Nigeria in 1min: Economic, Business and Financial Headlines – 221217

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December 22, 2017 7:30 AM / Proshare News 

PROSHARE ECONOMY

Nigeria 2018 Outlook: Acta Non Verba - Amidst brighter prospects for global economic growth and the OPEC decision to extend the output cut agreement through 2018, we expect Nigeria to pursue its growth agenda within a relatively favorable global economic landscape. Source Proshare Read More 

Consumers Are Bracing Themselves for a Challenging Christmas - In spite of the bountiful food harvest, food inflation remains stubbornly high at 20.30%. This is partly as a result of food export smuggling by exchange rate sensitive farmers. Source Proshare Read More 

FG to float $600m investment fund for solid minerals - Plans are underway to float a $600 million investment fund for the solid minerals sector, the Minister of Mines and Steel Development, Kayode Fayemi has said. Source Daily Trust Read More 

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Sokoto budgets N220b for 2018 fiscal year - Governor Aminu Waziri Tambuwal on Thursday presented a budget estimate of  N220 billion to the State house of Assembly. Source Daily Trust Read More 

Customs generates N1.01trn revenue for 2017, exceeds N770.5bn target - The Nigeria Customs Service (NCS) has generated N1.012 trillion as revenue, exceeding the N770.5 billion target it set for 2017 by about 23.9 per cent. Source Daily Trust Read More 

Nigerians in diaspora remitted $19bn in 2016 – World Bank - According to the World Bank’s Migration and Remittances Factbook 2016, Nigerians in diaspora remitted a total of $19bn in 2016, making it one of the top six receivers for the period. Source Guardian Read More 

Mining industry’s contribution to Federation account rises to N3.5bn –Fayemi - The Ministry of Mines and Steel Development has said the sector contributed about N3.5 billion to the Federation Account in 2017. Source THE SUN Read More 

FG approves sale of 5 subsidiaries of NMC - The National Council on Privatisation (NCP) has approved the privatisation of the remaining five (out of the 23) subsidiaries of the Nigerian Mining Corporation (NMC). Source THE SUN Read More 

$1bn ECA Fund: FG Can’t make Withdrawal Without NASS Approval – Senate - Senate President, Bukola Saraki yesterday insisted that the debate on the federal government’s plan to withdraw $1billion from the Excess Crude Account (ECA) to fight insurgency and other security challenges in the country will certainly hold on resumption from holidays in January 2018. Source Leadership Read More 

Investors to take short-term position as politics closes Nigeria reform window - The Nigerian reform window will start to close during 2018 with elections planned for February 2019, pushing investors to take a short term position on the country, emerging and frontier markets investment bank, Renaissance Capital says. Source BUSINESSDAY Read More 

EGRP 7% GDP growth target by 2020 seen unrealistic - Nigeria is targeting a GDP growth rate of 7 per cent by the year 2020 according to its Economic Growth and Recovery Plan (EGRP) but an analysis of the country’s economic growth within the last three years suggests the forecast may be overly optimistic. Source BUSINESSDAY Read More 

FG approves Copyright, Maritime Bills - Bills that tend to protect intellectual properties and Maritime Industry against the activities of pirates will soon be forwarded to the National Assembly for necessary actions. Source BUSINESSDAY Read More 

OECD Council Approves the 2017 Updates to OECD Model Tax Convention - The Organisation for Economic Cooperation and Development (OECD), on 18 December 2017, released the 2017 edition of its Model Tax Convention on Income and Capital (MTC 2017).  Source Proshare Read More 

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PROSHARE REGULATORS

Farmers to pay 5% interest on loans – Emefiele - The Governor, Central Bank of Nigeria, Godwin Emefiele, has said that the Federal Government will provide cheap funds to farmers at five per cent interest rate to procure agricultural equipment so as to enhance food production. Source Punch Read More 

PROSHARE MARKETS

NSEASI Inches Up Further by 1.10% to Close Above 38,000bpts as Market Maintains Uptrend - Equities market closed today on a positive note, as NSEASI appreciated by +1.10% to close at 38,350.64 basis points as against +0.40% appreciation recorded previously. Source Proshare Read More 

Market Movements in 2017 - Forex Reserves Up by 44.54% - On the Nigerian Stock Exchange, the NSE ASI records 42.70% YTD return while the NASD USI dropped by -3.46% as at 21st December, 2017.  Source Proshare Read More 

Inauguration of the Corporate Governance Rating System (“CGRS”) Steering Board - The Convention on Business Integrity (CBi) and The Nigerian Stock Exchange (The Exchange/NSE) are pleased to announce the inauguration of the Steering Board of the Corporate Governance Rating System, which held its maiden meeting on December 12, 2017. Source Proshare Read More 

Ecobank Group Gets $200m Syndicated Loan Facility from FMO - Ecobank Transnational Incorporated, the Togo-based holding company of the pan-African Ecobank Group, thursday announced the closing of a $ 200 million 5- 7 year syndicated debt facility with FMO, the Dutch development bank. Source Thisday Read More 

Nigeria's state oil firm more than doubles fuel supply amid run on petrol - Nigeria’s state oil firm said on Thursday it has more than doubled the daily supply of fuel for motorists to 80 million litres, amid a run on petrol that has seen queues lasting hours at filling stations around the country. Source Reuters Read More 

Bad weather forces closure of three Libyan oil ports -oil source - Bad weather has forced the closure of the eastern Libyan oil ports of Es Sider, Zueitina and Brega, an oil source said on Thursday. Source Reuters Read More 

Oil dips away from 2015 highs as rising U.S. output weighs on outlook - Oil prices on Friday dipped away from 2015 highs reached the previous session, weighed down by rising U.S. output and the expected January re-opening of the Forties pipeline in the North Sea. Source Reuters Read More 

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Local Refining, The Obvious Solution - The National Bureau of Statistics (NBS) has released its latest report in its premium motor spirit (PMS) price watch series. The report shows the average monthly price for PMS (petrol/gasoline) paid by households across the country. Source Proshare Read More 

NNPC: Now we can account for every barrel of oil sold - The Nigerian National Petroleum Corporation (NNPC) has said it has achieved 98 per cent automation of all transactions involving the supply, marketing and sale of the various grades and blends of Nigeria’s crude oil across the world Source Daily Trust Read More 

No ghost company involved in crude lifting – NNPC - The Nigerian National Petroleum Corporation (NNPC) yesterday said all the companies given approval to lift  2017/2018 crude oil term contracts are duly registered and not ghost companies. Source Daily Trust Read More 

Fuel scarcity: We now pump 80m litres daily – Baru - Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said that the corporation doubled the daily supply of Premium Motor Spirit (PMS), popularly known as petrol, from daily 700 trucks (about 27million - 30million) litres per day supply to 80million litres per day since the current hiccup in the supply chain was noticed a few days back. Source Daily Trust Read More 

OPEC, non-OPEC members exceed cut targets by 22% - Report - As of November 2017, the OPEC and participating non-OPEC producing countries in the production cut agreement have achieved an impressive highest conformity level of 122 per cent, the Joint Ministerial Monitoring Committee (JMMC) has stated. Source Daily Trust Read More 

‘FG re-negotiates sale of 3 NIPP power plants with bidders’ - The federal government and the preferred bidders are negotiating a $1.975 billion (about N711.8 billion) payment arrangement to sell 80 per cent shares in the 560 megawatts (MW) Calabar Generation Company (GenCo), 513MW Omotosho GenCo, and 434MW Geregu GenCo. Source Daily Trust Read More 

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PROSHARE BUSINESS

Proshare’s 2017 Review and 2018 Oulook Page now Live - As we approach 2018, Proshare in enlightening, educating and empowering our esteemed clients, subscribers and readers has today released its Year in Review/Outlook page. Source Proshare Read More 

Proshare Board holds Meeting in Lagos to Restructure Operations - Nigeria’s leading business, economy & financial information hub Proshare today held its extraordinary board meeting to restructure its operations to provide cutting edge services to the Nigerian and Pan-African market. Source Proshare Read More 

BUA Group’s Response to Dangote Cement’s Statement to The NSE Regarding Ongoing Mining Dispute - BUA International Limited, owners of BUA Cement, heartily welcomes the resolve by Dangote Cement Plc to await the outcome of the courts in their corporate disclosure published on the Nigerian Stock Exchange website dated 20 December, 2017 and titled, “DANGOTE CEMENT – RESPONSE TO BUA ALLEGATIONS”. Source Proshare Read More 

Dangote Disputes BUA’s Claim to Mine Ownership - The management of Dangote Industries Limited has again vehemently rejected the many assertions of BUA Group on its claim to being the rightful owner of Mining Lease No 2541. Source Thisday Read More

GT Bank Plc Issues Press Release Over The Arrest of Innosons Motors Chairman, A Customer - The attention of Guaranty Trust Bank Plc. ("the Bank") has been drawn to publications in the news and social media which purports to accuse the Bank of being behind the arrest of one of its customers. Source Proshare Read More 

Innoson Appreciates Nigerians - Firstly, I want to thank Mr President, His Excellency, President Muhammadu Buhari, GCFR for his believe in the rule of law. I thank also the various State Governors who condemned my illegal arrest and fought to see my release. Source Proshare Read More 

Steinhoff investor Wiese sells part of Shoprite stake - South African investor Christo Wiese has sold an additional 1.1 billion rand ($87 million) of shares in supermarket group Shoprite, exchange filings showed on Thursday, after his exposure to scandal-hit retailer Steinhoff dented his fortune. Source Reuters Read More 

More work needed before Congo Republic bailout -IMF - The International Monetary Fund (IMF) ended a week of talks in Congo Republic on Thursday saying the debt-crippled nation had more work to do if it hoped to gain the lender’s approval for a bailout package. Source Reuters Read More 

Venezuela's economy shrank 16.5 percent in 2016: government - Venezuela’s economy shrank 16.5 percent in 2016, the government said on Thursday, as the oil-dependent nation continued to slump as a result of weak crude prices. Source Reuters Read More 

Goldman Is Setting Up a Cryptocurrency Trading Desk - At least one of Wall Street’s biggest firms is growing more comfortable with cryptocurrencies. Source Bloomberg Read More 

Philippine Peso Predicted to Be Asia’s Worst-Performing Currency in 2018 - Investors rejoicing over the Philippine peso’s rally to a six-month high should beware: the currency is predicted to be Asia’s worst performer next year. Source Bloomberg Read More 

Canadian Inflation Jumps Above Key Level on Gasoline Prices - Canadian inflation jumped above the Bank of Canada’s 2 percent target as the nation’s red-hot economy begins to show signs of price pressure. Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

Bitcoin extends losses, slips below $14,000 on Bitstamp exchange - Bitcoin fell more than 10 percent to below $14,000 on the Bitstamp exchange on Friday, extending overnight losses. Source Reuters Read More 

North Korea Is Suspect in Hack of Seoul Bitcoin Exchange - South Korean investigators are looking into North Korea’s possible involvement in the hack of a Seoul-based cryptocurrency exchange that collapsed this week, according to a person familiar with the investigation. Source Bloomberg Read More 

Cryptocurrency-Mining Malware Targets Facebook Messenger Users - Security researchers have discovered a cryptocurrency-mining malware targeting Facebook Messenger users. Source GIZMODO Read More 

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