Nigeria in 1min: Economic, Business and Financial Headlines – 170118


January 17, 2018 7:50 AM / Proshare News 


Headline Inflation Drops to 15.37% in December 2017; 0.53% Lower Than 15.90% November Rate - The Consumer Price Index (CPI) which measures inflation ended the year 2017 with a rate of 15.37 percent (year-on-year) in December 2017. Source Proshare Read More 

World Bank Projects 2.5% Growth for Nigeria in 2018 - World Bank forecasts that Nigeria’s economic growth will spike to at least 2.5% in 2018 from a 1% growth in 2017 on the back of improved commodity prices, investments and trade. Source Proshare Read More 

Senate Refuses to Budge on The Approval of Monetary Policy Committee Nominees - With just two weeks left to the first meeting of 2018, it appears that the Senate may not consider President Buhari’s nominees for the vacant positions on the Monetary Policy Committee (MPC). Source Proshare Read More 

NSR H1 2018 (3)- Constructive Flows to EMs But Headwind Prospers - Although we expect policy normalization to weigh on portfolio flows to emerging markets (EMs) over 2018, higher commodity prices, positive current account balances, attractive equity valuations and high yield differentials should tame capital outflows from EMs. Source Proshare Read More 

DMO: FG to Borrow Additional $700m from Multilateral Agencies - The Debt Management Office (DMO) has revealed that the outstanding amount of $700 million in the federal government’s external borrowing programme is expected to be borrowed from multilateral sources. Source Thisday Read More 

Nigeria’s non-oil exports jump 55% in 9 months - Nigeria’s non-oil exports from January to September of 2017 rose to $1.259 billion from $812.67 million recorded in the corresponding period of 2016. This represents a 54.96 per cent rise, exclusive data from the Nigerian Export Promotion Council (NEPC) show. Source BUSINESSDAY Read More 

N1.2 trillion released for capital projects under 2017 budget – DMO - Information from the Debt Management Office (DMO) shows that the Government has released a total of N1.2 trillion to finance capital projects in the 2017 Appropriation Act. Source BUSINESSDAY Read More 

Nigeria earns N144.7bn from cashew export - THE National Cashew Association of Nigeria, NCAN, yesterday said Nigeria earned N144.7 billion ($402 million) from the export of raw cashew nuts to Vietnam and other countries in 2017. Source Vanguard Read More 

‘Empty containers occupy over 40% of Lagos ports’ - Nigerian Ports Authority (NPA) Managing Director Ms Hadiza Bala Usman has ordered terminal operators at the Lagos ports to declare the number of empty containers there. Over 40 per cent of the space at the ports is believed to be occupied by empty containers. Source THE NATION Read More 

Right of Way issues may delay new Lagos-Ibadan rail - The Minister of Transportation, Mr. Rotimi Amaechi, has expressed worry about a number of unforeseen challenges affecting the construction of a standard gauge railway line between Lagos and Ibadan. Source Punch Read More 

Nigeria not out of recession – Ex-CBN deputy gov, Moghalu - Former deputy governor of the Central Bank (CBN), in charge of Finance System Stability, Professor Kingsley Moghalu, has said contrary to claims by the Federal Government, Nigeria is not out of recession yet. Source THE SUN Read More 

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Equities Market Maintains Uptrend as NSEASI Inches Up Further by 2.17% - Equities market closed today on a positive note, as NSEASI appreciated by +2.17% to close at 44,054.72 basis points as against +0.51% appreciation recorded previously. Source Proshare Read More 

NSE Reviews 2017 Market Performance and Gives Outlook for 2018 - The Nigerian Stock Exchange (“NSE” or “The Exchange”) held its 2017 Market Recap & Outlook for 2018 on Tuesday, January 16, 2018, at the Stock Exchange House, Lagos. Source Proshare Read More 

InterContinental Exits Nigeria Over Debt Fallout With Partners - InterContinental Hotels Group Plc is withdrawing from Nigeria four years after it opened its first site in Africa’s most populous country following a disagreement with local partners over the terms of how to bring the property out of receivership. Source Bloomberg Read More 

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Asset reallocation triggers N1.43trn decline in fixed income market - Activities in the fixed income market fell by N1.43 trillion in December, 2017 following asset reallocation by investors   hunting for better returns offered in the stock market. Source Vanguard Read More 

DMO raises N1.254 trillion from domestic market - Nigeria’s federal government, has so far raised a total of N1.254 trillion from domestic market to partly fund the N7.44 trillion 2017 budget, the Debt Management Office (DMO) has said Source BUSINESSDAY Read More 

Nigeria loses $749m from OPA deals with five oil firms - Nigeria lost $749 million from Offshore Processing Arrangements, OPA, entered into with five companies in 2015, latest audit by the Nigeria Extractive Industries Transparency Initiative, NEITI, has revealed. Source Vanguard Read More 

Power: AfDB to invest $30m in off-grid energy - The African Development Bank (AfDB) has formed partnerships with Calvert Impact Capital (CIC), Global Environment Facility (GEF) and the Nordic Development Fund (NDF) to drive investments in off-grid energy across Africa. Source Vanguard Read More 

NNPC, NIMASA Partner On Crude Oil Export- The Nigerian National Petroleum Corporation (NNPC) in conjunction with the Nigerian Maritime Administration and Safety Agency (NIMASA), yesterday convened a meeting of stakeholders in the maritime industry with a view to generating ideas on how best attract maximum benefits from export of the country’s crude oil. Source Leadership Read More 

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FirstBank PLAS-Personal Loan Against Salary: Unlocking the Wealth in Salary Account - Salary accounts can do more than just receive monthly pay; they have inherent wealth that can be unlocked to help you achieve dreams that make you fulfilled on your job and be on top of situations at home and at work. Source Proshare Read More 

UnityKapital Assurance Plc Appoints Mr Oyinlade Olalekan Abraham as ED,Operations - This is to notify the Nigerian Stock Exchange, esteemed shareholders, stakeholders and the general public on the appointment of Mr. Oyinlade Olalekan Abraham as Executive Director (Operations) of UnityKapital Assurance Plc following the resignation of Mr. Babatunde 0. Oshadiya from the services of the Company upon expiration of his two (2) years' service contract. Source Proshare Read More 

MDAs put N744bn administrative items under capital projects – BudgIT - Ministries, Departments and Agencies (MDAs) have masked N744.48bn worth of administrative items as capital projects into 2018 budget. Source Daily Trust Read More 

Dollar drops on risk of US government shutdown - Asia-Pacific equities eased from decade highs as the dollar continued to slip amid fears of a possible US government shutdown at the end of this week. Source FT Read More 

Angola Drops Its Currency Further a Week After Ending Peg - Angola weakened its currency by 10 percent against the dollar, letting it drop for a second time this month after scrapping a peg in a bid to boost its battered economy. Source Bloomberg Read More 

Gold Losses in Years Past Keep Producers From Buying More Mines - Stung by some lousy investments that led to billions of dollars in losses a few years ago, the world’s major gold producers have cut way back on mining deals -- even as metal prices posted their biggest rally since 2010. Source Bloomberg Read More 

Algeria Signs With Vitol for First Oil-to-Refined Products Deal  - Algeria’s state-run Sonatrach signed an agreement with oil-trader Vitol Group to ship crude to Italy to be processed and sent back as refined products, in the first deal of its kind to trim the country’s $2 billion annual bill for imported fuel. Source Bloomberg Read More 

South Africa Prosecutors Seek to Recover $4 Billion in Assets - South Africa’s National Prosecuting Authority, through its Asset Forfeiture Unit, is seeking to recover about 50 billion rand ($4 billion) worth of assets from 17 cases it’s pursuing relating to “state capture.” Source Bloomberg Read More 

South Africa ready to fund free university education: finmin - South Africa is pushing ahead with a plan to offer free university education to students from poor households and will announce funding details in next month’s budget, Finance Minister Malusi Gigaba said on Tuesday. Source Reuters Read More 

Kenya secures $750 mln syndicated loan to pay off earlier loan - Kenya has secured a $750 million syndicated loan for seven years from the Trade Development Bank (TDB) to pay off creditors in another two-year syndicated loan that was extended last year, two banking sources told Reuters on Tuesday. Source Reuters Read More 

Germany to add China’s yuan to currency reserves - Germany’s central bank has said it will include China’s yuan in its reserves, giving another boost to Beijing’s drive to internationalise the currency and helping send the unit to two year highs. Source Guardian Read More 

Nestle to sell US confectionary business to Ferrero for $2.9 bn - Nestle to sell US confectionary business to Ferrero for $2.9 bn Source Vanguard Read More 

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The Elusive Tipping Point in Asset Allocation; AUM Increases by 23.1% to N7.41trn in November - The assets under management (AUM) of the Nigerian regulated pension industry increased by 23.1% y/y in November to N7.41trn (US$24.2bn), and by 1.5% m/m.  Source Proshare Read More 


Policy Reform Needed to Bring the Digital Revolution to Sahelian Africa - Although the world is in the third stages of the ICT revolution, it has yet to reach most people in Sahelian countries—such as the Central African Republic, Chad, Mali, Niger and Guinea—the World Bank Group’s AFCW3 region Source World Bank Read More 

Bitcoin Steadies From 26% Slump as Traders Brave Volatility - Bitcoin held above $11,000 a day after losing a quarter of its value as traders sought a floor for pricing amid growing concern regulators around the world will move ahead with new rules to restrict the burgeoning cryptocurrency industry. Source Bloomberg Read More 

Bitcoin Fall Extends to 25% as Fears of Crypto Crackdown Linger - January’s cryptocurrency selloff got fresh impetus on Tuesday when Bitcoin slumped as much as 25 percent, as the prospect of regulatory crackdowns appeared to spread. Source Bloomberg Read More 

Saudi Arabia Plans Up to $7 Billion of Renewable Energy Projects This Year - Saudi Arabia expects to start up to $7 billion of renewable energy projects this year, with solar plants leading the way. Source Bloomberg Read More 

Global carmakers to invest at least $90 billion in electric vehicles - Ford Motor Co’s plan to double its electrified vehicle spending is part of an investment tsunami in batteries and electric cars by global automakers that now totals $90 billion and is still growing, a Reuters analysis shows. Source Reuters Read More 

Global funding of solar sector hits $12.8bn in 2017 – Globally, corporate funding into solar sector in 2017 experienced some growth amounting to $12.8 billion which represented a 41 per cent jump over the previous year. Source Vanguard Read More 

‘How blockchain will affect oil, gas sector in Nigeria’ - As emerging frontiers, especially digital ledger system also called blockchain become a more globally recognised solution, experts have called for frameworks that will enable Nigeria’s oil and gas sector to benefit from the innovation. Source Guardian Read More 

Hackers Steal $400k from Users of a Stellar Lumen (XLM) Web Wallet - Another cryptocurrency service provider has been hacked, costing hundreds of thousands of dollars worth of losses to Stellar users this time. DNS hackers have hijacked the Blackwallet server, redirected some of the traffic and made off with 669,920 XLM. Source BITCOIN Read More


Fed Govt pays YouWiN! Awardees N11b - The Federal Government has disbursed N10, 995, 391, 260 to the beneficiaries of the third edition of the YouWiN! programme from 2015 to date. Source THE NATION Read More 

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