Top Financial News   

19 June 2018 ( Lagos )

Rice smuggling: FG to shut border with neighbouring country: The Federal Government stated on Monday that it would shut Nigeria’s land border with a neighbouring country in few days’ time in order to halt the smuggling of rice into the nation. (Source: Punch)

95.28bn litres of petroleum products imported in four years: Between January 2014 and December 2017, the country imported 95.28 billion litres of petroleum products such as Premium Motor Spirit (petrol), Automotive Gas and Oil (diesel) and Household Kerosene. The figure was contained in the Petroleum Products’ Importation Report obtained from the National Bureau of Statistics. (Source: Punch)

10,291 manufacturing jobs lost in 2017 – MAN:  A total of 5,212 jobs were lost in the manufacturing sector in the second half of 2017, bringing the total for the year to 10,291. (Source: Punch)

Buhari to sign 2018 budget on Wednesday: President Muhammadu Buhari will sign the 2018 Appropriation Act into law on Wednesday. The Senior Special Assistant to the President on Media and Publicity, Garba Shehu, confirmed this on Monday. (Source: Punch)


Ailing telcos need financial support: The Association of Licensed Telecommunications Operators of Nigeria (ALTON) has urged the regulator to put in place flexible policy, including providing liquidty, to rescue operators in the Code Division Multiple Access (CDMA). (Source: Nation)


Afreximbank plans US$1bn for trade, infrastructure: The African Export-Import Bank (Afreximbank) has expressed its readiness to work with the federal government to arrange about US$1bn financing for government’s investments in trade-enabling infrastructure. (Source: The Nation)


Low demand haunts Nigeria’s oil as unsold stocks hit 34m barrels: There are indications that international oil market is haunted by low demand as unsold Nigerian stocks have been estimated at between 20 and 34 million barrels. (Source: Vanguard)


Free Trade Zones give companies 30% savings in operating cost: Companies operating in the Nigerian export processing zones could save up to 30 percent in operating cost. (Source: Vanguard)

FG to provide 10,000 tractors for farmers: The Federal Ministry of Agriculture and Rural Development (FMARD) has entered into collaboration with the Nigeria Agriculture Mechanization and Equipment Leasing Company (NAMEL) to provide 10,000 tractors for both small and large scale farmers in Nigeria. (Source: Vanguard)


Investors lose N1.3b in NSE’s alternative securities market: Investment on the Nigerian Stock Exchange (NSE) Alternative Securities Market (ASeM) declined by N1.33 billion at the end of trading on June 14, 2018. (Source:Guardian)


Crude oil prices to decline to $68 a barrel in 2019: The United States’ Energy Information Administration (EIA) forecasts that Brent crude oil prices will average $71 per barrel in 2018 and $68 a barrel in 2019. (Source:Guardian)


Kachikwu Directs NNPC, Shell to Start $10bn Bonga South West Project: The Minister of State for Petroleum, Dr. Ibe Kachikwu, has directed the Nigerian National Petroleum Corporation (NNPC) and Shell Nigeria Exploration and Production Company (SNEPCo) to commence the tendering process for the execution of the $10 billion Bonga South West/Aparo (BSWA) deepwater project. (Source:Thisday)


Stanbic IBTC, United Capital, ARM lead equity funds performance in 2018: Year-to-date analysis of the performance of 10 equity funds in Nigeria between January and June 1st 2018, shows Stanbic IBTC, United Capital and ARM aggressive funds topping the gainers chart. (Source:Bloomberg)

NASS approves N369bn projects for Lagos, Akwa-Ibom, 17 others: Lagos State will receive the lion’s share of the N369 billion approved by the National Assembly to 19 states of the Federation for the settlement of outstanding claims and liabilities for executing Federal Government projects. (Source:Bloomberg)

Reporting for EasyKobo on Tuesday, 19 June 2018 in Lagos, Nigeria
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