Nigeria in 1min: Economic, Business and Financial Headlines – 200918

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Thursday, September 20, 2018 / 7:00 AM / Proshare News

 

PROSHARE ECONOMY

Lagos State Accounts for 34.17% of Foreign Debt As At June 2018 - NBS - Nigerian States and Federal Debt Stock data as at 3oth June 2018 reflected that the country's foreign and domestic debts stood at $22.08bn and N15.63trn respectively. Source Proshare Read More 

State of States 2018 - Lagos Dropped From 2nd to 4th Place on The Fiscal Sustainability Index - Rivers state sits on top of the Fiscal Sustainability Index due to its robust revenue profile and manageable recurrent expenditure obligation. Source Proshare Read More 

Investments and Economic Growth-Bismark Rewane  - At the recent 11th edition of the annual banking and finance conference in Abuja, Nigerian economist Mr Bismark Rewane was the guest speaker at the business session one which discussed “MSME Financing Gap: The Critical Role of Micro-Funding”. Source Proshare Read More 

Global goal to end poverty by 2030 unlikely – World Bank - People living on less than 1.90 dollars a day have fallen to record low of about 655 million – or nine per cent of the world’s population. Meanwhile, a global target of ending extreme poverty by 2030 is unlikely to be met, the World Bank said on Wednesday. Source THE SUN Read More 

FG Backtracks, Suspends Planned National Carrier - In what seems like a U-turn, the federal government has announced the indefinite suspension of the national carrier project. Source Leadership Read More 

FEC approves concession of 20 silos - The Federal Executive Council has approved concession of 20 out of the 33 silos belonging to the Federal Government across the country. Source Daily Trust Read More 

AfDB announces $1bn synthetic transaction for lending - African Development Bank President Akinwumi Adesina has announced a $1 billion synthetic securitization transaction aimed at improving lending of the bank for development. Source Daily Trust Read More 

Nigeria’s petrol subsidy one of the most expensive globally - Nigerians may not feel it nor know it but the pump price of petrol is currently the eight cheapest in the world according to data compiled by BusinessDay Source BUSINESSDAY Read More

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PROSHARE MARKETS

NSEASI Records -0.02% Marginal Loss to Halt Uptrend Amid Positive Breadth - Equities market closed today on a positive note, as NSEASI appreciated by -0.02% to close at 32,375.12 basis points as against +0.65% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.34%. Source Proshare Read More 

IOSCO Issues Policy Measures to Protect Investors of OTC Leveraged Products - The Board of the International Organization of Securities Commissions (IOSCO) today issued a final report providing measures for securities regulators to consider when addressing the risks arising from the marketing and sale of OTC leveraged products to retail investors.  Source Proshare Read More 

Nigeria Central Bank Response To Recent FOREX Sanctions  - The Central Bank of Nigeria (CBN) acknowledges the public interest over sanctions recently imposed on four deposit money banks (DMBs). Source Proshare Read More 

We don’t predetermine treasury bills’ interest rates – DMO - The Debt Management Office has said that neither it nor the Central Bank of Nigeria predetermines the interest rates at which the government sells the Nigerian Treasury Bills at the monthly auction market. Source Punch Read More 

Gas pipeline: NNPC negotiating with Chinese lenders - The Nigerian National Petroleum Corporation says it is concluding negotiations on terms of funding and payback structure for the Ajaokuta-Kaduna-Kano gas pipeline project with Chinese lenders. Source Punch Read More

 
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PROSHARE BUSINESS

CIBN signs MOU with Crown Agents on Capacity Building - The Chartered Institute of Bankers of Nigeria last week signed a Memorandum of Understanding with Crown Agents Limited, to strengthen the institute’s mandate in the area of capacity building for the banking and financial services. Source Proshare Read More 

UK, group to monitor $322m Abacha loot spending - A civil society organisation, African Network for Environment and Economic Justice, said on Wednesday that it had begun the monitoring of the Federal Government’s disbursement of the $322.5m General Sani Abacha loot recovered from Switzerland. Source Punch Read More

Kenya's finance minister cuts spending, money transfer taxes to rise - Kenya’s Finance Minister Henry Rotich has cut the government’s spending budget by 55.1 billion shillings ($546.90 million), or 1.8 percent, for the fiscal year from July this year, a Treasury document showed on Wednesday. Source Reuters Read More 

Egypt to sell around $5 billion in foreign currency bonds in coming months - finance minister - Egypt’s plans to sell around $5 billion in foreign currency bonds in the coming months, the country’s finance minister said on Wednesday. Source Reuters Read More 

Libya Targets Black Market with 183% Currency Trading Fee - Libya’s U.N.-backed government has imposed a 183 percent fee on foreign currency transactions in an effort to narrow the gap between the official and black market rates that’s squeezed liquidity and fueled inflation in the North African nation. Source Bloomberg Read More 

Liberia Probes Disappearance of $100 Million in New Bank Notes - Liberia banned 15 officials including a former central bank governor from leaving the country as it searches for about $100 million in cash, or the equivalent of almost one-fifth of its budget, that was printed abroad and disappeared after arriving at the port. Source Bloomberg Read More 

Jack Ma Says He Can’t Create 1 Million U.S. Jobs After All - Alibaba Group Holding Ltd. co-founder Jack Ma said his promise to create 1 million jobs in the U.S. is impossible to fulfill because of the U.S.-China trade war, a setback in one high-profile effort for deeper cooperation between the world’s two largest economies. Source Bloomberg Read More 

May rejects ‘not credible’ EU plan on N Ireland - European leaders meeting in Salzburg say Brexit deal remains ‘far away’ Source FT Read More 

Oil prices rise amid drop in U.S. stockpiles, supply worries - Oil rose for a third day on Thursday amid another drawdown in U.S. inventories and strong U.S. gasoline demand, while signs OPEC may not raise output to address shrinking supplies from Iran also supported prices. Source Reuters Read More

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PROSHARE TECHNOLOGY

NITDA: FG Saves N13bn through IT Clearance in Two Years - The National Information Technology Development Agency (NITDA) the country’s information technology (IT) regulator has revealed that the agency was able to save N13 billion for the federal government through IT clearance among government owned agencies and parastatals within two years. Source Thisday Read More 

NCC: 30% Reduction in Income Tax Will Boost Foreign Investments - The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta has said the 30 per cent reduction in Company Income Tax, which is a pioneer status for prospective investors coming into Nigeria to invest, will boost Foreign Direct Investment (FDI) in the telecoms sector. Source Thisday Read More 

Hackers Steal $60 Million From Japanese Crypto Exchange Zaif - Hackers stole $60 million of digital coins from a Japanese exchange, the latest in a string of thefts that have kept many institutional investors wary of putting their money in cryptocurrencies. Source Bloomberg Read More

 

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