Nigeria in 1min: Economic, Business and Financial Headlines – 230118


January 23, 2018 7:30 AM / Proshare News 


77.5m Persons Engaged in Some Sort of Economic Activities in Q3 2017 - NBS - Of a labor force of 85.08 million in Q3 2017, 77.55 million are engaged in some sort of economic activity for at least an hour a week, (8.46 million-1-19 hours; 18.02 million-20-39 hours; 51.06million-above 40 hours) Source Proshare Read More 

NSR H1 2018 (6) – GDP Juggling optimism on a tightrope - We expect a juggling act between recovery and headwinds in the near term. However, we hold the view that economic direction will be more tilted towards a recovery. Source Proshare Read More 

MPC: No Change With or Without a Meeting - The monetary policy committee (MPC) would normally be holding its latest meeting today and tomorrow in Abuja. However, the Senate has declined to confirm the presidency’s appointments for a new deputy governor of the CBN and members of the committee. Source Proshare Read More 

2018 Outlook: Elections Approaching; Not a Lost Year - The race for the presidency in February 2019 has started although there are no formal candidates as yet. The winning zonal alliance of 2015 and the victory for the APC could be repeated. Source Proshare Read More 

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African Union wages war against corruption, says it devastates economic development - Under the framework of the 30th African Union (AU) summit, the 35th ordinary session of the AU Permanent Representatives Committee (PRC) officially opened on Monday at the headquarter of the pan-African bloc in Ethiopia's capital Addis Ababa. Source Proshare Read More 

#WEF2018:Lagarde tasks Global leaders to guard against complacency - As global political and business leaders gather in Davos-Klosters, Switzerland for the 2018 edition of the World Economic Forum, the International Monetary Fund Managing Director Christine Lagarde in the first ever world economic outlook on the eve of the summit engaged the media on the state of the global economy. Source Proshare Read More 

FSDH Research Forecasts a GDP Growth Rate of 3.16% in 2018 - FSDH Research forecasts a Real Gross Domestic Product (GDP) growth rate of 3.16% in 2018 and 4.09% in 2019. Our forecast for 2018 is slightly higher than the forecast of the World Bank and International Monetary Fund (IMF) of 2.5% and 2.1% respectively. Source Proshare Read More 

African Development Bank to Increase Nigeria Loans by $2 Billion - The African Development Bank plans to increase its loans to Nigeria by more than $2 billion next year with investments in energy, infrastructure and agriculture, its President Akinwumi Adesina said. Source Bloomberg Read More 

Nigeria's Political Deadlock Threatens Economic Rebound - Nigeria’s central bank has fallen victim to a battle between President Muhammadu Buhari and his parliament. Source Bloomberg Read More 

Africa remains stable as global FDI falls to $1.52 trillion - Although global Foreign Direct Investment (FDI) fell from $1.81trillion in 2016, to an estimated $1.52trillion in 2017, investment into Africa, and other developing countries stood almost firm, latest investment trends monitor by the United Nations has shown. Source Guardian Read More 

FIRS generated N4tr tax revenue in 2017 - The Federal Inland Revenue Service, FIRS, said it generated N4 trillion from tax revenue collected in 2017. Source Vanguard Read More 

IMF projects 2.1% economic growth for Nigeria - The International Monetary Fund (IMF) has projected that Nigeria’s economy will grow by 2.1 percent in 2018. Source Vanguard Read More 

Kano Tomato Farmers Lost N1bn To Clozure Of Tiga Dam - Tomato growers in Kano state have lost over N1 billion this dry season farming following the recent closure of Tiga dam by the Hadeja-Jama’are River Basin Development Authority (HJRBDA). Source Leadership Read More 

FG hires consultants to probe minerals sector’s revenue leakages - The Federal Government on Monday inaugurated 100 consultants to probe revenue leakages in the mines and minerals sector of the economy between 2012 and 2017 in an exercise titled: ‘Revenue Optimisation and Verification Project’ Source Punch Read More 

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Stock Market Opens The Week Negative; Records -0.40% Loss - Equities market closed today on a negative note, as NSEASI depreciated by -0.40% to close at 44,912.53. basis points as against +0.54% appreciation recorded previously. Source Proshare Read More 

Lafarge Africa Q3 2017 Results Review: Maintaining Neutral Rating - Lafarge Africa’s (Lafarge) Q3 2017 results surprised negatively, mainly due to a net fx loss of –N9.9bn, arising from the hedging cost of N2.6bn from the US$220m shareholder loan that was converted to quasi-equity and settled at N385/US$ vs an initial rate of N375/US$, a net fx loss of N4.6bn related to the settlement of fx liabilities and a quasi-equity loan conversion cost of N2.7bn. Source Proshare Read More 

Reserves Accumulation via Another Window - Today’s chart shows the monthly inflows and outflows of fx through the CBN over the past year. The data series in the CBN’s Quarterly Statistical Bulletin shows the same for autonomous (ie non-CBN) sources.  Source Proshare Read More 

PZ Cussons Nigeria: FX-related losses weigh on 2018 outlook - PZ Cussons Nigeria (PZ) posted H1 2018 (end-Nov) PBT of N869m vs –N425m in H1 2017; the result beat our estimate by 36%. As such, we have raised our EPS forecasts by around 5% over the 2018-20E period. Source Proshare Read More 

Guinness Nigeria- Potential impact of capital raise priced in - Late last year, Guinness Nigeria (GN) successfully raised N40bn via a rights issue, adding 648m shares to its existing 1.5bn shares. The company used much of the proceeds from the rights issue to deleverage its balance sheet and to reduce its foreign currency debt exposure. Source Proshare Read More 

Presco - Downgrading to Neutral despite PT upgrade - Presco’s Q3 2017 results surprised negatively, even excluding a biological asset revaluation loss of –N1.4bn. As such, we have cut our earnings estimate over the 2017 18E period by -26%. Source Proshare Read More 

11 PLC- Neutral rating maintained - We forecast PBT growth of 6% y/y to N10.3bn for 11 PLC (11) in 2018. However, we estimate an EPS decline of -14% y/y to N19.46 during the same period. The central driver behind this forecast is that we do not have an estimate for the OCI line over the next four quarters.  Source Proshare Read More 

UAC of Nigeria Q3 2017 Results Review - Waiting for Underlying Business to Recover - UAC of Nigeria’s (UACN) Q3 2017 earnings declined by -67% y/y to N602m but came in well ahead of our N358m estimate. The variance was primarily driven by a positive surprise on the other income line. Source Proshare Read More 

Afrinvest Stock Recommendation for the Week - 220118 - Performance of the local bourse was largely positive last week as the All Share Index (ASI) gained 5.1% W-o-W to settle at a 9-year high of 45,092.83 points while YTD return advanced to 17.9%. Source Proshare Read More 

34 Companies, 435 Directors Passed the Corporate Governance Rating System (CGRS) Test - The Steering Board of the Corporate Governance Rating System (CGRS) is pleased to announce that 25 companies have successfully passed its rating test, having scored the required pass mark of 70% whilst 87 others are at various stages of completion of the process. Source Proshare Read More 

Money Supply Hits 17-year High At N24trn - In a bid to curb inflation and achieve stability in the nation’s economy, broad money rose to 17-year high of about N24 trillion in 2017, data obtained by LEADERSHIP from the Central Bank of Nigeria (CBN) has revealed. Source Leadership Read More

Global solar investment up by 18% to $160.8bn in 2017- World clean energy investment totalled $333.5bn last year, up three per cent from 2016 and the second highest annual figure ever, taking cumulative investment since 2010 to $2.5tn Source Vanguard Read More 

Dangote gets land for $150m solar power project in Kano - Kano State government has handed over 150 hectares of land to Dangote Group for the development of the $150m Dangote/Black Rhino solar power plant in Zakirai, Gabasawa Local Government Area of the state. Source Daily Trust Read More 

Electricity grid loses 1,615mw over gas cut - The Nigerian electricity grid at the weekend lost 1,615 megawatts (MW) as gas supply was cut off from nine Generation Companies (GenCos) Source Daily Trust Read More 

DisCos set for showdown as NERC forecloses tariff increase in 2018 - The Nigerian Electricity Regulatory Commission (NERC) has ordered the electricity distribution companies (DisCos) not to increase the retail price of electricity for customers this year, and DisCos tell BusinessDay they are preparing to resist the directive. Source BUSINESSDAY Read More 

Petrol scarcity: Our depots are empty - DAPPMA - As fuel scarcity bites hard in Lagos metropolis, depot owners under the auspices of Depot and Petroleum Products Marketers Association (DAPPMA) said yesterday that their depots are currently empty as a result of lack of supply from the Nigerian National Petroleum Corporation (NNPC). Source Daily Trust Read More 

NNPC Plans to Sell Petrol, Others to W’African Countries by 2019 - The Nigerian National Petroleum Corporation (NNPC) has said it plans to increase its downstream petroleum sector market shares from its present 13 per cent to 30 per cent, thereby expanding its retail operations to include countries within the West African subregion by 2019. Source Thisday Read More 

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Oando Plc Reached a Peace Accord with Alhaji Dahiru Mangal; Withdraws Petition - In accordance with the Companies and Allied Matters Act, Cap. C20 LFN 2004 (‘CAMA’) an individual or entity with direct / beneficial share ownership over 10% constitutes a substantial shareholder in the Company. Source Proshare Read More 

IMF cuts South Africa's growth forecast for next two years - The International Monetary Fund cut South Africa’s economic growth forecast for the next two years on Monday, citing rising political uncertainty that has dented investor confidence. Source Reuters Read More 

Saudi 2018 Growth Forecast Revised Up by IMF as Oil Prices Rise - The International Monetary Fund has raised its economic growth forecasts for Saudi Arabia as oil prices rise, though the pace of expansion remains below government estimates. Source Bloomberg Read More 

Singapore Soars Up Innovation Rankings, U.S. Falls Out of Top 10 - Score another one for Seoul while Silicon Valley slides. Source Bloomberg Read More 

Kenya central bank holds main lending rate at 10.0 pct - Kenya’s central bank held its benchmark lending rate at 10.0 percent on Monday, the bank’s monetary policy committee said. Source Reuters Read More 

Philippine Economy Expands More Than 6% for Sixth Year - The Philippines retained its position as one of the world’s fastest-growing economies after expansion exceeded 6 percent for a sixth consecutive year. Source Bloomberg Read More 

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Isiaka congratulates Obasanjo on Doctorate Degree - Investment magnate and two time Gubernatorial candidate in Ogun state, Prince Gboyega Nasir Isiaka, has congratulated former President Olusegun Obasanjo for successfully bagging a Doctorate Degree (Ph.D) from the National Open University. Source Proshare Read More 

The new insurance standard : A new epoch of accounting for insurers - IFRS 17 was released in May 2017 and it is quite a complex standard. The standard replaces IFRS 4 (Insurance Contracts) – an interim standard – which does not particularly prescribe a measurement policy for insurance contracts. If you take a look at various insurance contracts around the world, you would find that they are accounted for using different measurement frameworks. Source Proshare Read More 


Netflix crosses $100 billion market capitalization as subscribers surge - Netflix Inc (NFLX.O) snagged 2 million more subscribers than Wall Street expected in the final three months of 2017, tripling profits at the online video service that is burning money on new programming to dominate internet television around the world. Source Reuters Read More 

South Korea to ban cryptocurrency traders from using anonymous bank accounts - South Korea will ban the use of anonymous bank accounts in cryptocurrency trading from Jan. 30, regulators said on Tuesday in a widely telegraphed move designed to stop virtual coins from being used for money laundering and other crimes. Source Reuters Read More 

How Nigerians Beat Bitcoin Scams - Depending on your feelings about Bitcoin, it may seem appropriate that Nigeria’s love for the cryptocurrency began with a scam. Mavrodi Mondial Moneybox (MMM), a 30-year-long global Ponzi scheme that began in Russia Source Bloomberg Read More 


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