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Nigeria in 1min: Economic, Business and Financial Headlines – 240118

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January 24, 2018 6:00 AM / Proshare News 

PROSHARE ECONOMY

A Cyclical Upswing According to the Fund; Forecasts 2.1% Growth for Nigeria - The IMF’s new Update to its World Economic Outlook has raised its global growth forecast for this year from 3.7% three months ago to 3.9%, and penciled in the same for 2019. That for the US has been lifted from 2.3% to 2.7% for 2018. Source Proshare Read More 

NSR H1 2018 (7) – Balance of Payment Visibly losing size but gaining weight - We expect a slower growth in exports to shrink the CA balance to 2.75% of GDP in 2018. (2017: 3.6%). Elsewhere, a confluence of pull and push factors is expected to cause a slight moderation in the financial account. Source Proshare Read More 

Short Notes About The Treasury Single Account (TSA) - Firstly, the treasury single account is a public accounting system  whereby  government receipt, revenue and income are collected into one single account The Central bank of Nigeria is responsible for the maintenance and management on such account. Source Proshare Read More 

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Nigeria Issues the Income Tax (Country-By-Country Reporting) Regulations 2018 - Nigeria has issued the Income Tax (Country-by-Country Reporting) Regulations 2018 (the CbCR Regulations). The Regulations are part of the implementation plans under Action 13 of OECD’s Base Erosion and Profit Shifting (BEPS) project. Source Proshare Read More 

House of Representatives Passes Petroleum Industry Governance Bill - The House of Representatives (HoR) on Wednesday, 17 January 2018, passed the Petroleum Industry Governance Bill (“PIGB” or “the Bill”) following its third reading at the House. Source Proshare Read More 

Nigerian South West intelligentsia Offers An Urgent Voice Of Reason On Critical National Issues - VOR is a body of Yoruba sons and daughters, comprising successful entrepreneurs and eminent professionals across the spectrum of the society. Source Proshare Read More 

UK Launches New Anti-Money Laundering Watchdog To Strengthen Defences Against Terrorist Financing - The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) is based within the FCA and will work with all the UK’s Anti-Money Laundering (AML) supervisors to help improve standards, and with law enforcement to strengthen cooperation. Source Proshare Read More 

The Way Out: A Clarion Call For Coalition For Nigeria Movement - Since we are still in the month of January, it is appropriate to wish all Nigerians Happy 2018. I am constrained to issue this special statement at this time considering the situation of the country. Source Proshare Read More 

FAAC: Fed Govt, states, councils share N655b in December - The three tiers of government have started 2018 on a good note as members of the Federation Account Allocation Committee (FAAC) yesterday shared N655.177 billion for the December 2017. Source THE NATION Read More 

Kaduna Govt. generates N26.53bn IGR in 2017, targets N42bn in 2018 - The Kaduna State Internal Revenue Service (KDIRS) said on Tuesday that it collected N26.53 billion as Internally Generated Revenue (IGR) in 2017. Source Daily Trust Read More 

AfDB’s loan to Nigeria to cross $8b mark - The African Development Bank (AfDB) plans to increase its loans to Nigeria by more than $2 billion next year thereby raising the total loans to the country above $8 billion mark, its President Akinwumi Adesina said. Source THE NATION Read More 

Lagos-Ibadan road: Fashola wants full funding by FG - The Minister of Power, Works and Housing, Mr. Babatunde Fashola, told the House of Representatives on Tuesday that adequate funding by the Federal Government remained the most viable option to complete the Lagos-Ibadan Expressway. Source Punch Read More 

FG to review multiple taxes on airlines - Indications emerged on Tuesday that the Federal Government had commenced a process to review multiple taxation on airlines by its agencies in the aviation industry. Source Punch Read More 

New Port Harcourt airport terminal to be completed by July – Minister - The Minister of State for Aviation, Sen. Hadi Sirika, says the new Port Harcourt Airport International Terminal will be completed by July. Source Daily Trust Read More 

Prevent reversal of economic progress, NESG urges Buhari - The Nigerian Economic Summit Group has urged President Muhammadu Buhari to avert the reversal of the progress made last year in the economy. Source Punch Read More 

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PROSHARE REGULATORS

SEC Extends Free E-Dividend Registration Till February 28, 2018 - The SEC, in reviewing the progress of the e-Dividend Registration exercise, after the December 31, 2017 deadline, it was noted that there was still a great influx of shareholders desirous of mandating their Bank Accounts for payment of dividends electronically. Source Proshare Read More 

PROSHARE MARKETS

Stock Market Maintains Downtrend as NSEASI Dips Further by -1.16% - Equities market closed today on a negative note, as NSEASI depreciated by -1.16% to close at 44,389.85. basis points as against -0.40% depreciation recorded previously. Source Proshare Read More 

Weak Trading Sentiments on Bonds ahead of Auction - The bond market remained weak in today’s session, with most of the trades (c.700m) done on the 2027s bond within a range of 13.42 - 13.47, slightly higher than the traded yield of 13.39% in the previous session. Source Proshare Read More 

Saudi Fiscal Reform Progresses But Framework Incomplete - Recent fiscal measures in Saudi Arabia will raise government revenues sustainably, but spending increases highlight that commitment to consolidation is constrained by the desire to support economic growth, Fitch Ratings says. Source Proshare Read More 

Central Banks Reacting to Low Unemployment Rates - Continuing declines in unemployment rates were a common theme across many of the largest advanced economies in late 2017, symptomatic of GDP growth rates in excess of medium-term potential growth.  Source Proshare Read More 

The Delayed Impact of the Fuel Scarcity on Inflation is Expected in January 2018. - Transport fares increased by 100% in December, and surprisingly, inflation declined by 0.53%. The delayed impact of the fuel scarcity on inflation is expected in January. Source Proshare Read More 

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Nigerian stocks fall to one-week low after cenbank cancels rate meeting - Nigerian stocks fell 2.7 pct to a one-week low on Tuesday after the central bank called off an interest rate meeting scheduled for Jan. 22-23 because a backlog of appointments to the Monetary Policy Committee (MPC) meant it would not be quorate. Source Reuters Read More 

NNPC To Pick Financiers For Moribund Refineries - The Nigerian National Petroleum Corporation (NNPC) would soon announce financiers for the Port Harcourt Refining Company Limited (PHRC), Warri Refining and Petrochemical Company Limited (WRPC) and the Kaduna Refining and Petrochemical Company Limited. Source Leadership Read More 

DPR issues 13 licences for modular refineries - The Nigerian National Petroleum Corporation (NNPC) yesterday said out of the  35 interests that were indicated in modular refineries, the Department of Petroleum Resources (DPR) had  issued licences to 13. Source THE NATION Read More 

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PROSHARE BUSINESS

Federal High Court Grants Bail to Tim Elombah - Abuja High Court on Tuesday ordered immediate release of Tim Elombah an Editor of Elombah.com who was arrested with his brothers. Source Proshare Read More 

Inequality worsens as world’s richest take 82% of 2017 wealth - Results of a new global survey commissioned by Oxfam International yesterday demonstrated a groundswell of support for action against inequality. Source Guardian Read More 

Oil dips on rising U.S. fuel stocks, but overall market remains supported - Oil dips on rising U.S. fuel stocks, but overall market remains supported Source Reuters Read More 

EU says ready to support Zimbabwe engage foreign lenders - The European Union is ready to review ties with Zimbabwe and support the country’s re-engagement with international financial institutions once the new government presents clear plans for political and economic reform, the EU’s embassy in Harare said. Source Reuters Read More 

Zimbabwe cuts import tax on petrol, diesel to reduce pump price - Zimbabwe has cut its import tax on petrol and diesel by as much as 17 percent, the first time it has done so since it adopted the U.S. dollar in 2009, in a bid to lower the pump price for motorists, a government official said in a statement. Source Reuters 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 CNBC Read More 

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PROSHARE FINANCE

Global House Prices Will Rise, But Ideal Conditions to End - National house prices are forecast to rise this year in 19 of 22 markets highlighted by Fitch Ratings in a new report, but growth is expected to slow in most markets and risks are growing as the prospect of gradually rising mortgage rates comes into view this year. Source Proshare Read More 

PENCOM Issues Guidelines on Withdrawals from Voluntary Contributions - The National Pension Commission (PENCOM) on 16 November 2017 issued a Circular to all Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) communicating new guidelines on withdrawals from voluntary pension contributions (VC). Source Proshare Read More 

PROSHARE TECHNOLOGY

Bitcoin volumes sink to 2 year low in Nigeria on regulatory caps - Nigeria investors and speculators are reducing their exposure to bitcoin which has seen transaction volumes in the country drop to an all-time-low in January on the Coin.dance chart. Volumes hit N87.7 million in the first 20 days in January down from over N1.8 billion it recorded on the last week of December, 2017. Source BUSINESSDAY Read More 

Ogun to Earmark $1m Seed Capital for Tech Hub - The Ogun State government is to earmark $1million dollar seed capital to develop technology hub in support of Information and Communication Technology (ICT) experts in the state. Source Thisday Read More 

Riot Blockchain Claims 500 Bitcoins in U.S. Marshals' Auction - Riot Blockchain Inc. won 500 Bitcoins in an auction of property seized by the U.S. Marshals Service, a bet that the digital currency’s breath-taking run isn’t over. Source Bloomberg Read More 

The U.S. Drops Out of the Top 10 in Innovation Ranking - Score another one for Seoul while Silicon Valley slides. Source Bloomberg Read More 

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