Nigeria in 1min: Economic, Business and Financial Headlines - 020120

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Thursday, January 2, 2020 / 7:00 AM / By News Aggregator / Header Image Credit: Getty Image

 

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PROSHARE ECONOMY 

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 

Nigeria's Ranking In Global Retail Index Drops - Nigeria's ranking in the global retail development index dropped in 2019. A report by global research firm, AT Kearney, showed that the country moved three steps downward from the 27th position recorded in 2017 to 30th position in 2019. Source Punch Read More 

US Oil Imports From OPEC Hit 35-Year Low - The United States' imports of crude oil from Nigeria and other members of the Organisation of Petroleum Exporting Countries fell below 1.2 million barrels per day, the lowest since February 1985, according to the US Energy Information Administration. Source Punch Read More

Don't Rush To Adopt ECOWAS Currency, Experts Tell FG - Some finance and economic experts have called on the Federal Government not to rush into joining the West Africa single currency arrangement that would make Nigeria to adopt the "Eco" as its official currency instead of the naira. Source Punch Read More

 

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NSE Reveals Results of Full Year 2019 Review of Market Indices - The Nigerian Stock Exchange (NSE), the premier sustainable exchange servicing Africa's largest economy, has announced the results of its annual full year market index review for the following indices. Source NSE Read More 

 

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PROSHARE BUSINESS 

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

Nigeria's Diaspora Remittances Hit $25 Billion - The Federal Government on Tuesday said Nigerians in the Diaspora remitted approximately $25 billion into the national economy last year. The Chairman and Chief Executive Officer (CEO), Nigerian Diaspora Commission, Hon. Abike Dabiri-Erewa, who spoke with State House Correspondents in Abuja also said Commission has started engaging the National Assembly to see to the possibility of Nigerians abroad participating in the country's future elections. Source TheNation Read More 

Body Of World Chambers Appoints Nigeria To Council - The WCF is a global network of 12,000 Chambers of Commerce drawn from over 100 countries with headquarters in Paris, France. WCF works to enhance chamber capacity globally to foster private sector development and has developed strong ties with a range of multilateral organisations, including the World Bank, the United Nations Development Programme and regional development banks. Source Guardian Read More 


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Anxiety As Govt Concludes Review Of DisCos Performance - The Federal Government has  finalised the review of the 10 out of the 11 electricity distribution companies (DisCos) in the country. Precisely, last Tuesday, the government ended the review of the activities of the firms, which it started months ago. By this, the government has celebrated the Fifth Anniversary of the Performance Agreements (PAs), which it signed with the firms. Source TheNation Read More 

Oil Climbs On U.S.-China Trade Optimism, Middle East Tensions - Oil prices rose on the first trading day of 2020 as warming trade relations between the United States and China eased demand concerns, and rising tensions in the Middle East raised worries about supply. Source Reuters Read More

 

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PROSHARE TECHNOLOGY   

How Nigerian MFBs Use Digital Strategies To Deepen Financial Inclusion - As Digital technology continues to shape the fourth industrial revolution (4IR), local Nigerian microfinance institutions have identified opportunities to scale up their operations. Source WebTV Read More 

Google To Train 200,000 Nigerian Developers - Leading Global Technology Company Google is set from this year to train 200,000 Nigerian developers to enhance their digital technology skills. Source WebTV Read More

 

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PROSHARE FINANCE

Reprieve For Lagos Residents As Lagos Lawmakers Amends Land Use Charge Law 2018 - Members of the Lagos State House of Assembly have amended the Land Use Charge Law, 2018 and for connected purposes. Source LSHA Read More

 

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