Nigeria in 1min: Economic, Business and Financial Headlines - 041219

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Wednesday, December 4, 2019 / 06:40 AM / By News Aggregator / Header Image Credit: NSE

 

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PROSHARE ECONOMY   

Why Nigeria Needs To Improve Its Ease of Tax Payments - As part of Nigeria's efforts at becoming a leading investment destination in Africa, an aspect of the economy to give top priority is the "Ease of Tax Payments." Source Proshare Read More 

Oil Markets Remain Hopeful Of OPEC Cuts - OIR 031219 - Broader financial markets saw some downward pressure on concerns of new trade conflicts, but oil markets are holding out some hope for deeper OPEC cuts. JP Morgan said that the group may increase the reductions from 1.2 to 1.5 mb/d. Source Oilprice Read More 

Nigeria Has 47 Days Petrol Sufficiency - PPPRA - The Petroleum Products Pricing Regulatory Agency has declared that Nigeria currently has about 47 days sufficiency of petrol. The PPPRA stated this on Tuesday, adding that the average petrol inland stock between 23rd and 29th of November 2019 stood at 1,145,365,386, while marine stock was 1,542,779,814, with the total stock standing at 2,688,145,200 litres. Source Punch Read More 

Failure Of OPEC+ To Deepen Cuts May Drive Oil To $40, Says Report - New outlook by international observers has shown that a substantial build of global crude stocks and a corresponding drop in oil prices is imminent if additional oil production cuts by OPEC in 2020, is not followed by OPEC+. Source Guardian Read More 

Fashola Requests Additional N255.6bn For Road Repairs - The Federal Government is currently constructing and rehabilitating 524 highways and bridges across the country, the Minister of Works and Housing, Babatunde Fashola, has said. Fashola, who said this while updating the Federal Executive Council on the ongoing road and bridge construction/rehabilitation projects nationwide, highlighted 80 of them as priority projects scheduled for completion in the 2020-2021 fiscal year. Source Punch Read More

 

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PROSHARE REGULATORS 

SEC Proposes Amendments To Its Rules On Sub-broker, Records of Transactions - The Securities and Exchange has proposed amendments to the following rules... Source SEC Nigeria Read More 

 

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PROSHARE MARKETS 

Investors Lose N22.33bn As Sell Pressure Continues; NSEASI Dips By -0.17% - Equities market closed today on a negative note, as NSEASI depreciated by -0.17% to close at 26,944.32 points as against -0.04% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.27%. Source Proshare  Read More 

Fed Govt Opens Application For New Savings Bonds - The Debt Management Office (DMO), which oversees government's debt issues, is offering two new tranches of the Federal Government of Nigeria Savings Bonds (FGNSBs). The first issuance is a two-year bond with a coupon of 9.091 per cent with a maturity date of December 11, 2021. The second issuance is a three-year bond with a coupon of 10.091 per cent and maturity date of December 11, 2022. Source TheNation Read More 

 

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PROSHARE BUSINESS

CBN's Intervention Schemes Save Nigeria N1.3trn Import Bill - Official - The Central Bank of Nigeria (CBN) said its interventions in key products had saved the country N1.3 trillion import bill. The CBN Deputy Governor, Corporate Services, Mr Edward Adamu made this known at the ongoing 28th Seminar for Finance Correspondents and Business Editors in Owerri on Tuesday. Source Vanguard Read More

Nigeria Has Seventh Largest Number of Internet Users -  The Financial Derivatives Company Limited, in a report, cited data from Internet Live Stats, which monitors global Internet use, to have revealed that the number of internet users in the country soared from 78,740 in 2000, to over 60 million in 2018. Source Thisday Read More 

FG, AfDB Sign Pact On $3 Billion Funding For Women Entrepreneurs - The Federal Government, through the Bank of Industry (BoI) and the African Development Bank (AfDB) have mutually agreed to mobilise $3billion to support women empowered businesses. Source Guardian Read More 

N5tr Debt: AMCON Mulls Bankruptcy Tag On Debtors - The Asset Management corporation of Nigeria (AMCON) may declare recalcitrant debtors bankrupt based on advice from Senior Partner, Olaniwun Ajayi -LP, Muyiwa Balogun to the agency. The legal consultant had challenged AMCON and Judges of the Federal High Court of Nigeria (FHC) to leverage the 2019 Amended AMCON Act and declare AMCON obligors who are holding public office bankrupt. Source TheNation Read More 

Shares Slide As Trump Raises Specter Of Longer, Wider Trade War - Asian shares extended their losses on Wednesday after U.S. President Donald Trump said a trade deal with China might have to wait until after the 2020 presidential election, dashing hopes for a quick preliminary agreement. Source Reuters Read More 

 

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PROSHARE TECHNOLOGY   

Demystifying Cryptocurrency - A Meristem Report - Cryptocurrency has generated a lot of buzz in recent times, but what exactly are they? What is their value proposition as a medium of exchange? What risk does their adoption pose to the current financial system and can they, someday, replace traditional fiat money? Source Meristem Read More 

 

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PROSHARE FINANCE 

Insurance Recapitalization: Four Reasons Why NAICOM Should Be Transparent - The time has come for the insurance sub-sector in Nigeria to be brutally honest with herself in order to gain the needed capacity to connect, collaborate and communicate more effectively with the citizenry; especially other economic actors/stakeholders. Source Ekerete Ola Gam-Ikon Read More

 

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