Nigeria in 1min: Economic, Business and Financial Headlines – 200718

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Friday, July 20, 2018 / 7:10 AM / Proshare News

 

PROSHARE ECONOMY

NSR H2 2018 (6) - Nigerian Fiscal: Déjà Vu All Over Again? - In our H1 18 strategy report, we had estimated fiscal deficit over 2018 to print at N2.9 trillion – from our revenue expectation of N4.4 trillion and expenditure of N7.3 trillion – which basically formed our domestic borrowing expectation of N1.7 trillion over 2018. Coming into 2018, Source Proshare Read more 

Nigeria to need up to $300 mln for new national carrier-document - Nigeria’s new national airline will require initial capital of between $150 million and $300 million, and the government is seeking a strategic partner to operate the carrier, the government stated in a document seen by Reuters on Thursday. Source Reuters Read more 

FAAC overpaid states N10bn in bailout funds — Auditor-General - The Federation Accounts Allocation Committee (FAAC) N10 billion in excess to states while sharing bailout funds in 2016, according to the annual report of the Auditor-General of the federation obtained by The Cable. Source Vanguard Read more 

Customs generates N78.78 million revenue in Borno, Yobe - The Nigeria Customs Services (NCS), said it generated about N78.78million in six months in Borno and Yobe states, despite the insecurity situation in the areas caused by Boko Haram insurgency that led to the closure of 10 border stations with Niger, Chad, and Cameroon. Source Guardian Read more 

‘600,000 jobs lost in fishing sector’ - No fewer than 600,000 indirect jobs have been lost in the fishing sector due to lack of regulation and sea robbers in the last two decades. Source THE NATION Read more 

NECA warns govt, others against another recession - The outgoing President of the Nigeria Employers’ Consultative Association, Mr Larry Ettah, has called for increased private sector vigilance of government’s management of the economy. Source Punch Read more

 
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PROSHARE MARKETS

NSEASI Dips by -0.76% to Maintain Downtrend; Records -2.03% Loss WoW - Equities market closed today on a negative note, as NSEASI depreciated by -0.76% to close at 36,470.05 basis points as against -0.58% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.64%. Source Proshare Read more 

Dangote Cement Lists N50bn Commercial Papers in FMDQ, The Largest in Nigeria’s Debt Capital Market - The prospects for the growth of the commercial papers market in Nigeria received a boost today with the issuance of N50bn quotations, from the Dangote Cement Plc at the FMDQ OTC exchange. Source Proshare Read more 

Wema Bank Plc H1 2018 Conference Call and Earnings Presentation - The Key Takeaways - Wema Bank Plc held its H1 2018 Investors and Analyst Conference Call Earnings Presentation. Proshare NG participated along with leading market analysts and professionals. Source Proshare Read more 

ETI Declares N51.55bn PAT in Q2 2018 Results,(SP:N26.00k) – Source Proshare Read more 

Wema Bank to sell N20bn bond - Wema Bank Plc yesterday said it would raise N20 billion via bond offering in August to boost its capital adequacy. Source Vanguard Read more 

CBN tackles excess liquidity with OMO, yields weaken - The bond market opened weaker following the release Q3 2018 FGN Bond Calendar by the Debt Management Office. Yields expanded by c.7bps as sell offs were witnessed on the short to mid-end of the curve. Source Proshare Read more 

Oil prices rise; still set for third weekly drop on oversupply, U.S.-China trade dispute - Crude prices rose on Friday but were set to drop for the week as concerns about oversupply and lower demand due to a possible economic slowdown caused by the trade conflict between the United States and China, the world’s two biggest oil users. Source Reuters Read more 

Nigeria, others to spend $105b on oil, gas decommissioning - Nigeria and other oil producing countries across the world will expend about $105b on decommissioning in the next 10 years. Source Guardian Read more 

Power Supply Remains Low at 3,838MW as Fashola, Discos Bicker - As the Minister of Power, Works and Housing, Mr. Babatunde Fashola, and the 11 electricity distribution companies (Discos) continue to trade blame over poor service delivery, the total volume of electricity available for distribution to the country has remained at a low level of 3,838 megawatts (MW) Source Thisday Read more

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PROSHARE BUSINESS

United Capital Partners Proshare for a Tweet-Meet on Nigeria’s H2, 2018 Outlook Report - United Capital one of the strategic investment banking groups in Nigeria in partnership with Proshare, Nigeria’s premier economic and financial information hub, saddled with the mandate of educating, enlightening and empowering the investment public, will on Tuesday July 24, 2018 host a social media tweet meet and interactive session in partnership tagged “Nigeria’s Outlook 2018” - #NGOutlook2018.  Source Proshare Read more 

Reps probe $50bn revenue loss on unprocessed gold - Members of Parliament on Thursday resolved to investigate allegations bothering on loss of over $50 billion revenue accrued from exportation of unprocessed gold over the past 2 years as a result of illegal mining activities. Source BUSINESSDAY Read more 

Twitter appoints Ngozi Okonjo-Iweala to Board of Directors - Twitter has appointed former Nigerian finance minister Ngozi Okonjo-Iweala and former World Bank chief Robert Zoellick as directors as it reshuffled its board. Source Daily Trust Read more 

South African reserve bank leaves repo rate unchanged at 6.5 percent - South Africa’s central bank kept its benchmark repo rate unchanged at 6.5 percent in a unanimous decision by members of the Monetary Policy Committee on Thursday, saying risks to inflation cited at previous meetings had begun to materialise. Source Reuters Read more 

Namibia nets $218 million loan from African Development Bank - Namibia secured a $218 million loan from the African Development Bank, the second tranche of a quarter billion dollar facility from the development lender to help the country finance its budget deficit, the finance ministry said on Thursday. Source Reuters Read more 

Eqypt's EFG Hermes to buy Nigerian broker in frontier market push - Egyptian investment bank EFG Hermes said on Thursday it will acquire Nigerian broker Primera Africa as it pushes to expand its capital market business across frontier markets. Source Reuters Read more 

China Invents a Different Way to Run an Economy - The nation has avoided a recession for a quarter-century. Few countries can make the same claim. Source Bloomberg Read more 

JPMorgan Says Record-Breaking Bull Market Could Run Until 2020 - It looks like the decade-long bull market in U.S. stocks has more room to run, albeit with less vigor. Source Bloomberg Read more

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