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Nigeria in 1min: Economic, Business and Financial Headlines – 260218

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February 26, 2018 7:10 AM / Proshare News 

PROSHARE ECONOMY

What To Expect From The Markets This Week- 260218 - The recently published Economic Report by the Central Bank of Nigeria stated that foreign inflow through the economy rose from $11.98 billion in Q3 2017 to $14.708 billion in Q4 2017. Source Proshare Read More 

FG, World Bank in discussion for $1bn power loan - The Federal Government and the World Bank are in the final stage of negotiation for the release of $1bn performance-based loan for Nigeria’s Power Sector Recovery Programme. Source Punch Read More 

35 states can’t pay salaries, Labour laments - Organised labour, yesterday, lamented  what it described as the parlous state of workers across the country, saying 35 states were unable to pay salaries or other entitlements. Source Vanguard Read More 

Seme Command generates N546m in January - The Seme Command of the Nigeria Customs Service has said it  generated 546,837,124.64 revenue in January, 2018. Source THE SUN Read More 

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No sacred cows under VAIDS –Fowler - Chairman of the Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler, has advised prominent Nigerians with tax liabilities to take advantage of the Voluntary Assets and Income Declaration Scheme (VAIDS), as political, social or economic prominence will not insulate them from sanctions for non-declaration. Source THE SUN Read More 

Dangote to invest in vapoured milk plant - Dangote Group has  announced plans to  establish vapoured milk plant as part of measures to boost the economy. Source THE SUN Read More 

FG social investment scheme records 7.9m beneficiaries - A total of 7.9 million persons have benefited directly from the federal government social investment programs in two years of its existence Source BUSINESSDAY Read More 

Nigeria needs N4.5tn annually for infrastructure — Report - Nigeria requires $15bn (N4.59tn at N306 to a dollar) worth of investments annually for 15 years in order to adequately develop its infrastructure nationwide, the Financial Derivatives Company, an economic and financial research firm, has said. Source Punch Read More 

90% of buildings in Lagos have no permit – Shodeinde - Structurally, there are two ways to this. My agency on one hand, and the public on the other hand. Whatever we do in the agency is a clear reaction to what the people are doing, even though the law clearly spells out what either party is supposed to do, which hitherto, people have not been sticking to. Source Punch Read More 

N60bn interconnect debt threatens telecoms industry - The Nigerian telecommunications industry is currently plagued by massive interconnect debt. While the verified figure is put at N60bn, the unverified is said to be around N1.27tn Source Punch Read More 

Afreximbank Targets $1.5bn Financing for Trade, Infrastructure - The African Export-Import Bank (Afreximbank) will attract $1.5 billion to Mauritania to finance development of trade and related infrastructure under the terms of a memorandum of understanding signed with the country recently, the Bank’s President, Benedict Oramah has announced. Source Thisday Read More 

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PROSHARE REGULATORS

CBN’s anchor borrowers disbursement hits N55.5bn - The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, has put the total amount of money disbursed to over 250,000 farmers under the Anchor Borrower’s Programme (ABP) in partnership with state governments at N55.526 billion. Source Daily Trust Read More 

PROSHARE MARKETS

NSEASI Extends Gaining Streak by 0.74%; Records -0.16% Loss WoW - Equities market closed today on a positive note, as NSEASI appreciated by +0.74% to close at  42,570.89 basis points as against +0.24% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +11.32%. Source Proshare Read More 

Bond yields close positive on renewed local interest - The bond market traded on a bullish note, with buy sentiments strengthened by some demand from local clients. Source Proshare Read More 

Banks’ $1.3 bn Eurobonds set to mature in 2 years - Nigerian banks have some $1.3 billion out of a total of $3.72 billion in outstanding Euro bonds due in the next two years and a rising global interest rate environment expected for the period may lead to higher refinancing costs. Analysts are of the view that tighter monetary policy in the United States could potentially Source BUSINESSDAY Read More 

US Investors Crowd Nigeria’s $2.5bn Eurobond - The Debt Management Office (DMO) has released the details of the $2.5 billion Eurobond showing that the bulk of the bond had been picked up by assets managers from the United States of America. Source Leadership Read More 

Odu’a Investment to list on NSE Capital Market -The management of Odu’a Investment Company Limited has said the company was working on being the toast of the market whenever it is being listed. Source Nigeria News Network Read More

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PROSHARE BUSINESS

Fitch says South Africa's budget partly reverses fiscal deterioration - South Africa’s budget reverses some of last year’s fiscal deterioration but poor finances of state-owned companies remain a major risk to fiscal targets, ratings agency Fitch said on Friday. Source Reuters Read More 

Mozambique to propose debt restructuring plan to creditors on March 20 - Mozambique will present to its creditors the key elements of a debt restructuring proposal and give an update on its fiscal and macroeconomic situation at a meeting in London on March 20, the Ministry of Economy and Finance said on Thursday. Source Reuters Read More 

Goldman Says Stocks May Plunge 25% If 10-Year Yield Hits 4.5% - If the 10-year U.S. Treasury yield hits 4.5 percent by year-end, the economy would probably muddle through -- stocks, not so much, according to Goldman Sachs Group Inc. Source Bloomberg Read More 

Libya Oil Field's Halt Disrupts Crude Exports From Key Terminal - Libya’s oil exports from the Mellitah terminal will be “modified” after protests disrupted production at the key El-Feel deposit for the first time in two months, putting the OPEC nation’s crude production at risk of a decline again. Source Bloomberg Read More 

Saudis See Oil Output Cuts Easing in 2019 - OPEC and its allies including Russia may next year ease the crude-output curbs that have helped prices recover from the worst crash in a generation, according to Saudi Arabia’s oil minister. Source Bloomberg Read More 

The World's Highest Paid Expats Live in… Mumbai - Go East, expatriates looking to make the big bucks. . Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

Blockchain : Rethinking Banking And Business --In today’s world, disruption is the constant over-arching theme. Technology is constantly changing the way we do things. The recent rise – and fall – in crypto-currencies caught the majority of people off guard. Source Proshare Read More 

Google starts taking payments for apps via Kenya's M-Pesa service - Google Play apps and games store has started accepting payments in Kenya through Safaricom’s mobile phone M-Pesa service to boost downloads in a market where many people do not have a credit card. Source Reuters Read More 

Fintech Revolut Britain's first digital bank to break even - Financial technology firm Revolut has become the first of a new breed of digital banks in Britain to break even on a monthly basis after a swelling user base and a suite of new products helped it bolster revenues in December. Source Reuters Read More 

MTN targets $1billion from Nigeria, Ghana listings - Telecommunications, giant, MTN plans to raise $1 billion through its proposed listing on the Nigeria and Ghana stock exchanges later in the year.Chief Executive Officer of the Ghana Stock Exchange (GSE), Kofi Yamoah, said MTN Ghana would officially introduce 35 per cent of its capital into the GSE by the end of first quarter (Q1) 2018. Source Guardian Read More 

LIRS introduces e-payment for remittance of consumption tax - In its effort to leverage on e-payment and multi-modal payment portals, the Lagos State Internal Revenue Service (LIRS) has unveiled an automated invoicing system and technology device, Electronic Revenue Assurance (ERA) system. Source Guardian Read More 

Grant Exceptional Tax Concessions to Save Tech Sector, FG Told - Chairman of Zinox Group, , has called on the federal government to as a matter of urgency, extend exceptional tax concessions to the technology sector of the Nigerian economy as a means of encouraging the upcoming youths in creating a new digital economy for Nigeria. Source Thisday Read More 

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