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Nigeria in 1min: Economic, Business and Financial Headlines – 230218

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February 23, 2018 7:10 AM / Proshare News 

PROSHARE ECONOMY

FAAC Disburses N655.18bn in January 2018 – NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N655.18bn to the three tiers of government in January 2018 from the revenue generated in December 2017. Source Proshare Read More 

Agriculture Still in Need of a Leg up - The narrative on agriculture is gradually changing, and the sector can now plausibly be seen as the economy’s new backbone. Source Proshare Read More 

January 2018 FAAC Disbursement: Sustaining the Positive Spell - According to the National Bureau of Statistics (NBS), the federation allocation committee (FAAC) disbursed the amount of N655.178 billion in the month of January 2018. FAAC disbursement for the month of January 2018 rose by 6.9% and 41.79% respectively compared to the previous and corresponding months in 2017. Source Proshare Read More 

Nigeria's First Bank Sees Faster Loan Growth as Economy Expands - Nigeria’s biggest bank by revenue expects lending to accelerate and bad debts to drop this year as growth in Africa’s biggest economy picks up. Source Bloomberg Read More 

TSA: INTELS pays N13.2bn to NPA - The contract termination controversy between INTELS Nigeria Limited and the Nigerian Ports Authority (NPA) may be eased off  following the payment of $42.6 million (N13.2 billion) by INTELS into the NPA’s Treasury Single Account (TSA). Source Vanguard Read More 

Buhari signs law extending FCT budget lifespan - PRESIDENT Muhammadu Buhari has assented to the Federal Capital Territory Appropriation (Amendment) Act 2018. Source Vanguard Read More 

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Low interest rates, key to growth of Nigeria’s economy – Dogara - Yakubu Dogara, Speaker of the House of Representatives, on Thursday said that unless interest rates on loans in Nigeria are reduced to make funds accessible to more Nigerians with investible ideas, the nation’s economy will continue to rely on investors from other countries to make it grow. Source BUSINESSDAY Read More 

FG Can’t Build Critical Infrastructure Alone, Udoma Insists - The Minister of Budget and National Planning, Senator Udo Udoma, has told the leadership of the National Assembly that since government alone cannot shoulder the provision of critical infrastructure and provide investment capital needed to drive the process, it has decided to not just partner with the private sector for investment funds, but also make the environment attractive to investors. Source Thisday Read More 

EEG, Agriculture Lift Non-oil Exports by $0.62billion - Following the gradual implementation of the re-introduced export expansion grant (EEG) by the federal government and the boost in agriculture, the nation’s non-oil exports has continued to grow, rising by $0.62 billion (N223.20 billion) in the last quarter of 2017, indicating a rise of 21 per cent quarter-on-quarter (q/q). Source Thisday Read More 

‘70m Nigerians still locked out of micro-pension scheme’ - Despite the huge funds expended on the micro pension initiative by the National Pension Commission (PenCom), it could not keep to its assurance of commencing the scheme by the end of 2017. Source Guardian Read More 

No going back on 2020 single currency deadline – ECOWAS - The National Chairman of the National Action Council (NAC), Dr. Olapade Agoro, yesterday, in Ibadan, declared intention to lead his political party to contest the 2019 presidential election. Source Daily Trust Read More 

Experts blame rejection of Nigerian exports on poor measurement - Calibration experts have blamed poor measurement for the frequent cases of rejected food and commodity exports from Nigeria. Source Punch Read More 

PROSHARE REGULATORS

CBN Amends Commercial Agriculture Credit Scheme (CACS) Guidelines - As part of the efforts by the Central Bank of Nigeria to deepen access to finance and reduce exclusion rate, the CBN has revised the existing Commercial Agriculture Credit Scheme (CACS) Guidelines to include Non Interest Financial Institutions (NIFIs). Source Proshare Read More 

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PROSHARE MARKETS

Nigerian Stock Market Sustains Positive Sentiment as NSEASI Inches Up by 0.24% - Equities market closed today on a positive note, as NSEASI appreciated by +0.24% to close at  42,258.78 basis points as against +0.02% appreciation recorded previously. Source Proshare Read More 

CBN Resumes OMO to offset Inflows from Maturing Bills - The Bond market traded on a relatively quiet note, with slight uptick witnessed on the 5-yr, while other traded bonds strengthened slightly, even as we witnessed trickles of demand come into the bond space. Source Proshare Read More 

Summary of FGN Bond Auction Results for February 2018 - Auction Result for the 14.50% FGN JUL 2021 (Re-opening 5-year Bond) & 13.98% FGN FEB 2028 (New Issue 10-Year Bond), Successful bids for the 14.50% FGN JUL 2021 and 13.98% FGN FEB 2028 were allotted at the Marginal Rates of 13.7000% and 13.9800%, respectively. Source Proshare Read More 

Nigerian Breweries Plc -Stock is expensive right now - Last week, Management of Nigerian Breweries (NB) hosted a conference call to discuss its FY 2017 results as well as provide its outlook for 2018. Source Proshare Read More 

Kachikwu: Nigeria needs $100b oil investments - The Minister of State, Petroleum Resources, Dr. Ibe Kachikwu yesterday told Vice President Yemi Osibanjo that the Federal Government is expecting over $40billion investments in the oil and gas sector in the next five years. He said about $100billion is needed to revive the sector to contribute to the development of the nation. Source THE NATION Read More 

Reps stop NNPC from spending $1.8b on refineries - A House of Representatives ad hoc committee has asked the Nigerian National Petroleum Corporation (NNPC) to withhold its bid to spend $1.8 billion on the nation’s refineries. Source THE NATION Read More 

NNPCs N286bn fuel subsidy losses since Oct symbolizes failed model - The inability of the Nigerian National Petroleum Corporation (NNPC) to operate as a fully integrated oil company is taking a toll on the country and is a symbol of growing pains at the state owned oil firm. Source BUSINESSDAY Read More 

Petrol queues may not disappear soon, says Kachikwu - The queues for Premium Motor Spirit, popularly known as petrol, in some parts of the country may not go away soon, the Minister of State for Petroleum Resources, Ibe Kachikwu, said on Thursday. Source Punch Read More 

7 power firms generate zero mw of electricity - Seven electricity generating companies (GenCos) were unable to generate electricity yesterday as their plants were shut down due to unavailability of gas and other infrastructural issues. Source Vanguard Read More 

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PROSHARE BUSINESS

NSACC Breakfast explores Nigeria’s Imperative for Inclusive Growth and Development  - Despite the recovery from recession with a growth rate of about 1.40%, Nigeria needs to attain the level of inclusive growth which creates job opportunities and uplifts millions of poverty. Source Proshare Read More 

Saudi Arabia to invest $64bn in entertainment - Saudi Arabia says it will invest $64bn (£46bn) in developing its entertainment industry over the next decade. Source BBC Read More 

South Africa budget casts hopeful light on Moody's review - South African bonds stayed in demand on Thursday as markets priced in expectations that government efforts to reduce the country’s large debt pile will enable it hang on to its last investment grade rating in a Moody’s review due soon. Source Reuters Read More 

South Africa budget a good step, says ratings agency S&P - South Africa’s budget measures to raise value added tax (VAT) rate and cut spending was a welcome step, rating agency S&P Global said on Thursday. Source Reuters Read More 

Kenya raises $2 bln Eurobond but concerns over deficit linger - Kenya shook off a downgrade and the loss of access to an IMF standby credit facility to raise a $2 billion dollar bond at competitive yields, but market participants said on Thursday it still needs a credible plan to tackle its fiscal deficit. Source Reuters Read More 

Glencore, banks and Chad reach deal on over $1 bln oil-backed loan - Glencore and four bank lenders have reached a deal with Chad on the restructuring of an over $1 billion oil-backed loan, sources familiar with the matter said. Source Reuters Read More 

Oil edges up on drop in U.S. inventories, but surge in exports caps gains - Oil prices edged up on Friday, supported by lower U.S. crude inventories, but gains were capped by a surge in U.S. exports that dragged net imports in the world’s biggest fuel consumer to a record low. Source Reuters Read More 

UK economy lags behind G7 after 2017 growth rate cut - Britain’s economy was weaker than previously thought in 2017, official data showed on Thursday, leaving the country lagging further behind the global recovery as it prepares to leave the European Union. Source Reuters Read More 

$14 Billion Order Book Shows Investors Still Crave African Bonds - The timing could scarcely have been worse. Source Bloomberg Read More 

In One Tweet, Kylie Jenner Wiped Out $1.3 Billion of Snap’s Market Value - Snap Inc.’s flagship platform has lost some luster, at least according to one social-media influencer in the Kardashian-Jenner clan. Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

CBN to conduct financial check on 9mobile buyer - The Central Bank of Nigeria is to carry out a financial check of the winner of the 9mobile auction while the Nigerian Communications Commission will focus on the buyer’s ability to provide quality service, the Executive Vice-Chairman, NCC, Umar Danbatta, has said. Source Punch Read More 

Smart city technologies to gulp $80 billion in 2018 -IDC - Forecast by International Data Corporation (IDC) has shown that worldwide spending on the technologies that enable Smart Cities initiatives will hit $80 billion in 2018. Source Guardian Read More 

Ghana IPO offers clues to MTN Nigeria valuation - An upcoming initial public offering of MTN Group’s Ghanaian unit may have helped unravel the valuation of its Nigerian business which is set to be listed on the Nigerian Stock Exchange (NSE), as soon as mid 2018. Source BUSINESSDAY Read More 

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