Nigeria in 1min: Economic, Business and Financial Headlines – 130619


Thursday, June 13, 2019 / 06:35 AM / By News Aggregator / Header Image Credit: @AsoRock


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Saudi Arabia Successfully Calms Oil Markets – OIR 110619 - Oil prices rebounded a bit on Tuesday on Saudi assurances that OPEC+ would not let the oil market slide any further. “Prices are finding support from the prospect of OPEC oil production remaining restricted beyond mid-year,” Commerzbank said in a note. Source Oilprice Read More

Nigeria Earns $236bn From Petroleum Exports In Five Years - Nigeria, Africa’s top oil producer, earned a total of $236.15bn from petroleum exports over the last five years, a new report by the Organisation of Petroleum Exporting Countries has shown. OPEC, in its 2019 Annual Statistical Bulletin, put the value of Nigeria’s petroleum exports at $75.196bn in 2014; $41.168bn in 2015; $27.295bn in 2016; $37.983bn in 2017, and $54.513bn in 2018. Source Punch Read More

FG May Lift Land Border Vehicle Importation Ban — Customs Boss - The Federal Government may relax the ban on importation of vehicles through the land border. The government had in January 2017 ordered a ban on importation of vehicles through the land borders. Source Punch Read More


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Nigeria’s Cement Market Battles: Dangote Cement in Focus - The earning profile of DANGCEM over the last few quarters from Q1 2018 to Q1 2019 reveals that except Q1 2019, revenue grew by at least 12%. However, revenue declined by 0.80% in Q1 2019 as the company recorded N240.16bln revenue. Source Proshare Read More

CBN Injects $210m Into Forex Market - The interbank segment of the Foreign Exchange Market has received a boost of $210 million from the Central Bank of Nigeria (CBN) following sales concluded on Tuesday, June 11, 2019. Source CBN Read More

Nigeria Central Bank Quashes Talk of Exchange-Rate Policy Change - Nigeria’s central bank said it made no change to its naira policies, after a revision on its website led some analysts to speculate that it was ending a system of multiple exchange rates. Source Bloomberg Read More

The Cost Of CBN’s Exchange Rate Policy - Many older Nigerians often reminisce about the halcyon days when 1 was equal to $1. In fact, during the 2015 election campaign, it was rumored that President Buhari had promised to make 1 equal to $1 again. Although the story was quickly debunked, the narrative stuck due to the popular belief that the exchange rate can be assumed as a fundamental indicator of the strength of an economy. Source Businessday Read More


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The U.S. Budget Deficit Hit $207.8 Billion in May - Here’s a bit of bad news: The U.S. budget has returned to a deficit, one month after posting the first surplus since September. The shortfall was $207.8 billion in May, according to a Treasury Department report Wednesday, more than the median forecast in a Bloomberg survey. Source Bloomberg Read More

LCCI Calls for Proactive Measures to Hedge Economic Headwinds  - The council of the Lagos Chamber of Commerce and Industry (LCCI) has called for proactive measures to hedge the economy from imminent headwinds. The first of these measures, is a concessionary tax rate for small and medium sized enterprises (SMEs), in order to promote job creation and inclusive growth as enshrined in the Economic Recovery and Growth Plan (ERGP). Source Thisday Read More

NADDC Disburses N11bn To 36 Auto Firms - The National Automotive Design and Development Council on Wednesday said it had so far disbursed the sum of N11bn to 36 auto companies. The Director- General, NADDC, Mr Jelani Aliyu,  gave the figure in Abuja during a meeting with the Governor of Katsina State, Alhaji Aminu Masari. Source Punch Read More


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AfDB, Partners Launch New Fund To Boost Digital Financial Inclusion - The African Development Bank (AfDB), and its partners, yesterday, launched the Africa Digital Financial Inclusion Facility (ADFI), designed to aid safety and expansion of digital financial transactions in the continent. Source Guardian Read More


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Pension Fund Rises By N29bn In Q1 2019 - Data obtained from the National Pension Commission (PenCom) revealed that the total pension assets as at the end of January 2019 was N8.74 trillion and by the end of March, it stood at N9.03 trillion, amounting to a growth of N29 billion. Source Leadership Read More 


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Edo, Boi, Others Brainstorm On Access To Finance For MSMEs - The Edo State Government and other stakeholders in the investment sector, including officials of the Bank of Industry (BoI) are finetuning modalities to ease access to finance for Small and Medium Enterprises (SMEs) in Edo State to boost productivity. Source TheNation Read More


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