Nigeria in 1min: Economic, Business and Financial Headlines - 160120

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Thursday, January 16, 2019 / 06:45 AM / By News Aggregator/ Header Image Credit: @NigeriaGov

 

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PROSHARE ECONOMY 

New VAT Rate: Knock On Effect On New VAT Rate Likely To Drive Up Inflation - The new VAT rate of 7.5% (old rate: 5%) is to kick in immediately. The knock on effect on consumer prices is likely to drive up inflation from the estimated rate of 12% in December to 13% in January. Source FDC Read More 

Fitch Revises Outlook on UBA Subsidiaries to Negative on Parent Action - Fitch Ratings has revised the Outlook on United Bank for Africa Cameroon S.A. (UBA Cameroon), United Bank for Africa (Ghana) Limited (UBA Ghana) and United Bank for Africa Senegal SA (UBA Senegal) to Negative from Stable. Source Fitch Ratings Read More 

Will the FG Tax Reforms Support Revenues in 2020? - Following the Presidential assent to the finance bill, the Minister of Finance, Zainab Ahmed, disclosed that the new tax reforms as contained in the finance bill will help the Federal Government (FG) achieve its 2020 revenue estimate of N8.16tn. Source CSL Research Read More 

NSR H1 2020 (5) - EM Portfolio Flows - Happy Days Ahead for EM Foreign Portfolio Flows - After strong performance (+10.6%) in the first half of the year, emerging markets equities had a difficult third quarter (-5.1%) and rallied in the fourth quarter (+11.4%). The third quarter slump was largely driven by heightening trade tension between US and China over the period. Source ARM Research Read More

Petrol Subsidy Averages N45.87/Litre As Oil Prices Fall - According to figures from the Petroleum Products Pricing Regulatory Agency, the Federal Government through the Nigerian National Petroleum Corporation spent an average of N45.87/litre as subsidy in the first 10 days of 2020. Source Punch Read More 

Nigeria's Daily Oil Production Plunges To 1.57m Barrels - Nigeria's crude oil production fell to a record low of 1.57 million barrels per day last month, the Organisation of Petroleum Exporting Countries has said. The producer group said in its monthly oil market report published on Wednesday that the country's oil output stood at 1.66 million bpd in November, based on direct communication. Source Punch Read More 

OPEC Expects Lower Demand For Its Oil, With U.S. Set To Hit New Output Record - OPEC expects lower demand for its crude oil in 2020 even as global demand rises, it said on Wednesday, as rival producers grab market share and the United States looks set for another output record. Source Vanguard Read More 

FG Implements Finance Act, Charges 7.5% VAT On Transactions - The Federal Government has begun the implementation of some aspects of the Finance Act with the imposition of 7.5 per cent Value Added Tax on government transactions. The Accountant-General of the Federation, Alhaji Ahmed Idris, confirmed the development in an interview with journalists on Wednesday in Abuja. Source Punch Read More

 

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PROSHARE MARKETS 

NSE Publishes Security Lending Report for Jan 10th, 2020; MTNN, DANGCEM Available To Be Lent - The Nigerian Stock Exchange's Securities Lending and Borrowing Report is prepared on a weekly basis, with data collected from the market's Securities Lending Agents. Source NSE Read More 

NSEASI Dips Further By -0.75% As Market Sentiment Remains Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.75% to close at 29,062.50 points as against -1.18% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +8.27%. Source Proshare Markets Read More 

SEC Partners ICPC To Curb Corrupt Market Practices - The Securities and Exchange Commission (SEC) and the Independent Corrupt Practices and other Related Offences Commission (ICPC) have agreed to collaborate in combating crime in the Nigerian capital market. Source SEC Nigeria Read More 

 

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PROSHARE BUSINESS 

Proshare Subscribes To Business Action Against Corruption; Appoints Chief Compliance Officer - In fulfillment of its commitment to effective corporate governance and integrity Proshare in December 2019 subscribed to the Business Action Against Corruption (BAAC) - a collective action platform which uses member thematic groups to identify and address key problems and intervene in policy issues that affect members businesses; while focusing on improving corporate governance and reducing corruption in the Nigerian business environment. Source Proshare Read More 

Buhari Leads Nigerian Delegation to UK-Africa Investment Summit -  President Muhammadu Buhari is expected to lead the Nigerian delegate to the UK-Africa Investment Summit, holding in London next week Monday.The summit will bring together British and African businesses to harness the huge potential of the continent when it comes to trade - including through infrastructure, agriculture, enterprise and technology. Source Thisday Read More


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PROSHARE FINANCE 

2020 Islamic Finance Outlook; Most Likely Strong Growth in Infrastructure - Dr. Aliyu Dahiru - WebTV recently interviewed Dr. Aliyu Dahiru, the Deputy Director, Training and Linkages, the International Islamic Banking and Finance Institute, Bayero University Kano, and was requested to give his perspectives on what will shape developments in the Islamic Finance market for the year 2020. Source WebTV Read More

 

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PROSHARE MSME 

Africa and The Entrepreneurship Hype - Tope Fasua - Ali Mufuruki advised that African countries not confuse hype with reality, and hope, with achievement. That was when he spoke at the TEDxEuston event in 2014.  He also described a Tanzanian story where a certain explorer named John Williamson happened on some locals playing a board game with diamonds,  Source Tope Fasua Read More 

 

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