Nigeria in 1min: Economic, Business and Financial Headlines - 170919


Tuesday, September 17, 2019 / 7:30 AM / By News Aggregator / Header Image Credit: @NigeriaGov


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CBN Issues Guidelines On The Issuance And Treatment Of Bankers Acceptances And Commercial Papers - In order to ensure uniform practice and correct treatment of Bankers Acceptances (BAs) and Commercial Papers (CPs) by Banks and Discount Houses in Nigeria, it has become imperative to issue these guidelines. Source CBN Read More 

MTEF Review: VAT Increase Could Be A Smoke Screen For Something Larger - Following the release of the weak Q2'19 GDP growth figure (1.93% YoY), the Budget Office published its Medium-Term Expenditure Framework (MTEF) for 2020-2022 last week. The Budget Office, headed by Zainab Ahmed-Hon. Minister of Finance, Budget and National Planning-also included a review of the 2019 budget performance between January and June 2019 in the new MTEF document. Source CardinalStone Read More

President Buhari Constitutes Economic Advisory Council; Appoints Doyin Salami As Chairman - The EAC will have monthly technical sessions as well as scheduled quarterly meetings with the President.  The Chairman may, however, request for unscheduled meetings if the need arises. Source Presidency Read More

Minister Blames Stagnant Growth On Unimplemented NESG Reports - The Minister of Finance and Budget, Mrs. Zainab Shamsuna Ahmed, yesterday regretted that the Federal Government had been selective in the implementation of the recommendations of the Nigerian Economic Summit Group (NESG), noting that the development was responsible for the non- attainment of the nation's development targets since 1993 when the collaboration between the public and private sectors on the matter began. Source  Guardian Read More

FG Won't Review 2020 Budget Benchmark Price over Saudi Oil Facility Attacks, Says Ahmed - The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has declared that the federal government is not in a hurry to embark on an upward adjustment in the benchmark price of oil for the proposed 2020 budget following the attacks on Saudi Arabia's oil facility which has resulted to a spike in global crude prices. Source Thisday Read More

Platts: Oil Could Test $80 After Attacks In Saudi Arabia - Oil prices could test the US$80 a barrel Brent Crude price, following the attacks on the Abqaiq facility and the Khurais oil field in Saudi Arabia this weekend, S&P Global Platts Analytics said in a note. Source Oilprice Read More


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Afrinvest Stock Recommendation for the Week 160919 - Last week, the domestic bourse trended upward as the ASI rose 2.3% W-o-W to 27,779.00 points while YTD loss eased to -11.6%. Similarly, investors gained N316.2bn as market capitalisation strengthened to N13.5tn. Source Afrinvest Research 

The Bears Take Center Stage As Average T-Bills Yield Advances 8bps WoW To 13.4% - Last week, the Treasury Bills ("T-Bills") secondary market closed on bearish note as investors sold off to take position in the Primary Market and OMO auctions. Source Afrinvest Research Read More 

Average Money Market Rate Rose Significantly By 20.04% To Settle At 23.57% From 3.54% - The average money market rate rose significantly by 20.04% to settle at 23.57% from 3.54% in the previous week due to constraints in system liquidity during the week. The system liquidity is estimated to have closed the week at N34 billion from N692 billion at the opening of market on Monday. Source Anchoria AM Research Read More 

Investors Lose N99.63bn As NSEASI Dips By -0.74% To Open The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.74% to close at 27,574.32 points as against +1.28% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -12.27%. Source Proshare Markets Read More 


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NNPC, Chinese Lender Seal $2.5bn Pipeline Deal - The Group Managing Director, Nigerian National Petroleum Corporation, Mallam Mele Kyari, says the corporation has agreed to a $2.5bn financing with a Chinese lender for pipeline project in Nigeria.The NNPC boss who stated this in an interview with Bloomberg TV, said it was a pipeline contractor project that would deliver 3, 600 megawatts of power and supply two billion standard cubic feet of gas. Source Punch Read More

EU Provides Euro 1bn For Quality Standards In ECOWAS - The European Union on Monday said it had provided development assistance of over €1bn to support the standardisation of goods and services produced in the Economic Community of West African States countries. It said the amount was specifically targeted at ensuring that goods produced within the sub-region met the global market standard, particularly for Europe and the Americas. Source Punch Read More

Divided Fed Set To Cut Interest Rates This Week, But Then What? - Deep disagreements within the Federal Reserve over the economic outlook and how the U.S. central bank should respond will not stop policymakers from cutting interest rates at a two-day meeting that begins on Tuesday. Source Reuters Read More

Oil Trims Gains But Middle East Risks Keep Stocks On Back Foot - Oil shed some of its massive gains on Tuesday as the United States flagged the possible release of crude reserves, but the threat of military action over the attacks on Saudi oil facilities kept prices elevated and stocks under pressure. Source Reuters Read More

SON Adopts 10 Standards To Enhance Operations In Oil, Gas - Director-General/Chief Executive, SON, Osita Aboloma, who disclosed this during a joint Technical Committee meeting on Oil and Gas/Petroleum and Petro Chemicals event in Lagos, said the standards would impact positively on the industry. Source Vanguard Read More


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NAICOM Approves 2 Takaful Insurance Companies - The National Insurance Commission, NAICOM approved 2 new Takaful Insurance companies. The two firms that have been granted approval in principle are Cornerstone Takaful Insurance Company Limited  and Salam Takaful Insurance Company Limited. Source ProshareRead More 

Insurance Broking: Is Diminishing Returns Setting In? - As recapitalization continues to boost conversations about the insurance industry in Nigeria, different actors are appraising their positions both from the effects it will have on them and their continued relevance in the sustainable development of the industry. Source Ekerete Ola Gam-Ikon Read More 


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