Nigeria in 1min: Economic, Business and Financial Headlines - 290120


Wednesday, January 29, 2019 / 7:00 AM / By News Aggregator / Header Image Credit: WebTV


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Commodities Prices Maintain Steady Sail - AFEX Commodities Weekly Report 230120 - The AFEX Commodities Index ticked upwards by 1.59% at the end of the week as soybeans propped up the index to close at 174.39 points. Source AFEX Commodities Exchange Read More 

OPEC Halts Slide In Oil Prices - OIR 280120 - The coronavirus continues to send panic through global markets. Oil prices turned positive on Tuesday, with WTI trading close to $54 and Brent just above $59. With tens of millions of people essentially locked down in China, oil demand is expected to take a hit. Source Oilprice Read More

2019 Review and 2020 Outlook - Nigeria in the New Decade... Nothing Ventured, Nothing Gained - The Nigerian economy suffered mixed fortunes in the past decade. In the first half of the decade, an average growth of 6.1% drove unemployment to a low of 5.1%. This was on the back of peak oil prices and stable oil production, which supported oil revenues and a strong exchange rate. Source Afrinvest Read More 

Fitch Revises Lagos's Outlook to Negative on Sovereign Rating Action - Fitch Ratings has revised Lagos State's Outlooks to Negative from Stable, while affirming the state's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B+'. Source Fitch Ratings Read More 

Interest Rates Jump in Response to CRR Hike -In furtherance of its heterodox monetary policy and determination to insulate the naira from speculative pressures. The MPC decided to jack up the CRR from 22.5% to 27.5% at its meeting on Friday. Source FDC Read More 

FG Recorded N4.62tn Fiscal Deficit In 2019 - CBN - The 2019 budget which was signed by the President, Major General Muhammadu Buhari (retd.), had capital expenditure of N2.09tn, recurrent expenditure of N4.05tn, statutory transfers of N502bn, and special intervention of N500bn. Source Punch Read More 


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NCM2020 (9) - Foreign Portfolio Participation in Equity Trading in 2019 - Data on Foreign investors' participation in equity trading on the Nigerian Stock Exchange gathered from major custodians and market operators on a monthly basis revealed that foreign investors participation in the Nigerian Stock Market is uninspiring in the 2019 compared the level of participation recorded in 2018. Source Proshare Read More 

Zenith Bank Board Approves 2019 AFS And Payment of Final Dividend; Awaits Regulatory Approval - Zenith Bank Plc announces the approval of the Board of its Audited Accounts of the bank for the financial year ended December 31, 2019 and the payment of a final dividend. Source NSE Read More 

UBA Board Approves 2019 AFS And Payment of Final Dividend; Awaits Regulatory Approval -United Bank for Africa announces Board Approval of 2019 Audited Financial Statements & Reports for the year ended December 31, 2019 and payment of Final Dividend to Shareholders, subject to the approval of the Central Bank of Nigeria (CBN). Source NSE Read More 

NSEASI Dips Further By -0.59% As Market Sentiment Remains Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.59% to close at 29,378.63 points as against -0.26% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +9.45%.  Source Proshare Markets Read More  

AIRTELAFRI Declares $331m PAT in Q3 2020 Results; (SP: N298.9K) - Airtel Africa Plc released its Q3 2020 results for the period ended December 31st, 2019. Revenue grew by 9.84% to $2.5bn from $2.3bn in the previous quarter. Profit before tax grew by 120.7% to $501m. Source NSE Read More 

NSE Set to Launch Growth Board for High-Growth Companies - The Nigerian Stock Exchange ("NSE" or "The Exchange") is set to launch its Growth Board at The Exchange, Lagos on Wednesday, 29 January 2020.  The launch of the Growth Board provides issuers with the opportunity to leverage on the Exchange for listing, raising long term capital and facilitating liquidity in the trading of their shares. Source NSE Read More 


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FG Licenses 27 Data Protection Companies - The Federal Government has licensed 27 data protection companies to guard against data theft and privacy violation in the country. Source Daily Trust Read More

UK Companies Advised To Deepen Ties With Africa - Several African leaders have advised United Kingdom companies to 'leap at the chance to deepen economic ties with Africa, a continent with unmatched investment opportunities. They gave this advice at opening ceremony for the 2020 UK-Africa Investment Summit. Source Punch Read More 

Oil Gains Amid Assessment Of China Virus Impact, Possible OPEC Supply Cuts - Oil prices rose for a second day on Wednesday, standing on firmer ground after a five-day rout on talk that OPEC could extend oil cuts if a new coronavirus hurts demand, while data showing a decline in U.S. stockpiles also helped steady prices. Source Reueters Read More


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 MTN To Invest $1.6bn In Nigerian Operations - The MTN Group yesterday said it will invest $1.6 billion to strengthen its operations and network in Nigeria. Meanwhile President Muhammadu Buhari has restated the commitment of his administration to providing an enabling environment for businesses to succeed in Nigeria. Source Vanguard Read More  


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LSTSA Chairman Speaks On Growth Prospects for Tourism In Nigeria - One of the sectors that remains under-utilized but could serve as a source of diversifying Nigeria's revenue base is tourism, according to the Chairperson of the Lagos State, Traditional Sports Association. Source WebTV Read More


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