Nigeria in 1min: Economic, Business and Financial Headlines - 010120

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Wednesday, January 1, 2020 / 7:00 AM / By News Aggregator / Header Image Credit: EcoGraphics

 

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PROSHARE ECONOMY 

Inflationary Pressure, Impacting Wallets - Over the past eight quarters Nigeria's economy has been on an upward trajectory with regards to GDP growth. However, the growth rate is still below underlying population expansion.  Source FBNQuest Research Read More  

Is a Negative Fitch Outlook a Kiss of Death? - Fitch, a global credit rating agency, has revised downwards its economic outlook for Nigeria from stable to negative. This comes less than 2 weeks after Moody's reduced Nigeria's outlook to negative. The downward revision reflects the country's increasing vulnerability to domestic and external headwinds and foreign investors' growing wariness of the Nigerian economy.  Source FDC Ltd Read More 

4.48m Passengers Passed Through Nigerian Airports in Q2 2019 - NBS - The total number of passengers who passed through Nigerian airports reached 4,002,528 in the first quarter of 2019, a 3.87% year-on-year growth from the same quarter of 2018; and 4,485,170 in the second quarter of 2019, a year-on-year growth of 6.82% from the same quarter in 2018. Source NBS Read More 

Oil Enters 2020 With Bullish Trend - Oil closes out 2019 on a bullish note, pushed higher by renewed economic optimism, the OPEC+ cuts and a thawing U.S.-China trading relationship. "Prices ended the year with optimism close to 70$ /bbl for Brent and we expect them to stay supported through Q1," OilX chief executive Florian Thaler told Oilprice. Source Oilprice Read More 

Foreign Reserves Drop By $4.45bn In One Year - Nigeria's foreign reserves, which stood at $43.07bn as of the beginning of January 2019, fell by $4.45bn to $38.619bn as of the end of December, 2019. The reserves, which had been recording a downward trend dropped from $39.8bn on November 11 to $39.24bn on December 13, latest figures from the Central Bank of Nigeria have revealed. Source Punch Read More 

Bankers' Institute Canvasses for Repair of Dilapidated Lagos Roads - The Chartered Institute of Bankers of Nigeria (CIBN) has called for the repair of dilapidated roads in Lagos State, especially in Victoria Island and its environs. The President, CIBN, Dr Uche Olowu, made the call when he was received by the Governor of Lagos State, Mr. Babajide Sanwo-Olu. Source Thisday Read More 

Nigerians' Incomes Will Shrink In 2020 - Rewane - The disposable incomes of Nigerian consumers will be squeezed by the proposed increase of Value Added Tax and electricity tariff this year, an economic and financial expert, Mr Bismarck Rewane, has said. Rewane, who is the Managing Director/Chief Executive Officer of Financial Derivatives Company Limited, said the VAT hike (from five per cent to 7.5 per cent) would lead to higher commodity prices. Source Punch Read More 

 

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PROSHARE MARKETS 

The Implication of DANGCEM Share Buy Back - Dangote Cement PLC (DANGCEM) recently published a corporate action which stipulates that the company will hold an Extraordinary General Meeting (EGM) on the 22nd day of January, 2020 at Zinna hall, Eko Hotels & Suites, to deliberate and seek shareholders approval on its proposed shares buy back programme and other pending issues.  Source Greenwich Read More 

Equities Market Closes Year 2019 Negative As NSEASI Dips By -14.60% YTD - Equities market closed today on a positive note, as NSEASI appreciated by +0.87% to close at 26,842.07 points as against +0.73% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.60%. Source Proshare Markets Read More 

NSE Lifts Suspension Placed on Trading in the Shares of Omatek Ventures Plc - We refer to our Market Bulletin dated 5 July 2017, with Reference Number: NSE/LARD/LRD/MB02/05/07/17 wherein we notified Dealing Members of the suspension of seventeen (17) listed companies for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing. Source Read More 

 

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PROSHARE BUSINESS 

NBCC Partners with the Federal Ministry of Industry, Trade & Investment to Establish a Nigeria Trade Centre in London - The Honourable Minister of Industry, Trade & Investment, Otunba Niyi Adebayo, recently hosted delegates from the Nigerian-British Chamber of Commerce (NBCC) led by the President of its Council, Mr Kayode Falowo. Mr. Falowo shared the NBCC's plans to establish a Nigeria Trade Centre in London, United Kingdom.  Source Read More 

New Guide To Bank Charges Takes Off Today - Today marks the take-off point for a new regime of banking charges against customers for services rendered, but there is general apathy trailing expectations of compliance by the financial institutions. Source Guardian Read More 

Trump Says U.S.-China Trade Deal Will Be Signed On January 15 - U.S. President Donald Trump said on Tuesday that Phase 1 of trade deal with China would be signed on Jan. 15 at the White House, though considerable confusion remains about the details of the agreement. Source Reuters Read More

Africa's Wealthiest Man Ends The Year $4.3 Billion Better Off - Aliko Dangote, Africa's richest man, became $4.3 billion richer in 2019 as his fortune continued to grow on the back of investments in cement, flour and sugar. Source Bloomberg Read More


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PROSHARE FINANCE

NAICOM Issues Update on Recapitalization Plan; Extends Deadline To December 31, 2020 - The Commission has reviewed the Recapitalisation plans submitted by operators and various levels of compliance observed.  Source NAICOM Read More

 

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