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Nigeria in 1min: Economic, Business and Financial Headlines – 231117

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November 23, 2017 7:22 AM / Proshare News 

PROSHARE ECONOMY

N250.56bn Generated as VAT in Q3 2017 -NBS- Sectoral distribution of Value Added Tax (VAT) data for Q3 2017 reflected that the sum of N250.56bn was generated as VAT in Q3 2017 as against N246.30bn generated in Q2 2017 Source Proshare Read More 

Nigerian states’ debts increase to 4% of GDP – World Bank - Although the second quarter report of the National Bureau of Statistics showed that Nigeria had exited recession, several challenges remain at different levels of government, the World Bank has warned. Source Punch Read More 

AfDB grows Nigerian portfolio to $6bn - President of African Development Bank (AfDB), Akinwunmi Adesina says the bank’s total active portfolio in Nigeria has grownto over six billion dollars. Source THE SUN Read More 

MPC: A Tale of Constrained Discretion- Prior to monetary policy committee (MPC)’s meeting in November, forward guidance had made it clear that a tweaking in monetary policy tools was unlikely.  Source Proshare Read More 

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Address Fiscal Challenges, Despite GDP Growth, World Bank Tells Nigeria - The World Bank has stated that notwithstanding Nigeria’s positive economic growth in the third quarter (Q3) of 2017, the country needs to address what it identified as the many fiscal challenges at the different levels of government. Source Thisday Read More 

Nigeria loses $9bn to illegal mining in 2 years - The Federal Government yesterday said in 2014 and 15, Nigeria lost about $9bn to illegal mining. Source Daily Trust Read More 

Nigeria’s tomato policy still crawling after 6 months - Nigeria’s tomato policy, which was enacted six month ago is yet to take a foothold since implementation commenced in May. The country is the 13th largest producer of tomatoes in the world and second after Egypt in Africa, yet the country is the largest importer of tomato paste globally as the country is still unable Source BUSINESSDAY Read More 

ABINBEV Restates Commitment to Nigeria with $250m Investment - As part of efforts to increase its market share,ABINBEV, one of the world’s largest brewer has merged three of its subsidiaries and has also injected over $250 million into building second largest brewery plant in Africa. Source Thisday Read More 

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PROSHARE REGULATORS

Memo to The Market: The Oando Corporate Journey – At The Regulators Gate- We present herewith our market memorandum on a voluminous report looking at the recent development in the market with a view to expanding the knowledge of practices Source Proshare Read More 

PROSHARE MARKETS

NSEASI Inches Up Marginally by 0.02% ; Resumes Uptrend- Equities market closed today on a positive note, as NSE ASI appreciated by +0.02% to close at 36,608.76 basis points as against -0.52% depreciation recorded previously.Source Proshare Read More 

FCMB Completes 88.2% Acquisition of Legacy Pension Managers Limited with Completion Board Meeting- FCMB Group Plc has successfully completed the acquisition of an additional 60 percent equity stake in Legacy Pension Managers Limited (Legacy). Source Proshare Read More 

Strategies For Equity Investment In A Pre-election Year Economy- At any given time in a nation’s political life cycle, success is measured by the living standard of the people economically or socially Source Proshare Read More 

Still a Good Story for the Domestic Debt Stock- The FGN’s domestic debt stock amounted to N12.50trn (US$40.8bn) at end-September, equivalent to 12.3% of 2016 GDP. Source Proshare Read More 

MRS Plc Announces Resignation of Alh. Dahiru Barau Mangal and His Alternate Mr. Larval Dahiru Mangal- We write to notify you of the resignation of our Non — Executive Director Alhaji Dahiru Barau Mangal and his alternate Mr. Larval Dahiru Mangal.  Source Proshare Read More 

ETF Market Capitalization Grew by 0.91% in October 2017- The ETF market capitalization grew by 0.91% in October to kick off Q4-2017, closing at N6.44 Billion (up from September levels at N6.38Billion). Source Proshare Read More 

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MRS Plc Announces Resignation of Alh. Dahiru Barau Mangal and His Alternate Mr. Larval Dahiru Mangal- We write to notify you of the resignation of our Non — Executive Director Alhaji Dahiru Barau Mangal and his alternate Mr. Larval Dahiru Mangal.  Source Proshare Read More 

Virtual pipelines to solve infrastructural challenges in gas sector, says Joe-Ezigbo - The Co-Founder/Executive Director, Falcon Corporation Limited, and first Vice President, Nigerian Gas Association (NGA), Audrey Joe-Ezigbo, has prescribed virtual pipelines as one of the available solutions to resolving infrastructural challenges in the nation’s gas industry. Source Guardian Read More 

Refineries: NNPC eyes 445,000 bpd output by 2019 - The Nigerian National Petroleum Corporation (NNPC) will not renege on its plans to return the four state-owned refineries – Port Harcourt 1&2, Warri and Kaduna – to their installed capacity of 445,000 barrels per day (bpd) by 2019, its Group Public Affairs Manager, Ndu Ughamadu, has said. Source THE NATION Read More 

Developing countries to lead oil demand growth till 2040, says OPEC - The Organisation of Petroleum Exporting Countries (OPEC) has said developing countries will lead oil demand growth in the next two decades. Source THE NATION Read More 

NNPC secures $3.7bn in alternative funding - The Nigerian National Petroleum Corporation on Wednesday said it had secured a total of $3.7bn in alternative financing agreements in the last three years. Source Punch Read More 

Geogrid, MAN sign MoU for 10MW power generation - Geogrid LighTec Limited, an independent power generation company, and the Manufacturers Association of Nigeria have signed a Memorandum of Understanding for the delivery of 10 megawatts of embedded generation within the Ikeja industrial cluster. Source Punch Read More 

New regulation threatens N466b power sector loans - The nation’s banks could lose over N466 billion exposures to the power sector due to new policy by the Nigerian Electricity Regulatory Commission (NERC). Source Guardian Read More 

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PROSHARE BUSINESS

FirstBank Hosts the 2017 International Sustainability Conference- The FirstBank Sustainability Centre has announced the fourth edition of the annual International Sustainability Conference – one of the activities and programs driven by the Centre. Source Proshare Read More 

$60.3bn missing petroleum revenue: Reps to probe CBN, FIRS - APPARENTLY disturbed by the inability of the Central Bank of Nigeria,CBN, Federal Inland Revenue Service,FIRS to give account of an alleged missing $60.3 billion Petroleum Profit Tax and Royalty revenues Source Vanguard Read More 

Zambia's central bank says delayed IMF programme affecting kwacha currency - Zambia’s central bank governor said on Wednesday the delay in reaching a conclusion for an aid programme with the International Monetary Fund (IMF) was putting pressure on the kwacha currency. Source Reuters Read More 

South Africa's CPI slows to 4.8 percent year/year in October - South Africa’s headline consumer inflation slowed to 4.8 percent year-on-year in October, in line with market expectations, from 5.1 percent in September, data from Statistics South Africa showed on Wednesday. Source Reuters Read More 

Mali says gold mining revenues increased 14 pct in 2016 - Gold mining revenues in Mali increased by 14 percent in 2016 to 280 billion CFA francs ($505 million), Mines Minister Tiemoko Sangare said on Tuesday, revising an earlier estimate. Source Reuters Read More 

Australia Warns of Asia Power Shift to China If U.S. Withdraws - Australia is concerned that China’s military expansion in the South China Sea will lead to clashes in Asia and wants the U.S. to remain involved in the region, according to a new policy paper released by the government. Source Bloomberg Read More 

Two Biggest Risks Now Are China and Inflation, Market Veteran Says - Larry Hatheway, who’s spent decades poring over the mechanics of financial markets and investing, says his two biggest concerns right now are China and inflation. Source Bloomberg Read More 

This Gold Fund Is Joining the Bitcoin Frenzy - The Old Mutual Gold & Silver Fund, which manages $220 million of mostly precious metal equities, is jumping on the bitcoin wagon. Source Bloomberg Read More 

Singapore’s Economy Hits Fastest Pace in More Than Three Years in Third Quarter - Singapore raised its economic growth forecast for this year and sees global growth underpinning that momentum into 2018, with some moderation. Source Bloomberg Read More 

Hottest Stock on the Nasdaq Is a Chinese Company With Its Own Cryptocurrency - A little bitcoin fairy dust is making a relatively obscure Chinese internet company the hottest stock in the Nasdaq Composite Index. Source Bloomberg Read More 

Fed Signals December Hike Even as Debate on Prices Persists - Federal Reserve officials meeting earlier this month saw an interest-rate increase in the near term even as tepid inflation drove divisions over the policy path and as financial stability concerns cropped up. Source Bloomberg Read More 

Oil Sets Itself Up for Fall If OPEC Can't Deliver Cuts Extension - Oil traders and analysts almost unanimously expect OPEC and Russia to prolong their production cuts next week. However, behind the scenes Saudi Arabia and Russia are still debating what course to follow. Source Bloomberg Read More 

Oil Jumps in New York as U.S. Supply Drop Adds to OPEC Optimism - Oil settled at a two-year high as a drop in U.S. crude stockpiles added optimism to a rally underpinned by hopes for an OPEC deal extension. Source Bloomberg Read More 

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PROSHARE FINANCE

CBA Foundation 2017 Walk4Hope- CBA Foundation, a Lagos-based Not for Profit organization, over the weekend, had its 7,500 STEPS walk, tagged Walk4Hope in the Lekki axis of Lagos on Saturday, November 18, 2017. Source Proshare Read More 

PROSHARE TECHNOLOGY

Facebook to open Nigerian hub next year in African tech drive - Facebook will open a “community hub space” in Nigeria next year to encourage software developers and technology entrepreneurs and become the latest technology giant to pursue a training programme in fast-growing Africa. Source Reuters Read More 

YouTube tightens rules on kid-related content - YouTube, that strange stew of the best and worst content on the web, is cracking down on abuse and error relating to kid-focused video. Source Tech Crunch Read More 

Elon Musk basically confirms AI is coming to eradicate the human race - In a recent talk with Musk-led startup Neuralink, the master of predictions made another one: AI is probably going to kill us all. At a recent talk, Musk said all efforts to make AI safe have only “a five to 10 percent chance of success.” Source TNW Read More 

Cryptocurrency startup Tether claims it was robbed of $31 million in tokens - Tether noted in a now-removed post on its site that nearly $31 million worth of tokens were stolen from the treasury in which it stored its dollar-pegged cryptocurrency. Source TNW Read More 

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PROSHARE MSME

Fidelity Bank, AYE Organisation partner to host 2017 NWG Conference in Lagos - One of the largest Youth Entrepreneurship networks in Africa, the Africa Youth Entrepreneurship Organisation with about 12.6ml members is set to host its 2017 “Networking With The Giants Conference” focusing on the theme “Solution to Poverty in Africa”, on Thursday November 30th at Oriental Hotel, Lagos. Source Proshare Read More

FG unveils one-stop shop for MSMEs development, ease of doing business - The Federal Government has set up a One-Stop Shop for Micro Small and Medium Enterprises (MSMEs), saying the move is aimed at removing bottlenecks hindering the growth and development of MSMEs in Nigeria. Source Guardian Read More 

Huawei plans $1bn investment to drive digitisation - Leading Chinese ICT solutions provider Huawei plans to invest USD 1 billion USD in the next three years, to propel progress in digitisation solution to build business and technical capabilities. Source BUSINESSDAY Read More 

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