Nigeria in 1min: Economic, Business and Financial Headlines – 270519


Monday, May 27, 2019 / 06:30 AM / By News Aggregator / Header Image Credit: @NGRPresident


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Moody's Downgrades Zambia's Ratings to Caa2, Outlook Changed to Negative - Moody's Investors Service ("Moody's") has today downgraded the Government of Zambia's long-term issuer ratings to Caa2 from Caa1 and changed the outlook to negative from stable. Source  Moody’s Investors Service Read More

4.87bn Litres of PMS Imported in Q1 2019 - NBS - The petroleum products importation statistics for Q1 2019 reflected that 4.87 bln litres of premium motor spirit (PMS), 1.21 bln litres of automotive gas oil (AGO), 103.05 mln litres of dual purpose kerosene (DPK). Source NBS Read More

FIRS Recommends A 63-Day Timeline For Completion Of Tax Audit Exercises - The Federal Inland Revenue Service (FIRS), on 30 April 2019, notified the public that it has introduced new measures to simplify and ease tax audit experience for all taxpayers. Source Deloitte Nigeria Read More

Decline in India Export to Push Sugar Prices Up - Nigeria’s major export, oil, has fallen sharply below the $70 threshold to $68.46pb with significant implications on government revenue, external reserves and the value of the naira. However, it is still 14.1% above the budget benchmark ($60pb). Source FDC Ltd Read More

The Silver Lining Of An Oil Price Crash – OIR 240519 - Oil rebounded on Friday but it was not enough to erase the roughly 7 percent meltdown seen on Thursday. The trade war is starting to become a top concern to global equity and commodity markets. As of mid-day, WTI was trading above $58 per barrel and Brent moved above $67, somewhat mitigating what has otherwise been a dismal week.  Source Oilprice Read More

Weekly Economic and Financial Commentary – WE 24th May, 2019 - The Nigerian Bourse closed positive for the second consecutive week with the NSE ASI appreciating 6.96% WoW to close at 30,881.29 points and market capitalization gaining N885 billion. The bullish sentiment was spurred by the two largest stocks in the Exchange – MTNN (+28.56% WoW) and DANGCEM (+13.64% WoW). Source ARM Read More

Buhari Signs 2019 Budget Today - Barring any last-minute change in plans, President Muhammadu Buhari will on Monday (today) give his assent to the 2019 appropriation bill. The assent of the President will officially make the bill become law and signal the commencement of the 2019 fiscal budget. Source Punch Read More

MAN blames 2019 elections for declining Q1 GDP growth - The Manufacturers Association of Nigeria has blamed the declining first quarter growth in the Gross Domestic Product on the 2019 elections. The National Bureau of Statistics in its first quarter GDP report had stated that on quarter to quarter comparison, the performance of the economy declined by 0.37 points when compared with 2.38 per cent recorded in the fourth quarter of 2018. Source Punch Read More

FG Records N2.22tn Independent Revenue Shortfall In Four Years - Between January 2015 and December 2018, the Federal Government recorded a shortfall of N2.22tn in independent revenue from its agencies captured under the Fiscal Responsibility Act. The Act stipulates that any government agency that generates revenue must remit 80 per cent of its operating surplus to the Consolidated Revenue Fund account. Source Punch Read More


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MTN Listing: Price Momentum Breaks on Rise In Traded Stocks; Proshare Writes Memo to Market - As the NSE All Shares Index (ASI) responded to six consecutive days of MTN share price increases, upon listing by way of introduction, Proshares Nigeria was compelled by the balance of evidence to write a 57 Page Memo  to the Market to provide clarity above the noise of adversarial comments in the public space. Source Proshare Read More

Beyond The Noise: MTN’s Post Listing Reactions, Gaps in Rules and Lessons Learnt - A significant milestone was achieved on May 16, 2019 when MTN Nigeria Plc (a part of the MTN Group headquartered in South Africa), Africa's leading cellular telecommunications company listed 20.4bn units of its ordinary shares on the floor of the Nigerian Stock Exchange (NSE). Source Proshare Read More

Investors Gain N885.03bn WoW As NSEASI Inches Up By 6.96% To Close The Week Positive - Equities market closed today on a negative note, as NSEASI depreciated by 1.89% to close at 30,881.29 points as against 1.07% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.75%. Source Proshare Read More

Market Review and Round-Up of Corporate News Announced During The Week Ending 240519 - The equities market recorded mixed performance – the listed equities market recorded +6.96% gain WoW while the NASD OTC also recorded -1.38% loss WoW. Source Proshare Read More

NASD OTC Market CAP Decreased By -1.38% WoW To Close At N538.74bn - As at close of trade week on 24 May 2019, market Capitalisation decreased to 538.74 billion from last week's previous 546.27 billion, which shows a 1.38% decrease in Capitalisation. Also the USI for the week ending 24 May 2019 recorded an decrease from 760.36 points to 749.88 points. Source NASD Read More

What To Expect From The Markets This Week - 270519 - Despite the lack of mop-up activity by the CBN, the Interbank call rate advanced 128bps to settle at 11.14%. Source Proshare Read More

EFCC Requests for Information and Documentation Related To MTN Listing On NSE - MTN Nigeria Communications Plc received a letter on May 23, 2019 from The Economic and Financial Crimes Commission (EFCC) requesting information and documentation related to the listing of our shares on the Nigerian Stock Exchange (NSE). MTN Nigeria has not been accused of any wrongdoing by the EFCC. Source NSE Read More

FG Set To Issue N15bn Green Bond - DMO a statement, Sunday, that the fresh issuance would be following the successful debut Green Bond Issuance of N10.69 billion in December 2017 – by which Nigeria became the first African country to issue a Green Bond. Source Vanguard Read More


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Dangote Retains Rank as the Number One Most Admired African Brand - On May 24, 2019 at the JSE, at an event with industry leaders from across Africa, hosted by the JSE in partnership with Geopoll, Kantar and Brand Leadership, Brand Africa announced the Top 100 brands in Africa in their 7th annual Brand Africa 100:  Africa’s Best Brands. Source Brand Africa Read More

China Says U.S. Demand On Its State-Owned Enterprises Is 'Invasion' On Economic Sovereignty - The United States has called on China to curb the development of its state-owned enterprises (SOEs), a demand that China sees as an “invasion” on its economic sovereignty, Chinese state news agency Xinhua said on Saturday. Source Reuters Read More

Oil Holds Gain as U.S. Rigs Data Gives Respite From Trade Gloom - Oil held gains above $58 a barrel after American explorers reduced drilling activity to the least in more than a year, providing some respite from a demand outlook thrown into doubt by the U.S.-China trade war. Source Bloomberg Read More

CBN: Low Power Supply, High Interest, Others Constrain Businesses - The May 2019 Business Expectations Survey Report of the Central Bank of Nigeria (CBN) has identified insufficient power supply, high interest rate, unfavourable economic climate, financial problems and unclear economic laws as major factors that constrained business activity this month. Source Thisday Read More


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Pre-University FREE Python and Introductory Machine Learning Classes - The latest Bloomberg and Forbes reports confirm for the 3rd year in a row that Data Science remains the No 1 job in the world with starting salary as high as N34million per annum ($95,000 US dollars). Source Data Science Nigeria Read More

Foreign Startups Disrupting The Business Of Funerals - Death isn't a topic most of us like to talk about. The fear, the grief, the loss—none of it makes for easy conversation. Despite this aversion, or perhaps because of it, funeral services has become a massive industry. As of 2013, the funeral market alone was estimated to be a $20.7 billion. Source AngelList Read More


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