Nigeria in 1min: Economic, Business and Financial Headlines – 230419


Tuesday, April 23, 2019 / 7:00 AM / By News Aggregator / Header Image Credit: @FMPRng


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Oil Price Hits Six-Month High Of $74 - The international oil benchmark, Brent crude, surged on Monday to its highest level since late October 2018 after the United States President, Donald Trump, announced the decision to end waivers that allowed some countries to buy crude oil from Iran without facing US sanctions. Source Punch Read More

World Bank Loan Portfolio In Nigeria Now $8.67bn - Loans from the International Development Association, one of the three arms of the World Bank, make up $8.55bn of the portfolio. Loans from the International Bank for Reconstruction and Development, another arm of the Breton Woods institution, make up $124.18m of the portfolio. Source Punch Read More

FIRS, CBN To Track VAT Paid By Foreign Entities - The Federal Inland Revenue Service is seeking the support of the Central Bank of Nigeria to track payment of Value Added Tax made electronically by foreign entities that are not registered in Nigeria. The agency said this in a document detailing its strategic revenue growth initiatives for 2019 to 2021 which was submitted to the National Assembly. Source Punch Read More


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Proshare Creates “Dangote Index” and “Elumelu Index”; Monitors Large Cap Equity Value Movements - Nigeria’s stock market trading platforms have over the years evolved with standard market Indexes showing overall market and sectorial movements, however, to add a fresh perspective to market monitoring, Proshare has created two new Indexes, the “Dangote Index” and the “Elumelu Index” (“Gote” and “Tony”) to track major market action of stocks within a common core share ownership grouping. Source Proshare Read More 


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Investing Under IFRS 9 Regime: Why Credit Ratings Matter For Asset Managers - The global financial system will remain vulnerable to human exuberance, a challenge in behavioural finance that seems to be a natural part of investing. It is this phenomenon that underpins many of the regulations and risk management practices in the world of asset management. Source UBA Read More 

Telecom Operators Record 14,639 Porting Activities In February — NCC - The NCC made this known in its “Incoming and Outgoing Porting Activities of Mobile Network Operators’ Report’’ on its website. Source Dailytrust Read More

CBN’s Efforts To Revive The Textile Industry - Interventions of the Central Bank of Nigeria (CBN) aimed at pulling the nation’s textile and garment industry out of the strings of neglect and misfortune appears overambitious; but it will pay off if the relevant stakeholders in both private and public sectors cooperate with the ongoing policy thrust aimed at breathing life into the sector. Source Leadership Read More

Daily Gas Supply To Power Plants Hits 300m Scf –NNPC - Group managing director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has stated that NNPC was responsible for 75 per cent of gas supply to power plant in the country to the tune of over 300 million standard cubic feet (Scf) of gas per day. Source Leadership Read More

China's Belt and Road Is Getting a Reboot to Clean Up Its Image - Chinese President Xi Jinping’s grand Belt and Road Initiative is getting a makeover to tone down government rhetoric and tighten oversight, after allegations of corruption and a lack of sustainability dogged some of its highest-profile projects. Source Bloomberg Read More


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40% African Bank Customer Embrace E-Payment, Says Report - In four of the continent’s major banking markets, the share of customers who prefer digital channels is significantly higher than the share preferring the branch channel, according to a 2018 report by McKinsey & Company on Growth and innovation in African retail banking. Source TheNation Read More

Visa Urges More Investment In Cybersecurity - American multinational financial services corporation, Visa Inc., has  urged financial institutions to continue investing in cybersecurity tools. Visa facilitates electronic funds transfers through its branded credit cards, gift cards, and debit cards. Source TheNation Read More


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