Nigeria in 1min: Economic, Business and Financial Headlines – 300318

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March 30, 2018 7:00 AM / Proshare News 

PROSHARE ECONOMY

FAAC Disburses N635.55bn in February 2018 - NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N635.55bn to the three tiers of government in February 2018 from the revenue generated in January 2018. Source Proshare Read More 

Nigeria’s Manufacturing Index Expands in March - The Manufacturing Purchasing Managers’ Index (PMI) in the month of March stood at 56.7 index points, the Central Bank of Nigeria (CBN) disclosed yesterday. Source Thisday Read More 

Domestic Commodity Prices Such as Rice (10%) Have Increased In The Days Leading Up To Easter - Domestic commodity prices such as rice (10%) have increased in the days leading up to Easter. This is as a result of the increased demand that accompanies the festive period. Also this coincides with the planting season, thinning supply and higher prices for some commodities. Source Proshare Read More 

Textile, Apparel and Footwear Sub-sector Remains 2nd Largest Contributor to Nigeria’s Manufacturing  - The textile, apparel and footwear sub-sector remains the second largest contributor to Nigeria’s manufacturing (after food, beverage and tobacco). It posted total output of N383bn (US$1.3bn) in Q4 2017 or 23.3% of manufacturing GDP. Source Proshare Read More 

Senate rejects Kaduna’s $350m foreign loan request - The Senate yesterday rejected the $350m loan request by the Kaduna State government, three months after the House of Representatives approved it. Source Daily trust Read More 

FG approves N90bn special economic zones development, targets N200bn revenue - THE Federal Government has approved N90 billion for the development of special economic zones across the country in line with its Economic  Recovery and Growth Plan (ERGP), even as it targets N200 billion revenue at the end of the concession period. Source Vanguard Read More 

Nigeria Airways’ ex-workers’ll get N45bn severance after Easter – FG - The N45bn severance package of former workers of the defunct Nigeria Airways Limited will be paid after the Easter holiday as soon as the Senate resumes sitting and approves the fund, the Federal Government has said. Source Punch Read More 

Operators rue Customs’ 10% duty on solar panel - The Renewable Energy Association of Nigeria (REAN), a private sector renewable energy group in Nigeria, has claimed that up to 10 percent import duty is being charged on solar panel by the Nigerian Customs Service (NCS) Source Vanguard Read More 

Nigeria to earn $560bn from Lekki Deep Seaport - Nigeria’s economy will be earning over $560 billion when Lekki Deep Sea project finally takes off in 2020 with an estimated $361 billion  generated from the port’s concessioning in addition to $200 billion coming from taxes and revenue. Source Leadership Read More 

We’re targeting N122bn revenue in 2018 –Aremu, PTML Customs boss - Customs Area Comptroller in charge of Port Terminal Multiservices Limited (PTML) Command in Lagos, Mrs. Modupeola Adeyanju Aremu, has said that achieving the N10 billion monthly revenue collections, first in the history of the command, is something she hopes to maintain. Source Leadership Read More 

A Case For A More Robust Approach To Boosting Nigeria’s Tax Revenues - No doubt, Nigeria is blessed with abundance of natural and human resources. Nigeria has a population of about 186 million people. Of this number, about 77 million were employed as at 2015 according to the National Bureau of Statistics (NBS). Source Proshare Read More 

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PROSHARE MARKETS

NSEASI Erases Previous Day Loss; Inches Up by 1.72% - Equities market closed today on a positive note, as NSEASI appreciated by +1.72% to close at  41,504.51 basis points as against -1.07% depreciation recorded previously. Source Proshare Read More 

Eurozone Business Sentiment Dip is No Big Deal - Eurozone business sentiment indicators have softened slightly in the first quarter of the year, suggesting that eurozone GDP growth rates may be close to peaking. Source Proshare Read More 

China's Rising Household Debt May Build Medium-Term Risks - The continued rapid rise of China's household debt burden could provide the authorities with more time to rein in corporate leverage without jeopardising growth targets, but would not resolve the economy's underlying reliance on credit and may create medium- to long-term risks of its own, says Fitch Ratings. Source Proshare Read More 

Unity Bank Plc Responds to Various Publications on Milost USD1bn Proposed Investment - This is to notify shareholders of Unity Bank Plc and other stakeholders of the Bank that Unity Bank Plc has reviewed the various publications in some media touching the purported investment of $1,000,000,000.00 in Unity Bank Plc by Milost Global Inc. Source Proshare Read More 

We never lied about Milost’s $1bn deal – Unity Bank - Unity Bank Plc has said it never lied about the $1bn investment hitherto planned by Milost Global Incorporated, and that the “Term Sheet” dated September 4, 2017, which was said to have been executed, was submitted by Milost for discussion purpose only. Source Punch Read More 

FCMB Capital Markets Lists Lapo MFBs N3.15bn Bond on FMDQ - FCMB Capital Markets Limited, the investment banking subsidiary of FCMB Group Plc recently acted as financial adviser and Lead Issuing House on the fundraising and listing of Lapo Microfinance Bank Limited’s N3.15 billion bond on the FMDQ OTC platform. Source Thisday Read More 

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PROSHARE BUSINESS

Lagos Public Holiday: Robbing Peter To Pay Paul - As the Q1 2018 comes to a close, Nigeria has already experienced four public holidays. Lagos State, the nation’s economic capital added to this with the declaration of a public holiday today Thursday 29th of March 2018, to mark the visit of the President. Source Proshare Read More 

UBA Rewards High Performance, Promotes 2,000 Staff Across Africa - United Bank for Africa (UBA) Plc has announced the promotion and elevation of about two thousand members of its work force, representing about 17% of total staff strength across the group. Source Proshare Read More 

AfDB Pledges Full Support Towards Success of Continental Free Trade Area - The African Development Bank (AfDB) celebrates with Africa and pledges its full support to achieve the success of the recently launched continental free trade area, as part of its strategy to integrate Africa . Source Proshare Read More 

Bill Gates As “A Wailing Wailer” - Mr. Bill Gates, Microsoft founder, friend of Nigeria and one of the richest men in the world was in Nigeria recently, but he ended up violating the official interpretation of “table manners” in Nigeria’s corridors of power. Source Proshare Read More 

Ethiopia to export live animals to Egypt - Ethiopia on Friday signed an agreement with an Egyptian company, Trust for Trading and Transport permitting it to export live animals Under terms of the agreement, 350,000 live animals will be exported to Egypt over two years. Source Proshare Read More 

Zambia economy grew 4.1 pct in 2017: preliminary CSO data - Zambia’s economy grew 4.1 percent in 2017, up from 3.4 percent in 2016, Central Statistical Office (CSO) data showed on Thursday. Source Reuters Read More 

Botswana's GDP growth accelerates in Q4: stats office - Botswana’s economy expanded 5.5 percent quarter-on-quarter in the last quarter of 2017 following a 1 percent contraction in the previous three months, statistics office data showed on Thursday. Source Reuters Read More 

Namibia drops into recession as construction, retail slump - Namibia is in recession after its economy contracted in the final two quarters of last year, dragged down by sectors like construction and retail, the statistics office said on Thursday. Source Reuters Read More 

Turkish Economy Outperformed China, India in 2017 -  Turkey’s economy expanded faster than China and India last year thanks to a surge in spending both by households and the government. Source Bloomberg Read More 

Barclays Wins Its DOJ Gamble With $2 Billion Mortgage Settlement - Barclays Plc agreed to pay $2 billion to settle a probe into how it sold the sort of mortgage bonds that fueled the financial crisis, securing a penalty less than half of what U.S. authorities originally demanded. Source Bloomberg Read More 

Drop in Oil and Housing Output Unexpectedly Shrinks Canadian GDP - Canada’s gross domestic product unexpectedly shrank in January, as the economy faces a broad slowdown after surging last year. Source Bloomberg Read More 

Development-Finance Groups Widen Inquiry Into Abraaj Funds - Two development-finance organizations are widening an investigation into the Abraaj Group, a Dubai-based private-equity firm that manages money on their behalf, according to people familiar with the investigation. Source WSJ Read More 

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PROSHARE TECHNOLOGY

Bitcoin Breaches $7,000 in Downbeat End to Dismal Quarter - Bitcoin’s miserable quarter isn’t over yet. Source Bloomberg Read More 

SpaceX gains official approval to launch high-speed satellite Internet service - SpaceX has received official permission from the U.S. government to launch a fleet of satellites designed to beam high-speed Internet signals down to Earth. Source The Switch Read More 

Under Armour breach exposes the personal data of 150 million people - The athletic apparel company today announced a massive data breach affecting at least 150 million users of its food and nutrition app MyFitnessPal. Source Mashable Read More 

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