Nigeria in 1min: Economic, Business and Financial Headlines – 121217


December 12, 2017 7:00 AM / Proshare News 


Nigeria’s Merchandise Trade Grew Marginally Q-on-Q But Significantly Y-on-Y in Q3 2017 - Total exports in the third quarter of 2017 was recorded 3,573.32 billion naira, which shows a 15.19% growth compared to the second quarter of the same year and a 53.85% growth compared to the third quarter in 2016. Total imports in the reviewing quarter, in contrast, decreased to 2,348. Source Proshare Read More

No Clear Trend in FAAC’s Monthly Payouts- The total monthly payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government amounted to N533bn (US$1.74bn) in November (from October revenues). Source Proshare Read More 

Personal Statement by the MPC Members at the 115 MPC Meeting of Sep 25-26, 2017 - The September 2017 MPC came at a time when the economy had technically moved out of recession, but faced with the problem of stagflation. Source Proshare Read More 

Capital projects: MDAs to get N750bn this week - Adeosun - The Federal Government will release the sum of N750 billion to Ministries, Departments and Agencies (MDAs) this week for the implementation of capital projects contained in the 2017 budget, Minister of Finance, Mrs Kemi Adeosun, has said. Source Daily Trust Read More 

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FG releases N1.2trn for 2017 capital expenditure - The Federal Government on Monday said it released N1.2 trillion to Ministries, Departments and Agencies (MDAs) of government for implementation of capital projects contained in the 2017 budget. Source Daily Trust Read More 

FG reverses 2018 sugar projection down to 1.58m metric tons - The National Sugar Development Council (NSDC) has reversed downward the 2018 sugar projection for the country to 1.58 million metric tons from the 1.6 million metric tons initially projected in the Sugar Master Plan Source Daily Trust Read More 

Ambode presents N1 trillion 2018 budget - The Lagos State Governor, Akinwunmi Ambode has presented a budget of N1.04 trillion for the state's 2018 fiscal year. Source Daily Trust Read More 

Bayelsa declares N1.86b IGR in October - The Bayelsa State Government has declared a record all time high Internally-Generated Revenue of N1.86bn for the month of October. Source Guardian Read More 

Nigeria trade surplus breaks N1trn mark for first time since 2014 - Powered by a year on year jump of 99.13 percent in oil exports, Nigeria’s trade surplus crossed the N1 trillion mark in the three months through September 2017 for the first time since 2014, state data agency, the National Bureau of Statistics (NBS) said Monday. Source BUSINESSDAY Read More 

Nigeria retail sales down 16% in 2017 to $105 billion - Nigeria retail sales dropped by 16 percent this year to 105 billion from 125 billion recorded in 2016 according to US management consulting firm, AT Kearney’s 2017 Global Retail Development Index (GRDI) report. Source BUSINESSDAY Read More 

BPP to bar contractors not captured on database - The Bureau of Public Procurement has said that it will soon exclude contractors not captured in its database from the patronage of the Federal Government and its agencies. Source Punch Read More 

Developing countries need $2.5trn to achieve SDGs in 2030 –UN - Participants at the high level trade and investment facilitation forum for development in Abuja yesterday endorsed the United Nations projection that developing countries would need an additional $2.5 trillion investment annually to achieve the 2030 Sustainable Development Goals (SDG). Source THE SUN Read More 

Nigeria loses $6.5bn annually to automotive import market - Stakeholders have called on the Federal Government to effectively implement policies that govern the establishment of automobile industries in Nigeria to support imposition of high tariff on imported vehicles. Source THE SUN Read More 

Afreximbank, Attijariwafa Bank Sign MoU to Support Trade Across Africa - The African Export-Import Bank (Afreximbank) and Attijariwafa Bank Group have signed a memorandum of understanding (MoU) to collaborate in developing a large framework of cooperation in trade across Africa. Source Thisday Read More 

UN Allocates $13.4m to Support Humanitarian Assistance in N’East - The United Nations, through the Nigeria Humanitarian Fund (NHF), has allocated $13.4 million to help thousands of persons in need of urgent humanitarian assistance in crisis-hit North-east Nigeria. Source Thisday Read More 

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N30bn unclaimed dividends paid – SEC -The Securities and Exchange Commission (SEC) has said over N30billion has so far been paid to investors in the Nigerian capital market from the backlog of unclaimed dividends. Source Daily Trust Read More 


NSEASI Maintains Downtrend to Open The Week Negative; Dips by -0.88%-Equities market closed today on a negative note, as NSEASI depreciated by -0.88% to close at 38,913.99 basis points as against -0.70% depreciation recorded previously. Source Proshare Read More 

System Liquidity closes above N400bn as inflows from FAAC and FX Refunds Hit the System - The bond market maintained its steep decline in today’s session, as market sentiment remained bullish in reaction to the continuous decline in T-bill yields. Source Proshare Read More 

Cordros Weekly Stock Recommendation- 111217- The shares of CADBURY appreciated by 22.87% last week to N15.90. CADBURY trades at a significant forward PE above its 5-year historical average of 24.9x. Source Proshare Read More 

Afrinvest Stock Recommendation for the Week - 111217- The equities market was largely bullish last week as the All Share Index (ASI) appreciated 3.5% WTD to close at 39,257.53 points while YTD gain advanced to 46.1% respectively. Source Proshare Read More 

DMO Redeems N198bn Treasury Bills in December - The Debt Management Office (DMO) has stated that the N198.032 billion Nigerian Treasury Bills (NTBs) which will mature in December 2017 will be repaid in full at maturity. Source Thisday Read More 

World Bank, FG discuss $1bn loan to support power sector - The World Bank said it has held a two day consultation with the Federal Government to fast track a $1 billion funding to support the Power Sector Recovery Programme (PSRP). Source Daily Trust Read More 

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NERC approves N100,000 reconnection penalty for electricity thieves - The Nigerian Electricity Regulatory Commission (NERC) has set N100,000 reconnection fee for those caught stealing electricity. Source Daily Trust Read More 

NDDC Cancels 647 Projects Valued at N190 Billion - The Executive Director in charge of Projects at the Niger Delta Development Commission (NDDC), Mr. Ajenakevwe Samuel Adjogbe has said that the commission has cancelled 647 projects valued at N190 billion as a result of their zero performance. Source Thisday Read More 

90% of gas cylinders in Nigeria are expired – FG - DESPITE its huge population of 194 million people, only five per cent of Nigerians use gas for cooking. About 60 per cent use firewood, 30 per cent use kerosene, while five per cent use coal. Source Vanguard Read More 

Brent crude jumps above $65 for 1st time since 2015 after North Sea pipeline outage -  Brent crude oil prices jumped above $65 per barrel for the first time since 2015 after the shutdown of the Forties North Sea pipeline knocked out significant supply from a market that was already tightening due to OPEC-led production cuts. Source Reuters Read More 

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Nigerian Breweries Plc Announces Board Changes- The Board of Directors (“the Board") of Nigerian Breweries Plc (“the Company”), hereby announces the following resignations and appointment. Source Proshare Read More 

FirstBank Drives Convenience and Financial Inclusion with Firstmonie Agents - First Bank of Nigeria Limited has continued to demonstrate its commitment to providing the best financial solutions to its customers and driving financial inclusion among the under-banked and unbanked populace. Source Proshare Read More 

‘Ikoyi whistle-blower to get N421m this week’ - The whistle-blower that provided  information leading to  the recovery of the N13bn Ikoyi loot will receive his commission this week, investigations have revealed. Source Punch Read More 

Asia shares take a time out, Brent breaks above $65 - Asian shares took a small step back on Tuesday after three straight sessions of gains, with markets consolidating in the hope an upswing in global growth could outlast a likely hike in U.S. borrowing costs this week Source Reuters Read More 

Boeing lifts dividend by 20 percent, sets new $18 billion share buyback - Boeing Co (BA.N) said on Monday it would raise its quarterly dividend by 20 percent and replace its existing share buyback program with a new $18 billion authorization. Source Reuters Read More 

U.S., EU Team Up Against China in Blasting World Trading System - The U.S. and Europe argued the world trading system is failing to live up to expectations, even as China defended the existing order and urged countries to forge ahead with globalization. Source Bloomberg Read More 

Trump to Open the Door for Oil Drilling Off U.S.’s East Coast - The Trump administration is preparing to unveil as soon as this week an expansive offshore oil plan that would open the door to selling new drilling rights in Atlantic waters, according to people familiar with the plan. Source Bloomberg Read More 

Saudi Arabia Plans to Raise Gas Prices by 80% in January - Saudi Arabia plans to raise domestic gasoline and jet fuel prices in January, part of a program to gradually eliminate energy subsidies as the kingdom seeks to overhaul its economy and balance the budget, according to a person with knowledge of the matter. Source Bloomberg Read More 

Bitcoin's First 24 Hours on Wall Street Feed Euphoria and Doubts - Bitcoin’s triumphant debut on Wall Street hasn’t ended the financial industry’s skepticism. Source Bloomberg Read More 

SEC Chairman Urges Cryptocurrency Investors to Exercise Caution, Says Most ICOs Are Securities - After months of tension over what, if anything, the Securities and Exchange Commission was planning to do about cryptocurrencies and the billions of dollars people have sunk into initial coin offerings—a form of barely regulated investment vehicle in which investors trade real cash for tokens in crypto-backed startups—the agency’s chairman Jay Clayton has finally weighed in.Source GIZMODO Read More 

The FCC and FTC announce partnership to watch the internet burn - A draft agreement announced by the FCC and FTC today outlines how the agencies will work together after net neutrality is killed. Source THE VERGE Read More 

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Russian hackers steal $10 million from ATMs through bank networks - The recent rash of bank system hacks goes deeper than you might have thought -- it also includes stealing cash directly from ATMs. Researchers at Group-iB have published details of MoneyTaker, a group of Russian hackers that has stolen close to $10 million from American and Russian ATMs over the past 18 months.Source engadget Read More 


Ambode wants CBN to peg MSMEs intervention at 5 % - Lagos State Governor Akinwumi Ambode has called on the Central Bank of Nigeria (CBN) to consider pegging the N220 billion Micro Small and Medium Enterprises intervention loan at 5 per cent to encourage more off take. Source Daily Trust Read More 


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