Nigeria in 1min: Economic, Business and Financial Headlines – 090718


Monday, July 09, 2018 / 7:00 AM / Proshare News



Poverty Tracker and Nigeria: Raising The Red Flag  - According to the World Bank, an individual or person who lives or earn below $1.9 per day is considered to be extremely poor. In line with this, the bank asserted that Nigeria currently has the highest number of extreme poor individuals (thus overtaking India) following results from the World Poverty Clock Source Proshare Read more 

What To Expect From The Markets This Week - 090718 - Firstly, this captures the acute level of income inequality and the widening of the lower base of the pyramid which is presently witnessed in the country. Source Proshare Read more 

Domestic Economy - Lingering Negative Output Gaps - The economy grew by 1.95% at the end of Q1 2018, reflecting a simmering down in momentum. Source Proshare Read more 

FG unveils national carrier name, logo next week in London - The Nigerian national carrier is inching towards fruition as the Federal Government at the weekend received the Outline Business Case (OBC) of compliance certificate from the Infrastructure Concession Regulatory Commission (ICRC). Source Daily Trust Read more 

Over 75% of waste in Lagos is commercial – Visionscape CEO - We are a very small component of a larger initiative which is the Cleaner Lagos Initiative (CLI) and there are many facets to the CLI. But our core responsibility is to manage the waste which is being generated by the residents. Source Daily Trust Read more

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Market Review and Round-Up of Corporate News Announced During The Week Ending 060718 -The equities market recorded mixed performance – the listed equities market recorded -1.71% loss WoW while the NASD OTC went up by +1.72% WoW. Source Proshare Read more 

NASD OTC Closed The Week Positive; USI Up By 1.13% WOW  - The NASD OTC Market ends the week with an increase in market metrics, as the NASD USI increased by 1.72%, closing at 662.89 points (as against 651.69 points last Friday). Source Proshare Read more 

Corporate Earnings for the Week Ending 060718 – FLOURMILL Declares N13.62bn PAT in 2018FY Results - All the firms recorded growth in revenue; NNFM recorded the highest revenue increase of 115%YoY to N2.8bn. Source Proshare Read more 

Money Market- Mildly Bearish Position Takes Hold - In the wake of 2016, the Federal government in attempt to reflate the economy due to liquidity concerns coupled with hard pegs hinged deeply on the domestic money market by focusing primarily on short term instruments to fund the budget. Source Proshare Read more 

Funding Rates Rise Back to Double Digits as Banks fund for Retail FX - The bond market remained relatively flat with most activities still on the 2036s. We however witnessed slight buy interests on the 2037s which compressed yields marginally by a single basis point. We expect the market to remain relatively stable in the near term, as market players have shown renewed buying interests at current levels. Source Proshare Read more 

Turnover in I&E rises 24% to $29.7bn in H1’18 - THE volume of dollars traded in the Investors and Exporters, I&E, window rose by 24.2 percent to $29.7 billion in the first half of the year, H1’18, from $23.9 billion traded in 2017. Source Vanguard Read more 

11 banks net N143bn from accounts maintenance charges - CUSTOMERS of eleven banks have paid N143 billion as Account Maintenance Fee, AMF, since 2016 when it was introduced by commercial banks. Source Vanguard Read more 

Aviation, Oil & Energy pools generate $750.98m premium income - THE African Aviation and Oil and Energy pools have generated premium income of $750.98 million from January 1, 2017 to March 31, 2018. Source Vanguard Read more 

Subsidiary firm to deliver 614km gas pipeline project, says NNPC - The Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, has said that Nigeria will rely on Nigerian Gas Processing and Transportation Company (NGPTC), a subsidiary of the NNPC, to deliver a 614km Ajaokuta-Kaduna-Kano (AKK) gas pipeline project. Source Guardian Read more 

NNPC’s Subsidiary, NGPTC Declares N6.11billion PAT In 2017 - The Nigerian Gas Processing and Transportation Company (NGPTC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), said it sold 292.91 billion standard cubic feet (bscf) of gas in 2017 as against the planned 429.92bscf  thereby achieving 68 .13 percent of its target. Source Leadership Read more 

Nigeria’s LNG Market Share Threatened as US Grabs 20% - By 2023, the United States will account for close to three quarter of all Liquefied Natural Gas (LNG) export growth and its global market share will jump to 20 per cent, from the current position of four per cent, the International Energy Agency (IEA) has said. Source Thisday Read more 

New major investors acquire 16.75% stake in Nahco - Investors have concluded transfer of about 16.75 per cent equity stakes in Nigerian Aviation Handling Company (Nahco) Plc, raising  possibility of changes in the shareholding structure of the ground handling company. Source THE NATION Read more 

AfDB okays $12b for energy - The African Development Bank (AfDB) has committed $12 billion to its New Deal on Energy for Africa programme. Source THE NATION Read more 

Power grid collapsed three times in Q2 – TCN - Nigeria’s electricity generation system collapsed three times in the second quarter of this year, the latest report from the Transmission Company of Nigeria obtained on Friday in Abuja indicated. Source Punch Read more

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Nigeria's Dangote expects new oil refinery to account for half of group assets - An oil refinery being built by Aliko Dangote will account for half of his conglomerate’s assets when it is finished next year, a senior executive told Reuters, underscoring the scale of the bet being made by Africa’s richest man on Nigerian oil and gas. Source Reuters Read more 

Mark Zuckerberg Tops Warren Buffett to Become the World’s Third-Richest Person - Facebook Inc. co-founder Mark Zuckerberg has overtaken Warren Buffett as the world’s third-richest person, further solidifying technology as the most robust creator of wealth. Source Bloomberg Read more 

IMF disburses $250 mln loan tranche to Tunisia - The International Monetary Fund on Friday approved the payment of a $250 million tranche, the fourth from Tunisia’s loan programme tied to economic reforms aimed at keeping its deficit under control, the fund said. Source Reuters Read more 

Oil prices edge up as investors eye tight market - Oil prices rose on Monday as investors focused on tight market conditions after data late last week showed U.S. crude inventories fell to their lowest in more than three years. Source Reuters Read more

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Big Data: The Dangers of Disruption  - The world is currently in the center of a technological revolution that is profoundly transforming the way we interact – socially and economically; the internet continues to transcend barriers and create new realms of physical space. Source Proshare Read more 

MTN Nigeria yet to file IPO application, securities regulator says - MTN Nigeria is yet to file its application for an initial public offering (IPO), Nigeria’s securities regulator said on Sunday, a much-anticipated share listing that could value the business at around $5 billion and help revitalise the local stock market. Source Reuters Read more

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Development Bank provides N5bn loans to 20,000 SMEs - The Development Bank of Nigeria (DBN) is gearing up to provide N5 billion to 20,000 Small and Medium Enterprises (SMEs) in its first full year of operation on a sustainable basis, its Managing Director, Tony Okpanachi, has said. Source Daily Trust Read more

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