Top Financial News   

11 June 2018 ( Lagos )


States raise domestic debt by N1.64tn in three years: The resort to borrowing by the country to finance virtually everything has become worrisome to many analysts, with the state governments increasing their exposure to the foreign and domestic debt markets at will. (Source: Punch)

 

New excise duty rates not targeted at local manufacturers – FG: The Ministry of Finance on Sunday said that the new excise duty rates approved by President Muhammadu Buhari on alcoholic beverages and tobacco were not targeted at local manufacturers. (Source: Punch)

 

Nigeria moves to boost cocoa sector: Cocoa House in Ibadan, southwest Nigeria, was built with the earnings from exports of cocoa beans and at 26 storeys was once the country’s tallest building. (Source: Punch)


NSIA’s profit drops by N107bn: The Nigeria Sovereign Investment Authority (NSIA) has ruled out the possibility of paying dividend to the three tiers of government from its 2017 profit, despite the fact that the fund has been profitable in the last 5 years. Speaking during a press briefing on the financial performance of the agency, the Managing Director, Uche Orji, said the agency recorded a decline of N107.8bn (US$298.2m) in profit from N130.37bn (US$360.6m) in 2016 to N22.55bn (US$62.4m) in 2017. (Source: Punch)


Afreximbank approved US$17bn loans for Nigeria – Oramah: The African Export-Import Bank (Afreximbank) has said it approved US$17bn loans for Nigerian entities between its commencement of operations in 1994 and December last year. The President, Afreximbank, Benedict Oramah, was quoted in a statement to have said this during a visit to President Muhammadu Buhari on Thursday in Abuja. (Source: Punch)

 

Afreximbank plans $2b financing deal: The African Export-Import Bank (Afreximbank) is arranging up to $2 billion in financing support to Angola, its President Benedict Oramah has said. (Source: The Nation)

 

Investors recover N672b amid bargain-hunting: Investors in Nigerian equities rode on the back of renewed bargain-hunting to recover N672 billion in net capital gains by the weekend after losing some N908 billion the previous week. (Source: The Nation)

 

NCC: SMEs, innovators, others are growth engines: Small, Medium-sized Enterprise (SMEs), start-ups and innovators are engines of economic growth, the Nigerian Communications Commission (NCC), has said at the weekend. (Source: The Nation)

CFTA will grow economy by US$2.9bn: The Coalition of South-South Chambers of Commerce, Industry, Mines & Agriculture has urged the Federal Government to sign the Continental Free Trade Area (CFTA) agreement. It will increase the nation’s economic growth by US$2.9bn with an estimated 8.18% increase in Nigeria’s total export. (Source: The Nation)


Switzerland to invest in clean energy sector: Switzerland is willing to invest in Nigeria’s clean energy sector to help the country meet its power needs, its Consul-General, Yves Nicolet, has said. According to him, there were 47 Swiss firms operating in various sectors of the economy, including Tellco Europe Nigeria, whose parent company is Tellco Europe Switzerland. He said more Swiss firms would join the firm, which launched a Swiss technology known as TellcoSol, an off-grid solar power solution. (Source: The Nation)

 

Budget delay threatens Nigeria’s top 20 economies target — LCCI: The Lagos Chamber of Commerce and Industry, LCCI, at the weekend said late passage of the budget is a threat to achieving the ERGP targets and to Nigeria’s goal of becoming one of the top 20 economies by 2020.( Source: Vanguard)

 

Cost of funds to fall as N425bn hit interbank: Cost of funds in the interbank money market is expected to moderate downward this week as N425 billion inflows from maturing treasury bills boost market liquidity.( Source: Vanguard)

 

Government gets $1b debt offer from Afreximbank: The Federal Government has remained docile over the need to review the Production Sharing Contract (PSC) signed about 25 years ago between the Nigerian National Petroleum Corporation (NNPC) and International Oil Companies (IOCs).( Source :Guardian)


Nigeria Sovereign Fund to Boost Local Focus After Profit Dip: The Nigeria Sovereign Investment Authority is restructuring its portfolio to focus more on domestic investments after a drop in the currency wiped out foreign-exchange gains last year.( Source: Bloomberg)


Nigeria eyes US$1.3bn from asset sales this year:  The head of the privatisation agency disclosed that Nigeria expects to raise N400bn (US$1.3bn) via asset sales this year. President Muhammadu Buhari is yet to sign the 2018 spending plan into law. Parliament approved a budget of  N9.12trn presented to lawmakers in November, after delays. (Source: Reuters)


NSIA to unveil new funding plans, project structures for 2nd Niger Bridge, Lagos-Ibadan Expressway, East-West Road: The Nigerian Sovereign Investment Authority (NSIA), operator of the Sovereign Wealth Fund (NSIA), is set to deploy more investments into infrastructure, expressing a move towards unveiling appropriate funding plans and project structures being redeveloped for the Lagos-Ibadan Expressway, Second Niger Bridge, Abuja-Kano Expressway and East-West road projects. (Source: ThisDay)


Reporting for EasyKobo on Monday, 11 June 2018 from Lagos, Nigeria
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