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Nigeria in 1min: Economic, Business & Financial Headlines – 210417

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April 21, 2017 7:00 AM / Proshare News 

PROSHARE ECONOMY
April 2017 World Economic Outlook - Transcript of Press Briefing - Ms. Stankova Good morning, everybody, and good afternoon to those who are joining us from other parts of the world. Welcome to the Press Conference on the release of the World Economic Outlook. The report is entitled “Gaining Momentum?” Source Proshare Read More 

Downside Risks to the Fund's Outlook; 2017 Global Growth Forecast Up to 3.5% - The IMF’s new World Economic Outlook (WEO) has pushed its global growth forecast for this year up marginally to 3.5% and left its 3.6% projection for 2018 unchanged. Source Proshare Read More 

Nigerian finance minister says country needs to tap its non-oil revenues - Nigeria plans to get out of recession by boosting government revenues and cracking down on corruption, Finance Minister Kemi Adeosun said on Thursday, and will also issue more international debt to pay for infrasturcture projects. Source Reuters Read More 

Base Effects Dictate Inflation Trajectory - Nigeria’s headline inflation decelerated for the second consecutive month (-50bps) to 17.3% in March – though lagging the scale of moderation in prior month’s reading (-92bps). Source Proshare Read More  

Nigeria accounts for 60% sea cargo in West, Central Africa – Peterside - The Director-General of Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dakuku Peterside, has said the country accounts for about 60 per cent of sea-borne cargo in volume and value across the West and Central African subregions. Source Daily Trust Read More 

Customs Rakes in N14.3bn in Three Months - Despite the downturn in the economy, the Nigeria Customs Service (NCS), Murtala Mohammed Airport Command, Ikeja, Lagos, has announced revenue of N14.399 billion in the first quarter (Q1) of 2017, compared with N11.1 billion earned in the corresponding period of 2016. Source Thisday Read More 

Automation will wipe out jobs in Africa, others - W/Bank - The President of the World Bank, Jim Yong Kim, has said that, based on estimates, automation will soon wipe out two-thirds of all jobs in developing countries. Source Daily Trust Read More 

‘Nigeria, 14 others generate 80% of Africa’s GDP’ - Nigeria and 14 other countries are currently generating over 80 per cent of Africa’s Gross Domestic Product (GDP).This is according to Jumia Nigeria in its 2017 African Mobile Trends study, presented on Tuesday, to herald the commencement of the Jumia Mobile Week, which starts from April 24 to 30. Source Guardian Read More 

Remittances To Developing Countries Decline For Second Consecutive Year – World Bank - The latest edition of the Migration and Development Brief just released at the ongoing Spring meetings of the World Bank claimed that remittances to Nigeria from abroad fell by -10 per cent. The trend which also affected many other developing countries was the second in 2016, a trend not seen in three decades. Source Leadership Read More

Fed Govt approves 48hr for import, export trade deals timeline - The Federal Government has approved the reduction of documentation requirements and timeline for import and export trade transactions to 48 hours. Source THE NATION Read More

Federal Govt to issue more international bonds - The Federal Government plans to get out of recession by boosting revenue and cracking down on corruption, Finance Minister Mrs. Kemi Adeosun said yesterday. The government will also issue more international debt to pay for infrasturcture projects. Source THE NATION Read More

PROSHARE REGULATORS
CBN Suspends Interchange Charges On Electronic Payment - The Central Bank of Nigeria (CBN) has suspended the implementation of inter change regime on electronic payment that involves merchant service until further notice. Source Leadership Read More 

 

PROSHARE MARKETS
NSEASI Dips by -0.17% as Market Sentiment Turns Negative - Equities market closed today on a negative note, as NSE ASI depreciated by -0.17% to close at 25,288.11 basis points, as against +0.49% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.90%. Source Proshare Read More

Banks pick up $68.51m from CBN’s $100m, BDC’s expect $20,000 sales today - Following its injection of $280 million into the Foreign Exchange Market on Tuesday, April 18, 2017, the Central Bank of Nigeria (CBN) again on Wednesday, April 19, 2017, carried out spot, wholesale interventions in the interbank FOREX market by offering a total sum of $100m to authorized dealers to meet the 7 to 15-day forwards requests of customers. Source Proshare Read More

Presco Plc FY'16 - Another Strong Earnings Performance in Sight - PRESCO reported FY’16 PAT of ₦21.7 billion, a significant improvement from the ₦2.5 billion reported in FY’15. Source Proshare Read More  

Short-Term Ratings on Five Nigerian Banks Raised to 'B' On Criteria Revision - S&P Global Ratings said that it has raised its short-term counterparty credit ratings on five Nigerian banks (please refer to the Ratings List section below for the list of banks affected).  Source Proshare Read More  

Unilever Nigeria Plc Q1'17- Strong Start to 2017, PAT up 54% YoY - Following a tough operating year, UNILEVER began 2017 on a positive note with Q1’17 revenue up 32% y/y to ₦22.2 billion – the largest quarterly revenue figure on record. Source Proshare Read More 

EUR and GBP Approach Major Support Area - The pair has reached the support area and has formed a descending triangle. One thing to note is the broken symmetrical triangle to the downside, which could signal a more bearish sentimental decision. Source Proshare Read More  

Cheque transaction value hits N1.45trn in Q’1 - Nationwide usage of cheque for banking and other financial transactions in Nigeria is valued at N1.45 trillion in the first quarter of this year, Daily Trust has reliably gathered. Source Daily Trust Read More 

Naira Extends Gains as Dollar Glut Hits Market - The naira sustained its momentum on the parallel market yesterday, appreciating significantly by N20 in one day to close at N380 to the dollar, stronger than N400 to the greenback at the close of trading the day before. Source Thisday Read More 

Only 4 beneficiaries repaid anchor borrowers loan in Kano – Official - The Chairman of Kano State Anchor Borrowers Recovery Team, who is also the Managing Director of Kano Agricultural and Rural Development Authority (KNARDA), Professor Mahmud Daneji, has revealed that out of the 5,540 beneficiaries of the Federal Government’s agricultural intervention scheme in the state only four have successfully paid back. Source Daily Trust Read More 

NLNG Act Amendment: Nigeria At Risk Of Losing $1.3bn Yearly - The managing director and chief executive officer of Nigeria LNG Limited (NLNG), Tony Attah, has again cautioned that government would end up losing$1.3 billion on annual basis if the legislature succeeds in amending the Act establishing the company. Source Leadership Read More 

NNPC diversifies into health sector - Nigerian National Petroleum Corporation (NNPC) on Thursday said it was set to diversify into the health sector in line with the Corporation’s stand to stay afloat as a commercially viable entity. Source BUSINESSDAY Read More 

Renewable energy can reverse $9bn post-harvest losses – experts - Decry absence of energy plan in government’s agricultural policies. Stakeholders in the renewable energy sector are calling for the incorporation of renewable energy technology infrastructure in the Federal Government’s agricultural plans to reverse annual post-harvest losses amounting to $9billion. Source BUSINESSDAY Read More 

‘Power generation firms are operating at a loss’ - Association of Power Generation Companies of Nigeria (APGCN), has said its members are operating at a loss, as the percentage of revenues received do not cover their operating costs. Source Guardian Read More 

 

PROSHARE BUSINESS
Convenience is the key word with FirstBank’s FirstMobile - In today’s world of technology and speed, convenience is the name of the game and this is so true for the 21st century financial institutions, as they are constantly challenged to provide customers with convenience, relevance, and ease of transactions. Source Proshare Read More

Ivory Coast slashes budget on low cocoa prices: president - Ivory Coast has cut planned spending for 2017 by 10 percent due to a sharp drop in world prices of cocoa, its leading export, President Alassane Ouattara said, according to Thursday's edition of national newspaper Le Patriote. Source Reuters Read More 

Zimbabwe tax agency beats first quarter revenue target - Zimbabwe's tax agency said on Thursday it had collected $862 million in the first quarter of 2017, exceeding its target by 6 percent, helped by automated operations and improved compliance among businesses. Source Reuters Read More 

S.Africa could suffer further downgrades if political uncertainty stalls growth: S&P - South Africa's credit rating could get downgraded deeper into junk status if political uncertainty triggered by the recent firing of the finance minister stalls reforms needed to grow the economy, an executive from S&P Global Ratings said on Wednesday. Source Reuters Read More 

Trump to order U.S. Treasury to delve into taxes, post-crisis reforms - U.S. President Donald Trump will order the Treasury on Friday to find and reduce tax burdens and review post-financial crisis reforms that banks and insurance companies have said hinder their ability to do business.  Source Reuters Read More

Oil Producers Deliver Cuts.Oil Market Delivers Nothing. - OPEC and its allies are little more than a month away from taking a decision that will define the short-term future of the oil industry: extend crude-output cuts that haven’t really lifted prices, or return to pump-at-will policies that caused a crash. Source Bloomberg Read More 

Deutsche Bank Is First Bank Busted for Breaking the Volcker Rule - Deutsche Bank AG was hit with the Federal Reserve’s first major fine for failing to ensure traders abide by the Volcker Rule’s ban on risky market bets -- and will pay even more for letting currency desks chat online with competitors, allegedly revealing positions. Source Bloomberg Read More 

India Plans Auctions for 4 Gigawatts of Wind Power This Fiscal Year - Prime Minister Narendra Modi’s government is seeking to step up the pace of auctioning power-purchase contracts for wind-energy plants, building on a contest that reaped record-low prices for solar farms earlier this month. Source Bloomberg Read More 

China Stocks Head for 2017's Worst Week Amid Crackdown Concerns - Chinese shares headed for their biggest weekly loss of 2017, with increased regulatory scrutiny and a crackdown on leveraged trading sapping investor sentiment. Source Bloomberg Read More 

Malaysia, Abu Dhabi Reach Deal on 1MDB Debt, Straits Times Says - Malaysia and Abu Dhabi have reached agreement on a partial debt settlement for embattled government fund 1Malaysia Development Bhd., the Straits Times reported, citing financial executives it didn’t identify. Source Bloomberg Read More

PROSHARE FINANCE
Call for Nominations In Distance Learning Programs on Islamic Banking and Finance - AlHuda CIBE is a well-established name in Islamic Banking and Finance market focusing on Awareness, Education, Training, Promotion, Advisory and Publications on Islamic Banking and Finance around the globe from last ten years to serve the Islamic Banking and Finance. Source Proshare Read More 

 

PROSHARE TECHNOLOGY
Internet Penetration in Nigeria Rises to 53% - Internet penetration in Nigeria has increased to 53 per cent, which is the highest in Africa. Also, mobile subscription in the country has increased to 81 per cent, similar to Africa’s, according to a report. Source Thisday Read More

 

 

 

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