Nigeria in 1min: Economic, Business and Financial Headlines – 250118

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January 25, 2018 7:10 AM / Proshare News 

PROSHARE ECONOMY
NSR H1 2018 (8) – Currency: NGN Cautiously Constructive for 2018 - Acknowledging the downtrend in Nigeria’s imports and lower incentives for round tripping in the FX market, we believe the decline in autonomous flows will pressure the apex bank to bridge the short-term demand-supply overlap over 2018. Source Proshare Read More 

Afrinvest Presents 2018 Economic Outlook: The Virtuous Cycle… Again! -
Afrinvest (West Africa) Limited released its 2018 Outlook for the Nigerian Economy and Financial Market in a report titled, ‘The Virtuous Cycle… Again!’. The report offers an assessment of growth prospects in 2018. Source Proshare Read More 

Nigeria in 2018: Looking Beneath the Surface
- The global economy outperformed most predictions in 2017, and the momentum is expected to continue in 2018. Interestingly thus far, the recovery is broad-based across most advanced, emerging, and developing economies. Source Proshare Read More 

Fitch Affirms Nigeria''s Lagos State at ''B ''; Outlook Negative
-Fitch Ratings has affirmed Lagos State's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B+' with Negative Outlook and Short-Term Foreign Currency IDR at 'B'. Source Proshare Read More 

World Bank hails Nigeria’s interest in social investment -
The World Bank said Nigeria is showing renewed interest in social investment with increased commitment to the bank’s assisted projects; Community and Social Development Project (CSDP) and Youth Employment and Social Support Operations (YESSO). Source Daily Trust Read More 

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Finance ministry, BoI move to recover NERFUND’s N17.5bn loan -
The Bank of Industry has signed an agreement with the Ministry of Finance to recover the N17.5 billion outstanding loans being owed by customers of the Nigeria Economic Reconstruction Fund. Source Daily Trust Read More 

Ganduje signs N246bn budget into law -
Gov. Abdullahi Ganduje of Kano State on Wednesday assented to the state’s N246 billion budget for 2018. Source Daily Trust Read More 

Sokoto IGR rise by 200% – Board -
Sokoto state realized revenue of over N9billion last year,the Board of Internal Revenue has said. Source Daily Trust Read More 

3.7bn people got nothing in 2017, Oxfam says  -
Ahead of the three-day World Economic Forum (WEF) which commences today in Davos, Switzerland, the Oxfam has said that 82 percent of the wealth generated in 2017 went to the richest one percent of the global population, while the 3.7 billion people who make up the poorest half of the world got nothing or saw no increase in their wealth. Source Daily Trust Read More 

N14.5bn Kano, Jigawa irrigation projects get FEC approval
- The Federal Executive Council meeting, on Wednesday approved the completion of Gari irrigation projects in Kano and Jigawa State which were abandoned since 2000 at 50 percent completion. Source BUSINESSDAY Read More 

Airline owners reject Nigeria’s participation in open sky deal
- Plans by the Federal Government to seal an open sky deal (also known as Single Air Transport Market in Africa) with about 23 other African countries met with brick wall as local airline owners on Tuesday announced they were pulling out of the agreement. Source THE SUN Read More 

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PROSHARE REGULATORS
MPC may cut interest rates before July–Emefiele - The Central Bank of Nigeria’s Monetary Policy Committee may start cutting interest rates in the first half of the year as inflation eases, the CBN Governor, Godwin Emefiele, has said. Source Punch Read More 

We’re still in court with Oando, audit continues –SEC
- Nigeria’s capital market apex regulator, the Securities and Exchange Commission, says its legal tussle with Oando Plc with respect to the planned forensic audit of the oil firm and the suspension of its shares on the trading floor of the Nigerian Stock Exchange will continue. Source Punch Read More 


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PROSHARE MARKETS
Stock Market Extends Two-Day Losing Streak as NSEASI Dips by -0.96% - Equities market closed today on a negative note, as NSEASI depreciated by -0.96% to close at 43,963.40. basis points as against -1.16% depreciation recorded previously. Source Proshare Read More 

Bond Auction clears 14bps higher, with total sale of N110bn by the DMO -
The bond market traded with mixed sentiments, opening on a slightly bullish note (down to 13.3% levels), whilst retracing back to 13.4% levels towards the close of day, as rumors from the bond auction filtered into the market. Source Proshare Read More 

NNPC nets $3.73bn from offshore crude sales -
The Nigerian National Petroleum Corporation (NNPC) on Wednesday disclosed that it raked in $3.73 billion from crude oil and gas export sales between November 2016 and November 2017. The Corporation netted $293.10 million from the same transaction in in November 2017.  Source THE SUN Read More 

Enugu electricity station to gulp N200m -
The Nigerian Electricity Management Services Agency (NEMSA) has said that the proposed Enugu National Meter Test Station (NMTS) would gulp N223 million. Source THE SUN Read More 

Total’s 200,000 b/d capacity Egina FPSO arrives Nigeria -
The Nigerian National Petroleum Corporation (NNPC), Total Upstream Nigeria Limited, (TUPNI) and her partners yesterday announced the arrival of the Egina Floating, Production, Storage and Offloading unit (FPSO) to the shores of Nigeria from South Korea. Source Daily Trust Read More 

Gas constraint prevents 1,500MW daily power generation
- The unavailability of gas is preventing the generation of over 1,500 megawatts of electricity on a daily basis since the beginning of this year. Source Punch Read More 

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PROSHARE BUSINESS
FG Responds to Former President Obasanjo’s letter to President Buhari - We have read the press statement by former President Olusegun Obasanjo on the State of the     Nation. Source Proshare Read More 

President Taps Edward Adamu New CBN Deputy Gov
- President Muhammadu Buhari has tapped Mr. Edward Lametek Adamu, a Christian from Gombe State, as the new deputy governor of the Central Bank of Nigeria (CBN) to replace Mr. Suleiman Barau who retired last month. Source Thisday Read More 

Oil Companies to Reopen Their Checkbooks as Brent Surpasses $70
- After more than three years of belt-tightening, a resurgence in crude prices has fueled oil-company optimism, and a readiness to reopen the checkbook. Source Bloomberg Read More 

Aramco CEO Says Post-IPO Tax Burden Will Link to Oil Prices
- Saudi Aramco’s chief executive said the most important tax paid by the state-owned energy giant will fluctuate with the price of oil, a significant move ahead of the company’s initial public offering this year. Source Bloomberg Read More 

JPMorgan plans expansion into Ghana and Kenya
- JPMorgan Chase & Co plans to expand its African presence into countries including Ghana and Kenya, Chief Executive Jamie Dimon said in an interview on Wednesday. Source Reuters Read More 

Trump raises infrastructure investment plan to $1.7 trillion
- U.S. President Donald Trump said on Wednesday that his long-awaited plan to help rebuild the nation’s infrastructure would result in about $1.7 trillion in overall investment over the next 10 years, a larger figure than he previously announced. Source Reuters Read More 

Angola opens up fuel imports with first major tender: sources
- Angolan state oil firm Sonangol has issued its first public tender to buy refined products to widen its import base, market sources who have seen the tender said, in a sign the country is committed to reforming its oil industry. Source CNBC Read More 

IMF chief meets S.Africa’s Ramaphosa in Davos to discuss economy
- IMF chief Christine Lagarde said on Tuesday she had met with South African Deputy President Cyril Ramaphosa on the sidelines of the World Economic Forum in Davos and agreed that structural challenges were a burden to economic growth in Africa’s largest economy. Source CNBC Read More 


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PROSHARE FINANCE
Nigerian Insurance Fundamentals Remain Favourable - Fitch Ratings says it expects the Nigerian insurance market to return to real gross written premium (GWP) growth in 2018 as favourable fundamentals support long-term development. Source Proshare Read More 

6 New Year's Resolutions Guaranteed to Improve Your Personal Finances In 2018
- The beginning of a New Year is always a good time to reflect on the past and plan for the future. A New Year resolution list is not complete without adding a few financial goals and objectives. Resolutions are best when they are specific, realistic, achievable, and maybe a little ambitious too. Source Proshare Read More 

Eurozone Housing, Mortgage Recovery to Continue in
2018 - Housing and mortgage markets across the eurozone will continue their bounce-back from the effects of the sovereign debt crisis, bolstered by supportive macro-economic conditions, Fitch Ratings says in a new report. Source Proshare Read More
 

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PROSHARE TECHNOLOGY
#Fintech2018: NSE, Fintech Nigeria to deepen market through Tech - The prospects of deepening the Nigerian capital market, through technology received further boost as the Nigeria stock exchange and the Fintech Nigeria Association pledged to work together to achieve this. Source Proshare Read More 

Blockchain Is ‘Bigger Than Bitcoin’, Says Firm Behind Tech ETF -
Eric Ervin, chief executive officer of Reality Shares Inc., talks about why the firm developed a blockchain ETF rather than a cryptocurrency fund. The Reality Shares Nasdaq NexGen Economy ETF, ticker BLCN, started trading last week. Source Bloomberg Read More 

Accenture sees AI technology boosts revenues by 38%, employment 10% -
Businesses risk missing out on major growth opportunities unless Chief Executive Officers take immediate steps to retrain their staff and equip them to work with intelligent technologies. Source Guardian Read More 

‘Nigeria Needs over 120,000km Fibre Network to Boost Broadband’ -
The Executive Vice Chairman, Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta has said Nigeria needs over 120,000 kilometres of metropolitan fibre networks interconnected across the country, for it to achieve its goal of pervasive broadband penetration. Source Thisday Read More 

Qualcomm Is Slapped With $1.23 Billion EU Fine for Illegal Payments to Apple -
The European Union again flexed its legal muscle against a U.S. tech giant by hitting Qualcomm Inc. with a €997 million ($1.23 billion) antitrust fine on Wednesday for payments it made to Apple Inc. for the device maker’s exclusive use of Qualcomm chips. Source WSJ Read More
 

PROSHARE MSME
SMEDAN to commence the Conditional Grant Scheme (CGS) for Micro Enterprises in Nigeria - A training programme meant to sensitize Directors, selected Head Office staff, Zonal Coordinators , some state officers and selected Business Development Service Providers (BDSP) of the Small and Medium Enterprises Development Agency of Nigeria, SMEDAN on the Justification objectives and operational methodology, selection criteria conditionality’s , stake holders deliverables of the Conditional Grant Scheme. Source Proshare Read More 

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