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Nigeria in 1min: Economic, Business and Financial Headlines – 201117

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October 20, 2017 7:30 AM / Proshare News 

PROSHARE ECONOMY

What To Expect From The Markets This Week- 201117 - The National Bureau of Statistics (NBS) made available inflation figures for the month of October 2017 recently. Contrary to our earlier forecast core inflation rose from 12.12% to 12.14% in the month of October. Source Proshare Read More 

Pre-MPC Commentary - Hold Anticipated, In Line With Forward Guidance - The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) sits for its final meeting of the year, and we expect it to maintain the monetary policy status quo heading into 2018. Source Proshare Read More 

2018 Budget: 71 top projects to gulp N737bn - The Federal Government has proposed N737.05 billion for the execution of 71 top projects in seven ministries. Source Daily trust Read More 

Public debt stock hits N20.37trn in September – DMO - Nigeria’s public debt stock rose by N736 billion to hit N20.373 trillion as at September 30, 2017 from N19.637 trillion recorded as at September 30, 2017. Source Daily trust Read More 

Afreximbank secures $150 million to boost African trade - The African Export-Import Bank (Afreximbank) has successfully secured another facility, but its first ever Samurai Syndicated Term Loan Facility, with equivalent of $150 million. Source Guardian Read More 

Nigeria utilising below 10% of 900 dams – Minister - Out of the 900 dams in the country, less than 10 per cent have been utilised, the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, has said. Source Punch Read More 

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Economy needs to grow by at least 6% — Emefiele - The Governor of Central Bank of Nigeria, Mr. Godwin Emefiele, spoke about the banking system, exchange rate and the prospect of the economy in an interview with journalists in Lagos. Source Punch Read More 

Nigeria targets N945bn revenue from non-oil sector in 2018 - The Federal Government plans to raise the sum of $3.1bn (N945.5bn) from the country’s non-oil export sector through value addition from 11 agricultural products. Source Punch Read More 

17 states fail to access N16.2b UBEC fund in 2017 - Failure by some state governors to access the Universal Basic Education Commission’s (UBEC) intervention fund is threatening the future of millions of Nigerian school children. Source Guardian Read More 

Abandoned projects: FG begins nationwide verification of capital spending - The Fiscal Responsibility Commission (FRC) at the weekend said it has begun nationwide verification of capital projects belonging to various Ministries Departments and Agencies (MDAs) to ensure government’s funds are spent as budgeted. Source THE SUN Read More 

Customs revenue collection hits N4bn daily - The Nigeria Customs Service (NCS), at the weekend, disclosed that its daily revenue collection has hit over N4 billion, despite the harsh economic climate prevalent in the country. Source THE SUN Read More 

ECOWAS Parliament seeks $3.6m to bridge financial deficit - The ECOWAS Parliament has sought approximately 3.6 million dollars from development partners to meet up with its financial needs and facilitate effective implementation of Sub-Regional Programmes. Source BUSINESSDAY Read More 

Consumer firms reduce leverage with finance costs down to 3 year lows - Nigerian consumer goods firms have reduced leverage by paying down loans and swapping debt for equity leading finance costs to drop for the first time in 3 years Source BUSINESSDAY Read More 

Aviation stakeholders jittery over 57% drop in domestic airlines’ fleet - A state of emergency looms in the aviation sector as the Aviation Round Table (ART) called for a regulated merger and acquisition of local airlines following a 57 per cent drop in the fleet of aircraft. Source THE SUN Read More 

16 Companies Exit Onne Free Trade Zone - It emerged at the weekend that no fewer than 16 companies have withdrawn their operations from the Onne Free Trade Zone. Source Thisday Read More 

PROSHARE REGULATORS

Biometrics’ll replace ATM code soon – CBN - The Central Bank of Nigeria (CBN) over the weekend in Ibadan, the Oyo State capital, said with the Bank Verification Number (BVN) in place, biometrics will be used for transactions on the Automated Teller Machine (ATM) instead of the existing pin code Source Daily Trust Read More 

40.1m Nigerian adults financially excluded –NSE President - The National Council President, Nigerian Stock Exchange (NSE), Mr. Abimbola Ogunbanjo, has revealed that a survey conducted by Enhancing Financial Innovation & Access (EFIA) on access to Financial services in Nigeria, indicated that over 40.1 million Nigerian adults are financially excluded. Source THE SUN Read More 

BVN: Govt accuses CBN, banks of shielding rogues - Banks and their supervisor, the Central Bank of Nigeria (CBN), have been accused of working to derail the government’s anti-corruption war. Source THE NATION  Read More 

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PROSHARE MARKETS

NSEASI Inches Up Further by 0.19%; Records -1.12% Loss WoW - Equities market closed today on a positive note, as NSE ASI appreciated by +0.19% to close at 36,703.58 basis points as against +0.05% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +36.57%. Source Proshare Read More 

NASD USI Down by -1.60% WoW - NASD closed its trading day on Friday 17, November 2017 lower compared to last Friday. The Market Capitalisation shed 1.6% this week, closing lower at ₦408.30 billion against ₦415.12 billion previously. The NASD USI also decreased by 1.6% this week, closing at 603.34 points, as against 613.43 points last Friday. Source Proshare Read More 

Bond Yields decline on Renewed Demand from Domestic Market Players - The bond market ended the week on a bullish note, with renewed demand from local market players taking yields lower by 5bps across the curve. Average bond yields consequently declined to 14.83% from 14.89% in the previous session. Source Proshare Read More 

Cost of funds to fall as over N700bn inflow hit interbank - Cost of funds in the interbank money market will decline this week in response to inflow of over N700 billion from matured treasury bills and statutory allocation  to the three tiers of government. Source Vanguard Read More 

Beer wars heat up as AB InBev seeks to list consolidated assets on NSE - The beer wars in Africa’s largest economy is getting more intense as Anheuser-Busch InBev NV, (AB InBev) is seeking to consolidate its three businesses into one listed entity on the Nigerian Stock Exchange (NSE) as early as next month, sources familiar with the matter tell BusinessDay. Source BUSINESSDAY Read More 

Nigeria Raised 105bn For Its SUKUK – Jaiz Bank - Managing director of Jaiz Bank Plc, Mr. Hassan Usman said many West African countries and companies may fall back on Sukuk bonds to raise non-interest funds to finance infrastructural development and corporate growth plans. Source Leadership Read More 

Unilever Nigeria raises N59b from foreign investors, others - Unilever Plc, United Kingdom, the majority core investor in Unilever Nigeria, provided more than N35 billion in the new equity capital to Unilever Nigeria Plc as the Nigerian subsidiary successfully raised N59 billion new equity funds to bolster its operations. Source THE NATION Read More 

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S&P assigns stable outlook to UBA - Standard & Poor (S&P) Global Ratings hoas affirmed its long and short-term global scale issuer credit ratings on United Bank for Africa Plc (UBA) at ‘B/B’. Source Vanguard Read More 

Nigeria earned N69.2bn from solid minerals in 2015 – NEITI - Nigeria earned N69.2 billion from the solid minerals sector in 2015, an increase of 24 per cent on the N55.8 billion earned from the sector in 2014, the Nigeria Extractive Industries Transparency Initiative (NEITI) said yesterday. Source Daily trust Read More 

NNPC, Chevron seal $1.7bn deal to increase oil, gas production - The Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the second and final phase of an Alternative Financing Agreement that will increase crude oil production in the country by about 39,000 barrels per day. Source Daily Trust Read More 

NNPC, CNL inject $1.7b to increase daily oil, gas production by 39,000 barrels - The Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have injected about $1.7 billion into the oil and gas sector in the country to increase production capacity by 39,000 barrel per day. Source Guardian Read More 

Preferred bidders propose 30% cash, 70% debt payment on 5 NIPP GenCos - Preferred bidders for the three electricity generation companies (GenCos) built by the Niger Delta Power Holding Company (NDPHC) under the National Integrated Power Projects (NIPPs) have proposed to the Federal Government cash  payment of 30 per cent equity and 70 per cent debt equity as negotiation for the privatisation of the power plants continues. Source Daily Trust Read More 

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PROSHARE BUSINESS

Goldman Sachs Sees Four 2018 Fed Rate Hikes as U.S. Growth Gains - The U.S. economy is heading into 2018 with strong momentum that’s likely to boost wages and inflation more broadly, requiring the Federal Reserve to raise interest rates four times next year, Goldman Sachs Group Inc. economists said in a research note. Source Bloomberg Read More 

Central banks in Nigeria and Kenya to hold rates next week - Nigeria and Kenya will both leave monetary policy unchanged next week, a Reuters poll forecast, as inflation in the former is not yet tame enough while an interest rate cap in the latter limits policymakers’ room for manoeuvre. Source Reuters Read More 

Middle East, US crude oil curbs Indian appetite for African supplies - India’s imports of African crude oil in October plunged to their lowest in over four years, with the world’s No.3 oil consumer increasingly turning to cheaper supplies from the United States and heavier Middle Eastern grades, ship tracking data showed. Source Reuters Read More 

Thailand Sees Strong Growth Next Year as GDP Beats Forecasts - Thailand’s economy grew faster than economists estimated last quarter and is on track for a strong year next year, underpinned by a pick-up in exports and booming tourism. Source Bloomberg Read More 

Top Palm Oil Growers Go on Defensive Against Europe Curb Threat - As concerns about palm oil’s sustainability simmer in Europe, the world’s second-biggest grower is ramping up its defense of the most-consumed edible oil. Source Bloomberg Read More 

Saudi Crackdown Sent Shivers Through Largest Middle East IPO - A Dubai property developer managed to pull off the Middle East’s largest initial share offering this year, but only after it was almost derailed by the sweeping arrests in neighboring Saudi Arabia, where authorities say they’re rooting out corruption. Source Bloomberg Read More 

China’s Shadow Bank Clampdown Hits Stock Market - China’s sweeping new plan to rein in its shadow banking industry rippled through the nation’s stock market on Monday, sending the Shanghai Composite Index to a two-month low. Source Bloomberg Read More 

Norway Oil Bosses Insist End Isn't Nigh After $35 Billion Shock - Can Norway dump $35 billion in oil and gas investments, and simultaneously convince that same industry to throw money into the country’s own fossil-fuel future? Source Bloomberg Read More 

This Canadian Startup Is Digitizing the Primary Bond Market - Overbond Ltd. is looking to shake up the primary bond market by broadening access to its digital platform that connects fixed-income investors with corporate issuers. Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

Glo, Airtel, Dangote, Seven Others Advance to Final Stage in 9mobile Bid - The scramble to acquire 9mobile, Nigeria’s fourth largest network operator, has advanced to the next stage, with 10 out of the 16 firms that submitted expressions of interest (EoIs) for the telecoms firm, prequalified by Barclays – the financial adviser to the deal – to proceed to the financial bid stage of the exercise. Source Thisday Read More 

Corporate Governance Code Will Attract Investments, NCC Insists - Few months after it introduced the mandatory Corporate Governance Code in the telecoms industry, in line with international best practices and principles, the Nigerian Communication Commission (NCC) is building up sensitisation Source Thisday Read More 

Bitcoin Soars Past $8,000 as Technology Shift Concern Vanishes - Bitcoin topped $8,000 for the first time, as investors set aside technology concerns that had derailed its advance earlier this month. Source Bloomberg Read More 

London's Iconic Red Buses to Run on Biofuel Made From Old Coffee - London’s iconic red double-decker buses will soon run on a biofuel partially made from old coffee grounds. Source Bloomberg Read More 

Alibaba Bets $2.9 Billion on China's Top Hypermarket Player - Alibaba Group Holding Ltd. agreed to buy a stake in China’s largest operator of Wal-Mart-style hypermarkets for about $2.9 billion, making its latest bet on the evolution of brick-and-mortar retail. Source Bloomberg Read More 

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