Nigeria in 1min: Economic, Business and Financial Headlines – 200418


Friday, April 20, 2018 / 7:00 AM / Proshare News 


Africa FICC – In 2018, We Expect Nigeria to Consolidate on the Gains of the Recovery from Recession - Real GDP: In 2018, we expect Nigeria to consolidate on the gains of the recovery from recession on account of further improvements in oil production. Given the continued adoption of a conciliatory stance by the government in the Niger Delta Source Proshare Read More 

Africa FICC – Africa Accounts for An Estimated 9% of World Oil Output in 2016 - Africa is a relatively small producer of hydrocarbons for the world market, accounting for an estimated 9% of world oil output and less than 6% of gas production in 2016. Source Proshare Read More 

Africa FICC - Africa’s External and Intra-Regional Trade - Africa is a major exporter of raw and semi-processed commodities to the global market, as well as a major importer of fuel, capital and consumer goods, and food. Source Proshare Read More 

A Window for Reform According to the Fund - The IMF’s new World Economic Outlook has left its global growth forecasts of 3.9% for this year and next unchanged from three months ago. Source Proshare Read More 

Transcript of IMF Global Financial Stability Report Press Briefing - Good morning, and welcome to the Spring Meetings. This is the Global Financial Stability Report Press Conference, and I am Randa Elnagar of the IMF Communications Department. Source Proshare Read More 

IMF warns of another melt down, as global debt rises to $164trn - At the backdrop of increasing impressive performance of the global economy, the Managing Director of the International Monetary Fund, IMF, Mrs Christine Lagarde, has warned of some dangers in the horizon, as world debt rises to $164 trillion. Source Vanguard Read More 

Transportation agencies to fund their budgets from IGR - Amaechi - The Minister of Transportation, Mr. Rotimi Amaechi has said that all the revenue generating agencies under the ministry of transportation will fund their budgets from their internally generated revenue (IGR). Source Daily Trust Read More 

Sifax consortium stakes $25m to operate Warri Port terminal - Notwithstanding the highest score of 87.84 per cent by Ecomarine consortium, the SIFAX Group-led consortium, Ocean and Cargo Terminal Services Limited with 82.70 per cent score has been declared the preferred bidder to operate Terminal B, Warri Old Port. Source Guardian Read More 

79% of N’East residents are food insecure –  Borno, Yobe and some states in the North East of Nigeria have recorded over 100 per cent increase in prices of food in the last two years. Source Daily Trust Read More 

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Malawi Stock Exchange Dematerialisation Announcement - The Malawi Stock Exchange, in conjunction with the Reserve Bank of Malawi, would like to notify the market players, issuers of securities and the investing public that we are in the course of automating the Malawi Stock Exchange trading processes. Source Proshare Read More 

Kenya Capital-Markets Regulator Plans Waivers to Spur Listings - Kenya’s Capital Markets Authority is proposing exemptions for companies that weren’t fully tax compliant in the past with the view to increasing listings on the Nairobi Securities Exchange. Source Proshare Read More 

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Market Erases Previous Day Loss as NSEASI Inches Up by 0.25% - Equities market closed today on a positive note, as NSEASI appreciated by +0.25% to close at  40,874.09 basis points as against -0.04% depreciation recorded previously. Source Proshare Read More 

Zenith Bank Plc Reports Q1 2018 Results - The Bank is On Track To Meeting Its FY Target of N210bn - This afternoon, Zenith Bank (Zenith) published its Q1 2018 results. PBT of N54bn grew 22%  y/y and puts the bank on track to meeting its full year target of N210bn in our view. Source Proshare Read More 

Lafarge Africa Plc - One-Offs Weighed On Q4 2017 Earnings - Similar to Q3 2017, Lafarge Africa’s (Lafarge) Q4 2017 results surprised negatively due to an impairment loss of N20.4bn taken on fixed assets and one-off related costs of N10.4bn. Source Proshare Read More 

Oando Plc Awarded EPC Mandate to Develop Ajaokuta-Kaduna-Kano Gas Pipeline Project by the NNPC - A two party consortium consisting of Oando PLC (“Oando”), in conjunction with its midstream affiliate, Axxela Limited (“Axxela”) (formerly known as Oando Gas & Power) and Oilserv Limited, has been awarded the Engineering, Procurement, Construction (EPC) mandate for the Ajaokuta - Abuja portion (Lot 1) of the Ajaokuta-Kaduna- Kano Pipeline system (the “AKK Pipeline”) by the Nigerian National Petroleum Corporation UNNPCW. Source Proshare Read More 

CBN mops up N400bn via Treasury Bills sales - The Central Bank of Nigeria (CBN) on Thursday auctioned a total of N400 billion Treasury bill through Open Market Operation (OMO), being the first in the week since last week Thursday. The results of the OMO auction show that N100 billion was offered for 105 day tenor at the stop rate of 10.9 percent. Source BUSINESSDAY Read More 

Oil close to late-2014 highs on supply cuts, strong demand - Oil prices held firm on Friday near three-year highs reached earlier this week as ongoing OPEC-led supply cuts gradually draw down excess supplies. Source Reuters Read More 

Kaduna Electric decries huge debt, energy theft, vandalism - The Managing Director/Chief Executive Officer, Kaduna Electric, Engr. Garba Haruna, has decried some of the obstacles besetting the company’s operations such as energy theft, huge debts being owed by Ministries, Department and Agencies (MDAs) and vandalism. Source Daily Trust Read More 

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EIB and AfDB to support private sector investment in Nigeria with DBN backing - The European Investment Bank and the African Development Bank have agreed to support the creation of the new Development Bank of Nigeria to strengthen lending for business and agriculture investment in the country. Source Proshare Read More 

N1.8b recovered from payroll fraud, says Bayelsa government - Governor Seriake Dickson of Bayelsa State has disclosed the recovery of N1.8 billion from payroll fraud.He said the regaining was due to the recommendations by the state’s public reforms committee. Source Guardian Read More 

$16.8b NLNG dividends not remitted to Federation Account, NEITI insists - The Nigeria Extractive Industries Transparency Initiative (NEITI)  Executive Secretary, Dr. Waziri Adio, yesterday insisted that the Nigerian Liquified Natural Gas (NLNG’s) $16.8billion accruable dividend between 2000 to 2015 was not remitted to the Federation Account. Source THE NATION Read More 

Morocco Ready for Another Solar Project to Curb Energy Imports - Morocco plans to build plants to produce another 800 megawatts of solar power, just months after attracting bids for its Midelt project as the North African country moves to curb energy imports. Source Bloomberg Read More 

Dubai Indoor Ski Slope Builder Plans $3.8 Billion Homes Project - The developer of the Dubai mall housing an indoor ski slope plans to spend 14 billion dirhams ($3.8 billion) building its first residential development in the desert city. Source Bloomberg Read More 

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Xiaomi, Aramco Will Likely List in Hong Kong, Exchange Chief Says - The chief executive of Hong Kong Exchanges and Clearing Ltd. is confident that the city will land some of the biggest listings in the future, including Saudi Arabian Oil Co., known as Aramco, tech giant Xiaomi Corp. and, in time, a dual listing for e-commerce titan Alibaba Group Holding Inc. Source WSJ Read More 

World Bank: Nigeria, Others Not Prepared for Digital Economy - The President of the World Bank Group, Dr. Jim Yong Kim, has said policy makers in Nigeria and other African countries are ill-prepared to compete in the digital technology space, expressing concern over the continent’s low level of investment in human capital. Source Thisday Read More 

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