Nigeria in 1min: Economic, Business and Financial Headlines - 170120

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Friday, January 17, 2020 / 06:50 AM / By News Aggregator / Header Image Credit: @FinMinNigeria

 

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PROSHARE ECONOMY 

2020 Fiscal Act Comes With Plenty of Goodies but Also Some Baggage - President Buhari has signed the finance bill into law. This comes days after assenting to the 2020 budget. The new law amends a number of extant tax laws including the Company Income Tax (CIT), Value Added Tax (VAT), Petroleum Profit Tax, customs and excise tariff, Personal Income Tax, Stamp Duties Tax and the Capital Gains Tax. Source FDC ltd Read More 

Unemployment Set to Rise Still Higher - The impact of the several government initiatives geared towards boosting job creation is being blunted by the massive growth in the labour force. Although lagged, the latest labour force report from the National Bureau of Statistics shows a rise in the national unemployment rate to 23.1% in Q3 2018 from 22.7% recorded in the previous quarter. Source FBNQuest Read More 

Nigeria's Oil Production Slips for the Third Consecutive Month - Yesterday, Organisation of Petroleum Exporting Countries (OPEC) released its monthly oil market report for December which showed that Nigeria's oil production dipped to a new low extending 3 months of consecutive decline.  Source CSL Research Read More 

President Buhari Nominates Dr Kingsley Obiorah As CBN Deputy Governor - President Muhammadu Buhari has sent the name of Dr Kingsley Isitua Obiora to the Senate for confirmation as Deputy Governor of the Central Bank of Nigeria. Source State House Press Release Read More 

NSR H1 2020 (7) - Currency - How Long Can The CBN Keep Up? - Across the various windows, the naira remained stable over H2 2019. Particularly, the BDC and parallel rates held steady at N359/$1 and N360.5/$1 respectively, while the NAFEX rate depreciated slightly by 1% to N364.2/$1. Source ARM Research Read More 

Nigeria's GDP To Grow At 2.2% in 2020 - Bismarck Rewane - Nigeria's Gross Domestic Product (GDP) will grow between 2 and 2.2% in the year 2020, says Economist Bismark Rewane. The CEO of Financial Derivatives Company Limited (FDC) disclosed this as the keynote speaker at the January 2020 Breakfast meeting of the Nigeria British Chamber of Commerce, which reviewed the Nigerian economic outlook for the year 2020. Source WebTV Read More 

7.5% VAT Implementation In Nigeria To Commence February 1, 2020 - Finance Minister - The Minister of Finance, Budget and National Planning Mrs. Zainab Ahmed has announced that the full implementation of the 7.5% Value Added Tax, VAT increment in Nigeria, will take effect from February 1st, 2020. Source Wole Obayomi, KPMG Read More 

Year Ahead 2020 - Re-risking The Financial System - In a global oil market threatened with over-supply, it appears that OPEC, and its ally Russia, are doing a good job of limiting production. Oil price volatility was reduced in 2019 and prices (Brent) held up above US$60.00/bbl most of the time. Source Coronation Research Read More 

 

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PROSHARE MARKETS 

Union Bank of Nigeria Plc, Series 3 and 4 CP Notes Now Open - We are pleased to inform you of the Series 3 and 4 Commercial Paper issuance ("CP or the "Issuance"), under the Union Bank of Nigeria Plc ("Union Bank" or the "Bank") NGN100 Billion CP Issuance Programme is now open and scheduled to close on 21 January 2020. Source Stanbic IBTC Read More  

Investors Gain N149.42bn As NSEASI Inches Up By 1.00% On Renewed Bargain Hunting - Equities market closed today on a positive note, as NSEASI appreciated by +1.00% to close at 29,352.13 points as against -0.75% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +9.35%. Source Proshare Markets Read More

T-Bills: Investors Groan As Interest Rates Drop Further - The T-bills market has seen a consistent decline of interest rates over the past three months. The rates, which crashed from the double digit region into single digits, is rapidly tending towards zero across all tenors. Source Punch Read More

Foreign Investors Bought Less Bonds in 2019, Says DMO - Foreign investors cut their participation in Nigerian government bond auctions last year, buying just 4.39 per cent of all bonds issued compared with the previous year when they bought 10.99 per cent, a debt office presentation showed. Source Thisday Read More

 

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PROSHARE BUSINESS 

Nigeria Investment Guide: The Facts That Matter About Nigeria - Nigerians are entrepreneurial, hard-working and have a can-do spirit that translates to energetic optimism. The Nigerian economy, the largest on the continent, is powered by a private sector which regularly innovates to meet the growing needs of the large domestic market.  Source NIPC, DFID Read More 

Stakeholders Kick As BPE Delays Discos' Performance Review - During the privatisation of the generation and distribution companies carved out of the defunct Power Holding Company of Nigeria in November 2013, the Federal Government sold 60 per cent of its stakes in the Discos to investors and retained 40 per cent through the BPE. Source Punch Read More 

More Businesses'll Die Under Current VAT Regime - ASBON - The Association of Small Business Owners of Nigeria has said that the recent increase in the rate of the Value Added Tax from five per cent to 7.5 per cent by the Federal Government will lead to many small businesses closing shop. Source Punch Read More 

China Posts Weakest Growth In 29 Years As Trade War Bites, But Ends 2019 On Firmer Note - China's economic growth slowed to its weakest in nearly 30 years in 2019 amid a bruising trade war with the United States and sputtering investment, and more stimulus steps are expected this year to help avert a sharper slowdown. Source Reuters Read More 

10 Critical Issues That Will Shape China-Africa Relations in 2020 - What was once a relatively straightforward geopolitical relationship fueled by a desire for resources and a need for investment is becoming much more multifaceted and vastly more complex. While China's appetite for African resources remains important, the reality is that much of what Africa has to sell can be easily, and often more affordably procured from other parts of the world. Source The China Africa Project Read More

 

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PROSHARE TECHNOLOGY  

FG Signs Mou With IBM To Bridge Digital Literacy Gap -  The Federal Government has signed a Memorandum of Understanding (MoU) with the International Business Machine, (IBM), to bridge the huge digital literacy gap in Nigeria. Source Guardian Read More


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PROSHARE FINANCE 

Northcourt's 2020 Nigeria Real Estate Market Outlook - Nigeria's economic growth in 2020 will depend on far sighted fiscal and monetary policies and prudent management of public debt, which currently stands at over N25Trn. Source Northcourt Read More

Investors Lobby Pfas As Pension Assets Hit N9.8tn - The total assets under the Contributory Pension Scheme rose to N9.8tn as of the end of November 2019. Latest figures released by the National Pension Commission on Thursday revealed that N7.08tn or 70.88 per cent of the assets had been invested in Federal Government's securities. Source Punch Read More 


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