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Nigeria in 1min: Economic, Business and Financial Headlines – 220618

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Friday, June 22, 2018 / 7:00 AM / Proshare News

 

PROSHARE ECONOMY

Nigeria Must Give Top Priority to Managing its Liquidity-Ayo Teriba - As Nigeria seeks to achieve economic recovery and stability, it must give top priority to managing its liquidity. Source Proshare Read more 

No Power Turnaround, No Industrial Take-off - The power sector continues to garner interest due to its role as a primary driver for industrialisation in most economies. In Nigeria the manufacturing sector currently accounts for just 10% of total GDP, compared with 15% in South Africa. Source Proshare Read more 

FG To Borrow N1.64trn For 2018 Budget Deficit - The federal government has pencilled down a plan to borrow a total of N1.643 trillion to fund the deficit in the 2018 budget that was passed by President Muhammadu Buhari on Wednesday. Source Leadership Read more 

FG Inaugurates Aid Working Group to Plug Funding Gap - The Budget and National Planning Minister, Senator Udoma Udo Udoma, has inaugurated the Technical Working Group for the Nigeria Aid Transition Plan (TWG-NATIP), with a mandate to develop a comprehensive strategy for addressing the funding gap that may arise with the scaling down of development partner funding to Nigeria. Source Thisday Read more 

AMCON recovers N731bn from bank debtors in seven years - The Asset Management Corporation of Nigeria recovered N731bn from bank debtors since its inception in 2010 to December 2017. Source Punch Read more 

Revenue from car importation drops by 20% — NPA - The Nigerian Ports Authority said on Thursday that revenue on car importation into the country dropped by 20 per cent this year, a fallout of the Federal Government’s Automobile Policy. Source Punch Read more 

Apapa traffic hikes container transport fee by 1100% - The chaotic traffic situation at the seaports in Lagos has resulted in about 1100 percent hike in the cost of transportation of imported goods from the ports in Apapa to surrounding towns in Lagos. Source Vanguard Read more

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PROSHARE REGULATORS

SEC Approves CIIA - Official Trade Group For Registered Investment Advisers In Nigeria- The move towards enhanced and more effective protection of investor interests in the Nigerian financial market took a new and significant turn towards realization when the Securities and Exchange Commission (SEC) approved on April 20, 2018, the registration of the official trade group for registered investment advisers in the country. Source Proshare Read more

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PROSHARE MARKETS

NSEASI Sheds -1.17% to Sustain Downtrend as YTD Return Again Hits Negative Territory - Equities market closed today on a negative note, as NSEASI depreciated by -1.17% to close at 38,152.60  basis points as against -0.15% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.24%.  Source Proshare, Read more 

T-bill Yields Tick Higher Despite Huge OMO Inflows - Bond yields declined slightly by c.7bps in today’s session, with some cherry-picking observed especially on the 2036 and 2037 bonds. Source Proshare Read more 

Dangote invests N121b on domestic sugar production - Dangote Sugar Refinery (DSR) Plc, a subsidiary of Dangote Industries Limited, has so far invested N121 billion on its ambitious Sugar for Nigeria Backward Integration Project Plan, which is aimed at developing domestic sugar production capacity through home-grown sugarcane. Source THE NATION Read more 

Nigeria-Based Diamond Bank 'B- and B' And 'ngBB and ngB' Ratings Affirmed; Outlook Negative - S&P Global Ratings said today that it has affirmed its 'B-/B' long- and short-term issuer credit ratings on Nigeria-based Diamond Bank PLC. The outlook remains negative.. Source Proshare Read more 

Nigerian Banks - How Striking Are the Dividend Yields Now?- What started as a toast to investors turned gloomy by the end of May. Nigerian banks tanked hard starting in February on worries about rising interest rates in the developed markets, domestic political play, and concerns on FX stability. Source Proshare Read more 

NNPC signs $3bn oil, gas development deal- Baru - Dr Maikanti Baru, Group Managing Director, Nigerian National Petroleum Corporation (NNPC), said the corporation had signed over three billion dollars oil and gas development deal to ensure development in the sector. Source Vanguard Read more 

Fuel Importation : Nigeria risks losing $561.2m in 2018 – NPA - NIGERIA  may lose $561.2 million and N334.2 million revenue to indiscriminate approval of 50% rebate by Federal Government on importation of premium motor spirit, PMS, in 2018. Source Vanguard Read more 

AfDB: Power Market Regulation Still Poor in Nigeria, 14 Others - The African Development Bank (AfDB) has said that the level of regulatory independence in 15 African countries has remained poor even after about two decades of electricity market regulation in those countries. Source Thisday Read more

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PROSHARE BUSINESS

World Bank approves $455 million loan for Tanzania power projects - The World Bank has approved a $455 million loan to Tanzania under its International Development Assistance (IDA) programme to support financing of power projects in the East African nation. Source Reuters Read more 

Zimbabwe regulator cuts mobile data tariffs by 60 percent - Zimbabwe’s telecoms regulator has cut the price of mobile data by 60 percent with effect from next month, it said on Thursday, adding that it will now review charges annually. Source Reuters Read more 

Asian shares hit 6-month lows as tariffs take economic toll - Asian shares slid to their lowest in six months on Friday, on signs U.S. trade battles with China and many other countries are starting to chip away at corporate profits, while oil prices were choppy ahead of an OPEC meeting to discuss raising output. Source Reuters Read more 

Oil prices climb on uncertainty ahead of OPEC meeting - Oil prices rose by more than 1 percent in early Asian trading on Friday, pushed up by uncertainty over whether OPEC would manage to agree a production increase at a meeting in Vienna later in the day. Source Reuters Read more

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PROSHARE TECHNOLOGY

Nigeria’s unbanked population stands at 37% – CBN - Barely two years to the 2020 target to reduce unbanked Nigerians to 20 per cent, the Central Bank of Nigeria (CBN) says the country’s unbanked population currently stands at 37 per cent. Source Vanguard Read more 

Nigerian banks lose N12.30bn to fraud in 4 years – NIBSS - The Nigerian Inter-Bank Settlement System (NIBSS), on Thursday said the banking industry lost the sum of N12.30 billion to various frauds between 2014 and 2017. Source Vanguard Read more

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PROSHARE MSME

BOI unveils N1bn fund for fashion entrepreneurs - The Bank of Industry (BoI) says it has set aside N1 billion to support fashion entrepreneurs in Nigeria. Source Vanguard Read more 

 

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