Nigeria in 1min: Economic, Business and Financial Headlines - 180220


Tuesday, February 18, 2020 / 06:45 AM / By News Aggregator / Header Image Credit: @dabiodunMFR

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Power Sector Lost An Estimated N19.15bn In 10 Days - Based on data from the Advisory Power Team in the Office of the Vice President, the nation's power sector lost an estimated N19.15bn in 10 days due to constraints from insufficient gas supply, distribution and transmission infrastructure. The losses were recorded in the 10 days to February 14, 2020. Source CSL Research Read More


Emefiele Restates Call for Self-Sufficiency; CBN to Partner FCTA to Boost Dairy Industry in FCT - The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has restated the need for States in the country and the Federal Capital Territory (FCT) to be self-sustaining and economically viable, promising that the Bank will support projects and programmes that will help them realise this desire. Source CBN Read More 

Can Nigeria get the Economic, Fiscal and Financial Narratives back to Positive? - It is indeed very surprising how Nigeria's impressively positive economic narrative from 1999 to 2014 has given way to an unflattering post-2014 narrative in which the economic terrain is about recession, inflation, unemployment, poverty, restiveness, and insecurity; the financial terrain is about foreign exchange rationing... Source Economic Associates Read More 

Higher Debt Burdens Raise Debt Sustainability Concerns in West Africa - Government debt burdens have grown in all rated ECOWAS (Economic Community of West African States) countries, offsetting much of the debt relief from the early 2000s and raising concerns over debt sustainability, Moody's Investors Service said in a report today. Source Moody's Investors Service Read More 

Our tariffs up by 50% April 1 - Ikeja Disco - Ikeja Electric Plc says its tariffs will go up by 50 per cent beginning from April. The Disco disclosed this in a letter to Nigerian Electricity Regulatory Commission dated February 12, 2020 on its performance and improvement plan and application for extraordinary tariff review of the Multi-Year Tariff Order 2015. Source Punch Read More 

IMF Cuts Nigeria's 2020 Growth Projection to 2% - The International Monetary Fund (IMF) has revised downward its 2020 Gross Domestic Product (GDP) forecast for Nigeria to two per cent, from the 2.5 per cent it had predicted earlier. Source Thisday Read More


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Currency In Circulation Drops By N193.2bn In January - The Currency in circulation dropped by N193.2bn from N2.44tn at the end of December 2019 to N2.24tn as of the end of January 2020. Latest figures obtained from the Central Bank of Nigeria revealed that the figure which stood at N2.05tn as of the end of October 2019 rose to N2.2tn as of the end of November 2019. Source Punch Read More 

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NCM2020 (29) - Mutual Funds: From Equities to Fixed Income and Back - Pooled investment instruments such as mutual funds had a mixed year in 2019.  Mutual funds that had equities as the principal assets in the portfolio underperformed other funds that were either fixed income instrument-based or a mix of equities and fixed-income assets. Source Proshare Read More

SEC Harps On The Importance Of Investor Protection For Nigerian Capital Market Development - Investor protection is one of the cardinal points of market regulation that contributes to deepening the capital market. The assertion came from the Acting Director-General of the Securities and Exchange Commission (SEC), Ms. Mary Uduk speaking with journalists in Lagos at the weekend. Source SEC Nigeria Read More 

Bearish Momentum Halted as Average NT-Bills Yield Dips to 3.8% W-o-W - Last week, activities in the Nigerian Treasury Bills ("NT-Bills") secondary market ended on a bullish note, as system liquidity remained buoyant due to combined inflows of N1.2tn from Bonds, OMO and NT-Bills maturities.  Source Afrinvest Research Read More 

Investors Lose N96.31bn As NSEASI Dips By -0.67% To Open The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.67% to close at 27,570.94 points as against -0.39% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +2.72%.  Source Prohare Markets Read More

Anchoria Fixed Income Monitor: A Longer FX hedging Tool for Foreign Investors - The average money market rate fell marginally last week by 3.04% to settle at 2.88% from 5.92% in the previous week. This is attributable to the inflows from OMO maturities, FGN Bond maturities and bond coupon payments which boosted the system liquidity. Source Anchoria AM Research  Read More


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Emerging Opportunities For Enhancing Intra-African Trade Through AfCFTA - As the African region prepares to fully implement the ratifications of the Continental Free Trade Agreement, AfCFTA signed by over 50 African countries, business leaders, industrialists and financial market players recently explored the opportunities for enhancing Intra-African trade. Source WebTV Read More

Agitation In Isheri-Oke Olowora, As Court Order Paralyzes Activities In 2 Banks And A Shopping Plaza - Business and commercial activities along the Isheri-Oke, Olowora area of Lagos state, were paralyzed today, as a court order seized the properties of 2 commercial banks and a major shopping plaza.  Source WebTV Read More

FMBN Disburses N238 Billion In 27 Years - The Federal Mortgage Bank of Nigeria (FMBN), said it has disbursed about N238billion in 27 years, which has helped to construct and deliver 7,740 housing units in the country. Source Guardian Read More

Apple Warns Sales To Fall Short Of Target Due To Coronavirus Impact - Apple Inc (AAPL.O) warned on Monday it was unlikely to meet its March quarter sales guidance set just three weeks ago as the world's most valuable technology firm became one of the biggest corporate casualties of China's coronavirus epidemic. Source Reuters Read More 

China To Grant Tariff Exemptions On Additional U.S. Goods - China said on Tuesday it would accept applications for new tariff exemptions for 696 products imported from the United States including key agricultural and energy products such as pork, beef, soybeans, liquefied natural gas and crude oil. Source Reuters Read More

CBN, Firms Move To Establish Milk Processing Plants - The Central Bank of Nigeria on Monday started the process of assisting dairy companies to set up milk processing plants in the Federal Capital Territory. The move is coming barely one week after the apex bank gave approval to six dairy companies to import milk into the country. Source Punch Read More

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FGN Sukuk III Issuance Is Coming Soon - This is to inform you that the Debt Management Office ("DMO"), on behalf of the Federal Government of Nigeria ("FGN") will soon be issuing its third Sukuk (the "Transaction") to fund the rehabilitation and construction of key economic road projects across the six geopolitical zones. Source Arthur Stevens Asset Mgt Read More 

GTI Academy to hold International Financial Reporting Standard - IFRS 9 Training on February 29 - GTI Academy will on February 29, 2020 hold a program on International Financial Reporting Standard - IFRS 9 for accounting/finance professionals. The program aims to help participants develop the required skills to implement IFRS 9 efficiently and report financial statements compliant with the guidance of IFRS (International Finance Reporting Standards). Knowledge of this skill is highly required for accounting and finance professionals. Source GTI Academy Read More 

ICIEC Insured $10.86bn  Worth of Businesses In OIC Countries In 2019 - The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) insured businesses globally to the tune of $10.86bn in 2019. The coverage was part of the report of the ICIEC reviewing its performance and activities for 2019. It translated to a 20.31% increase from 2018, which gulped total business insurance of $9.03bn. Source WebTV Read More 


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