Nigeria in 1min: Economic, Business and Financial Headlines - 091219

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Monday, December 09, 2019 / 06:50 AM / By News Aggregator / Header Image Credit: NIDA

 

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An Appeal to the Soul of VP Yemi Osinbajo: Please End the Climate of Tyranny - Ahmed Sule - As the Vice President of the Federal Republic of Nigeria, a country with a population of 200 million people (approx.), you are in the enviable position of being not only the second most powerful person in the country but also the most influential Yoruba man and indigene of Ogun State. Source  Ahmed Sule Read More 

Mr. President, Can You See Your Face? - "In pursuance of the primary objective of saving our great nation from total collapse, I, Major-General Muhammadu Buhari of the Nigerian Army have, after due consultation amongst the services of the armed forces, been formally invested with the authority of the Head of the Federal Military Government and the Commander-in-Chief of the armed forces of the Federal Republic of Nigeria. Source Eniola Bello Read More 

A Closer Look At Moody's Report on Nigeria's Ratings - Moody's Investors Service, one of the global credit rating agencies, in its most recent report, changed its outlook on Nigeria's credit ratings to negative from stable. Source Proshare Read More 

Absence of Data on Nigeria's Infrastructure Gap Makes Planning A Nightmare - Olufemi Awoyemi - Nigeria's productivity hinges on a robust infrastructural framework that can drive efficiency. The Chairman of Proshare, Mr. Olufemi Awoyemi,  said this as a keynote speaker at the second edition of the Nigeria Infrastructure Development Awards, NIDA in Lagos. Source Proshare Read More 

Oil Jumps On Saudi Surprise - OIR 061219 - Oil prices rose on Friday morning, fueled by optimism about the new OPEC+ deal and the Saudi promise to, once again, overcomply with their production quota. Source Oilprice Read More 

2019 Review and 2020 Outlook - LBS Executive Breakfast Session - December 2019 - 2019 was a year of Political Trepidation and Growing Uncertainties. Some Nigerians are happy to see the back of 2019 while others are pleased with the slow economic progress. Source FDC Read More

Why The ECOWAS "ECO" Will Not Work, For Now - Nigeria's temporary closure of its land borders with neighboring West African counterparts signifies more than just a brief difficulty in meeting the terms of the Africa Continental Free Trade Area (AfCFTA) agreement; it equally underscores why the Sub regional Economic arrangement called ECOWAS, will miss its sub-regional single currency target by 2020. Source Proshare Read More 

ECOWAS Single Currency Not Feasible In 2020 - Minister - The 2020 proposed date for the commencement of a single-currency regime for West Africa may not be realised as many countries within the region have yet to meet the criteria for the monetary union. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who confirmed the development in Abuja, said only Togo had met all the convergence criteria. Source Punch Read More 

World Bank Approves 26 Micro Projects In Ogun - In its quest to provide quality social infrastructure and improve the standard of living of the rural dwellers in Ogun State, World Bank has approved 26 micro-projects for immediate implementation in13 communities in six Local Government Areas of the State. Source Vanguard Read More

 

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PROSHARE MARKETS 

What To Expect From The Markets This Week- 091219 - According to data from the National Bureau of Statistics' (NBS) Selected Banking Sector report for Q2-19, commercial bank credit to the private sector expanded by 6.89% to NGN16.53 trillion, the highest since Oct-2018, and thus, reflecting the impact of CBN's LDR policy. Source Proshare Read More 

Investors Lose N70.77bn WoW As NSEASI Dips By -0.54% To Close The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.22% to close at 26,855.52 points as against -0.09% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.56%. Source Proshare Read More 


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Steady Upward Trend In Remittances; Net Current Transfer Declined By 2% YoY To $5.93bn in Q2 2019 - Net current transfers declined by 2% y/y to US$5.93bn in Q2 2019, and by 22% q/q. This steep fall was the result of net other transfers of US$1.59bn in Q1 (see below), which item had been negative every quarter back to Q1 2008. Source FBN Quest Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 061219 - The equities market recorded negative performance - the listed equities market recorded -0.54% loss WoW while the NASD OTC recorded by -0.08% loss WoW. Source Proshare Read More 

NASD OTC Market CAP Decreased By -0.08% WoW To Close At N497.33bn - As at close of trade week on 06 December 2019, market Capitalisation decreased to N497.33 billion from last week's previous N497.75 billion, which shows a 0.08% decrease in Capitalisation. Source NASD Read More 

 

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PROSHARE BUSINESS 

NBS Publishes 2019 Corruption in Nigeria Survey Report - Out of all Nigerian citizens who had at least one contact with a public official in the 12 months prior to the 2019 survey, 30.2 per cent paid a bribe to, or were asked to pay a bribe by, a public official. Source NBS Read More 

Oil Prices Slip As Weak China Exports Highlights Trade War Impact - Oil prices fell on Monday after data showing China's overall exports of goods and services shrank for a fourth straight month, sending shivers through a market already concerned about damage being down to global demand by the Sino-U.S. trade war. Source Reuters Read More

Goldman Plans To Bring Wealth Management To The Masses - Goldman Sachs will offer digital wealth management services to individuals with as little as $5,000 from next year, bringing the Wall Street investment bank a step closer to Main Street under the watch of new chief executive David Solomon. Source FT Read More 


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PROSHARE TECHNOLOGY   

FintechNGR Holds Fintech Social Meet 6.0 - The Fintech Association of Nigeria has scheduled to hold the next edition of its flagship programme: Social Meet 6.0 on Thursday, 12th December 2019 at 12 Glover Road, Ikoyi hosted by a member institution of the Association; Udo Udoma & Belo-Osagie Law Firm. Source FintechNGR Read More 

NCC Considering Spectrum Sharing Regulations - The Nigerian Communications Commission is developing regulations that will allow telecom operators to lease spectrum to one another. The Executive Vice Chairman of the commission, Prof. Umar Danbatta, disclosed this at the Demo launch of 5G Network in Lagos. Source Punch Read More 

Global Financial Watchdogs Take Aim At Big Tech's Data Dominance - Google, Alibaba and other "Big Tech" companies could be forced to share data on financial services customers with banks and financial technology firms to prevent unfair competition. Source Reuters Read More

 

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