Nigeria in 1min: Economic, Business and Financial Headlines - 030120

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Friday, January 3, 2020/ 06:45 AM / By News Aggregator / Header Image Credit: @akin_adesina

 

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PROSHARE ECONOMY 

Nigeria Needs Over N40trn Annual Capital Investments, To Achieve 6-8% Growth - Dr Andrew Nevin - As Nigeria seeks to reposition its economy and drive inclusive growth, the Chief Economist of the Price Water House Coopers (PwC) office in the country, Dr. Andrew Nevin, says an annual capital investment of N40trn is required to achieve bullish growth. Source WebTV Read More 

Nigeria Economic Outlook 2020: A Different Playing Field - Away from a synchronized growth story in 2018, global growth reverted to a synchronized slowdown in 2019, as growth in major Advanced Economies (AE) and Emerging Markets (EM) decelerated. Source United Capital Research Read More 

PMI Reading No 81: Well Above Water - Our manufacturing Purchasing Managers' Index (PMI), the first in Nigeria, picked up in December from 56.4 to 58.3. Our valued partner, NOI Polls, has gathered and compiled the data. The index is found in developed markets (such as the ISM's in the US), larger emerging markets such as China, India and Brazil, and a few frontiers. Source FBNQuest Research Read More 

Electricity Generation Falls By 561MW In 24 Hours - The nation's electricity generation declined by 560.6 megawatts on Thursday, worsening the blackouts experienced in parts of the country. Total generation from the 27 power plants on the national grid stood at 3,056MW as of 6am on Thursday, down from 3,617.5MW on Wednesday, according to data from the Nigeria Electricity System Operator. Source Punch Read More 

FG Spent N55.5bn To Subsidise Petrol In December 2019 - The Federal Government, through the Nigerian National Petroleum Corporation, NNPC, spent N55.58 billion to subsidise Premium Motor Spirit, PMS, also known as petrol, in December 2019. Source Vanguard Read More 

Dollar Recovers From Six-Month Low After Year-End Selloff - The dollar recovered from a six-month low to add 0.44% on Thursday, the first trading day of 2020, ending a four-day losing streak and a downbeat December that had left the index virtually flat at the end of 2019. Source Guardian Read More 

Potential Cuts By OPEC To Keep Oil Price Above Budget Benchmark - Though observers see the price of international oil benchmark Brent crude at anywhere between $59 to $70 per barrel for 2020, based on varying projections for supply, global demand and whether OPEC's latest production cut deal will see full compliance from member states, Nigeria is hopeful that oil prices will remain above $57 benchmark. Source Guardian Read More 

NECA Urges FG To Focus On ERGP Implementation - The Director General of the association, Timothy Olawale, said in a statement on Thursday, that the economy struggled with an average growth rate of two per cent in the first three quarters of 2019, while inflation was still in double-digit, orchestrated mainly by increasing food inflation as a result of the closure of land borders. Source Thisday Read More

 

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PROSHARE MARKETS 

MTNN Notifies of Regulatory Approval to Redeem Convertible Redeemable Cumulative Preference Shares - MTN Nigeria PLC is pleased to confirm that its Bankers have received Regulatory Approvals for MTN Nigeria PLC to redeem all 402,590,263 Preference Shares of US$0.005 at a price of $0.9925579 per share. Source Read More 

Stock Market Opens Year 2020 Positive As NSEASI Inches Up By 0.10% - Equities market closed today on a positive note, as NSEASI appreciated by +0.10% to close at 26,867.79 points as against +0.87% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +0.10%.  Source Proshare Markets Read More 

 

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PROSHARE BUSINESS 

Nigeria Corporate Governance Code 2020: Ethics, Sustainability Crucial For Companies - Tosin Ajose - As the revised Nigerian Corporate Governance Code takes effect in 2020, Ethics and Sustainability will be critical areas for companies to give priority. Lead Advisor for Deal HQ Solicitors, Tosin Ajose, noted this at the Roundtable 1.0, which discussed "Building Sustainable Enterprises Through Adaptive Corporate Governance Practices". Source WebTV Read More 

Lagos-Ibadan Railway Construction Moving Ahead Of Schedule - NRC - The Nigerian Railway Corporation on Thursday said construction work on the over $1.5bn Lagos-Ibadan railway project was moving ahead of the scheduled time for its completion.It also stated that concerns in some quarters that funding might have slowed work on the project were not necessary, as funds meant for the construction of the railway were available. Source Punch Read More 

Accountant General Queried Over Non-Disclosure Of N57bn FG Grants - The Accountant General of the Federation, Alhaji Ahmed Idris, has been queried by the Auditor-General for the Federation, Mr. Anthony Ayine, over his failure to disclose details of N57.62bn Federal Government grants and contributions given in 2017. Source Punch Read More 

Oil Price Rises, Nigeria Faces Crude Production Decline - The international oil benchmark, Brent crude, rose slightly on Thursday on the back of improving trade relations between the United States and China as well as rising tensions in the Middle East. Brent, against which Nigeria's oil is priced, gained 30 cents to trade at $66.30 per barrel as of 5.40pm Nigeria's time. Source Punch Read More 

Asian Shares Stumble, Oil Surges After U.S. Air Strikes In Iraq - Asian shares fell on Friday, erasing early gains, while oil prices spiked after U.S. air strikes in Iraq killed a top Iranian commander, heightening geopolitical tensions. Source Reuters Read More 

U.S. Oil Deals Hit Five-Year High In 2019 On Occidental's Blockbuster Anadarko Buy - The value of U.S. oil and gas mergers and acquisitions reached a five-year peak of $96 billion in 2019 on the back of competing bids for Anadarko Petroleum, energy data provider Enverus said on Thursday. Source Reuters Read More

 

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PROSHARE TECHNOLOGY   

Subscribers Leaving Mobile Service Providers Rise By 216% - The number of subscribers leaving their mobile telecommunications service providers for other mobile networks increased by 216.09 per cent within a year period, investigation has shown. The industry recorded a total of 20, 476 incoming porting activities in October 2019, compared to 6,478 in October 2018, data obtained from the Nigerian Communications Commission have shown. Source Punch Read More 

 

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PROSHARE FINANCE 

The 2020 Nigeria Real Estate Market Outlook Breakfast and Networking Sessions - Starting with a background of the real estate market's performance in 2019, The Nigeria Real Estate Outlook breakfast and networking session will discuss Nigeria's economic and real estate prospects for 2020. Source Northcourt Read More 

 

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