Nigeria in 1min: Economic, Business and Financial Headlines - 200120


Monday, January 20, 2020  / 06:30 AM / By News Aggregator / Header Image Credit: @dabiodunMFR


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Headline Inflation Increases By 11.98% YoY In December 2019; 0.13% Higher Than November 2019 Rate - The consumer price index, (CPI) which measures inflation increased by 11.98 percent (year-on-year) in December 2019. This is 0.13 percent points higher than the rate recorded in November 2019 (11.85) percent.  Source NBS Read More 

Jump In Diesel Price Likely To Have Direct Impact On Domestic Commodity Prices - Price of diesel has jumped 10% from N210 per litre in December to N230 per litre. This is likely to have a direct impact on domestic commodity prices and inflation. Source FDC Read More 

Average Prices Of PMS, AGO, HHK and Cooking Gas - December 2019 - Average price paid by consumers for premium motor spirit (petrol) decreased by -0.29% year-on-year and by -0.41% month-on-month to N145.35 in December 2019 from N145.94 in November 2019. Source NBS Read More 

NSR H1 2020 (8) - Inflation Set for a Double Whammy in 2020! - In our H2 19 NSR, we postulated that inflation would edge southwards hinged mostly on abating food prices and core inflation. Precisely, we expected that docile flooding in farming areas, curtailed tensions in the North, improved market supplies as well as fixed PMS prices by the government would anchor declines in headline inflation.  Source ARM Research Read More 

General Implications of the Finance Act on the Nigerian Economy - Nigeria's domestic revenue mobilization has been one of the lowest in the world. This has had a severely limiting impact on economic growth and creation of an enabling framework for investments. Source KPMG Nigeria Read More 

NOVA Economic Outlook H1 2020 - Nigerian Economy To Grow By 2.4% YoY Over 2020 - Coming off a synchronized deceleration in 2019 (with growth estimated to have declined 60bps to 3% YoY), the IMF forecasts the global economy to expand by 3.4% in 2020. The expansion is anchored on improvement in key emerging markets, (e.g. Latin America, the Middle East, emerging and developing Europe) who witnessed economic. Source Nova Merchant Bank Read More 

The Single Biggest Factor In Oil This Week - OIR 170120 - Oil prices regained a bit of ground at the end of the week on optimism surrounding the Phase 1 U.S.-China trade deal. At the same time, China reported some downbeat economic data that points to a slowdown. Source Oilprice Read More 

All Commodity Group Index Grew By 2.48% in Q3 2019 - The All commodity group import index grew by 2.48%. This was mainly driven by increases in prices of Base metals and articles of base metals; Articles of stone, plaster, cement, asbestos, mica, ceramic; and Plastic, rubber and articles thereof. Source NBS Read More 

Weekly Economic and Financial Commentary - Week Ended Jan 17, 2020 - This week, the finance bill 2019 (now Finance Act) - which include incremental changes to Nigeria's tax and fiscal laws designed to support the implementation of the 2020 National budget - was signed into law by the President. Source ARM Read More 

Headline Inflation Creeps Up To 11.98% In December 2019 - As widely anticipated, Nigeria's headline inflation (year-on-year) increased by 0.13% to 11.98% in December from 11.85% in November. This marks the 4th consecutive month of rising inflation. Source FDC Read More 

NERC To Set Up Think-Tank On Blackouts - The Nigerian Electricity Regulatory Commission on Sunday announced its readiness to establish a think-tank to be saddled with the task of providing solutions that would end cases of blackouts across the country. According to the commission, the team would consist of experts from the United States of America, other African countries, Nigeria, among others. Source Punch Read More 

New VAT Regime: Stakeholders Demand Waivers, Exemption, Infrastructure - Following the decision of the Federal Government to begin implementation of increased VAT regime of 7.5 per cent, operators, stakeholders and experts have demanded waivers and exemptions from the government. The stakeholders who spoke to our correspondents in separate telephone interviews also demanded improved infrastructure and single-unit credit schemes. Source Punch Read More 

FG Excludes Food Items, Others from VAT -  The new Finance Act 2019 set to take effect from February excludes basic food items, sanitary towels, pads, and tuition fees from elementary schools to tertiary institutions from the payment of value added tax (VAT), federal government disclosed at the weekend. Source Thisday Read More


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What To Expect From The Markets This Week- 200120 - According to the monthly oil market report released by OPEC, Nigeria's crude oil production (excluding condensates) plummeted from a historic high of 1.79mb/d in Q3-19 to 1.67mb/d in Q4-19. Source Proshare Read More 

Investors Gain N81.76bn WoW As NSEASI Inches Up By 0.69% To Close The Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.91% to close at 29,618.52 points as against +1.00% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +10.34%.  Source Proshare Markets Read More 

NASD OTC Market CAP Increased By +0.05% WoW To Close At N504.79bn - As at close of trade week on 17 January 2020, market Capitalisation increased to N504.79 billion from last week's previous N504.54 billion, which shows a 0.05% increase in Capitalisation. Also the NSI for the week ended 17 January 2020 recorded an increase from 702.62 points to 702.28 points. Source NASD Read More 

NSE Delists Continental Reinsurance Plc From Its Daily Official List - We refer to our market bulletin of 28 November 2019, wherein the Market was notified of the full suspension placed on the shares of Continental Reinsurance Plc (CRe or the Company) to prevent trading in the shares of the Company beyond the Effective Date of the Scheme of Arrangement by which CRe African Investments Limited (CRe Investments) will acquire all the shares of CRe Nigeria. Source NSE Read More 

ACCESS Secures Regulatory Approvals To Acquire Kenya-based Transnational Bank Plc - It will be recalled that the Board of Access Bank Plc ('the Bank') on October 28, 2019 informed the Nigerian Stock Exchange that the Central Bank of Nigeria had granted its 'no objection' to the Bank's proposed acquisition of majority equity state In Kenyan-based Transnational Bank Plc (TNB). Source NSE Read More 


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Lagos Airport Recorded 96,621 Aircraft Movements In 2019 - The Murtala Muhammed International Airport Lagos recorded 96,621 aircraft movements last year, figures obtained from the Federal Airports Authority of Nigeria have shown. It also handled 187.49 million cargo and 7.319 million passengers within the one-year review period. Source Punch Read More

Oil Jumps To Highest In More Than A Week After Libyan Shutdowns - Oil prices rose to their highest in more than week on Monday after two large crude production bases in Libya began shutting down amid a military blockade, setting the stage for crude flows from the OPEC member to be cut to a trickle. Source Reuters Read More

ICYMI: We Thought Forex Trading Would Bring Us Fortunes - N233m Fraud Victims - About 354 forex trade investors allegedly defrauded by an ex-banker, Seye Onigbinde, are currently embittered after their investments went down the drain. Some of them, who spoke with City Round on Friday, said they were convinced to put their money in the scheme, thinking it would bring fortunes. Source Punch Read More

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FG, IBM Sign MoU for Digital Skill Development - The federal government through the Ministry of Communications and Digital Economy, has signed a memorandum of understanding (MoU) with Tech giant, International Business Machines (IBM) West Africa. Source Thisday Read More

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Finance Specialists Review Opportunities and Challenges for Islamic Finance In Nigeria - At a recent discourse on the prospects for the development of Islamic Finance anchored by Mrs. Hajara Adeola, CEO of Lotus Capital, His Royal Highness Muhammadu Sanusi II, CON the Emir of Kano, gave his views on the  Opportunities and Challenges facing the growth of Islamic Finance in Nigeria. Source WebTV Read More 

Recapitalisation: NIA Commends NAICOM On Deadline Extension - In a statement, the Director General of the association, Mrs Yetunde Ilori, while commenting on recent developments on the insurance industry recapitalisation, stated that the commission had taken a bold step in the right direction by acceding to the request of insurance companies for extension of deadline for the exercise. Source Punch Read More 


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