Nigeria in 1min: Economic, Business and Financial Headlines - 021019

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Wednesday, October 02, 2019 / 07:00 AM / By News Aggregator / Header Image Credit: @theplatformng

 

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PROSHARE ECONOMY

Economic and Institutional Restructuring for the Next Nigeria - Soludo - Being the text of the prepared speech by Prof. Chukwuma Charles Soludo, CFR, former Governor of the Central Bank of Nigeria; at The Platform Nigeria's annual independence lecture themed "Redesigning the Nigerian Economy with New Ideas" held at The Covenant Place, Beside the National Theatre, Iganmu; October 1, 2019. Source Chukwuma Charles Soludo Read More

False Optimism In Oil Won't Last - OIR 011019 - Oil prices fell on Monday on diminished hopes of a breakthrough in the U.S.-China trade war.Prices then stabilized in early trading on Tuesday, on news that U.S. oil production fell in July (much of which could be attributed to temporary hurricane-related outages). Source Oilprice Read More

FG Diverted N544bn Resources Fund To INEC, Military - NEITI - The Federal Government diverted N543.63bn for Natural Resources Development to fund the Independent National Electoral Commission and budget deficit, the Nigeria Extractive Industries and Transparency Initiative has said. Source Punch Read More

OPEC Basket Gains, Brent Drops To $58.61 - Crude oil prices varied sharply on Tuesday as Brent recorded a second drop in price for the week, while the commodity in the OPEC basket appreciated marginally. Source Punch Read More

NECA Calls For Reform In Budget Passage Timelines - The association made this call on behalf of the Organised Business Sector in Nigeria. While making the call, the Director-General, NECA, Mr Timothy Olawale, stressed that national development was premised on proper budgeting and disciplined implementation of the budget. Source Punch Read More

 

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PROSHARE REGULATORS

CBN Reviews LDR Target Upwards To 65%; DMBs Required To Attain LDR of 65% By Dec 31, 2019 - The Central Bank of Nigeria (CBN) has noted the appreciable growth in the level of the industry gross credit, which increased by N829.40 billion or 5.33% from N15,567.66 billion at end-May 2019. Source CBN Read More

Nigerian Banks Tried, But 'Not All' Made New Loans Threshold - The central bank in July gave banks until the end of September to show that they use at least 60% of their deposits for loans, or risk being punished with more onerous cash-reserve requirements. Source Bloomberg Read More  

 

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PROSHARE MARKETS

NSE's Revenue Declines 8% To N7.67bn - The Nigerian Stock Exchange has reported an eight per cent decline in revenue for the financial year ended December 31 2018.The Chief Executive Officer, NSE, Mr Oscar Onyema, while speaking at the 58th Annual General Meeting of the Exchange in Lagos on Monday, said the decline in revenue to N7.67bn was because investors sought more guaranteed investment assets in the face of uncertainty. Source Punch Read More

 

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PROSHARE BUSINESS 

FG Hands Over National Theatre To CBN, Banks For Establishment Of Creative Industry Park - Godwin Emefiele, governor of the CBN disclosed this on Monday at a creative Nigeria summit in Lagos. He said the Babajide Sanwo-Olu, governor of Lagos State is supporting the development with additional 40 acres of land around the National Theatre and that banks will take over on Wednesday. Source Businessday Read More

Online Transactions Hit 2.8 Million On Independence Day - Bank customers carried out about 2.8 million transactions on Nigeria Interbank Settlement System Instant Pay platform recorded on Independence Day commemoration, live updates provided by the NIBSS have shown. As Nigerians visited entertainment spots in the country to celebrate the day, online payment of bills via NIP hit exactly 2,831,616 transactions as of 6.18pm on Tuesday. Source Punch Read More

Dangote Cement To Expand Production By 29% - Dangote Cement Plc has revealed plans to expand its production in Africa by 29 per cent. The Chairman, Dangote Group, Aliko Dangote, in an interview with Bloomberg on Monday, said he was looking to boost cement output in Nigeria, Niger and Ivory Coast. Source Punch Read More

 

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PROSHARE FINANCE

5 to 9 Insurance Questions for Nigeria at 59 - This year's celebration of Nigeria's Independence Anniversary, I thought, should be about critical questions which we could spend the next 12 months answering, so that at 60, Nigeria would have been the nation her citizens are most pleased with. Source Ekerete Ola Gam-Ikon Read More

 

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