Nigeria in 1min: Economic, Business and Financial Headlines – 221117


November 22, 2017 7:20 AM / Proshare News 


Q3 2017 GDP: Going Beyond the Surface Figures - In line with earlier expectation, the National Bureau of Statistics, Nigeria made available GDP figures for the third quarter of 2017 in a follow up to second quarter 2017, whereby there is a revision to the GDP figure for Q2. Source Proshare Read More 

Nigeria, Japan sign N642m economic, social development grant pact - Nigeria and Japan on Tuesday, signed a grant aid project on economic and social development worth N642million. The amount would be provided by the Government of Japan. Source Guardian Read More 

Amosun proposes N345.42b budget for 2018 - Ogun State Governor Ibikunle Amosun has presented a budget of N345.42 billion to the State House of Assembly, with the assurance that it would be implemented in furtherance of his administration’s rebuilding mission. Source Guardian Read More 

FG revises GDP growth to 3.5%, submits adjusted 2018-2020 MTEF to Senate - The Federal Government, yesterday, presented a revised 2018 to 2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate for consideration and passage. Source THE SUN  Read More 

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African aviation needs $150bn for aircraft acquisition - AfDB - President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has painted a grim picture in Africa’s aviation sector growth over what he described as the challenges that lie ahead of the industry.  Source Daily Trust Read More 

Another Small Step Forwards For Growth - The NBS has released the national accounts for Q3 2017 to show an acceleration in growth from an upwardly revised 0.7% in the previous quarter to 1.4% y/y. Source Proshare Read More 

As Expected, MPC Leaves Policy Rates Unchanged - At the end of its 259th meeting (sixth this year), the Central Bank of Nigeria's (CBN) Monetary Policy Committee (MPC) voted to maintain status quo for the eighth consecutive session  Source Proshare Read More 

Outlook Stable for Financial Infrastructure Companies in 2018 - Financial market infrastructure companies' (FMIs) are sufficiently well-positioned to manage intensifying competition next year, according to Fitch Ratings' 2018 Outlook report. Source Proshare Read More 

Government spends N8.4b yearly to feed 51,614 pre-trial inmates - The Federal Government spends an average of N8.4 billion yearly to feed awaiting trial inmates and persons in juvenile institutions. Source Guardian Read More 

Nigeria’s transport infrastructure to gulp $775bn - FG - The Federal Government says it needs to invest $775 billion to develop the country’s transport infrastructure in the next 30 years for the attainment of a globally competitive transport industry. Source Daily Trust Read More 

‘Over 50% trucks in Apapa have no business in port’ - A new report released by a leading maritime consulting firm has said that more than half of the container trucks visiting Apapa, Lagos, daily have no immediate business to transact at the port. Source Daily Trust Read More 

Nigeria Loses N1trn To Cargo Diversion As Importers Dump Lagos Ports - Cargo diversion to seaports of neighbouring countries like Cameroun and Benin Republic has cost Nigeria a whopping N1 trillion annually, LEADERSHIP findings have revealed. Source Leadership Read More 

Nigeria’s GDP Seen Growing at 2% in 2018 - Analysts at Renaissance Capital have predicted that Nigeria’s Gross Domestic Product (GDP) will grow by 2 per cent in 2018. Source Thisday Read More 

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CBN Communiqué No. 116 of the MPC Meeting – Nov 20-21, 2017 - The Monetary Policy Committee met on the 20th and 21st of November, 2017 against the backdrop of a relatively optimistic global economic outlook. The Committee reviewed key developments in the global and domestic economies during the first ten months of 2017 and assessed the risks to price and financial stability in the short- to-medium term as well as outlook for the first half of 2018. Source Proshare Read More 

No sacred cow in the capital market, says SEC - Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) has reiterated its commitment to wield the big stick against any major capital market operators and companies that violate the ethics of the market or engage in activities that infringe on investors’ confidence. Source THE NATION Read More 

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Market Halts Three Day Gaining Streak as MPC Maintains Status Quo - Equities market closed today on a negative note, as NSE ASI depreciated by -0.52% to close at 36,600.07 basis points as against +0.24% appreciation recorded previously. Source Proshare Read More 

Market Players Trade Cautiously as CBN Retains MPR at 14% - The bond market traded on a cautious tone, with only few trades focused on the 2021, 2026, 2027 and 2037 bonds. Source Proshare Read More 

Pricing of US$3bn Notes by Nigeria under its US$4.5bn Eurobond Programme - Successful extension of tenure of financing to 30 years a first for sub-Saharan Africa excluding South Africa and delivers the foundation for long term infrastructure financing  Source Proshare Read More 

Go, Mugabe, Go - Since August, I have been the anchorperson of a programme on television called ThisDay Live where we discuss political matters - local and global.  Source Proshare Read More 

Oil Sector Keeps Economy above Water in Q3’17 GDP - Registering at 1.4% y/y, Nigeria’s Q3’17 GDP growth came in below Vetiva and Consensus estimates of 2.5% and 1.5% respectively, albeit above the growth recorded in Q2’17 (0.7% y/y) and Q3’16 (-2.3% y/y). Source Proshare Read More 

GTI Top-5 Weekly Stock Picks - 211117 - Activity on the Nigerian Stock Exchange (NSE) in the week under review traded on a high volatility as investors and traders reacted intermittently to mixed data both from within and outside the economic space. Source Proshare Read More 

Eurobond and The Headache of Pricing Sovereign Instruments - On Monday, the Nigerian Government issued a $3billion Eurobond which was oversubscribed by $11 billion.  Pricing the 1o-year and 30-year debt instruments issued at 6.5% and 7.25% respectively. Source Proshare Read More 

FCMB Group completes 88.2% acquisition of Legacy Pension Managers - FCMB Group Plc  has  completed the acquisition of an additional  60 percent equity stake in  Legacy Pension Managers Limited  (Legacy).  The acquisition, which increases the holding company’s interest  in  the company from 28.2 percent to 88.2 percent,  was  concluded  at  the Completion Board Meeting of Legacy  on yesterday in Abuja. Source Vanguard Read More 

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Report: 75% of Bank Customers Still Visit Branches for Complaints - The 2017 KPMG Nigeria’s Banking Industry Customer Satisfaction Survey (BICSS) has shown that 75% of banks customers today still visit their branches to make official complaints about their transactions or accounts. Source Thisday Read More 

FMDQ OTC Exchange Records N115trn Transactions in 10 Months - Trading in the secondary segment of the fixed income and currency markets operated by the FMDQ OTC Securities Exchange remained upbeat, recording transactions worth N115 trillion from January to October 2017. Source Thisday Read More 

Lagos Pays N141bn to Bond Subscribers - The Lagos State Government tuesday disclosed that it had paid a total sum of N141.59 billion to bond holders in its various fixed rate bond programmes. Source Thisday Read More 

Rising investors’ confidence lifts external reserves to $34.9bn - Foreign investors injects $18.7bn in 7mths $3bn Eurobond oversubscribed by $11bn Retains MPR at 14% Source Vanguard Read More 

SAHCOL takes over Allied Air, UPS handling operations - The Skyway Aviation Handling Company Limited has taken over the ground handling operations of Allied Air and United Parcel Service. Source Punch Read More 

BPE 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 gathered. Source BUSINESSDAY Read More 

Disco inefficiency may stall Nigeria’s 9,000 MW grid power plan - Nigeria’s power generation is set to hit 9,000MW from next year upon completion of eleven key power projects but this is also raising concern that without investments to deepen distribution capacity, over 4,000MW of electricity could be constrained. Source BUSINESSDAY Read More 

NERC extends Shell JV’s Afam VI power licence by 10 years - The Nigeria Electricity Regulatory Commission (NERC), has renewed the power generation licence for Afam VI Power Plant, a 650MW-capacity facility that has delivered over 24.16 million Megawatt-hour (MWh) of electricity into the national grid between inception in 2008 and 2016. Source Guardian Read More 

NERC rejects force majeure notice by power firms - The Nigerian Electricity Regulatory Commission on Tuesday rejected the notice of declaration of force majeure that was recently issued to the Federal Government by the 10 electricity distribution companies in the country. Source Punch Read More 

NNPC completes 539km of gas pipelines - The Nigerian National Petroleum Corporation on Tuesday said it had so far completed 500 kilometres of gas pipelines between 2010 to date as part of measures to expand gas pipeline infrastructure across the country. Source Punch Read More 

Shell Pays $1.4bn Royalty/Tax To Nigerian Government - Shell Companies in Nigeria in 2016 spent $29.8 million on social investment projects and awarded 94 per cent of their contracts valued at over $0.74 billion to Nigeria companies, while $1.4 billion was paid to the Nigerian government in royalties and corporate taxes, and another $106.8 million contributions made to the Niger Delta Development Company (NDDC) as required by law. Source Leadership Read More 

Kachikwu: Involving Communities in Oil Activities, Solution to End Crisis in Niger Delta - The Minister of State, Petroleum Resources, Dr. Emmanuel Ibe Kachukwu, has said for a lasting peace to be achieved in the Niger Delta region, oil bearing communities must be involved in oil and gas exploitation in their areas. Source Thisday Read More 

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South Africa, Eritrea take up Afreximbank’s shareholding - South Africa and Eritrea have taken up shareholding in the African Export-Import Bank (Afreximbank)- the continent’s multilateral trade finance institution, in demonstration of their commitments to promoting intra-trade and economic integration Source Guardian Read More 

Mozambique's inflation slows to 8.35 percent y/y in October - Mozambique’s annual consumer price inflation slowed to 8.35 percent in October from 10.76 percent in September, the National Institute of Statistics said on Tuesday. Source Reuters Read More 

EgyptAir to swing to a profit this year; chairman - EgyptAir will swing to a profit this year, buoyed by an increase in passengers and cost cutting, the chairman of the state-owned airline’s holding company said on Tuesday. Source Reuters Read More 

South Africa Awaits $7 Billion Ratings Double Jeopardy - South Africa will confront the threat of a $7 billion debt selloff this week as it awaits two concurrent judgments on its credit status. Source Bloomberg Read More 

Hong Kong's Hang Seng Index Rises Above 30,000 to Decade-High - Hong Kong’s benchmark equity gauge rose above the 30,000 level for the first time in a decade as Tencent Holdings Ltd. extended its rally and Chinese financial shares climbed. Source Bloomberg Read More 

Asian Stocks Surpass 2007 Peak in Global Rally - Asian stocks headed for a record close, buoyed by fresh all-time highs for U.S. equities with investors energized by the outlook for profits and tax reform. Hong Kong’s Hang Seng Index breached the 30,000 level to climb to the highest in a decade. Source Bloomberg Read More 

Mugabe Ends 37-Year Zimbabwe Rule Under Impeachment Threat - Bowing to a nation that had turned against him, Robert Mugabe resigned as president of Zimbabwe, ending his 37-year rule and sparking scenes of wild celebration throughout the capital. Source Bloomberg Read More 

Singapore to Ensure Rich Pay More in Tax Regime, Rajah Says - Singapore will ensure its tax system is based on “solid” economic performance and the principle that higher income earners pay more, a senior government official said, after the prime minister signaled that the nation needs to prepare for tax increases. Source Bloomberg Read More 

More than 160,000 migrants cross Mediterranean into Europe in 2017 – IOM - More than 160,000 migrants and refugees arrived in Europe in 2017 having crossed the Mediterranean Sea, while about 3,000 people died trying to reach the EU, the International Organisation for Migration (IOM) said. IOM said this in a press statement released on Tuesday in Moscow. Source BUSINESSDAY Read More 

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9mobile to get new investor by year-end — Emefiele - The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, on Tuesday said that the intervention of the apex bank and the Nigerian Communications Commission in the 9mobile loan repayment saga, was due to the systemic importance of the company. Source Punch Read More 

Uber paid hackers $100,000, concealed data stolen from 57 million accounts - Uber Technologies Inc paid hackers $100,000 to keep secret a massive breach last year that exposed the data of some 57 million accounts of the ride-service provider, the company said on Tuesday. Source Reuters Read More 

U.S. government warns businesses about cyber bug in Intel chips - The U.S. government on Tuesday urged businesses to act on an Intel Corp alert about security flaws in widely used computer chips as industry researchers scrambled to understand the impact of the newly disclosed vulnerability. Source Reuters Read More 

Android devices seen covertly sending location data to Google - An investigation by Quartz has revealed that Android devices send cell tower location data to Google even if the user has disabled location services for apps in their device settings. Source TECHCRUNCH Read More 

FCC chief plans to ditch U.S. 'net neutrality' rules - The head of the U.S. Federal Communications Commission unveiled plans on Tuesday to repeal landmark 2015 rules that prohibited internet service providers from impeding consumer access to web content in a move that promises to recast the digital landscape. Source Reuters Read More 

Apple acquired augmented reality headset startup Vrvana for $30M - As Apple reportedly ramps up work to ship an augmented reality headset in 2020, it has acquired a startup from Montreal, Canada that could help it get there. Source TECHCRUNCH Read More 

Tesla’s Burning Through Nearly Half a Million Dollars Every Hour - Elon Musk said last week that Tesla Inc. is designing a new sports car that could go from zero to 60 mph in 1.9 seconds. Not bad, but here’s a speed number that investors might want to focus on instead Source Bloomberg Read More 

Ghana connects to Nigeria’s Internet Exchange point - Ghana Internet Exchange Point has connected to Nigerian’s Internet Exchange Point (IXPN) to route traffic locally within the region.While this process is on a vice-versa and partnership basis, The Guardian learnt that the move is expected to enhance the chances of Nigeria becoming the regional hub for Internet content in the region and the continent; it will also serve as an opportunity for both countries to reduce cost and improve latency on the route. Source Guardian Read More 


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