Nigeria in 1min: Economic, Business and Financial Headlines -210120

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Tuesday, January 21, 2020 / 06:40 AM / By News Aggregator / Header Image Credit: EcoGraphics

 

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PROSHARE ECONOMY 

Capacity Building in Infrastructure Financing: A Key Requirement for Large Scale Project Finance - The African Development Bank currently seeks investments from global pensions and commercial financiers to help fund the continent's infrastructure gap of as much as $170 billion. This infrastructure need presents an investment opportunity, especially for Infrapreneurs. Source Brickstone Read More 

IMF: Rwanda GDP to Grow 8% in 2020 - Rwanda's economy is expected to grow by eight per cent this year and in 2021 versus an estimated 8.5 per cent in 2019, boosted by private investment and trade, the International Monetary Fund (IMF) said. Source Thisday Read More 

Oil Price Hits $65 As Libyan Oilfields Shut Down - 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, risking reducing crude flows from the OPEC member to a trickle. According to  -Brent crude LCOc1 was up 41 cents, or 0.6 per cent, at $65.26 by 1116 GMT, having earlier touched $66 a barrel, the highest since January 9. Source Punch Read More 

IMF, World Bank Differ On Nigeria's Growth Forecast - Contrary to the 2.1 per cent growth projected by the World Bank in the Nigerian economy, the International Monetary Fund (IMF) on Monday projected 2.5 per cent growth for it. The IMF projection, as contained in its January Global Economic Outlook, released yesterday, covers two-year growth target. Source TheNation Read More 

 

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PROSHARE MARKETS

Financial Markets in Transition: Understanding Past Uncertainties; Preparing for New Possibilities - The Capital Market in the previous year saw mixed developments ranging from declining stock prices for large-cap stocks (the Nigerian Stock Exchange's All Shares Index (ASI) lost -14.60% in value by the end of the year), H1 growth in treasury yields (until Q4 2019) and a mild devaluation of the naira in foreign exchange markets (the N/US$ rates fell from N360/US$ in Q1 2019 to N364/US$ in Q4 2019 at the NAFEX window and from N305/US$ in Q1 2019 to N306.4/US$ in Q4 2019 at the official window).  Source Proshare Read More 

A Week to Remember: U.S and China Sign Phase-1 Deal - According to the deal, China will purchase US products in excess of $200.0bn across the agricultural, manufacturing, and energy products, as well as the services sector. On intellectual property, China will implement laws to guide against intellectual property theft. United Capital Source Read More 

Investors Gain N47.41bn As NSEASI Inches Up By 0.31% To Open The Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.31% to close at 29,710.56 points as against +0.91% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +10.69%. Source Proshare Markets Read More 

 

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PROSHARE BUSINESS 

UBA's Staff Layoff; Understanding The Shifting Dynamics Of Banking's Future - Banks in Nigeria have started to scale back their operating expenses as they begin to "right-size" their staffing needs to remain competitive and protect business margins. A clear example of the emerging shift in industry strategy occurred in January 2020 when the United Bank of Africa (UBA), one of Nigeria's oldest top-tier banks. Source Proshare Read More 

Traders' Union Writes ECOWAS On Single Currency Adoption - The association, in a letter signed by its President, Ken Ukaoha, and made available to our correspondent, said for the monetary union to be beneficial to the sub-region, issues of trade barriers and corruption at the borders must be effectively addressed. Source Punch Read More 

Ghanaian President Begs Buhari To Open Border - Ghanaian President Nana Akufo-Addo has pleaded with President Muhammadu Buhari to expedite the process of reopening the closed borders because of its effect on the economy of Ghana. Source Vanguard Read More 

KEDCO Loses Over N52 Billion - The Kano State Electricity Distribution Company (KEDCO) yesterday, lamented that it lost over N52billion revenue collection from energy supplied to it by the regulators last year. Source TheNation Read More 

No Turning Point In Sight As IMF Predicts Sluggish Global Growth - Global growth appears to have bottomed out but there is no rebound in sight and risks ranging from trade tensions to climate shocks makes the outlook uncertain, a top International Monetary Fund official said on Monday. Source Reuters Read More 

Global FDI Dips, Hit By Hong Kong Divestment, Brexit: U.N. - Global direct foreign investment (FDI) dipped slightly around the world last year, hit by massive divestment in Hong Kong and a drop in flows into Britain due to Brexit uncertainty, the United Nations said on Monday. Source Reuters Read More 

Goldman Gets South African Bank License in Expansion Drive - The company also became a member of the Johannesburg Stock Exchange's interest-rate and currency-derivatives market, Goldman Sachs said in a statement Monday. It will offer fixed-income products, foreign exchange and South African government securities, to corporate and institutional investors. Source Bloomberg Read More 

Kenya Aims to Halve Its Budget Shortfall in Four Years - Kenya plans to almost halve its budget deficit in the next four years as the government implements measures to boost revenue amid pressure to fund the president's ambitious "Big Four" development agenda. Source Bloomberg Read More

 

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PROSHARE FINANCE 

Firstbank Enhances the Educational Sector, Supports Schools with Over 10 Billion Naira Loan - Nigeria's premier and leading financial services provider, First Bank of Nigeria Limited, has announced that within the last year, it has supported educational institutions in the country with loans in the sum of over 10 billion naira. Source Firstbank Read More 

PenCom Orders Pfas To Raise Retirees' Pensions - The National Pension Commission has directed the Pension Fund Administrators to implement pension enhancement for retirees on programmed withdrawal under the Contributory Pension Scheme. PenCom said in a statement that this would be the second edition of the pension enhancement for retirees on the programmed withdrawal mode of retirement. Source Punch Read More

 

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