Nigeria in 1min: Economic, Business and Financial Headlines – 210318


March 21, 2018 7:10 AM / Proshare News 


Nigeria Ratings Affirmed At ''B and B''; Outlook Stable -  Increased oil production, rising oil prices, modest improvements in exchange rate policy, and federal government external commercial borrowings helped to increase foreign currency inflows into the Nigerian economy in 2017. Source Proshare Read More 

Nigerian Petroleum Reforms To Be Signed Into Law - Nigeria’s long-awaited Petroleum Industry Governance Bill (PIGB) will be signed into law by President Muhammadu Buhari towards the end of March, legislators hope, according to Reuters.Source Proshare Read More 

FG, states spent 1.8% of N44tr budgets on agric in 3 years - The federal and state governments have budgeted less than two percent of their total vote of N44 trillion for agriculture in the last three years, according to an investigation by Daily Trust using official data. Source Daily Trust Read More 

Govt collected N5tn revenue in one year – FRC - Nigeria’s federally collected revenues for 2016 amounted to N5.04tn, the Fiscal Responsibility Commission has said. Source Punch Read More 

States ‘shared N1.9tr Paris Club refund’ - States have shared N1.9trillion Paris Club Refund and Budget Support Facilities to enable them meet their obligations to workers, Vice President Yemi Osinbajo said yesterday. Source THE NATION Read More 

FG hopeful of outlook, targets seven per cent growth - The Honourable Minister of Finance, Mrs. Kemi Adeosun, disclosed on Tuesday that the country’s economic outlook for the year 2018 and beyond was positive. Source Guardian Read More 

Buhari approves negotiations for $15bn loans to finance rail projects - President Muhammadu Buhari has approved that negotiation should be carried out for 15 billion dollars loan for the completion of work on the Port Harcourt – Maiduguri rail project. Source Vanguard Read More 

Investment Manager Views Show Strong Consensus as Credit Cycle Ages - Fitch Ratings says that its global rating outlooks have moved to their most positive level since the financial crisis. However, the net bias is only just over 1% and occurs as the world is about to hit peak growth in the current cycle. Source Proshare Read More 

A Review of Key Investment Protections for Investors and Meter Asset Providers in MAP 2018 - The key regulatory objectives of the MAP Regulation are to encourage the development of independent and competitive metering services in the Nigerian Electricity Supply Industry (NESI) and to attract private investment in the provision of metering services in the NESI (NERC’s Regulatory Objective). Source Proshare Read More 

AU Summit Prepared to Sign Free Trade Treaty without Nigeria - African Union (AU) chairperson Paul Kagame Tuesday gave a strong indication that member states would go ahead to sign the treaty to create the continental free trade area, even with the continent’s most-populated country, Nigeria’s withdrawal from the meeting. Source Thisday Read More 

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CBN Introduces Non-Oil Export Stimulation Facility (NESF) - The Central Bank of Nigeria (CBN) introduced the Non-Oil Export Stimulation Facility (NESF) to engender growth in the non-oil sector of the economy and foreign reserve accretion. Source Proshare Read More 


Market Maintains Negative Breadth as NSEASI Dips Further by -0.38% - Equities market closed today on a negative note, as NSEASI depreciated by -0.38% to close at  41,686.36 basis points as against -0.21% depreciation recorded previously. Source Proshare Read More 

Stellar Ratios for External Debt - The FGN’s external debt obligations at end-December amounted to US$18.91bn, equivalent to 5.1% of 2017 GDP. This includes the external borrowings of the state governments, which are necessarily guaranteed by the FGN. Source Proshare Read More 

Stellar Ratios for External Debt - The FGN’s external debt obligations at end-December amounted to US$18.91bn, equivalent to 5.1% of 2017 GDP. This includes the external borrowings of the state governments, which are necessarily guaranteed by the FGN. Source Proshare Read More 

Stanbic IBTC Holdings Q4 2017 Results Review: Downgrading to Underperform - Stanbic IBTC Holdings’ (Stanbic) Q4 2017 PBT missed our forecast by 22% largely due to negative surprises on provisions and opex. Source Proshare Read More 

More Pressure on UK Retailers in 2018 Than European Peers - The near-term outlook is more perilous for traditional UK retailers than for their continental peers, Fitch Ratings says. This is due to a weaker consumer environment, Brexit uncertainty, structural shifts in the UK economy, higher leverage and fierce online competition, which has already contributed to the demise of several retailers in the UK, most recently Maplin and Toys R Us. Source Proshare Read More 

Cadbury Nigeria Plc- We remain sellers even at current price - Despite having a challenging 2017FY, contrary to the rest of our consumer goods universe, the company reported a net profit of NGN300 million, from a loss in 2016FY. Source Proshare Read More 

No investment of USD1bn with Milost – Unity Bank - Contrary to a Bloomberg’s report claiming that Milost Global Inc plans to invest USD1bn in Unity Bank Plc, the Bank has unequivocally stated that it has not reached any agreement with Milost to warrant such speculation. Source Vanguard Read More 

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Insurance Firms to Pay Interest on Delayed Claims - Insurance firms that delay in payment of genuine claims may have to pay such claims with additional interests if the draft for amendment of the 2003 Insurance Act presented to the National Assembly by the insurance Industry’s bill amendment committee scales through. Source Thisday Read More 

PPMC gets N1.864tr from petroleum products - The total revenue generated from the sales of white products by Pipeline and Products Marketing Company for the period of January to December 2017 stood at ₦1.864 trillion. Source Guardian Read More 

NNPC plans 4 oil wells drilling on Gongola Basin in 2018 - The Nigerian National Petroleum Corporation (NNPC) said four oil and gas wells were being planned for drilling on the Gongola Basin to further test the prospects identified around the Kolmani River-1, Nasara-1 and Kuzari-1 in 2018. Source Daily Trust Read More 

Cut oil production cost or stop producing, FG tells firms - The Federal Government on Tuesday charged crude oil-producing companies operating in Nigeria to either cut down the cost of producing the commodity or allow it to remain in the ground. Source Punch Read More 

PIB: Delay in passage accounts for over $200bn –NEITI - The delay in passing the Petroleum Industry Bill (PIB) is said to have cost the country over $200 billion, the Executive Secretary of Nigerian Extractive Industry Transparency Initiative (NEITI), Mr. Waziri Adio, has disclosed. Source Leadership Read More 

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Milost Plans $1 Billion Investment in Unity Bank Plc - Milost Global Inc. is looking to inject as much as $1 billion to recapitalize Nigeria’s Unity Bank Plc, which is struggling to build buffers after a slowdown in Africa’s biggest economy, according to two people familiar with the matter. Source Proshare Read More 

Ethiopia signs $600 million loan, grant deal with World Bank - The World Bank agreed a $600 million loan and grant to Ethiopia on Tuesday to fund roads and other infrastructure projects in urban areas. Source Reuters Read More 

Asian business sentiment edges up to hit seven-year high - Business confidence among Asian companies rose in the first quarter to the highest level in seven years, a Thomson Reuters/INSEAD survey showed, as a fresh surge by the Chinese economy offset concerns about rising trade barriers. Source Reuters Read More 

Oil prices rise on Middle East tensions, healthy demand - Oil prices rose on Wednesday, lifted by tensions in the Middle East and healthy demand, although rising U.S. output continued to weigh on markets. Source Reuters Read More 

Chinese Companies Are Buying Up Cash-Strapped U.S. Colleges - Chinese companies are taking advantage of America’s financially strapped higher-education system to buy schools, and the latest deal for a classical music conservatory in Princeton, New Jersey, is striking chords of dissonance on campus. Source Bloomberg Read More 

Zambia to Conduct Tax Audit of Mining Companies for Past 6 Years - Zambia’s tax agency plans to conduct audits on mining companies in the country running back six years after uncovering 76.5 billion kwacha ($7.9 billion) of underpayment by a “prominent” miner. Source Bloomberg Read More 

Saudi Prince Mohammed Tells Trump He Sees ‘Stable’ Oil Market - Saudi Arabian Crown Prince Mohammed bin Salman said he sees a “stable” oil market ahead, adding that the kingdom has an 84-year supply of crude. Source Bloomberg Read More 

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Why Lagos needs an Integrated Waste Management Solution(2) - In the concluding part of the Proshare WebTV interview with Mr Idowu Salawu an Environmentalist who has consulted for the Federal and State Governments, he shared further insight into the value of an “Integrated Lagos Waste Management Solution”. Source Proshare Read More 


The Future of Audits? - Northern Trust, PwC Launch ''Instant'' Blockchain Audits - Northern Trust, a major U.S. custody bank, is laying the foundations for large-scale adoption of its blockchain-based platform for private equity funds. Source Proshare Read More 

Jumia’s Major Investor Seeking Exit from e-Commerce Firm - German start-up investor, Rocket Internet, which helped to set up Jumia in 2012 is seeking an exit from the consumer electronics and fashion retailer, in line with its strategy of selling or listing established internet firms. Source Thisday Read More 

Shenzhen Innovation and Entrepreneurship Bonds Boosting Development Of Innovative Firms and Start-up - Recently, Shenzhen Capital Group Co., Ltd ("SCGC") issued the second tranche of Innovation and Entrepreneurship Corporate Bonds via Shenzhen Stock Exchange (“SZSE”), which also issued a Letter of No Objection as regards the 680 million yuan private placement of Innovation and Entrepreneurship Bonds by Shenzhen Co-Stone Asset Management Co., Ltd. Source Proshare Read More 

Amazon is now second most valuable U.S.-listed company, tops Alphabet - (AMZN.O) became the second most valuable publicly listed U.S. company on Tuesday, surpassing Google parent Alphabet Inc (GOOGL.O) for the first time. Source Reuters Read More

 Tencent Is Now Worth $72 Billion More Than Facebook - Tencent Holdings Ltd. is now about $72 billion more valuable than Facebook Inc., a rift that’s widened to its largest level ever as the California-based company deals with a string of controversies culminating in the Cambridge Analytica data crisis. Source Bloomberg Read More 

9Mobile: National interest’ll guide issuance of licence to successful bidder — NCC - Telecoms  industry regulator, Nigerian Communications Commission, NCC, has emphasized that the interest of Nigeria as a whole, betterment of the telecom industry, subscribers, labour force will guide its issuance of a licence to any company that “will take over” Emerging Markets Telecommunications Service, EMTS, trading as 9Mobile. Source Vanguard Read More 

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