Nigeria in 1min: Economic, Business and Financial Headlines – 130418


Friday, April 13, 2018 / 7:10 AM / Proshare News 


Judging IMF’s Position on Development Indices - Prior to the downturn, qualitative growth has largely been disconnected from its quantitative counterpart. Source Proshare Read More 

Headline Inflation Drops to 13.34% in March 2018; 0.99% Lower Than February 2018 Rate - The Consumer Price Index (CPI) which measures inflation increased by 13.34 percent (year-on-year) in March 2018. This fourteenth consecutive disinflation since January 2017 is 0.99 percent points less than the rate recorded in February 2018 (14.33) percent. Source Proshare Read More 

March CPI Registers Fourteenth Consecutive Decline - Exactly in line with our estimate, the National Bureau of Statistics reported inflation for March at 13.3% y/y, a sharp drop from the 14.3% y/y recorded in February. Source Proshare Read More 

CBN begins disbursement of N26bn agribusiness fund to MSMEs - The Central Bank of Nigeria (CBN), in collaboration with the Bankers’ Committee on Thursday commenced  disbursement of N26 billion Agribusiness Small and Medium Enterprises Investment Scheme (AGSMEIS) fund to the first set of beneficiaries. Source Vanguard Read More 

FG invests 2.89% of pension funds in real estate - About N224.30 billion of pension funds representing about 2.89 per cent of pension assets has been invested in the real estate sector of the economy going by statements from the National Pension Commission (PenCom). Source THE SUN Read More 

20 Senate sub-committees delaying 2018 budget – Saraki - The President of the Senate, Bukola Saraki, at the plenary on Thursday, insisted on today’s (Friday) deadline issued to standing committees to represent their reports on the 2018 budgets proposed by the Federal Government’s Ministries, Departments and Agencies. Source Punch Read More 

FG inaugurates NIOMR governing board - The Federal Government, through the Ministry of Agriculture and Rural Development, has inaugurated a new governing board of the Nigerian Institute of Oceanography and Marine Research. Source Punch Read More 

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Nigeria Eurobond sales faces higher refinancing risks – Fitch - Nigeria’s growing use of the international capital markets may increase refinancing risk as the amount of international debt coming due rises, US based rating agency, Fitch said . “Borrowing in foreign currency in international markets, exposes sovereigns to Foreign Exchange (FX) refinancing risk and a potentially higher debt service/GDP burden in the event of local Source BUSINESSDAY Read More 

Delta govt seeks another N600m loan – Commissioner - Delta State Government indebtedness as at date stands at N228.3 billion aside the recent N600 million counterpart fund that was approved by the State Assembly as guarantee loan for Sustainable Development Goals (SDGs) projects, the commissioner for Finance, Olorogun David Edevbie has said. Source Daily Trust Read More 

Katsina to seal up Globacom over N400m unpaid taxes - Katsina state government has issued a one week ultimatum to telecommunication company, Globacom to either settle it's outstanding N400m tenement rates or have its 105 base station sealed. Source Daily Trust Read More 

FG commissions N4.4bn Apo capacitor bank - The Minister of Power, Works and Housing, Mr Babatunde Fashola, has commissioned a 60MVAR capacitor bank at the Apo 132/33KV transmission substation in Abuja to improve electricity supply for about 7,000 households. Source Daily Trust Read More 

Russia, Afreximbank Open New Window For New Aircraft Acquisition In Nigeria - A new window for acquisition of brand new aircraft in Nigeria was yesterday opened following a partnership arrangement made between African Export Import Bank, (Afreximbank) with the Russian Export Centre (REC) to provide brand new aircraft for airlines’ operations in the country. Source Leadership Read More 

Passport scarcity worsens as immigration owes foreign printers - The scarcity of Nigerian passports at immigration offices nationwide has worsened with resultant hardship for citizens intending to procure the document for overseas travel. Source BUSINESSDAY Read More 

Nigeria May Lose over 60% Port Revenue to AfCFTA, Common ECOWAS Tariff - Nigeria may lose over 60per cent revenue currently being generated from her seaports across the country when signatories to the African Continental Free Trade Area (AfCFTA) ratify the pact and the common Economic Community of West African States (ECOWAS) tariff fully implemented. Source BUSINESSDAY Read More 

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Market Resumes Downtrend as NSEASI Dips by -0.09%; OANDO Tops Gainers List - Equities market closed today on a negative note, as NSEASI depreciated by -0.09% to close at 40,846.24 basis points as against +0.86% appreciation recorded previously. Source Proshare Read More 

NSE Set to Migrate Access Bank, Lafarge, Seplat and UBA to Premium Board - The Nigerian Stock Exchange (NSE) is pleased to announce it will be migrating Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc to its Premium Board on Monday, April 16, 2018 sequel to them applying and meeting the Exchange’s listing requirements for the board. Source Proshare Read More 

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Oando Shares Grew by 10% to Close at N6.60k as NSE Lifts Technical Suspension Six Months After  - Today, trading resumes in the shares of Oando Plc on the floor of the Nigerian Stock Exchange following the lifting of the technical suspension placed on the stock since October 2017. Source Proshare Read More 

European Central Bank - Account of the Monetary Policy Meeting of 7-8 March 2018 - Account of the monetary policy meeting of the Governing Council of the European Central Bank, held in Frankfurt am Main on Wednesday and Thursday, 7-8 March 2018  Source Proshare Read More 

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Another Large Injection of Portfolio Monies - We said yesterday that we were comfortable with a current-account surplus/GDP ratio in the low single digits because of the ability of the FGN to tap the Eurobond market and of Nigeria to attract offshore portfolio monies. Source Proshare Read More 

SEC Will Update Relevant Stakeholders on the Outcome of the Forensic Audit on OANDO - Share of Oando Plc were placed on technical suspension in October 2017 upon the announcement of forensic audit which aimed to protect investors as a short term measure.  Source Proshare Read More 

Oando Plc’s Official Statement on the Lifting of the Technical Suspension on the Company’s Shares - Oando PLC would like to update our shareholders, stakeholders and the general public that the Nigerian Stock Exchange (NSE) has lifted the technical suspension placed on the Company’s shares on October 23, 2017, following a directive issued by the Securities and Exchange Commission (SEC). Source Proshare Read More 

Qatar Raises $12 Billion in First USD Bond Sale Since 2016 - Qatar raised $12 billion in its first dollar bond sale in two years, surpassing its estranged neighbor Saudi Arabia which issued $11 billion of debt earlier this week. Source Bloomberg Read More 

OPEC Sees Tighter Market as Oil Output Drops to Lowest in a Year - OPEC said its oil output fell to the lowest in a year last month amid reduced supplies from Venezuela and Saudi Arabia, suggesting global markets may tighten sharply later this year. Source Bloomberg Read More 

Oil eases as Trump backtracks on imminent Syria strike - Oil prices edged lower on Friday after U.S. President Donald Trump tempered remarks warning of an imminent missile attack on Syria, but were still set for their biggest weekly gains in more than 8 months. Source Reuters Read More 


Using Sukuk To Finance Infrastructure - DMO Inspects Roads Financed by Sukuk - Officials of the Debt Management Office, Federal Ministry of Power Works and Housing, Federal Ministry of Finance and Office of the Accountant-General of the Federation started the inspection of the Roads being financed with the Sovereign Sukuk issued in 2017. Source Proshare Read More 

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Mobile ecosystem to be worth over $50bn to W/Africa economy by 2022 - Recently, the GSMA released The Mobile Economy West Africa 2018 report. According to the report, the mobile industry in West Africa is forecast to contribute more than $50 billion annually to the region’s economy by 2022. GSMA represents the interests of mobile operators worldwide, uniting nearly 800 operators with more than 300 companies Source BUSINESSDAY Read More 

Google Releases New Africa App to Beat Slow Internet Speeds - Google is releasing an app in Africa that will help internet users overcome obstacles such as the lack of high-speed connectivity and the cost of data on the continent. Source Bloomberg Read More 

Tech Upheaval Means a ‘Massacre of the Dilberts,’ BOE’s Carney Says - The Bank of England may be moving toward an interest-rate increase, but Governor Mark Carney has even more global topics on his mind. Source Bloomberg Read More 

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UBA Chairman Tony Elumelu to tour East Africa on Entrepreneurship, Infrastructure - Entrepreneur, and philanthropist, Tony O. Elumelu will lead a 5-day working visit to East Africa, where he will meet withnational leaders of Kenya and Uganda. Source Proshare Read More 

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