Nigeria in 1min: Economic, Business and Financial Headlines – 190118

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January 19, 2018 7:10 AM / Proshare News 

PROSHARE ECONOMY

2018: A Breakout Year For Clean Energy - The bullish momentum for global clean energy investment, which rose 3 percent to $333.5 billion in 2017, will continue this year. Source Proshare Read More 

European Parliament Resolution on Nigeria - whereas the UN estimates that Nigeria, Africa’s most populous and culturally diverse nation (its population having grown from 33 million in 1950 to about 190 million today), is set to become the world’s third most populous country, just behind China and India, by 2050. Source Proshare Read More 

NESG 2018 Nigerian economic outlook:Salami harps on inclusive growth - Notable economist Dr Doyin Salami believes that in 2018 achieving inclusive economic growth, should constitute the major thrust of public and private policy makers in Nigeria. Source Proshare Read More 

Outlook 2018 - On Thin Ice; Charting a Course to Solid Grounds - Continuing its path of a gradual recovery, global growth strengthened steadily in 2017 on the back of increased trading activities across countries as well as central banks’ interventions. Source Proshare Read More 

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Compendium of Investment Incentives in Nigeria - This Compendium of Investment Incentives in Nigeria is the product of a collaboration between Nigerian Investment Promotion Commission and Federal Inland Revenue Service. It is published pursuant to the provisions of Section 4(i) of the NIPC Act, which requires NIPC to “provide and disseminate up-to-date information on incentives available to investors” in Nigeria. Source Proshare Read More 

The Nigerian Economy: Riding On Global Commodities Market Waves - Commodities, also referred to as primary products, are raw materials extracted from the earth under-going little or no manufacturing or refining process. Source Proshare Read More 

Why Africa’s top oil producer is low on gasoline - Nigeria, Africa’s biggest oil producer and a member of OPEC, has suffered fuel shortages over the past few weeks. Source Proshare Read More 

Factors That Will Affect the Price of Oil in 2018 - Brent oil prices gained 20.5% in 2017, rising to $66.87per barrel (pb) as of December 29th 2017 from $55.47pb on January 3rd 2017. Source Proshare Read More 

NSR H1 2018 (5) - Crude Oil Sunny with a chance of Rain - We envisage the rebalancing process of the crude oil market would leave 2018 prices stable, albeit slightly lower in H218. Given the interpolation between changes in net supply and Brent crude, we update our crude oil forecast to $55/bbl.-$65/bbl. Source Proshare Read More 

Year-end Inflation Offers Hope for 2018 - December Inflation came in below Vetiva and Consensus expectation of 15.7% y/y and 15.8% respectively, registering at 15.4% y/y (November: 15.9% y/y) despite nationwide fuel shortages that increased average premium motor spirit (PMS) prices by 18% in the month. Source Proshare Read More 

AfDB will invest $2bn in Nigeria by 2019 – Adesina - The level of investments in Nigeria by the African Development Bank (AfDB) will grow to $8billion from the present $6 billion, the President of the Bank, Akinwumi Adesina has said. Source Daily Trust Read More 

Nigeria’s balance of $2.32b in ECA as at Jan. 15 – Adeosun - Finance Minister, Mrs. Kemi Adeosun, has said that Nigeria has a balance of $2.32b in the Excess Crude Account, ECA, as at January. Source Vanguard Read More 

ActionAid to fight poverty in 26 states with £60m - The ActionAid Nigeria (AAN) has said that it plans to raise £60 million to tackle poverty in 26 states and 222 communities where it currently works. Source Daily Trust Read More 

Domestic airlines convey 3.7m in 2017 - Eight domestic carriers operated 48, 319 flights in 2017 out of which 30, 214 were delayed while only 872 flights were cancelled, statistics from the Nigeria Civil Aviation Authority (NCAA) have shown. Source Daily Trust Read More 

Kaduna dry port to commence operations in March - Baring any unforeseen circumstances, the recently inaugurated Kaduna Inland Dry Port promoted by Inland Container Nigeria Limited (ICNL) will commence international operations by welcoming dry and refrigerated cargoes from various ports across the globe. Source THE SUN Read More 

Kwara Revenue Agency Generated N19.94b in 2017 - The Kwara State Internal Revenue Service (KWIRS) generated a total sum of N19.94billion in revenue for the state in 2017. Source Thisday Read More 

PTML Records N98billion Revenue in 12 Months - The Port Terminal Multi-service Limited (PTML) Command of the Nigeria Customs Service (NCS), in Apapa, Lagos has announced that it posted revenue of N98. 825 billion in 2017, an increase of 57.4 per cent over N62.803 billion generated in 2016. Source Thisday Read More 

‘Production cost remains high despite crash in food prices’ -Operators in the agricultural sector have complained about the high cost of production even though the prices of products such as palm oil have reportedly crashed. Source Punch Read More 

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PROSHARE REGULATORS

SEC extends free e-dividend registration till February - The Securities and Exchange Commission (SEC) has extended the period for the free e-dividend registration exercise till February 28, 2018, to encourage more shareholders mandate their bank accounts.  Source Daily Trust Read More 

PROSHARE MARKETS

NSEASI Dips by -0.08% as Stock Market Halts Uptrend - Equities market closed today on a negative note, as NSEASI depreciated by -0.08% to close at 44,848.74 basis points as against +1.89% appreciation recorded previously. Source Proshare Read More 

Does Taking Position to Average Losses Means Investors Still Have Confidence in OANDO? - Despite the technical suspension on the share price of Oando Plc, the stock continued to record impressive volume trades.  Source Proshare Read More 

FIDELITYBK, FBNH Top Banking Stocks; Records over 300% Price Return in One Year - Banking stocks remain the toast of most investors among the stocks listed within the financial services sector in particular and the stock market in general. Source Proshare Read More 

New Year, Old Challenge for the DMO - The DMO has found itself at the start of the calendar year with the familiar challenge of having to set out its plans for FGN bond auctions without an approved budget in place. Source Proshare Read More 

DMO to raise N385bn bonds in Q1 of 2018 - The Debt Management Office has said it will raise between N315billion to N385billion from the federal bonds issuance in the first quarter of 2018. Source Daily Trust Read More 

Nigerian firm, global trader in $530m oilfield deal - The world’s biggest oil trading firm, Vitol Group, had reached a $530m deal with a Nigerian oil and gas producer, Shoreline Group, to finance an oilfield in exchange for access to some of the oil it produces, the Nigerian firm said on Thursday. Source Punch Read More 

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PROSHARE BUSINESS

Exxon Mobil signs deal for deepwater oil exploration off Ghana - Exxon Mobil Corp signed a deal with Ghana on Thursday to explore for oil in the Deepwater Cape Three Point offshore oilfield. Source Reuters Read More 

FG sues JP Morgan for $875m over Malabu deal - Nigeria has filed a claim against JP Morgan Chase for more than $875 million, accusing it of negligence in transferring funds from a disputed 2011 oilfield deal to a company controlled by the country’s former oil minister. Source Daily Trust Read More 

650 MDAs yet to submit audited accounts to AuGF in 10 years – Senate - The Senate Committee on Public Accounts on Thursday revealed that over 650 Federal Government Ministries, Departments and Agencies (MDAs) are yet to submit their audited accounts to the Office of Auditor General of the Federation (OAuGF) in the last 10 years. Source BUSINESSDAY Read More 

Nigeria Moves Closer to Energy Overhaul With Passage of New Bill - Nigeria’s House of Representatives passed a bill governing the country’s energy sector after the Senate did so in May, taking Africa’s top oil producer one step closer to a much-awaited overhaul of the key industry. Source Bloomberg Read More 

OPEC Frets About New Flood of U.S. Oil - OPEC increased its forecast for rival oil-supply growth for a second month running after a recovery in prices sent Brent crude to $70 a barrel. Source Bloomberg Read More 

Aramco CEO Says the Oil Giant Is Ready for IPO - Saudi Arabian Oil Co. is ready for its initial public offering in the second half, with the government yet to decide where to list the shares, Chief Executive Officer Amin Nasser said. Source Bloomberg Read More 

South African central bank holds repo rate at 6.75% - South Africa’s central bank kept its benchmark repo rate unchanged at 6.75 percent on Thursday, saying that risks to the inflation forecast were still assessed to be on the upside. Source CNBC Read More 

Why the World Bank Should Ditch the "Doing Business" Rankings—in One Embarrassing Chart - The Doing Business index is one of the World Bank's highest profile publications, ranking countries on the ease of registering property, paying taxes, and clearing other regulatory hurdles. Source CGD Read More 

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PROSHARE TECHNOLOGY

How have Cryptocurrencies been adopted in Nigeria? - A Cryptocurrency is a decentralized digital asset designed to work as a peer-to peer transaction version of electronic cash that allows for users to make payments to one another without the need of a third party financial institution. Source Proshare Read More 

Bank Customers With BVN Rise To 31.4m In 2017- NIBSS - The Nigeria Inter-Bank Settlement System Plc (NIBSS) said bank customers issued Biometric Verification Number (BVN) increased to 31.4 million as at December 31, 2017. Source Leadership Read More 

Shell just made its first investment in blockchain with UK startup Applied Blockchain - Shell has made its first investment in blockchain, the technology eliciting interest around the world because it underpins bitcoin, but which has far wider applications. Source CITY AM Read More 

Hackers Have Walked Off With About 14% of Big Digital Currencies - Digital currencies and the software developed to track them have become attractive targets for cybercriminals while also creating a lucrative new market for computer-security firms. Source Bloomberg Read More 

SEC says bitcoin funds raise 'investor protection issues' - The U.S. securities regulator on Thursday raised alarm about the safety of bitcoin-themed investments, telling the fund industry they want answers to their concerns before endorsing more than a dozen proposed products based on cryptocurrencies. Source Reuters Read More 

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