Nigeria in 1min: Economic, Business and Financial Headlines - 080120

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Wednesday, January 8, 2020 / 7:00 AM / By News Aggregator / Header Image Credit: @NigeriaGov

 

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PROSHARE ECONOMY  

Nigeria in 2020: Awakening the Sleeping Giant - The International Monetary Fund (IMF), in its most recent economic report, forecasted a 3.0% economic growth for the world in the year 2019, a downgrade from 3.2% in its previous report. Source WSTC Securities Read More 

Major Tax Events That Shaped 2019 and What To Expect In 2020 - Each time you blinked in 2019, something happened in the tax space, some positive, some not so positive while others were completely outrageous. Like the proverbial blind men trying to describe an elephant based on the different parts of the elephant's body they touched, their individual story Is likely to be true but incomplete and perhaps misleading. Source Taiwo Oyedele, PwC Nigeria Read More 

Nigeria Must Sustain Energy Mix Strategy In 2020 - Segun Adaju - As the year 2020 begins to take shape, WebTV recently interviewed the President of the Renewable Energy Association of Nigeria, Mr. Segun Adaju, on his outlook for the power and energy sector in the year 2020. Source  WebTV Read More 

US vs Iran: Broad Implications for Nigeria - Last week, the United States of America claimed responsibility for the assassination of a senior Iranian general, Qassem Soleimani, warning Iran not to retailiate. However, Iran has vowed to retaliate the death of one of its most respected generals. Source CSL Research Read More 

Gold Nears Seven-Year High - It stated that investors moved into assets seen as havens on Monday as they awaited any Iranian response to the US killing of a senior Iranian commander, sending the Japanese yen higher and extending a sell-off in global stock markets. Gold rose as much as 2.3 per cent to $1,580 a troy ounce, its highest level since April 2013, before trimming those gains to trade 1.4 per cent higher. Source Punch Read More 

Lagos Targets N73.8b Monthly IGR To Finance 2020 Budget - Lagos State government has said that it is targeting about N73.86 billion monthly Internally-Generated Revenue (IGR) to finance its 2020 N1.169 trillion budget. The state's Commissioner for Economic Planning and Budget, Mr. Sam Egube, flanked by other commissioners, including that of Information and Strategy, Mr. Gbenga Omotosho, who stated this while providing detailed analysis of the 2020 budget, said the state government's projected IGR for 2020 is N886.041 billion. Source Guardian Read More 

Foreign Reserves Drop To Two-Year Low At $39.84b - The foreign exchange reserves have hit two-year low at $39.84 billion, an Economic Report by Financial Derivatives Company Limited, has shown. The report also said that quarterly oil revenue could hit $15 billion at the new oil price of $68 to $69 per barrel as the market awaits Iran response to the killing of its military commander, Qassem Soleimani. Source TheNation Read More 

Workers Hail Federal Government's Payment Of New Minimum Wage Arrears  -  The government workers expressed excitement that the arrears came at the time they needed it most, as it added colour to their Yuletide celebrations, with more money in their pockets to feast with. Source Guardian Read More 

AfDB Approves $20m For Nigeria, Others - The board of directors of the African Development Bank has approved a $20m investment in the Metier Sustainable Capital International Fund II. The fund channels resources to renewable energy and resource-efficient infrastructure projects in Nigeria and other Sub-Saharan African countries. Source Punch Read More

 

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PROSHARE MARKETS 

Investors Gain N117.66bn; NSEASI Firms Up By 0.90% As The Bulls Continue To Dominate The Bourse - Equities market closed today on a positive note, as NSEASI appreciated by +0.90% to close at 27,586.93 points as against +1.38% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +2.77%.  Source Proshare Markets Read More

Global Wildfire Risk Illustrates ESG Factor Relevance for Credit - Recent catastrophic wildfires in Australia and the US state of California underscore the importance of environmental considerations when evaluating the credit quality of utilities globally, says Fitch Ratings. Source FDC Read More 

FX, Still On The FGN's Front Burner - Nigeria's fx market remains firmly placed on the FGN's front burner. The country's heavy appetite for imports and other fx related requirements makes it susceptible to movements in the fx market. Source FBNQuest Research Read More

Man Who Called Dow 20,000 Says One Of The Biggest Stock-Market Dangers In 2020 Is 'People Could Be Throwing Risk To The Wind' - That is Jeremy Siegel, professor of finance at the University of Pennsylvania's Wharton School of Business, expressing what he perceives as one of the biggest market risks in 2020, in an interview with Barron's Group's Market Brief, which aired on Monday. Source Marketwatch Read More

 

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PROSHARE BUSINESS 

South Africa's Investment Summit Secures $25bn of Fresh Funding - A second investment summit convened by the president, Cyril Ramaphosa, on December 5th-7th, attended by 1,500 delegates, secured new investment pledges of about R370bn ($25bn). This is roughly 25% higher than what was committed at a first summit in October 2018. Source FDC Read More 

Is Africa Open for Business? - The October releases of Doing Business 2020 from the World Bank and the Global Competitiveness Report 2019 from the World Economic Forum (WEF) offer a fresh chance to assess the relative standing of Sub-Saharan Africa (SSA). Source FDC Read More 

Kenya to Refinance Debt with Cheaper Options - The East African nation wants to avoid raising more debt from overseas capital markets, after a borrowing binge in recent years including Eurobond offerings, a package of Chinese loans and syndicated commercial loans. Source Thisday Read More 

Oil Gains Trimmed As Tensions On Iran Strike Recede - Oil markets calmed after on Wednesday after prices had jumped to their highest in months in the wake of a rocket attack by Iran on American forces in Iraq that raised the specter of a spiraling conflict and disrupted crude supplies. Source Reuters Read More

 

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PROSHARE TECHNOLOGY   

Africans Face Most Expensive Internet Charges In The World - Consumers in African countries are paying some of the highest rates in the world for internet access as a proportion of income, according to a new report released in late October. Source FDC Read More

 

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PROSHARE FINANCE 

Nigeria Has a New International Airport in Asaba - The capital of Delta state in Nigeria is once again ready to receive international flights after getting approval from the federal government. The Nigerian Minister of Aviation, Hadi Sirika, stated that the airport had met government requirements and that the government wanted no further delays in the commencement of flights. Source FDC Read More 

Financing Nigeria's Infrastructure Deficit: Opportunities In The Finance Market - Toyin Sanni - With Nigeria's need to invest in infrastructure to unlock the economy and create more jobs, the prospects for increasing financing through alternative sources came to the fore at a recent Islamic Finance forum in Lagos. Source WebTV Read More

 

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