Nigeria in 1min: Economic, Business and Financial Headlines - 031219

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Tuesday, December 3, 2019 / 7:05 AM / By News Aggregator / Header Image Credit: @NigeriaGov

 

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PROSHARE ECONOMY 

PMI Reading No 80: A Seasonal Boost - Our manufacturing Purchasing Managers' Index (PMI), the first in Nigeria, picked up in November from 54.1 to 56.4. Our valued partner, NOI Polls, has gathered and compiled the data. Source FBNQuest Research Read More 

N275.12bn Generated As VAT In Q3 2019 - NBS - Sectoral distribution of Value Added Tax (VAT) data for Q3 2019 reflected that the sum of N275.12bn was generated as VAT in Q3 2019 as against N311.94bn generated in Q2 2019 and N273.50bn generated in Q3 2018 representing -11.81% decrease Quarter-on-Quarter and 0.59% increase Year-on-Year. Source NBS Read More 

Unlocking the Productive Potential of Nigeria's People and Resource Endowments - The collapse of global oil prices during 2014-16, combined with lower domestic oil production, led to a sudden slowdown in economic activity. Nigeria's annual real GDP growth rate, which averaged 7 percent from 2000 to 2014, fell to 2.7 percent in 2015 and to -1.6 percent in 2016. Growth rebounded to 0.8 percent in 2017... Source World Bank Group Read More

Finance Bill 2019 Compels Individuals to Produce Their TIN Before Operating Bank Accounts - The Finance Bill currently passed by NASS amends sections 33, 49 & 58 of the Personal Income Tax Act. Hence, individuals are required to produce their Tax Identification Numbers (TIN) before they can operate new or existing bank accounts in Nigeria. Source Yinka Ogunnubi Read More 

FG, States, Others Share N2.27tn In Q3 2019 - The Federation Account Allocation Committee disbursed N2.27tn to the three tiers of government and other statutory recipients from July to September this year. According to the Nigeria Extractive Industries Transparency Initiative, the disbursement was 18.79 per cent higher than the N1.913tn disbursed in the second quarter of 2019 and 17.81 per cent higher than the N1.93tn disbursed in Q1. Source Punch Read More 

Nigeria, Japan Deepen Trade Relations - Nigerian and Japanese governments have set up the Japan-Nigeria Business Facilitation Council (JNBFC), to further strengthen trade and investment relations between both countries.The Council is co-chaired the Japan envoy to Nigeria, Ambassador Yutaka Kikuta, and Executive Secretary of Nigerian Investment Promotion Commission (NIPC), Ms Yewande Sadiku. Source Guardian Read More 

Nigeria Created 450,000 New Jobs In 2018 -  World Bank - The World Bank has revealed that Nigeria created about 450,000 new jobs in 2018, which makes for a partial offset of the loss of 700,000 jobs in the previous year, 2017. Source Vanguard Read More 

External, Domestic Risks Threaten Nigeria's Economic Growth - W/Bank - The economy is recovering gradually from the 2016 recession, with growth projected to pick up from 1.9 percent in 2018 to 2 percent in 2019 and 2.1 percent in 2020-21, World Bank's Nigeria Economic Update (NEU) Report said. Source Dailytrust Read More

 

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PROSHARE MARKETS 

December 2019 FGN Savings Bonds Offer for Subscription - Pursuant to the Debt Management Office (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004 Debt Management Office on behalf of the Federal Government of Nigeria Offers for Subscription and is authorized to receive applications for the Federal Government of Nigeria Savings Bond at the following interest rates… Source DMO Read More 

Sustained Demand Further Compress Average NT-Bills Yield by 1.4% WoW to 7.3% - The Nigerian Treasury Bills ("NT-Bills") secondary market maintained its bullish streak last week, as investors demand intensified towards the end of the week following the results of the Primary Market Auction ("PMA") which held mid-week. Source Afrinvest Research Read More 

Investors Lose N5.58bn As NSEASI Dips By -0.04% To Open The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.04% to close at 26,990.59 points as against +0.66% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.13%.  Source Proshare Markets Read More 

 

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PROSHARE BUSINESS 

CIBN Hosts 54th Bankers Dinner, Restates Commitment To Transforming Nigeria's Banking Industry - The Chartered Institute of Bankers of Nigeria, CIBN, reiterated its commitment to strengthening professionalism in the nation's banking industry. The President and Chairman of Council of the Institute Dr Uche Olowu said this at the 54th edition of the Annual Bankers Dinner in Lagos. Source Proshare Read More 

DSTV, Netflix and the Value of Time; The Real Competition for Our Mindshare - Tope Fasua - The other day I got a call from one of those salesgirls at DSTV. When she asked if I had a few minutes I replied that I didn't, but I was polite and didn't want to hang up brashly. Source Tope Fasua Read More 

Intelligent Transport Systems: Its Benefits To Nigeria's Public Transport Sector - Public transport refers to the means by which larger proportions of urban and rural dwellers gain physical access to goods, services and activities they need for their livelihoods and well-being. It includes a variety of transit options such as buses, light rail, and subways. Source Festus Okotie Read More 

FG Mulls Restructuring Of N-Power Programme - Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Farouq, told journalists in Abuja on Monday that officials of the National Social Investment Programmes were of the view that the N-Power initiative should be restructured. Source Punch Read More 

'Nigeria's Oil Production Is Fully OPEC Quota-Compliant' - Nigeria, which has pumped above its OPEC quota for months to the ire of other members, brought down its crude oil production in November, to fully comply with its cap, the Minister of State for Petroleum Resources, Timipre Sylva has said.OPEC earlier this summer quietly reset Nigeria's quota to 1.77 million barrels daily (mbd), up from 1.69mbd previously, which it had not met since March. Source Guardian Read More

Nigerian Government, Russia Sign Agreement On Potash Supply For Fertiliser - Mr Uche Orji, the Managing Director, Nigerian Sovereign Investment Authority (NSIA) signed on behalf of Nigeria while Mr Dmitry Konyaev, Deputy Chairman, URALCHEM, signed on behalf of the Russian government. Source Vanguard Read More 

Stocks Drop As Trump's Brazil, Argentina Tariffs Revive Trade Angst - Asian shares tumbled on Tuesday after U.S. President Donald Trump stunned markets with tariffs against imports from Brazil and Argentina, recharging fears about global trade tensions, while weak U.S. factory data added to the investor gloom. Source Reuters Read More

 

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PROSHARE TECHNOLOGY   

Banking Sector Records 800.21m Volume Of Transaction In Q3 2019 - NBS - A total volume of 800,201,498 transactions valued at N42.76trn were recorded in Q3 2019 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed. NIBSS Instant Payments (NIP) transactions dominated the volume of transactions recorded. 298,988,572 volume of NIP transactions valued at N26.18trn were recorded in Q3 2019. Source NBS Read More 

 

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PROSHARE FINANCE 

Low RSA Balances; A Subtly Growing Concern - According to media reports, not less than 109,284 workers within the Nigerian labour force have quit the Contributory Pension Scheme (CPS) as of the end of June 2019. The affected retirees have since withdrawn approximately N27.1bn upon their exit from the CPS. Source CSL Research Read More

Measuring The Prospects For Sukuk and Infrastructure Financing In Nigeria - The prospects for Nigeria's economic growth hinges on infrastructure and in a recent discussion with Mr. Ahmed Choudry, Counsel, Clifford Chance LLP, Dubai, United Arab Emirates, he noted that Islamic Finance provides a fresh source of funding. Source Proshare Read More

 

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