Market Sentiment remains weak as EM pressures Persist - Yields in the bond market retraced slightly from previous day highs, as market playersreacted to the lowerstop rates at the previous day’s primary market auction. Yields compressed by c.9bps on the average, with the most gains witnessed on the short-end of the curve. Source Proshare Read more 

NNPC’ to list 40% of shares on NSE - The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said 40 per cent of the shares of the Corporation would be floated on the Nigerian Stock Exchange (NSE) when the Petroleum Industry Governance Bill (PIGB) gets  Presidential Assent. Source THE NATION Read more

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PROSHARE BUSINESS

Uganda wants unit of MTN Group to list locally before licence extension - Uganda has asked the local unit of South African telecoms giant MTN Group to list some of its shares on the local stock exchange as a condition for renewing its operating licence, a top official told Reuters on Wednesday. Source Reuters Read more 

Oil prices slip amid fears over global economic growth - Oil prices fell on Friday, with U.S. crude heading for a seventh weekly decline amid increasing concerns about slowing global economic growth that could hit demand for petroleum products as inventories build. Source Reuters Read more 

U.S., China to Resume Trade Talks as Tariffs Bite - The U.S. and China reached a modest breakthrough in their trade dispute, saying they would hold lower-level talks later this month on the spiraling dispute. Source WSJ Read more 

Turkey sets out swingeing cuts to respond to lira fall - Currency rallies after Albayrak conference call but investors’ questions remain Source FT Read more 

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