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Nigeria in 1min: Economic, Business and Financial Headlines – 251217

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December 25, 2017 8:10 AM / Proshare News 

PROSHARE ECONOMY

What To Expect From The Markets This Week-251217 -  The National Bureau of Statistics made available data for the duo of inflation for the month of November and labour productivity figures for the 3rd quarter of 2017 in the previous week. Source Proshare Read More 

Unemployment Rate Rises to 18.8% in Q3 2017 from 16.2% in Q2 2017 - Nigeria’s economic growth has been decelerating since Q2 2014 culminating in an economic recession in Q2 2016. The technical indicator of a recession is two consecutive quarters of negative economic growth as measured by a country's gross domestic product (GDP). Source Proshare Read More 

IMF Staff Completes 2018 Article IV Mission to Nigeria - An International Monetary Fund (IMF) staff team led by Amine Mati visited Nigeria during December 6-20, 2017 to conduct the 2018 Article IV consultation. Following the conclusion of the visit, Mr. Mati, Senior Resident Representative and Mission Chief for Nigeria at the IMF, issued the following statement: Source Proshare Read More 

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Tax Policy on SMEs in Nigeria – How Fair? - Small and medium enterprises (SMEs) are the bedrock of the Nigerian economy. They serve as an important source of employment generation, economic dynamism, competition and innovation; thus contributing to national growth and poverty alleviation. In order for SMEs to thrive Source Proshare Read More 

Osun collected N121.6bn in 29 months, says Aregbesola - The Osun State Governor, Rauf Aregbesola, said on Sunday that the state collected the sum of N121.6bn as statutory allocation and other earnings including the two tranches of the Paris Club loan refund between July 2015 and November 2017. Source Punch Read More 

Sale of substandard products to attract N1m fine - The Standards Organisation of Nigeria has warned against the sale of substandard products as the offence will henceforth attract a penalty of N1m. Source Punch Read More 

7.7 million workers get contributory pension accounts - About 7.7 million workers had registered under the Contributory Pension Scheme as of the end of September   Source Punch Read More       

 Adeosun: We comply with Fiscal Responsibility Act - The Minister of Finance, Mrs. Kemi Adeosun has said the finance ministry and the Office of the Accountant General of the Federation (OAGF) have always complied with the Fiscal Responsibility Act (FRA) as required by Section 22 of the FRA. Source Daily Trust Read More 

Afreximbank, IsDB arm to support African trade with $100m, €50m Murabaha fund - The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, and African Export-Import Bank (Afreximbank), a multilateral financial institution established by African governments and institutional investors, Source Daily Trust Read More 

IMF Projects 2.1% Growth In Nigeria’s GDP In 2018 - The International Monetary Fund (IMF) has projected Nigeria’s Gross Domestic Product (GDP) growth of about 2.1 per cent in 2018 due largely to dependency on oil revenues. Source Leadership Read More 

2018: Kogi budgets N147.8b, Gombe proposes N104.9b - Governor Yahaya Bello of Kogi State has presented an appropriation bill of N147.8 billion for the 2018 fiscal year before the state assembly for approval. Source Daily Trust Read More 

PTAD eyes security agencies to recover over N25b from insurers - Pension Transitional Arrangement Directorate (PTAD) has said it may take legal action with the involvement of the Attorney General of the Federation and agencies such as the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices Commission (ICPC) to recover over N25 billion legacy funds and assets that is still being owed by insurance companies. Source Guardian Read More 

FG Borrows N5trn From Pension Funds - The federal government has borrowed a whopping N5 trillion from the N7.3 trillion pension funds saved since the commencement of the Contributory Pension Scheme (CPS) in 2004. Source Leadership Read More 

Lagos Roundabouts Removal Saves Residents N87bn Yearly – A report carried out by a construction giant, Planet Projects Limited on junction improvement work in Lagos has revealed that the removal of six roundabouts along the Lekki-Epe Expressway has saved residents and motorists in the corridor about N87billion yearly. Source Leadership Read More 

Udoma: Buhari’s Economic Recovery and Growth Plan on Target, Irreversible - You recall that when we came in, we met an economy in decline. That decline started in 2014, and the major cause of the decline was the collapse in crude oil prices and the dependence on a single commodity and we didn’t have any buffers unlike the previous time it went down. Source Thisday Read More 

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PROSHARE REGULATORS

CBN Suspends Extension of Settlement Banking Arrangement to All the Clearing Sessions - You will recall that a directive was issued on the extension of settlement banking arrangement that is being practiced for cheque clearing sessions 1 and 2 to other net settlement sessions (0 and 3) via our circular referenced BPS/DIR/CIR/GEN/02/039, dated November 10, 2017. Source Proshare Read More 

PROSHARE MARKETS

NSEASI Extends Uptrend by 0.45%; Records 0.22% Gain WoW - Equities market closed today on a positive note, as NSEASI appreciated by +0.45% to close at 38,522.14 basis points as against +1.10% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +43.34%. Source Proshare Read More 

NSE, FINTECH Nigeria partner to deepen capital market - The prospects for a strategic collaboration that will deepen the penetration of technology firms in the Nigerian capital market, received a boost with the recent engagement between the Nigeria stock exchange and Fintech Nigeria Association. Source Proshare Read More 

AfDB To Raise $8bn From Capital Markets In 2018 - Board of directors of the African Development Bank (AfDB) said it has approved the Bank’s 2018 borrowing programme for $8 billion to be raised from capital markets. Source Leadership Read More 

Banks Borrowing From CBN Drops To N614bn - The Deposit Money Banks (DMBs) borrowing from Central Bank of Nigeria (CBN) dropped by 8.5 per cent to N614 billion  last week from N671 billion reported in prior week. Source Leadership Read More 

Local Content: Nigeria Retains $5bn Annually From Oil And Gas Contracts - The executive secretary of the Nigerian Content Development and MonitoringBoard, NCDMB, Simbi Wabote has said that the Nigerian oiland gas supply chainis now able to retain $5billion from the annual $20billion spend in contracts award a marked departure from the past when almost the whole budget ended up in foreign economies. Source Leadership Read More 

Fuel: FG in tight corner as landing cost hits N171/ltr - The landing cost of petrol has risen to N171 per litre, the Group Managing Director, NNPC, Dr Maikanti Baru has said. Source Daily Trust Read More 

Travellers, motorists stranded as petrol sells for N400 per litre - Many Nigerians on Sunday shelved their planned trips to different parts of the country for Christmas, as the current scarcity of Premium Motor Spirit pushed up transportation costs, with black market operators selling the product to desperate motorists for as much as N400 per litre. Source Punch Read More 

We can no longer import, sell fuel at N145/litre — Marketers - Against the latest round of fuel scarcity rocking many parts of the country, private oil marketers are calling for government intervention to enable them to access foreign exchange at a special rate for the importation of Premium Motor Spirit (petrol). Source Punch Read More 

TCN sets new transmission records at 5,222 MW - The Transmission Company of Nigeria (TCN), on Sunday, disclosed that it recorded a new national peak with the transmission of 5,222.3 mega watts (MW) of electricity into the national grid on December 18. Source Daily Trust Read More 

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PROSHARE BUSINESS

EFCC files fraud charge against Innoson - The Economic and Financial Crimes Commission has filed a fraud charge against  Innocent Chukwuma, alias Innoson, his company Innoson Nigeria Limited and his brother Charles Chukwuma. Source BUSINESSDAY Read More 

China Central Bank Official Says Bankruptcy May Benefit the Country - A Chinese central bank official said China should allow local governments to go bankrupt to help rein in regional authorities’ excessive borrowing. Source Bloomberg Read More 

Qatar Shares to Kick Off 2018 Near Cheapest Level in 8 Years - After being battered by political turmoil this year, Qatari shares are set to start the next one near their cheapest levels relative to emerging-market peers since early 2010. Source Bloomberg Read More 

Kuwait Signs LNG Import Deal With Shell, Has Gas Need - Kuwait Petroleum Corp. signed a 15-year liquefied natural gas import deal with Royal Dutch Shell Plc to help the oil exporting nation meet growing domestic energy demand. Source Bloomberg Read More 

Mozambique cuts key lending rate to 20.50 percent - Mozambique’s central bank reduced its benchmark lending rate by 150 basis points to 20.5 percent, the regulator’s website showed on Friday. Source Reuters Read More 

Dollar steady but its funding costs soar ahead of year-end - The dollar was little changed against other major currencies on Monday in holiday-thinned trading while the cost of swapping the yen for the dollar jumped as banks scrambled to raise dollars for the year-end period. Source Reuters Read More 

Mining Dispute: Dangote Lied to FG on Court Pronouncement, Says BUA - The BUA Group yesterday described as misleading and malicious certain publications that have been attributed to the federal government as well as the court, with respect to its ongoing mining dispute with the Dangote Group. Source Thisday Read More 

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PROSHARE TECHNOLOGY

Digital Coins Resume Selloff as Recovery Fizzles - The biggest cryptocurrencies resumed their decline on Sunday, failing to reverse a selloff that began when bitcoin’s unprecedented rally fell short of breaking above $20,000. Source Bloomberg Read More 

Novogratz Halts Hedge Fund, Says Bitcoin May Drop to $8,000  - Michael Novogratz, the former macro manager who’s turned into one of the biggest champions of bitcoin, shelved plans to start a cryptocurrency hedge fund and predicted that the digital money may extend its plunge to $8,000. Source Bloomberg Read More 

Israel central bank mulls issuing digital currency for faster payments - The Bank of Israel is examining issuing digital currency as a means of creating a faster payments system as well as reducing the amount of cash in the economy, a central bank source said on Sunday, though he stressed no decision had yet been made Source Reuters Read More 

China closes more than 13,000 websites in past three years - China has closed more than 13,000 websites since the beginning of 2015 for breaking the law or other rules and the vast majority of people support government efforts to clean up cyberspace, state news agency Xinhua said on Sunday. Source Reuters Read More 

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