Nigeria in 1min: Economic, Business and Financial Headlines – 240818

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Friday, August 24, 2018 / 7:00 AM / Proshare News

 

PROSHARE ECONOMY

Tomatoes Witnessed High Price Volatility in Recent Times - Tomatoes, a widely consumed staple, has witnessed high price volatility in recent times. In spite of a demand gap of 700,000 tonnes, producers are suffering huge losses due to storage costs and limited shelf life. Source Proshare Read more 

FG to submit 2019 budget in September - The federal government will present the 2019 budget to the National Assembly in September in a bid to restore the January to December budget cycle.  Source Daily Trust Read more 

Apapa Customs generates N210.2bn revenue in 7 months - The Apapa Command of the Nigeria Customs Service (NCS) says it generated N210.2 billion revenue, including N343.4 million on exports between Jan. and July, against N196.7 billion in same period of 2017. Source Daily Trust Read more 

CBN earmarks N10bn per project in Agric, manufacturing under DCCR - The Central Bank of Nigeria (CBN) is set to release N10 billion per project financing in agriculture and manufacturing sectors of the economy by deposit money banks (DMBs), under the Differentiated Cash Reserves Requirement (DCRR) Regime. Source BUSINESSDAY Read more 

Banks give manufacturers N2tn loans in one year - A total of N2.01tn was granted as loans by the Deposit Money Banks to the manufacturing sector within one year covering July 2017 to June 2018, an analysis of the banking sector credit report of the National Bureau of Statistics has revealed. Source Punch Read more 

FAO seeks $18m to boost agric in North-East - The Food and Agriculture Organisation of the United Nations said it planned to install 100 Farmer Field School communities in 2018 in the North-East to boost agricultural production. Source Punch Read more 

NIMASA’s annual contribution to federation account surges to N20bn - There are indications that a financial re-engineering has taken place at the Nigerian Maritime Administration and Safety Agency (NIMASA), resulting in a revenue surge. Source Vanguard Read more 

Mining ministry accesses N15b intervention fund - The Ministry of Mines and Steel Development has accessed N15 billion from the N30 billion Mining Intervention Fund, the Minister of State, Mines and Steel Development, Alhaji Abubakar Bwari, has said. Source THE NATION Read more 

Freight Levy Review Lifts Nigeria’s Cargo Volume by 31.2% - The Director General of the Nigerian Maritime Administration and Safety Agency NIMASA (NIMASA), Dr. Dakuku Peterside has stated the inward cargo throughput of Nigeria’s seaports recorded a 31.24 per cent increase between January-June 2018, following the decision of the agency to carry out a downward review of its three per cent freight levy. Source Thisday Read more 

Privatisation Council appoints transaction advisers for BPE - The National Council on Privatisation (NCP), has approved the appointment of advisers for three transactions undertaken by the Bureau of Public Enterprises (BPE), for the current year, as part of the Federal Government’s reform strategy. Source Guardian Read more

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PROSHARE MARKETS

Nigeria’s Equities Market Inches Up by 1.57% Amid Negative Breadth- Equities market closed today on a positive note, as NSEASI appreciated by +1.57% to close at 35,206.16 basis points as against -1.71% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.94%. Source Proshare Read more 

Bond Yields Moderate Slightly on Renewed Local Demand - The Bond Market resumed on a slightly bullish note, due to renewed demand from local clients mostly on the mid-tenured bonds (26s -28s), which caused yields to trend lower by c.9bps across the curve. Source Proshare Read more 

Banks suspend BDCs’ accounts over taxes - Banks are shutting down Bureau De Change (BDC) accounts over the demand that the operators pay taxes on their transactions turnover Source THE NATION Read more 

Another Mark of Debt Externalisation– The FGN’s domestic debt stock amounted to N12.15trn (US$39.7bn) at end-June, equivalent to 10.7% of 2017 GDP. The decline of N430bn in Q2 is the latest consequence of the FGN policy of “externalisation” of its debt obligations (the deployment of Eurobond proceeds to pay down naira-denominated paper). Source Proshare Read more 

Nigeria’s oil export earnings decline 21% amid rising prices - Nigeria’s net oil export earnings this year (between January and July), have declined by about 21 per cent compared to 2017 performance. Source Guardian Read more 

U.S. import of Nigeria crude in record fall - United States (U.S.) crude oil imports from Nigeria in July plunged to its lowest level in three years and are continuing to slip, as Asian and European buyers increase purchases, trade flow data from Thomson Reuters and market intelligence firms, Genscape and Kpler, indicated. Source THE NATION Read more 

Kaduna Electric loses N50m to vandals in six months - Kaduna Electric says it lost over N50 million worth of equipment and installations to activities of vandals across its franchise states between January and June 2018. Over 150 attacks were carried out within the period. Source Daily Trust Read more 

Power: Benin Republic, Niger pay Nigeria $10m after disconnection threat - The Republics of Benin and Niger have paid $10.1m as electricity bill to Nigeria to avert being disconnected from their power source in Nigeria after the Federal Government threatened to disconnect debtors. Source Punch Read more

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PROSHARE BUSINESS

Firstmonie Agent Now In Every Neighbourhood- In a bid to drive financial inclusion and deepen financial services across the nooks and crannies of Nigeria through cost effective channels, First Bank of Nigeria Limited re-launched her Firstmonie Agent network in July 2017 with a pilot of the Agent Banking scheme in 6 highly populated States - Lagos, Oyo, Kano, Abuja FCT, Anambra, Rivers. Source Proshare Read more 

Demola Akinbola’s The Winning Organisation and ‘Business Brand Guide Out On Sept 11, 2018- The formal unveiling of two new books titled The Winning Organisation and How to Brand Yourself & Your Business, written by Demola Akinbola, will take place on Tuesday, September 11, 2018 by 10am at the Nigerian Institute of International Affairs, Victoria Island, Lagos. Source Proshare Read more 

Asia slips after U.S.-China trade talks end without progress, Powell eyed - Asian stocks fell on Friday after U.S.-China trade talks ended without progress, with the markets braced for a speech by Federal Reserve Chairman Jerome Powell for hints on the direction of U.S. monetary policy. Source Reuters Read more 

Riyadh to seek $11bn in bank loans as Aramco IPO stalls - Sovereign wealth fund aims to fill hole left by postponed blockbuster listing Source FT Read more

JPMorgan, BlackRock Say Trump in Trouble May Hit Emerging Markets - Donald Trump’s in trouble and emerging markets may pay the cost, according to some of the world’s largest money managers. Source Bloomberg Read more

Oil edges up on Iran sanctions, but U.S.-China row mutes trading - Oil prices rose on Friday on expectations that U.S. sanctions on Iran will cut significant volumes of crude from the market towards the end of the year, but trading was muted due to the unresolved trade dispute between Washington and Beijing. Source Reuters Read more

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PROSHARE TECHNOLOGY

Kenya: Uber and Jubilee Sign Insurance Deal - Taxi-hailing firm Uber has signed a partnership deal with Jubilee Insurance that will see drivers using the platform access tailor-made services from the insurer. Source Proshare Read more 

World Bank Launches World-First Blockchain Bond  - The World Bank has priced the world's first public bond created and managed using only blockchain in a A$100 million ($73.16 million) deal designed to test how the technology might improve decades-old bond sales practices. Source US NEWS Read more 

SEC to review decision rejecting bitcoin ETFs - The U.S. Securities and Exchange Commission said on Thursday it will review a decision by its staff to block nine bitcoin-based exchange-traded funds from coming to market. Source Reuters Read more 


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