Nigeria in 1min: Economic, Business & Financial Headlines – 021017


October 2, 2017 7:00 AM / Proshare News 


What To Expect From The Markets This Week - 021017 - The Debt Management Office on September 11, 2017 made public the total expenditure incurred through external debt servicing in the second quarter of 2016. Source Proshare Read More 

FG has remained Proactive in its Diversification Policy - Buhari - October 1st remains a special date for all Nigerians as this marks the day when we attained one of the most precious of human desires — freedom. Source Proshare Read More 

Manufacturing PMI Stands at 55.3% in September 2017 from 53.6%% in August 2017 - CBN - The September 2017 PMI was conducted by the Statistics Department of the Central Bank of Nigeria during the period September 11 - 15, 2017. Source Proshare Read More 

FG Releases N1.6trn To States, LGs In 2 Years - The federal government disclosed yesterday that it released a bailout  of N1.64 trillion to states and local governments between 2015 and 2017 as part of measures to stabilise the polity. Source Leadership Read More

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FG plans 10 new rail lines - The Federal Government is currently carrying out feasibility studies on the construction of 10 new standard gauge rail lines across the country. Source Punch Read More 

FG: Tax Waivers, Exemptions to Companies Totaled N1trn in 2015 - The federal government conThe federal government conceded a total of N1 trillion in tax exemptions, waivers between 2011 and 2015 to companies and corporations Source Thisday Read More 

NERFUND faces shutdown over N17.5bn non-performing loans - There are indications that the Federal Government may shut down the operations of the National Economic Reconstruction Fund this month (October) as a result of huge non-performing loans. Source Punch Read More 

Mercedes-Benz to invest $1b in Alabama plant - Daimler, the Germany-based parent of Mercedes-Benz, has announced that the company will invest $1 billion in its Tuscaloosa, Alabama, assembly plant to produce the company’s EQ-branded electric Sport Utility Vehicles (SUVs). Source THE NATION Read More 

Africa’s demographic dividend will turn to a liability if we don’t prepare for it - In a 1998 interview with Fortune magazine, management guru Peter Drucker said, “Demographics are the single most important factor that nobody pays attention to, and when they do pay attention, they miss the point.” Drucker was being prescient about the implications of the developed world’s aging population. Source Quartz Read More

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CBN stops banks from taking charges on bulk transfers - Commercial banks can no longer take Short Message Service (SMS) charges on bulk bank transfers done through the Real Time Gross Settlement (RTGS), The Nation learnt at the weekend. Source THE NATION Read More 


NASD USI Up by +0.98% WoW - NASD closed its trading day on Friday 29 September 2017 higher compared to last Friday. Source Proshare Read More 

Market Records +0.03% Marginal Gain to Maintain Uptrend; Drops by -0.14% WoW - Equities market closed today on a positive note, as NSE ASI appreciated by +0.03% to close at 35,439.98 basis points as against +0.93% appreciation recorded previously. Source Proshare Read More 

Cost of funds to drop as N413bn inflow hit interbank - COST of funds in the interbank money market is set to drop further in response to inflow of N413 billion this week. Source Vanguard Read More 

FG to raise N130bn through Treasury bill - The Federal Government has concluded plans to raise a total of N130.37 billion worth of treasury bills at an auction on October 4 (Wednesday), 2017, the Central Bank of Nigeria (CBN) has disclosed. Source Daily Trust Read More

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Banks in fresh trouble over TSA - There are indications that some Deposit Money Banks (DMB) may likely face new sanctions and fines by the financial regulator, the Central Bank of Nigeria (CBN) over improper remittances of revenues they collected on behalf of the federal government to the Treasury Single Account (TSA). Source Daily Trust Read More 

Refineries’ rehabilitation to cost NNPC $1billion - The planned rehabilitation of the nation’s refineries will cost the Nigerian National Petroleum Corporation (NNPC) about $1 billion, it was learnt at the weekend. Source THE NATION Read More 

Banks groan under energy firms’ N4.89tn unpaid debts - Deposit money banks in the country are said to be bleeding as acquisition loans advanced to power and oil companies have not been paid. Source Punch Read More 


Ivory Coast Cuts Cocoa Farmers Pay by Third for Main Harvest - Ivory Coast, the world’s biggest cocoa producer, cut farmers’ pay for the new main season by more than a third as forecasts for a second annual global oversupply weigh on prices. Source Bloomberg Read More 

South Africa's central bank tells lenders KPMG "too big to fail": sources - South Africa’s central bank has told top lenders they cannot fire auditor KPMG, entangled in a scandal involving friends of President Jacob Zuma, because it might undermine financial stability, two sources with knowledge of the matter said. Source Reuters Read More 

Weaker industry and agriculture slow Kenyan economy in second quarter - Kenya’s economy grew more slowly in the second quarter of this year compared with the same period in 2016 due to a weaker performance in agriculture, manufacturing and financial services, the statistics office said on Friday. Source Reuters Read More 

Zambia sees higher growth, lower deficit in 2018 budget - Zambia plans to trim its fiscal deficit to 6.1 percent of GDP in 2018 from 7 percent this year, Finance Minister Felix Mutati said in a budget speech on Friday. Source Reuters Read More 

Zambia to start building two new power plants in 2018: finance minister - Zambia plans to start building two power generation plants that will add 550 megawatts (MW) of electricity to its national grid once completed, Finance Minister Felix Mutati said on Friday. Source Reuters Read More 

Singapore's Home Prices Rise for First Time in Four Years - Singapore’s home prices rose for the first time in four years, snapping a record run of declines and confirming recent signs that the property market is rebounding. Source Bloomberg Read More 

Hard Brexit Seen Stinging U.K.'s Auto, Tech and Health Sectors - A hard Brexit could be a lot more painful for the U.K. than for the European Union. Source Bloomberg Read More 

Oil Market Stars Risk Being Dimmed by China's Mega Refineries - China’s independent refiners burst onto the international oil market scene only a couple of years ago and lifted the nation past the U.S. as the world’s No. 1 crude buyer Source Bloomberg Read More 

Qatar's Economy Was Already Slowing Ahead of Saudi-Led Boycott - Qatar’s economic growth was slowing even before a Saudi Arabia-led bloc severed diplomatic and transport links in early June, as the world’s biggest exporter of natural gas felt the impact of lower energy prices. Source Bloomberg Read More 

CEO of Hungary's Top Bank Vows to Buy Five Lenders by 2019 - Hungary’s largest commercial lender is planning at least five bank takeovers in the next two years, seeking to profit from a wave of consolidation across the industry. Source Bloomberg Read More

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