Nigeria in 1min: Economic, Business and Financial Headlines – 060319


Wednesday March 06, 2019 / 7:00 AM / Proshare News



Click Here To Read Latest Updates



Lagos State Government Defaults On Green Note Issue; Investors Fret Over Yields - Lagos State Government’s N4.85bln, 15.75% Series 1, Tranche B, environmental Note (“Green Note”) has run into trouble. The Fixed Income Note, a sub category of the larger N50bln Medium Term Note used to finance the Cleaner Lagos  project of the government is caught in a mesh of politics and bureaucracy. Source Proshare Read More 

Should Nigeria Ban The Importation of Tomato Paste? - The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, recently announced that the Federal Government will place a final ban on the importation of tomato paste before the end of 2019. Source FDC Read More 

Nigeria’s Election and the Market Dynamics - The incumbent President, Muhammadu Buhari, has emerged the winner of the 2019 Presidential election held on February 23rd, surpassing his close contender (Atiku of PDP) by 3.93 million votes. Source FDC Read More 

NEITI: Nigeria Lost At Least $16bn To Non-Review Of 1993 PSCs - A quantitative study by the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that Nigeria lost at least $16b over a ten-year period (2008 – 2017) due to non-review of the 1993 Production Sharing Contracts (PSCs) with oil companies. Source NEITI Nigeria Read More 

Nigeria’s Annual Lettuce Output Less Than 200,000 Tonnes - Lettuce is a leafy vegetable rich in antioxidants such as vitamin C and zeaxanthin, a super antioxidant that boosts vision. Source FDC Read More 

Bulls Battle Bears As Oil Prices Stall – OIR 050319 - Oil started off the weak on a soft note, but was firming up by mid-day Tuesday. Source Oilprice Read More 

NNPC Recovers N771m Assets From Defaulting Marketers - The Nigerian National Petroleum Corporation on Tuesday announced that it had recovered assets worth over N771m from some oil marketers who under-paid for petroleum products supplied to them from the Kaduna depot of the Petroleum Products Marketing Company. Source Punch Read More 

OPEC May Extend Oil Output Decision Till June As Prices Near $70 - The Organization of the Petroleum Exporting Countries (OPEC) will likely wait until June to decide how to proceed with the production cuts as the initially set date for review, April, could be too soon to assess how the cuts and the supply from exempted and sanctioned Iran and Venezuela would affect the oil market, Reuters reported on Monday, citing three OPEC sources. Source Guardian Read More  


Click Here to Read More News on Economy 


Proshare Nigeria Pvt. Ltd.



CBN Releases Initial Guidance Notes on the Implementation of IFRS 9 in the OFIs sector in Nigeria - The guidance note communicates supervisory expectations for the implementation of new standard, especially in areas where OFIs are expected to exercise considerable judgement and/or elect to use simplifications and other practical expedients permitted under the standard. Source CBN Read More

CBN Grants Operators up till April 1, 2019 to Implement The Revised NCS and NICPAS - Please recall that the Central Bank of Nigeria reviewed the Nigerian Cheque Standards (NCS) and Nigeria Cheque Printers Accreditation Scheme (NICPAS), to increase the efficiency and security of the Nigerian Clearing System. Source CBN Read More


Click Here to Read More News on Regulators 


Proshare Nigeria Pvt. Ltd.



Dangote Cement Plc: Positive Outlook Sustained On Decent FY’18 Numbers - Dangote Cement recently released its FY’18 results, reporting a 91% y/y jump in bottom line to 390 billion, buoyed by a Group tax credit from the authorization of the pioneer tax status on the Ibese Production lines 3&4 as well as Obajana line 4. Source Vetiva Research Read More 

NSE Enhances Capacity of Dealing Members on Fixed Income Trading - In line with its commitment to improve the capacity of its members and enhance investors’ participation in the Fixed Income Market, The Nigerian Stock Exchange (“The Exchange” or “NSE”) organized a Fixed Income Workshop on Monday, March 4, 2019, at the Stock Exchange House. Source NSE Read More 

CBN Places Access to FX for All Forms of Textile Materials on the FX Restriction List - Opening pleasantries - Good morning distinguished ladies and gentlemen. I am pleased to be speaking to you today on reviving Nigeria’s textile sector, which is vital to our growth objectives as a nation, and to our efforts at creating jobs for Nigerians on mass scale across the textile sector value chain. Source CBN Read More 

NSEASI Inches up By 0.14% as Market Sentiment Remains Positive - Equities market closed today on a positive note, as NSEASI appreciated by 0.14% to close at 32,173.66basis points as against 0.95% appreciation recorded previously. Source Proshare Read More

Bond Yields Tick Higher following Rumours of CBN Governor Removal - The FGN Bond Market traded on a mixed note, with yields trending markedly higher following slight sell off earlier in the session. Source Zedcrest Capital Read More

Naira Interest Rate Adjustment: T-Bill and OMO Auctions Produced Rates Much Lower Than Seen Earlier - The yield on a Federal Government of Nigeria (FGN) Naira bond with 10 years to maturity fell by 81bps to 13.88%, and at 3 years fell by 16bps to 14.64%. The yield on a 364-day T-bill fell by 222bps to 15.02%. Source Coronation Read More

FSDH Launches N1.5b IPO For Treasury Bills Fund - The asset management firm is offering 15 million units of its Treasury Bills Fund at par value of N100 each. The minimum investment amount is 100 units or N10,000 with multiples of 100 units or N10,000 thereafter. The IPO, which opened on March 01, 2019, is scheduled to close on, March 28, 2019. Source TheNation Read More

NSE To List Five FGN Eurobonds Worth N5.37bn - The Nigerian Stock Exchange has revealed plans to list five Federal Government of Nigeria’s Eurobonds valued at N5.37bn this week.The NSE said in a statement on Tuesday that the Eurobonds would be listed on the Exchange on Thursday. Source Punch Read More 

“Wall of Money” Is Heading for Emerging Markets, IIF Says - Investors of almost every stripe appear to be turning more bullish on emerging markets after withdrawing funds last year, according to the Institute of International Finance. Source Bloomberg Read More

How I&Forex Window Buoyed Naira Stability With $50bn Inflows - Foreign exchange inflows through the Investors and Exporters (I&E) foreign exchange window hit the $50 billion at the end of February. This huge inflow was instrumental to the stability of the naira against the dollar since 2017. Source Vanguard Read More

Click Here to Read More News on Markets


Proshare Nigeria Pvt. Ltd.



Dangote Cement Exports To African Countries To Hit $600m - The President, Dangote Industries Limited, Alhaji Aliko Dangote, has said Dangote Cement’s exports to other African countries are targeted to rise to $600m annually. Source Punch Read More

China Seeks to Boost Incomes, Increase Consumption: NPC Update - Ongoing trade tensions with the U.S. and slowing growth have taken a toll on China’s economy. Source Bloomberg Read More

Tariff-Man Trump to Preside Over $100 Billion Jump in Trade Gap - President Donald Trump, the self-proclaimed Tariff Man, is set to become the $100 Billion Man. Source Bloomberg Read More

EU-UK Brexit Talks Failed To Reach Deal On Tuesday - Talks between European Union and British Brexit negotiators ended after more than three hours in Brussels on Tuesday and will resume on Wednesday, sources from both sides said. Source Reuters Read More

Click Here To Read More News on Business


Proshare Nigeria Pvt. Ltd.



The New Frontier For AI—In China; At Least In Pig Farming - The government's hope is that with facial and vocal recognition, along with other AI-powered technology, farmers will be able to identify and quarantine sick pigs before the disease can spread. Currently, tech giants Alibaba and JD are among the players providing this technology. Source AngelList Read More


Click Here to Read More News on Technology

Proshare Nigeria Pvt. Ltd.



What do Insurance Experts Think about AI in Claims Processing? - The insurance industry is dominated by large global firms that deal with thousands of customers filing insurance claims every day. Source Raghav Bharadwaj of Emerj Read More 

Pre-election Spending Buoys Construction Activities in 2018 - The construction sector was one of the key sectors that outperformed GDP growth in 2018. The sector grew by 2.33%, from 1% in 2017. Source FDC Read More 

Real Estate - Sector’s Growth Yet to Recover from Recession - A breakdown of the recently released GDP report by the National Bureau of Statistics showed a further contraction in the real estate sector. Source FDC Read More 


Click Here to Read More News on Finance 




Proshare Nigeria Pvt. Ltd. 

Proshare Nigeria Pvt. Ltd.

Click Here To Watch More Videos

Related News