Nigeria in 1min: Economic, Business and Financial Headlines – 190719

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Friday, July 19, 2019 / 06:30 AM / By News Aggregator / Header Image Credit: @followlasg

 

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PROSHARE ECONOMY

Tariff Hikes and Rising Customs Revenue - Amidst gross inefficiencies and dilapidated states of port infrastructure in Nigeria, the Nigerian Customs Service (NCS) have managed to sustain increase in duties collection in H1 2019. Source CSL Research Read More

SEC Publishes Registered Commodities Exchanges Warehouse Map - Warehouses and storage infrastructure are necessary for the commodity sector and commodities futures trading. These storage facilities are critical to the entire agro commodities value chain for reduction in post harvest losses, quality maintenance, year-round supply of commodity raw materials to end-users are an important building block for transparent transactions in commodity contracts. Source SEC Nigeria Read More

Clean Energy, Still Scratching The Surface - The industrial take-off required to support the much-needed economic diversification remains elusive. A principal reason is Nigeria’s structural deficit, in which the epileptic power supplies form a major part. Industry sources suggest that businesses suffer an average monthly power outage of 239 hours (equivalent to about two weeks). Source FBNQuest Research Read More

Average Fare Paid For Bus Journey Inter City Increased By 0.17% MoM to N1,606.92 in June 2019 – NBS - The Transport fare watch report for June 2019 covers the following categories namely bus journey within the city per drop constant route ; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger transport. Source NBS Read More

Average Price of 1kg of Tomatoes Decreased By -9.40% MoM to N226.07 in June 2019 – NBS - Selected food price watch data for June 2019 reflected that the average price of 1 dozen of Agric eggs medium size decreased year-on-year by -8.23% and increased month-on month by 6.55% to N495.32 in June 2019 from N464.87 in May 2019 while the average price of piece of Agric eggs medium size (price of one) decreased year-on-year by -5.01% and month-on-month by -8.20% to N39.30 in June 2019 from N42.82 in May 2019. Source NBS Read More


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Agric: US Invests $165m In Nigeria In Four Years - The United States on Thursday announced that it had invested about $165m (N50.56bn at the official exchange rate of N307 to one dollar) in the development of Nigeria’s agricultural sector in four years through its Feed the Future initiative. It also signed an agreement on the declaration of partnership with the Federal Government to begin a five-year agriculture programme known as Feed the Future Nigeria Country Plan. Source Punch Read More

Foreign Reserves Gain $53.641m In Two Weeks - The nation’s foreign reserves rose by $53.641m from $45.046bn on July 1 to $45.099bn as of July 15, the latest figures from the Central Bank of Nigeria have revealed. Records revealed that the reserves, which had suffered significant declines in the past, had been maintaining a steady rise of recent. Source Punch Read More

Buhari: Africa Loses $60bn Yearly to Illicit Financial Flows - African countries lose at least $60 billion annually due to illegal financial transactions, President Muhammadu Buhari said Thursday. He, however, tasked security agencies in Africa, particularly the intelligence community, to combat illicit financial flows, adding that development and stability of Africa have been undermined by the menance. Source Thisday Read More

 

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PROSHARE MARKETS 

Invest in FGN Monthly Bond Auction – July 2019 - The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications. Source DMO Read More

NASD OTC Holds 6th AGM, Records 300% Growth In Revenue for 2018 -  The National Association of Securities Dealers OTC Exchange Recorded a 300% rise in its revenue for its 2018 financial year. The rise in revenue increased to N30.77bn in 2018 from N4.36bn in the 2017 financial year. Source Proshare Read More 

Nigerian Stock Market Extends Losing Streak as NSEASI Closes Below 28,000bpts - Equities market closed today on a negative note, as NSEASI depreciated by 0.64% to close at 27,864.49 points as against 0.56% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.35%.  Source Proshare Read More 

Bond Yields Retrace Higher Following Q3 FGN Bond Calendar Release - In the FGN Bond market, spreads widened as bids pulled higher in response to the release of the FGN Bond Circular for the month, where the DMO indicated its intension to offer N145bn of the 5, 10 and 30yr bonds at an auction scheduled for the 24th of July. Source Zedcrest Capital Read More

 

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PROSHARE BUSINESS

India To Provide Credit Facilities To Nigeria, NNPC For Refineries’ Revamp, Others - The government of India, Thursday, offered to provide credit facilities to Nigeria and the Nigerian National Petroleum Corporation, NNPC, to finance the revamp construction and maintenance of the country’s refineries and other infrastructure development project. Source Vanguard Read More

FG To Sanction Oil Firms For Non-Submission Of Daily Output - The Federal Government, through the Department of Petroleum Resources, yesterday, said it will sanction any of the 48 crude oil producing companies in Nigeria that fails to submit its daily report on production and export to the National Production Monitoring System (NPMS) portal domiciled with the regulatory agency. Source Dailytrust Read More

Asia Stocks Firm As Fed Props Up Rate Cut Expectations - Asian stocks advanced on Friday after a top Federal Reserve official cemented expectations of a U.S. interest rate cut later this month, fuelling appetite for riskier assets and keeping a cap on the dollar.  Source Reuters Read More

Oil Prices Continue Lower Despite U.S. Downing of Iranian Drone - The downing of an Iranian drone in the Strait of Hormuz wasn’t enough to lift oil prices, which slid to the lowest in almost a month amid pessimism about the global economy. Source Bloomberg Read More 

 

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