Nigeria in 1min: Economic, Business and Financial Headlines – 190918


Wednesday, September 19, 2018 / 7:00 AM / Proshare News


40% Of World’s Poorest To Live In Nigeria, Congo By 2050 - While one billion people have lifted themselves out of poverty over the past 20 years, rapid population growth in the poorest countries, particularly in Africa, where Nigeria and the Democratic Republic of the Congo (DRC) are likely to have the highest concentration of the poorest by 2050. Source Leadership Read More 

Economy must grow above 3% for citizens to enjoy – Udoma - The Minister of Budget and National Planning, Senator Udo Udoma, on Tuesday said that the Nigerian economy must record a growth rate of at least three per cent for the people to significantly enjoy the benefits associated with economic growth. Source Punch Read More 

CBN, BPE sign sale of 12.69bn FG shares in Minting Company - THE Central Bank of Nigeria, CBN, and the Bureau of Public Enterprises, BPE, Tuesday formally signed the instrument for the sale of 21 percent of the federal government’s interest in the Nigeria Security Printing and Minting Company, NSPMC. Source Vanguard Read More 

Trade volume from China port reaches $2.65bn in 2017 - The Deputy Director, Guangzhou Port Authority in China, Yuan Yue yesterday said that trade volume between the port and Nigeria stands are $2.6 billion in 2017. Source Leadership Read More 

Afreximbank Closes $150m Club Facility - The African Export-Import Bank (Afreximbank) says it has closed a Korea-focused $150 million club facility which has Shinhan Bank as coordinator and lender. Source Leadership Read More 

AfDB gets $1bn for infrastructure investment - The African Development Bank, along with some partners across the globe, has announced the securing of $1bn to enable investment in infrastructure development across the African continent, including Nigeria. Source Punch Read More 

Tin Can 11 Command declared N1.020bn in August - The Tin Can 11 Command of the Nigeria Customs Service, NCS, has declared a total revenue collection of N1,020 billion for the month of August, 2018 despite business degradation, which  indicated it recorded 71.3% of the total monthly target. Source Vanguard Read More

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NSEASI Inches Up by 0.56% to Resume Uptrend; Erases Previous Day Loss - Equities market closed today on a positive note, as NSEASI appreciated by +0.56% to close at 32,381.00 basis points as against -0.39% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.33%. Source Proshare Read More 

NSE Penalties - Insurance Companies Take The Biggest Hits - Insurance companies dominated the list of 2018 default filing as stated in the latest NSE X-Compliance Report last updated on August 24, 2018. Source Proshare Read More   

CBN injects $210m into forex market - The Central Bank of Nigeria has again intervened in the inter-bank foreign exchange market to the tune of $210m. Source Punch Read More 

Bond Yields Weaken Following Renewed Local Supply on the Long End - The bond market remained largely order driven, with yields weakening by c.2bps on average, following slight sell on the longer end of the curve. Source Proshare Read More 

The Makings Of A 2020 Recession And Financial Crisis - Although the global economy has been undergoing a sustained period of synchronized growth, it will inevitably lose steam as unsustainable fiscal policies in the US start to phase out. Come 2020, the stage will be set for another downturn – and, unlike in 2008, governments will lack the policy tools to manage it. Source Proshare Read More 

United Kingdom Article IV Meeting: IMF Issues Weak Productivity Growth Warning - Being opening remarks yesterday by Christine Lagarde, IMF Managing Director at the United Kingdom Article IV Press Conference. Source Proshare Read More 

China Retaliates With Tariffs On $60 billion Of U.S. Goods - China on Tuesday announced a tariff hike on $60 billion of U.S. products in response to President Donald Trump’s latest duty increase in a dispute over Beijing’s technology policy. Source Proshare Read More

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16 African Banks Sign The China-Africa Inter Bank Association Establishment Agreement - About 16 African banks including RAWBANK, the first banking institution in the Democratic Republic of Congo (DRC), and China Development Bank (CDB) signed an agreement for the establishment of the China-Africa Inter Bank Association in Beijing (CAIBA). Source Proshare Read More 

Stakeholders explore the Role of IST in Nigerian Capital Market Dispute Resolution - The role of the Investments and Securities Tribunal in Nigerian Capital Market Dispute resolution, came to the fore at  the just concluded  two-day workshop organized for legal practitioners and market stakeholders in Lagos and the South-West region of the country. Source Proshare Read More 

24th NESG Summit to focus on making Governance and Institutions work - The Minister of Budget and National Planning, Senator Udoma Udo Udoma who briefed media professionals in Abuja on Tuesday, on plans for the 24th edition of the Summit, announced that this year’s theme is “Poverty to Prosperity: Making Governance and Institutions to work”. Source Proshare Read More 

JPMorgan Faces $6 Million Bribe Allegation From Libyan Oil Fund - The Libyan Investment Authority sued JPMorgan Chase & Co. in London, saying the lender paid more than $6 million in bribes to secure a $200 million bond deal. Source Bloomberg Read More 

Global Economy to Witness a Major Reset, Emirates President Says - U.S. President Donald Trump’s trade battles and the accumulation of global debt to pre-financial crisis levels are among factors that will drive a major reset of the world economy in the next two to three years, according to the head of the world’s biggest long-haul airline. Source Bloomberg Read More 

Saudi Arabia Is Comfortable With Brent Oil Above $80 - Saudi Arabia is now comfortable with Brent oil prices rising above $80 a barrel, at least in the short term, as the global market adjusts to the loss of Iranian supply from U.S. sanctions, according to people familiar with the kingdom’s view. Source Bloomberg Read More 

Gold firms slightly as dollar loses its safe-haven shine - Gold prices inched higher on Tuesday as the dollar eased following news that China would retaliate against a new round of U.S. tariffs on its goods. Source Reuters Read More 

Oil prices steady as concerns about producer output outweigh U.S. stockpile gain -  Oil prices were steady on Wednesday as concerns that producers will not be able to respond to a shortfall in supply once U.S. sanctions on Iran are enacted outweighed a gain in stockpiles in the United States, the world’s biggest oil user. Source Reuters Read More

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Danbatta: $100m Debts Delay Takeover of 9mobile - Fresh facts have emerged on why the sale of 9mobile still lingers despite the declaration of Teleology Holdings Limited as the preferred bidder by Barclays Africa, the financial adviser handling the sale.Source Thisday Read More

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IOSCO Guidance Addresses Conflicts of Interest and Conduct Risks in Equity Capital Raising - The Board of the International Organization of Securities Commissions (IOSCO) today published guidance to help its members address conflicts of interest and associated misconduct risks that may arise and undermine the equity capital raising process. Source Proshare Read More 



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