Nigeria in 1min: Economic, Business and Financial Headlines – 300119


 Wednesday January 30, 2019 / 7:00 AM / Proshare News 


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Inclusive Growth Should be Given Top Priority in Nigeria’s Economic Recovery Cycle – NESG - Nigerian policy makers should give priority to inclusive growth, as the nation experiences an economic recovery cycle. Source Proshare Read More 

NBS Publishes Drug Use in Nigeria 2018 Survey Report - This report presents the results of the first large-scale, nation-wide survey to examine the extent and patterns of drug use in Nigeria. Source NBS Read More 

2nd Nigeria International Petroleum Summit Focuses on Efficiency and Innovation - The Second edition of the Nigeria International Petroleum Summit (NIPS) commenced yesterday in Abuja, with the focus on driving efficiency and innovation in the oil and gas industry. Source Proshare Read More 

Despite Controversy, Nigeria ‘Approves’ First Genetically Modified Crop - The Nigerian government has approved for use its first genetically modified crop: the Pod Borer Resistant Cowpea (popularly called beans). Source Premium Times Read More 

Seme Generates N9.2b, Made 1,119 Seizures In 2018 - The Seme Border Command Area Controller, Nigerian Customs Service, NCS, Comptroller Mohammed Uba, has disclosed that the command generated a total of N6.3 billion revenue in 2018. This represents about 76% of the revenue target given to the Command. Source Vanguard Read More 

FG Saves N206bn In Staff Salaries In Two Years – IPPIS Director - Mr Olufehinti Olusegun, Director, Integrated Personnel Payroll Information System (IPPIS), has said the Federal Government saved over N206 billion in salaries of federal civil servants during the 2017 and 2018 fiscal years. Source Dailytrust Read More 

Nigeria Had $8.3 Billion Illicit Financial Flows In 10 Years – Report - South Africa and Nigeria are ranked among 30 countries with the highest incidences of illicit financial outflows (IFFs), latest Global Financial Integrity (GFI) report on Monday showed. The report covers the period between 2006 and 2015. Source Premium Times Read More

Reps Okay N30,000 as New Minimum Wage, Adjourns to Feb 19 - The House of Representatives, yesterday,  passed into law the Minimum Wage Amendment Bill, which pegs the new minimum wage for workers in the country at N30,000.  Source TheSun Read More 

FG, EFCC Begin Tracking of Vessels Lifting Nigeria’s Crude Every barrel of crude oil produced and exported out of Nigeria is now being tracked by the Federal Government in collaboration with the Economic and Financial Crimes Commission. Source Punch Read More

FG Committed to Attracting Investments, Says Finance Minister - The Minister of Finance, Mrs Zainab Ahmed, has said the Federal Government is committed to initiatives that will attract investments into the country and boost economic development. Source Punch Read More

At Davos, FG Reassures Foreign Partners of Credible Elections-The Federal Government of Nigeria has again reassured the international community that the 2019 general election will be free, fair and credible. Source Thisday Read More

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CBN Introduces Fines, Others in E-Payments Regulation - The Central Bank of Nigeria has issued a regulation on the end-to-end electronic payment of salaries, pensions and other remittances, suppliers and revenue collections in Nigeria. Source Punch Read More

CBN To Raise N1.8tr Via T-Bills In Q1 - This is according to data contained in the Nigerian Treasury Bills Issue Programme for the first quarter of 2019, posted on the bank’s website on Tuesday. Source TheNation Read More


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August 2019 Herbalife Trading Options - New options for Herbalife (HLF) Nutrition began trading this week. These options have an expiration timeline set for August 2019. Source Paige Schroeder Read More 

Investors Lose N61.73bn As NSEASI Dips Further By -0.53% - Equities market closed today on a negative note, as NSEASI depreciated by -0.53% to close at 31,344.24 basis points as against -0.26% depreciation recorded previously. Source Proshare Read More 

Access Bank Announces Its Board Approval of the Groups’ 2018 Audited Financial Statements - Sequel to our earlier announcement on December 31, 2018, we wish to inform the Nigerian Stock Exchange that the Board of Access Bank Plc met on January 28, 2019 and approved amongst other things the Group’s Audited Financial Statements for the Financial Year Ended December 31, 2018. Source NSE Read More 

Lafarge Africa Records 0.40% YTD Gains as Right Issue Closes – Lafarge Africa Plc has so far recorded a +0.40% YTD gain in 2019 as the company’s Rights Issue of N89bn closed on January 28, 2o19 after it was extended for a few days from its initial closure date of January 23, 2018. Source Proshare Read More 

Market Records 32 Gainers to 109 Losers in 2018; CCNN Tops Gainers List - At the end of 2018, the NSE market recorded thirty-two (32) gainers and one hundred and nine (109) losers. Source Proshare Read More 


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Perspective on the Presidential Executive Order 007 with Dr Tayo Aduloju - President Muhammadu Buhari, GCFR, on Friday 25 January 2019, signed the Executive Order No. 007 on Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (“the Scheme”). Source Proshare Read More 

NIRSAL Mulls 40% Rebate for Farmers - The Managing Director, Nigerian Incentive-Based Risk Sharing System (NIRSAL), Mr. Aliyu Abdulhammed, has disclosed that the agency intends to create over 24,000 direct jobs in the agriculture sector, particularly the seed sub-sector and other relevant areas. Source Thisday  Read More 

Nigeria Loses N197bn To Financial Services Fraud Annually —Osinbajo - The Vice President made the observation on Tuesday at the stakeholders forum on financial fraud using telecoms platform organised by the Nigerian Communications Commission, NCC in collaboration with the Central Bank of Nigeria, CBN. Source Vanguard Read More 

More Foreign Investors Eye Acquisitions in Nigeria’s Insurance Sector - Strong indications have emerged that more foreign investors are eying acquisitions in insurance sector by investing in companies they perceive can fetch significant returns. Source Thisday Read More 

Ambode Launches $250m Modern Satellite City - Lagos State Governor governor, Akinwunmi Ambode, yesterday launched the $250 million Alaro Satellite City, situated at the northwestern part of Lekki Free Trade Zone (FTZ).  Source Guardian Read More 

U.S., China Face Deep Trade, IP Differences In High-Level Talks - The United States and China launch a critical round of trade talks on Wednesday amid deep differences over U.S. demands for structural economic reforms from Beijing that will make it difficult to reach a deal before a March 2 U.S. tariff hike. Source Reuters  Read More  

BDCs Urged to Employ Compliance Officers for Risk Management -The Association of Bureaux De Change Operators of Nigeria (ABCON) and Nigeria Financial Intelligence Unit (NFIU) have advised Bureau de Change (BDC) operators to employ designated compliance officers to handle all compliance-related issues. Source Thisday Read More

Trade Wars: We're Next, European Investors Fear - While global markets would hail a U.S.-China trade deal, fears are growing that the European Union could be the fall guy in any breakthrough, which would allow Donald Trump to turn his attention to German cars or French luxury wines. Source Reuters Read More

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