Nigeria in 1min: Economic, Business and Financial Headlines – 020519

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Thursday, May 02, 2019 / 06:25 AM / By News Aggregator / Header Image Credit: @AsoRock

 

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PROSHARE ECONOMY

Labour Day Celebrations; NBS 2018 Figures Reveal A coming Job Market Distress - Workers will go out as usual today May 1, 2019 in symbolic solidarity with counterparts across the world, but while workers in other parts of the globe mount rostrums to talk about the improvement of workers welfare. Source Proshare Read More

Oil Rebounds On Saudi Reassurances - OIR 300419 - Oil rebounded on Tuesday after two days of declines, pushed higher by turmoil in Venezuela and the insistence by Saudi officials that the OPEC+ production cuts would be extended in the second half of 2019. Source Oilprice Read More

NIPC Earned N13.8bn From Investment Promotion In Seven Years - Between 2012 and 2018, the Nigeria Investment Promotion Commission earned a total of N13.8bn as Internally Generated Revenue for the Federal Government. The Executive Secretary, NIPC, Ms Yewande Sadiku, gave the figure in a presentation on the activities of the agency made available to our correspondent in Abuja. Source Punch Read More

Nigeria, Others Raise Over $17bn From Bonds, Says World Bank -  In a report, titled ‘Africa’s Pulse,’ produced by the Office of the Chief Economist for the African Region at the World Bank and released during a recent joint Spring Meetings with the International Monetary Fund in Washington DC, the bank revealed that over $17bn had been raised from bonds by  sub-Saharan African countries while warning of increasing debt vulnerabilities. Source Punch Read More

N617.7b Assets Open New Funding Options For NSIA - Infrastructure funding and building of savings base for the economy are crucial in achieving sustained economic growth . That explans why the Federal Government, set up the Nigeria Sovereign Investment Authority (NSIA) to help boost savings and bridge infrastruture gap. Source TheNation Read More

 

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PROSHARE REGULATORS

SEC Urges Beneficiaries To Inherit Deceased Unclaimed Dividend - To further reduce the quantum of unclaimed dividend in the Nigerian capital market, the Securities and Exchange Commission (SEC), has urged beneficiaries of deceased investors to step up efforts to claim the monies. Source Guardian Read More

 

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PROSHARE BUSINESS 

Banks Paid N8.51bn As IT Levy In 2018 - Eleven Nigerian banks paid about N8.51bn Information Technology-related levies to the government in 2018, the audited financial reports of the banks showed. This is an increase of N1.34bn over the N7.17bn IT levy the 11 banks paid to the government in the corresponding period in 2017. Source Punch Read More

Investors’ Interest Soars As Nigeria Gets $91bn Investment In Q1 2019 - There are indications that foreign investors are showing more interest in Nigeria as the country recorded $91bn investment announcements in first quarter 2019, Daily Trust findings have shown. Source Dailytrust Read More

20 Nigerian Oil Cargoes Remain Unsold Despite Price Cut - About 15 to 20 cargoes of Nigerian crude oil from the April loading programme remain unsold despite the cut in selling prices. Some of those cargoes are expected to be absorbed by oil majors’ own refining systems, according to Reuters. Source Punch Read More

U.S. Fed Sees No Strong Case For Hiking Or Cutting Rates - The U.S. Federal Reserve on Wednesday held interest rates steady and signaled little appetite to adjust them any time soon, taking heart in continued job gains and economic growth and the likelihood that weak inflation will edge higher. Source Reuters Read More

 

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PROSHARE TECHNOLOGY

MTN Plans Sale of Jumia Stake After Agreed Lock-In - MTN Group Ltd. plans to sell at least half of its $655 million interest in newly listed Jumia Technologies AG as Africa’s biggest wireless carrier looks to pay down debt and enter new markets, according to people familiar with the matter. Source Bloomberg Read More 

Nigeria, Kenya Lead As African Tech Startups Attract $1.2bn - Kenya, Nigeria and South Africa received 78 per cent of the total funding of $1.163 billion for Africa’s technology startups last year confirming the attractiveness of African entrepreneurs and their ability to transform the continent into a global power house. Source Leadership Read More 

Collaboration, Investment Will Drive AI Technology in Africa - Counting on the gains of Artificial Intelligence (AI) technology in nation building and development, participants at the just concluded AI forum in Dubai, United Arab Emirates (UAE), have insisted that effective collaboration between government and the private sector will speed up development among African countries. Source Thisday Read More

           

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