Nigeria in 1min: Economic, Business and Financial Headlines – 211117


October 21, 2017 7:10 AM / Proshare News 


GDP Grew by 1.40% in Q3’17 from 0.72% in Q2’17; 2nd Consecutive Quarter of Positive Growth-The nation’s Gross Domestic Product (GDP) grew in Q3 2017 by 1.40% (year-on-year) in real terms  Source Proshare Read More 

Nigerian Economic Growth Quickens as Oil Output Increases - Nigeria’s economic growth accelerated in the third quarter as oil output rose to the highest since the start of last year. Source Bloomberg Read More 

FG set to organize focused labs to boost economic growth- Following the Federal Executive Council’s approval, the Ministry of Budget and National Planning is set to organize focused labs. Source Proshare Read More 

Nigeria floats US$3bn dual-tranche bond - The Federal Government yesterday said it has priced its offering of $3bn aggregate principal amount of dual series notes under its US$4.5 billion Global Medium Term Note programme (increased from US$1.5bn). Source Daily Trust Read More 

FG budgets N7.3bn for presidential aircraft - The Federal Government has proposed to spend N7.26 billion on the Presidential Air Fleet, PAF, in the 2018 budget proposal. Source Vanguard Read More 

FG to Conduct Biometric Verification of over 90,000 Military Pensioners - The federal government on Tuesday said it would next week commence biometric verification of over 90,000 military pensioners across the federation. Source Thisday Read More 

FG Consults UK Experts on Yam Preservation - The federal government has invited yam specialists from the United Kingdom to liaise with local exporters on the preservation of the food crop. Source Thisday Read More 

Federal Republic of Nigeria''s Proposed Eurobonds Assigned ''B'' Issue Ratings- S&P Global Ratings said today that it has assigned its 'B' long-term issue ratings to the proposed U.S. dollar-denominated Eurobonds to be issued by the Federal Republic of Nigeria (B/Stable/B). Source Proshare Read More 

Nigeria-Based United Bank for Africa Ratings Affirmed; Outlook Stable-We believe United Bank for Africa PLC (UBA) will continue to maintain sound earnings and asset quality over the next 12 months  Source Proshare Read More 

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Little to Warrant Any Change from the MPC- The monetary policy committee (MPC) opens its latest meeting in Abuja today, and is due to announce its decisions tomorrow afternoon. Source Proshare Read More 

Nigeria Scored 48.1 in Mo Ibrahim Governance Report for 2017- The Ibrahim Index of African Governance (IIAG) is a tool that measures and monitors governance performance in African countries. Source Proshare Read More 

Nigeria Q3 GDP 2017: Awoyemi, Rewane raise concerns over oil induced growth- The National Bureau of Statistics today announced that in Q3,2017 Nigeria’s Gross Domestic Product consolidated its exit from recession, by moving from the revised 0.7% in Q2, 2017 to 1.4% . Source Proshare Read More 

Economic Recovery: Flash in the Pan?- Data released this morning by the National Bureau of Statistics (NBS) showed Nigeria’s economy grew by 1.4% YoY in the third quarter of 2017, in sync with our estimate of 1.1%.  Source Proshare Read More 

Nigeria’s 1.4% economic growth eludes non-oil sector - A worrying decline in the non-oil sector, which is the largest contributor to the Nigerian economy, is muting excitement about the economy’s second expansion in seven quarters. Source BUSINESSDAY Read More 

$300m Illegal rosewood logs smuggled to China from Nigeria –EIA - Environmental Investigation Agency (EIA) in its recent reports has revealed that over 1.4 million illegal rosewood logs from Nigeria, worth $300 million, were laundered into China. Source THE SUN Read More 

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Market Opens The Week Positive as NSEASI Maintains Uptrend by 0.24%- Equities market closed today on a positive note, as NSE ASI appreciated by +0.24% to close at 36,792.60 basis points as against +0.19% appreciation recorded previously. Source Proshare Read More 

Cordros Weekly Stock Recommendation- 201117- CADBURY published Q3-17 result, showing revenue growth of 9.3% y/y and PAT of N702 million, from a loss reported in Q2.  Source Proshare Read More 

Afrinvest Stock Recommendation for the Week - 201117- Market performance was largely negative last week as the All Share Index declined 1.1% W-o-W while YTD return moderated to 36.6%. Source Proshare Read More 

CBN Injects $210m Into Forex Market- As the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) commenced its last meeting for 2017, the Bank on Monday, November 20, 2017, intervened in the inter-bank Foreign Exchange Market to the tune of $210,000,000. Source Proshare Read More 

Dangote opens new cement plant in Congo Thursday - Dangote Cement will officially open its 1.5 million metric tonnes per annum capacity cement plant in Congo on Thursday, November 23, 2017. Source Daily Trust Read More 

India launches first electric car charging station, oil import from Nigeria plunges - The world’s third biggest oil consumer, India, has launched its first Electric Vehicle (EV) charging facility, a major boost to the country’s 2030 target to switch fully to electric mobility. Source Daily Trust Read More 

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BPE rejects DisCos notice on force majeure - Director-General of the Bureau of Public Enterprises (BPE), Alex Okoh, has faulted plans by the electricity Distribution Companies (DisCos) to declare force majeure in the power sector, saying there was no basis for such action. Source THE NATION Read More 

FG to pay N4.19bn for Zungeru, Mambilla power projects consultancy - The Federal Government has budgeted N4.19 billion to pay consultants in the 2018 proposed budget for studies, the construction of 700 megawatts (mw) Zungeru hydropower project in Niger State, and the 3050mw Mambilla project in Taraba State. Source Daily Trust Read More 

FG to Complete Four NIPP Power Stations by End of 2018 - The remaining four power stations being built under the National Integrated Power Project (NIPP) will be completed by the end of 2018, a source at the Niger Delta Power Holding Company (NDPHC) told THISDAY at the weekend. Source Thisday Read More 

FG to conclude sale of Afam, Yola power plants next year - Nigeria’s federal government hopes to conclude the final sale of Afam electricity Generating Company by mid 2018 and also Yola Distribution Company, later same year, BusinessDay has been told . Source BUSINESSDAY Read More 

DisCos pay N13bn August energy bill to 22 GenCos, owe N29bn - The 11 electricity Distribution Companies (DisCos) paid N13 billion to 22 Generation Companies (GenCos) as they owe another N29.5bn for August energy billing, data from the Nigeria Bulk Electricity Trading Plc (NBET) has shown.Source Daily Trust Read More 

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Proshare Foundation Seeks Pioneer Executive Director; Head Of Directorates- As the nation’s leader in online financial information hub and analyst opinion, Proshare sees a new market place evolving around transaction-based engagements and the provision of reports around financial inclusion. Source Proshare Read More 

Looted $231m Stashed In Switzerland’ll Be Repatriated December – FG - The Presidency yesterday said it is concluding plans, latest by December, with the Switzerland Government for the repatriation of $321m looted from Nigeria. Source Leadership Read More 

Sudan announces emergency measures to restrict forex outflows -finance minister - Sudan announced a raft of emergency measures on Monday aimed at reducing the outflow of foreign currency from its banking system and stabilising its pound currency after it weakened sharply in recent weeks amid a shortage of dollars. Source Reuter Read More 

South Africa's rand slips on downgrade fears, stocks up -   South Africa’s rand weakened on Monday, bowing to a firming dollar and growing concerns over possible credit downgrades of the country’s local-currency bonds to ‘subinvestment’ at the end of the week. Source Reuter Read More 

Iraq Is Giving OPEC a Headache - OPEC has an Iraq problem: the group’s second-biggest exporter is lurching between quota busting and production-crimping crisis, clouding the policy-making picture as ministers decide how long they need to extend output curbs. Source Bloomberg Read More 

BOE's Ramsden Says Brexit Has Put U.K. Into an Unusual Slowdown - Brexit will lead to a long period of sluggish growth in the U.K., putting the economy in an “unusual” slowdown for years, according to Bank of England policy maker Dave Ramsden. Source Bloomberg Read More 

GE Directors Buy Up Slumping Shares Ahead of Board Winnowing - General Electric Co. plans to slash the size of its bloated board, but that isn’t stopping some directors from buying in. Source Bloomberg Read More 

Abu Dhabi Oil Giant Pushes Ahead With IPO After Emaar Sale - Abu Dhabi National Oil Co. plans to sell as much as 20 percent of its fuel-distribution unit weeks after Saudi Arabia’s corruption crackdown deterred investors from the Middle East’s biggest share sale of the year. Source Bloomberg Read More 

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Barclays bank pulls out as financial adviser for 9mobile sale - Barclays Africa has pulled out as financial adviser over the sale of 9mobile for the consortium of the 13 lender banks after the Central Bank of Nigeria (CBN) questioned the bank’s transparency in the bidding process of the telco, BusinessDay gathered. Source BUSINESSDAY Read More 

NCC, CBN Query Barclays’ Transparency in Sale of 9mobile - The handling of the sale process of 9mobile by Barclays Africa, the financial advisers, has come attack from the Central Bank of Nigeria (CBN) and the Nigeria Communications Commission (NCC). Source Thisday Read More 

Tencent Beats Alibaba to Join the $500 Billion Club - The more than doubling of Tencent Holdings Ltd.’s share price this year has granted it entry to an illustrious club. It beat Jack Ma’s Alibaba Group Holding Ltd. to become the first Chinese technology stock to break the $500 billion market value barrier and may climb further. Source Bloomberg Read More 

Bitcoin and Blockchain Aren’t Investible Yet, Canada Pension Says - Mark Machin, the head of Canada Pension Plan Investment Board, said he doesn’t think the bitcoin and blockchain space is “investible” yet, but the country’s largest pension fund is monitoring it with interest. Source Bloomberg Read More 

Bitcoin just passed $8,000 - In all seriousness, bitcoin has been on a wild run. Yesterday the price shot past $8,000 for the first time, and per usual when it breaks through a milestone is now trading solidly above it at $8,250. Source Tech Cruch Read More 

Google Cloud Platform cuts the price of GPUs by up to 36 percent - Google today announced that it’s cutting the price of using Nvidia’s Tesla GPUs through its Compute Engine by up to 36 percent. In U.S. regions, using the somewhat older K80 GPUs will now cost $0.45 per hour while using the newer and more powerful P100 machines will cost $1.46 per hour (all with per-second billing). Source Tech Cruch Read More 

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