Nigeria in 1min: Economic, Business and Financial Headlines – 171117


October 17, 2017 7:00 AM / Proshare News 


We See Headline Inflation Rate Falling Gently to 15.8% in November - FBNQuest - The latest inflation report from the NBS shows headline inflation y/y at 15.9% in October. Source Proshare Read More 

2018 budget: Implementation Hinges on Revenue Accretion- The Federal Government of Nigeria (FGN) has announced a 2018 budget proposal which will put spending at a record high of NGN8.6 trillion. Source Proshare Read More 

Fitch Rates Nigeria's Upcoming USD Notes ''B (EXP)''- Fitch Ratings has assigned Nigeria's upcoming senior unsecured USD-denominated notes an expected rating of 'B+(EXP)'.  Source Proshare Read More 

IMF says Nigeria, Angola debt service costs to absorb over 60% of govt revenues in 2017 - The International Monetary Fund (IMF) has warned that debt servicing is becoming more of a burden especially in Africa’s oil-rich nations, particularly Nigeria and Angola and that such costs could absorb up to 60 per-cent of the countries’ government revenues in 2017, and in Gabon as well. Source BUSINESSDAY Read More 

FG to sign MoU with Boeing, Airbus on national carrier, MRO – Sirika - The Minister of State for Aviation, Sen. Hadi Sirika says that the Federal Government is set to sign a Memorandum of Understanding (MoU) with Boeing on the establishment of a national carrier for Nigeria. Source Daily Trust Read More 

We’ve paid 62 contractors N50bn this year – Osinbajo - Vice President Yemi Osinbajo on Thursday announced that since the beginning of this year, the Federal Government had paid about N50bn to 62 contractors working on 169 road projects across the country. Source Punch Read More 

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Senate passes Nigerian Automotive Industry Development Plan Bill - The Senate on Thursday passed the Bill on Nigerian Automotive Industry Development Plan, as part of efforts to transform the automotive industry. Source Daily Trust Read More 

Senate to begin 2018 budget consideration next week - The Senate would commence the consideration of the general principles of the 2018 Appropriation Bill next week, Senate President, Abubakar Bukola Saraki, said yesterday. Source THE NATION Read More 

NAFDAC crashes MSMEs registration fee by 50 % - The National Agency for Food, Drugs Administration and Control (NAFDAC) has reduced the cost of registring products from Micro, Small and Medium Enterprises (MSMEs) by 50 per cent for companies with five or less than five employees, in line with Federal Government’s policy on Ease of Doing Business (EDB). Source THE NATION Read More 

Government claims saving N24.7b monthly via TSA, IPPS, BVN - The Federal Government has said that the implementation of the Treasury Single Account (TSA) and Integrated Payroll and Personnel Information System (IPPIS) has been able to help it to save N24.7billion monthly.    Source Guardian Read More 

2018 to be driven by PPPs, says Udoma - Much of the key infrastructural projects delivery captured in the N8.61 trillion 2018 Federal Government  Budget of Nigeria is to be driven under the Public Private Partnership [PPP] arrangement, the Minister of Budget and National Planning , Sen. Udoma Udo Udoma has said. Source Guardian Read More 

Okowa’ll sign 2018 Appropriation Bill early — Oborevwori - SPEAKER of Delta State House of Assembly, Rt Hon Sheriff Oborevwori, has expressed optimism that the 2018 Appropriation Bill would be signed into law early by the state governor, Dr. Ifeanyi Okowa. Source Vanguard Read More 

Ahead of MPC Meeting: MPR to Stay Flat Ahead of Stronger Recovery in 2018- The Monetary Policy Committee (MPC) will be holding its last meeting for the year on the 20th and 21st of November 2017. Source Proshare Read More 

Value of Nigeria M&A deals to hit $4 billion in 2018 - Deal making in Africa’s biggest economy will stage a comeback in 2018 and 2019, according to Chicago-based multinational law firm, Baker McKenzie, as curtains draw on a period of policy uncertainty which saw Mergers and Acquisitions (M&A) shrink since 2016. Source BUSINESSDAY Read More 

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US SEC Enforcement Division Issues Report On Priorities and FY 2017 Results- In its ongoing efforts to protect Main Street investors, the Securities and Exchange Commission’s Enforcement Division yesterday issued a report highlighting its priorities for the coming year as well as a review of enforcement actions that took place during FY 2017.  Source Proshare Read More 

SEC Invites Directors and Officers of Quantum Securities Limited for An All Parties Meeting- The following Directors and Officers of Quantum Securities Limited are hereby invited for an All Parties Meeting Source Proshare Read More 


Nigerian Stock Market Halts Downtrend as NSEASI Inches Up by 0.05%- Equities market closed today on a positive note, as NSE ASI appreciated by +0.05% to close at 36,634.89 basis points as against -0.91% depreciation recorded previously. Source Proshare Read More 

Bond Market closes flat as CBN Mops up N130bn via OMO T-bill Sales  - The bond market closed on a relatively flat note today, as slight sell at the open of the market were offset by some buys later in the day. Market activity remained focused on the long end of the curve (2027 s- 2037s), with slight buys however on the 2019 bond. Average bond yields consequently closed flat at 14.89%. Source Proshare Read More 

Alert: NB Plc Trades 31.36% of Total Market Volume Today-At the closing of trading today, investors bought a whopping 68.29m volume of shares of Nigerian Breweries Plc valued at NN9.49bn($26.3m).  Source Proshare Read More 

Banks asset growth slows on lower deposit mobilisation - The reduction in deposits as a result of increased customer interest in Treasury Bills (T-Bills) has hindered lenders from creating risk assets. Source BUSINESSDAY Read More 

Oil prices rise to $62.06 per barrel - Oil prices rose slightly yesterday following expectations that the Organisation of Petroleum Exporting Countries, OPEC, will extend production cuts at a meeting at the end of this month. Source Vanguard Read More 

FG Comes up With Action Plan for Takeover of Distressed Discos - The Power Sector Recovery Programme (PSRP) recently developed by the federal government and the World Bank to revive Nigeria’s ailing power sector, has come up with an action plan for the sweeping restructuring of the 11 electricity distribution companies (Discos) that would enable government to take over any Disco found to be insolvent. Source Thisday Read More 

FG Pays N60bn MDA’s Electricity Debt - The Minister of Power,  Works and Housing, Babatunde Fashola yesterday stated that the federal government has paid over N60 billion out of the N70 million verified MDA’s electricity debts. Source Leadership Read More 

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Germany’s €32.9m renewable energy projects fund coming - The German Development Bank, and the African Trade Insurance Agency (ATI ) has announced a new instrument to support renewable energy projects that targets small- and mid-scale (up to 50 Mw) green power renewable energy projects in sub-Saharan Africa. Source THE NATION Read More 

Power transmission capacity increases by 600MW, says TCN - The Transmission Company of Nigeria on Thursday announced that the country’s power transmission capacity had increased by 600 megawatts after it recently energised the second Asaba-Benin 330kV transmission line. Source Punch Read More 

Allow consumers to buy meters, FG tells NERC - The Federal Government has directed the Nigerian Electricity Regulatory Commission to reinstate the regulation that allows power consumers to purchase meters from approved vendors Source Punch Read More 

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Dangote Donates N100m Mosque to Muslim Women in Abuja- The Aliko Dangote Foundation has completed a mosque valued at over N100 million and handed it over to the Federation of Muslim Women Association in Nigeria (FOMWAN). Source Proshare Read More 

Moscow Exchange Holds Investment Conferences For Chinese Investors- On 13-15 November 2017, Moscow Exchange is hosting a series of investment conferences in China to bring together representatives of the Chinese financial community, including funds, banks and trading venues. Source Proshare Read More 

Angola in "mild recovery" but macroeconomic challenges remain:IMF - The Angolan economy is set to grow 1.1 percent this year as sub-Saharan Africa’s third largest economy enjoys a mild recovery, the International Monetary Fund said on Wednesday following a 10-day visit to the country. Source Reuters Read More 

Malawi's Oct inflation slows to 8.3 pct y/y - NSO - Malawi’s consumer inflation slowed to 8.3 percent year-on-year in October from 8.4 percent in September, official data from the National Statistical Office showed on Thursday. Source Reuters Read More 

India's Credit Rating Upgraded by Moody's in Boost for Modi - Moody’s Investors Service raised India’s sovereign bond rating for the first time since 2004, citing continued progress in economic and institutional reforms. Source Bloomberg Read More 

House Passes Tax Bill in First Step Toward Historic Overhaul - House Republicans passed their version of legislation to overhaul the U.S. tax code by slashing the corporate tax rate, lowering tax burdens for most individuals and adding an estimated $1.4 trillion to the federal deficit over the next decade. Source Bloomberg Read More 

First Rule of Saudi Business Is Don't Talk About Saudi Business - In London, New York, Zurich and beyond, the answer from international bankers is the same: We don’t want to talk about the Saudis and their billions. Source Bloomberg Read More 

Saudi Aramco's IPO Just Lost World's Largest Equity Investor - Selling the world’s largest initial public offering wasn’t going to be easy. For Saudi Arabia, the mission just got a lot more complicated: the Aramco IPO won’t have the support of the biggest equity investor. Source Bloomberg Read More 

Saudi Arabia Says OPEC Should Extend Cuts in Meeting This Month - Saudi Arabia’s Energy Minister said OPEC and its allies should announce an extension of their output curbs when they gather at the end of this month. Source Bloomberg Read More 

Kuwait Needs $100 Billion of Financing Over Five Years, IMF Says- Oil-rich Kuwait will need $100 billion of additional financing over the next five years as mandated contributions to its Future Generations Fund leave a fiscal deficit, according to the International Monetary Fund. Source Bloomberg Read More 

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7 Things NAICOM Must Do To Deepen Insurance Acceptance Before Penetration- It was mixed feelings for me as I read a BusinessDay report that quoted the Deputy Commissioner, Technical (NAICOM) Source Proshare Read More 


Bitcoin Hits Record Just Days After a 29% Plunge - Bitcoin has picked up right where it left off, hitting another record high to close in on $8,000 just days after a plunge of as much as 29 percent tested the confidence of advocates of the cryptocurrency. Source Bloomberg Read More 

FCC reportedly planning vote that could kill net neutrality next month - The Federal Communications Commission will drive a stake through its own net neutrality rules roughly this time next month, if Chairman Ajit Pai gets his way. Sources at Bloomberg and Reuters say the FCC’s head honcho will showcase plans next week for a vote to repeal a 2015 order regulating web traffic throttling. Source TECH CRUNCH Read More 

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95% SMEs collapse within a year due to multiple taxation –Elumelu - The Chairman, Heirs Holdings, Mr. Tony Elumelu, on Thursday said that 95 percent of Small and Medium Enterprises fold up within a year in Nigeria due to multiple taxes and levies. Source Punch Read More 


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