Nigeria in 1min: Economic, Business and Financial Headlines - 061219

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Friday, December 6, 2019 / 7:00 AM / By News Aggregator / Header Image Credit: @FinMinNigeria

 

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Moody's Changes The Outlook On Nigeria's Ratings To Negative From Stable; Affirms The B2 Ratings - Moody's Investors Service ("Moody's") has today changed the outlook on the government of Nigeria's ratings to negative from stable. Concurrently, Moody's has affirmed the B2 long-term local and foreign currency issuer ratings, the B2 foreign currency senior unsecured ratings, and the (P)B2 foreign currency senior unsecured MTN programme rating. Source Moody's Investors Service Read More 

Saudi Aramco Makes Historic IPO, Raises $25.6bn - Saudi Arabia has just pulled off the biggest initial public offering in history, raising $25.6 billion by selling shares in its giant state-owned oil monopoly. Source CNN Read More

External Reserves Drop By $4.9bn In Nine Months - Between March and November this year, the country's external reserves dropped by $4.99bn from $44.79bn to $39.8bn, the Central Bank of Nigeria has said. The $4.99bn according to data obtained from the CBN represents a decline of 10.65 per cent. Source Punch Read More 

Debt Servicing Takes N2.7tn As National Assembly Passes N10.6tn Budget - he Senate and the House of Representatives on Thursday concurrently passed the 2020 Appropriation Bill, raising the total estimates from the proposed N10.33tn to about N10.6tn. The passage followed the consideration and unanimous adoption of the reports by the Senate and House Committees on Appropriations on the bill. Source Punch Read More 

Fiscal Commission Cautions MDAs Against Moribund Projects - The FRC's 2019 Physical Verification Report, which was obtained by our correspondent, was the outcome of the inspection of selected projects captured in national budgets between 2016 and 2018. Source Punch Read More

Oil Demand To Hit 110.6mb/D By 2040, Says OPEC - The organisation of the Petroleum Oil Exporting Countries (OPEC), said oil will continue to contribute the largest share in the energy mix with demand hitting 110.6 million barrel daily (mbd) by 2040. OPEC World Oil Outlook (WOO) released yesterday, also noted that total primary energy demand would expand by about 25 percent in the next 20 years. Source Guardian Read More

 

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FX Inflow Amounts To $11.69bn And Outflow $15.30bn In Q3 2019 - We learn from the CBN's Economic Report Third Quarter 2019 that its fx inflows in the period amounted to US$11.69bn, and its outflows US$15.30bn. Sales to authorized dealers accounted for US$10.11bn of the outflows. Source FBNQuest Research Read More 

NSEASI Dips Further By -0.09% As Sell Pressure Persists - Equities market closed today on a negative note, as NSEASI depreciated by -0.09% to close at 26,913.70 points as against -0.02% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.37%. Source Proshare Read More

T-Bills: FG To Pay Investors N847.43m In Q1 2020 - The Federal Government is scheduled to pay N847.43m to investors in the first quarter of 2020 as treasury bills mature. The Central Bank of Nigeria, in a circular on Wednesday, said of the N847.43m total treasury bills, N86.62m had 91-day tenors, N163.04m had 182-day tenors and N597.77m had 364-day tenors. Source Punch Read More 

 

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PROSHARE BUSINESS 

Every Organisation That Seeks Growth Must Have Audacious Goals - Aigboje Aig-Imoukhuede - The Nigeria-British Chamber of Commerce hosted the first edition of its experience sharing series. The initiative was designed to provide learning opportunities from prominent Nigerian personalities that have distinguished themselves in their careers. Source Proshare Read More 

Telcos, Banks Rank Highest Ad Spenders As Media Expenditure Hits N81 Billion - Though advertising expenditure dropped in the Above-the-Line (ATL) segment of the media last year to N81 billion, as against previous year's spending of N88 billion, advertising budgets remain focused on television and newspapers, as outdoor and radio advertising volume drops. Source Guardian Read More 

Trump Upbeat On U.S.-China Talks As Beijing Underscores Tariff-Cut Demands - U.S.-China trade talks are "moving right along," President Donald Trump said on Thursday, striking an upbeat tone even as Chinese officials held fast to their line that existing tariffs must come off as part of an interim deal to de-escalate the 17-month trade war between the two powers. Source Reuters Read More 

FG Mulls Policies To Check Pre-Shipment Of Minerals - The Federal Government is formulating new policies that would help to check illegal pre-shipment of solid mineral products out of the country without paying royalties. In addition, it also concluded arrangements to ensure that every mineral taken out was properly recorded and monitored, to curb artisanal mining activities. Source Guardian Read More

 

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PROSHARE TECHNOLOGY   

Sanwo-Olu Unveils N250m Seed Capital for Tech Start-Ups in Lagos - Governor Babajide Sanwo-Olu has launched the Lagos State Science Research and Innovation Council (LASRIC), setting aside $687,000 (about N250 million) start-up funds for investment in research and development of tech-focused solutions across the six pillars of his administration's development agenda. Source Thisday Read More

 

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