Nigeria in 1min: Economic, Business and Financial Headlines - 111019

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Friday, October 11, 2019 / 06:40 AM / By News Aggregator / Header Image Credit: @nsenigeria

 

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PROSHARE ECONOMY

2020 Budget Proposal: Key Takeaways - Recently, the Nigerian President, Muhammadu Buhari, presented both the 2020 Budget estimates to the joint session of the National Assembly. According to the report, Nigeria plans to spend N10.3tn in 2020 while revenue is expected to come in at N8.1tn -17.0% higher than the proposed estimates for 2019, respectively. Source United Capital Read More

Pres. Buhari Administers Oath of Office On The Newly Constituted PEAC - President Muhammadu Buhari yesterday in Abuja administered oaths of office on members of the newly constituted Presidential Economic Advisory Council (PEAC), and also set out an agenda and expectations from the Council. It will be recalled that the PEAC was constituted on September 16, 2019. Source News Read More

Foreign Direct Investment To Africa Remained Generally Stead In 2018 - Last month, EY (formerly Ernst & Young) released the ninth edition of the Africa Attractiveness report, which describes trends and opportunities in Africa's economic growth and in foreign direct investment (FDI) to the continent. Source Brookings Institution Read More

Budget: 85% VAT Going To States, LGAs - Fashola - The Minister of Works and Housing, Babatunde Fashola, has said that 85 per cent of the Value Added Tax to be raised in the 2020 budget will go back to the states and local governments areas to take care of salaries and infrastructure investment. According to him, the remaining 15 per cent will go to the Federal Government for the development of infrastructure. Source Punch Read More

Nigeria, Third Largest Recipient Of FDI In Africa - Nigeria has been ranked the third largest recipient of foreign direct investment in Africa, data from Ernst & Young has shown. The EY Africa Attractiveness Survey 2019 Report, which was launched in Lagos on Wednesday, showed that FDI inflow into Nigeria stood at $8bn in 2018. Source Punch Read More

 

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PROSHARE MARKETS

Investors Lose N7.39bn As NSEASI Dips Marginally By -0.06% - Equities market closed today on a negative note, as NSEASI depreciated by -0.06% to close at 26,598.94 points as against -0.79% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.42%. Source Proshare Markets Read More 

Bullish Trend Continues for Treasury Bills Ahead of Expected OMO Auction - The T-bills market was active, with sustained demand across most maturities across the NTBills curve. Yields on short-dated maturities dropped by an average of c.50bps while, yields further dropped by an average of c.25bps at the long-end of the NTBills curve. Source Zedcrest Capital Read More 

NSE, LuxSE Sign MoU to Expand the Green Bond Markets - The Nigerian Stock Exchange (NSE) and the Luxembourg Stock Exchange (LuxSE) are pleased to announce the signing of a Memorandum of Understanding (MoU) to cooperate in promoting cross-listing and trading of green bonds in Nigeria and Luxembourg. Source NSE Read More 

CIV, Kenya and Ireland Join The Top Five of 20 Markets With The Greatest Potential - New research from Standard Chartered reveals the 20 markets with the greatest potential for future trade growth. The Trade20 index demonstrates that while existing trade powers like China and India continue to rapidly improve their potential, smaller trading nations are also making swift progress towards increased trade growth. Source Standard Chartered Read More 

13 States Raise N346bn From Bonds - A total of 13 states raised N346bn revenue from bonds between 2013 and 2017, data obtained from the Securities and Exchange Commission showed. An analysis of the data revealed that Lagos State Government topped the list with a total of N231.9bn. Source Punch Read More

 

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PROSHARE BUSINESS

FG, China Sign $3.9bn Abuja-Itakpe-Warri Rail Contract - The Federal Government has signed a $3.9bn contract with the China Railway Construction Corporation Limited for the construction of a new Abuja-Itakpe-Lokoja rail line. The rail line will pass through Baro and have a branch line to Lokoja, the Kogi State capital. Source Punch Read More

Day 1 Of U.S.-China Trade Talks Ends With Hopes For Limited Deal - Top U.S. and Chinese negotiators wrapped up a first day of trade talks in more than two months on Thursday as business groups expressed optimism the two sides might be able to ease a 15-month trade war and delay a U.S. tariff hike scheduled for next week. Source Reuters Read More

 

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PROSHARE TECHNOLOGY  

Nigeria Records 61.6% Internet Penetration In 19 Years As Africa's Growth Slows - Although improving at 39.6 per cent, Africa's Internet penetration is still low when compared to the rest of the world, which has 62.7 per cent growth. Statistics obtained from Internet World Stats showed that between 2000 and 2019, Internet penetration grew to 61.6 per cent in Nigeria, a country estimated to house about 200 million people. Source Guardian Read More

 

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