Nigeria in 1min: Economic, Business and Financial Headlines – 270818

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Monday, August 27, 2018 / 7:00 AM / Proshare News

 

PROSHARE ECONOMY

What To Expect From The Markets This Week - 270818 -  According to the report, Foreign direct investment rose from $246 million in the first  quarter  of 2018 to $261million  at the end of second  quarter of 2018, reflecting a 5.97% uptick  in  foreign  direct investment streamed largely  from  a  3.69% growth  in equity. Source Proshare Read more 

Weekly Economic and Financial Commentary – WE 24th August, 2018  - In Japan, headline inflation for the month of July disappointed after printing at 0.9% YoY – 110 bps away from the BOJ’s target of 2.0% – with driver attributed to higher energy prices. Source Proshare Read more 

How Oil Price and Production Swings Determine The Fate of A Nation – The Nigerian Experience - On the face of it, there is nothing exceptional about Nigeria’s current economic crisis; it is simply the manifestation of years of the State’s dependence on revenue from the volatile commodity that is crude oil Source Proshare Read more 

Apapa Port Records N57bn Export in Seven Months - The Apapa area command of the Nigeria Customs Service (NCS) has announced that a total of 343, 471 metric tons of agricultural products, mineral resources and other exportable products with Free on Board (FOB) value of N57 billion were exported out of Nigeria through the Apapa port between January and July 2018. Source Thisday Read more 

Apapa gridlock: Exporters reject supply contracts - Nigerian exporters are reportedly turning down contracts to supply products to international buyers owing to the difficulties of moving goods to the ports as a result of the gridlock at Apapa, the nation’s premier port. Source Punch Read more 

External reserves drop by $990m in three weeks -  The nation’s foreign exchange reserves have fallen by $990.98m this month, latest data from the Central Bank of Nigeria showed on Sunday. Source Punch Read more 

Cocoa processors groan under N50bn debt, huge losses - Cocoa processors in Nigeria have invested billions of naira in the cocoa value chain in response to the Federal Government’s call for value addition to the agricultural produce meant for export. Source Punch Read more 

NIRSAL develops new transport model for agric products - NIRSAL is finalising an innovative transportation system designed to tackle the bottlenecks in the national haulage system for agricultural products. Source Daily Trust Read more

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PROSHARE MARKET

Market Review and Round-Up of Corporate News Announced During The Week Ending 240818 - The equities market recorded positive performance – the listed equities market recorded +0.45% gain WoW while the NASD OTC also went up by +0.33% WoW. Source Proshare Read more 

Cost of funds decline to persist as N1tr inflow aggravates excess liquidity - Cost of funds will decline further this week in the interbank money market as inflow of over N1 trillion from statutory allocation funds and maturing treasury bills (TBs) aggravates excess liquidity in the market. Source Vanguard Read more 

US cuts Nigerian oil imports by 62% - The United States’ monthly crude oil import from Nigeria has fallen below 3.0 million barrels for the first time in more than two years, dropping by 62%. Source Punch Read more 

Power distributors owe NERC, NBET, TCN N205.51bn - Power distribution companies are not only indebted to their counterparts in the electricity generation arm of the sector, they also owe service providers a total of N205.51bn. Source Punch Read more 

165.71mln Litres of Liquefied Petroleum Gas Imported into Nigeria in Q2 2018 - The petroleum products importation and truck-out statistics for Q2 2018 reflected that 165.71 mln litres of Liquefied Petroleum Gas (LPG) were imported into the country in Q2 2018. Source Proshare Read more 

$3.3bn Egina FPSO Sails to 200,000bpd Offshore Field - Nigeria’s oil and gas sector is set to record another milestone as the $3.3 billion Floating Production Storage Offloading (FPSO) unit built by Samsung Heavy Industries of Korea (SHI) for the 200,000 barrels per day capacity Egina oilfield will sail away in the early hours of today (Sunday) from LADOL Free Zone in Lagos to the offshore field, investigation has revealed. Source Thisday Read more 

Electricity: FG gets $10m pay from international consumers - Following recent threats by Nigeria to disconnect international customers should they fail to redeem over $10.1 million service debt, Benin Republic and Niger Republic have now redeemed their outstanding indebtedness. Source Leadership Read more

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PROSHARE BUSINESS

Theresa May to lead ambitious three-nation trip to Africa  - Theresa May to visit South Africa, Nigeria and Kenya for the first time with senior ministers and a wide-ranging trade delegation. Source GOV.UK Read more 

Obaseki Accompanies PMB On Investment Tour In China As Edo Govt Approves N700m For Takeoff Of Modular Refinery - The Edo State Governor is scheduled to accompany President Muhammadu Buhari on an investment tour in China following the federal government’s listing of several Edo State government’s projects which are backed by Chinese investors, on its itinerary. Source Leadership Read more 

South African bond selloff resumes as Turkey contagion stokes local risks - South African bonds suffered twice the outflows of the next worst-hit emerging market at the height of the Turkey crisis as foreign investors scrambled to reduce volatility in their portfolios against a backdrop of rising economic risk. Source Reuters Read more 

Turkish lira steady as markets reopen with eye on U.S. row - The Turkish lira traded flat against the dollar on Monday as markets reopened after last week’s holiday, with investor attention set to refocus on a bitter dispute between Ankara and Washington over an American pastor being tried in Turkey. Source Reuters Read more 

Oil Holds Gains as U.S. Rigs Decline at Fastest Pace Since 2016 -Oil held gains above $68 a barrel on slowing American drilling and investor optimism after a breakthrough in a trade standoff between the U.S. and Mexico. Source Bloomberg Read more

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PROSHARE TECHNOLOGY

Telecoms capital importation shrinks by 94% - The capital importation of companies operating in the telecommunication industry has reduced drastically in the second quarter of 2018 compared with the same quarter of last year. Source Punch Read more

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PROSHARE MSME

CIBN to host 11th Annual Banking and Finance Conference - As preparations assume a crescendo, the Chartered Institute of Bankers of Nigeria (CIBN) is set to host the 11th Annual Banking and Finance Conference scheduled for September 11 & 12, 2018 at the Congress Hall of the Transcorp Hilton Hotel, Abuja.  Source Proshare Read more
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PROSHARE FINANCE

Sector Report – Recapitalisation of Insurance Industry - Following the Insurers Committee Retreat which held between 15th and 16th February 2018 at Abeokuta, the Insurance players unanimously consented to the Introduction of “Tier Based Minimum Solvency Capital” (TBMSC) structure. Source Proshare Read more

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