Nigeria in 1min: Economic, Business and Financial Headlines – 031018

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Monday October 03 , 2018 / 7:00 AM / Proshare News

 

PROSHARE ECONOMY

FG begins move to broaden agriculture sector- AS part of its efforts to broaden the agricultural sector, the Federal Government of Nigeria has set machinery in motion for the development of the apiculture industry. Source Tribune Read More 

A Global Tipping Point: Half The World Is Now Middle Class Or Wealthier-Something of enormous global significance is happening almost without notice. For the first time since agriculture-based civilization began 10,000 years ago, the majority of humankind is no longer poor or vulnerable to falling into poverty. Source Proshare Read More 

FG increases gas flare penalty to $2 per 1000scf- The Federal Governemnt has increased the penalty for gas flaring to $2 per 1,000 standard cubic feet of gas, SCF, from N10 per 1,000 SCF of the commodity flared. Source Vanguard Read More 

MFB disburses N50bn loans to 60,000 small businesses- Hasal Microfinance Bank Limited has disbursed loans totalling N50bn to about 60,000 small businesses in Nigeria. Source Punch Read More 

ERGP Focus Labs to boost power generation- The Economic Recovery and Growth Plan (ERGP) focus Labs set up by the Federal Government is expected to boost power generation in the country and promote economic growth. Source The Nation Read More 

PMI Reading No 66: Still In Comfort Zone- Our manufacturing Purchasing Managers’ Index (PMI), the first in Nigeria, eased in September to 53.7 from 54.8. Source Proshare Read More 

IMF appoints Harvard’s Gita Gopinath as chief economist- The IMF has appointed Gita Gopinath as chief economist in a move that will challenge the fund to reshape its thinking around exchange rates. Source Proshare Read More 

Nigeria PMI - September Data Indicates Slowing Momentum-Purchasing Managers’ Index (PMI) numbers from the Central Bank of Nigeria (CBN) indicate that the economy expanded at a slower pace in September, with Manufacturing PMI dropping from 57.1 to 56.2 and non-Manufacturing PMI dropping from 58.0 to 56.5.Source Proshare Read More   

Oil Prices Boost NNPC’s Profit to N63.73bn in Four Months - The Nigerian National Petroleum Corporation (NNPC) has leveraged the continuing rise in crude oil prices to earn profits worth N63.73 billion from its operations between February and May of 2018, the corporation’s financial and operations reports for the four months have indicated. Source Thisday Read More   

BoI’s $1.5b for manufacturers, others - BANK of Industry (BoI) has offered $1.5billion to manufacturers, its Managing Director Bol, Kayode Pitan has said. Source Nation Read More   

Nigeria Loses N2.5trn Annually To Non-oil Exports, Ports –LCCI - The Lagos Chamber of Commerce and Industry (LCCI), other Organised Private Sector (OPS) and Centre for International Private Enterprise (CIPE), have disclosed that Nigeria’s economy is currently losing N2.5 trillion corporate earnings across the sectors on annual basis. Source Leadership Read More  FG revenue dips by 33% to N745bn-There was deep shortfall in the Federal Government’s revenue as its August receipts plunged by almost 33 per cent to N745 billion, the Central Bank of Nigeria (CBN) has said. Source Sunnews Read More 

Monetary Policy And Risk Management At A Time Of Low Inflation And Low UnemploymentIt is a pleasure and an honor to speak here today at the 60th Annual Meeting of the National Association for Business Economics (NABE). Since 1959, NABE has promoted the use of economics in the workplace and advanced the worthy purpose of ensuring that leading American businesses benefit from the insights of economists.  Source Proshare Read More 

Moody’s Set to Downgrade KCB, Co-op and Equity Ratings - The agency said it had placed on review for downgrade the B1 global scale long-term local-currency deposit ratings and the b1 baseline credit assessment (BCA) of KCB Bank Kenya Limited (KCB Bank) #ticker:KCB, Equity Bank Kenya Limited (Equity Bank) #ticker:EQTY, and Co-operative Bank of Kenya Limited (Co-op Bank) #ticker:COOP. Source Proshare Read More

 

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PROSHARE REGULATOR

IOSCO Launches World Investor Week 2018 to Promote Investor Education and Protection-The International Organization of Securities Commissions (IOSCO) today launched its second annual World Investor Week (WIW), following its success last year at attracting more than one thousand financial organizations to showcase their initiatives for promoting investor education and protection across the globe. Source Proshare Read More 

Regulator says South Africa's Eskom can recover $2.25 bln over four years- South African energy regulator NERSA on Tuesday gave power utility Eskom the go-head to recover 32.69 billion rand ($2.25 billion) of costs incurred over the past three years through higher tariffs over a four-year period from 2019 to 2023. Source Reuters Read More 

NDIC recovers N28.84bn from failed banks debtors - The Nigerian Deposit Insurers Corporation says it has recovered N28.84bn from debtors of failed banks. Source Punch Read More 

CBN lists measures to sustain banking sector’s growth - The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said the adoption of risk-focused and rule-based regulatory framework; zero tolerance in regulatory framework for data/information rendition/reporting and infractions and strict enforcement of corporate governance principles in banking sector have helped to stabilise the sector. Source Punch Read More 

CSCS wins award - The Central Securities Clearing System (CSCS) Plc has won the award for its Outstanding Contribution to the Capital Markets in Nigeria. Source Nation Read More 

State Opens Probe Into Trump Tax Allegations in New York Times Story - New York state tax authorities have opened an investigation into allegations reported in the New York Times that President Donald Trump and his family created their real estate empire through “instances of outright fraud,” evading taxes on hundreds of millions of dollars. Source Bloomberg Read More 

 

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PROSHARE MARKETS

FGN Should Diversify Nigeria’s Revenue Base to Avoid Debt Crisis – FSDH Research- FSDH Research believes the Federal Government of Nigeria (FGN) needs to urgently implement policies that will grow and diversify the revenue base of the country to avoid imminent debt crisis. Source Proshare Read More 

Money Market Rate Increased as Overnight Rate Rose to 7.17%- The money market rate increased last week as the Overnight rate (OVN) and Open Buy Back (OBB) rose to 7.17% and 6.00% respectively. Source Proshare Read More 

T- Bills Market Reverses Bullish Run as PMA Holds Tomorrow- The Nigerian Treasury Bills (“T-Bills”) market reversed prior week’s bullish performance as average rate across tenors closed higher by 0.2% W-o-W to settle at 12.5% on Friday. Source Proshare Read More 

Europe stocks under pressure as Italy, Greece fiscal worries cast a pall- Europe stocks were pushed lower on Tuesday, dogged by budgetary concerns out of Italy and Greece, along with global growth and trade concerns. Source Market Watch Read More

NSEASI Records -0.17% Loss to Erase Previous Day Marginal Gain; Opens The Week Negative- Equities market closed today on a negative note, as NSEASI depreciated by -0.17% to close at 32,711.65 basis points as against +0.01% appreciation recorded previously. Source Proshare Read More

PZ Cussons Nigeria Plc Q1''19 - New Quarter, Same Story for HPC Player- PZ Cussons released its Q1’18/19 financial statements showing a 14% y/y moderation in revenue to 15.9 billion (Vetiva estimate: 17.5 billion) and beginning the year with a 205 million loss after tax (Vetiva estimate: 1.0 billion PAT). Source Proshare Read More 

October 2018 FGN Savings Bond Offer for Subscription- Pursuant to the Debt Management Office (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004. Source Proshare Read More

Naira down to N363.88/$ in I&E window - The Naira, yesterday, depreciated to N363.88  per dollar in the Investors and Exporters (I&E) window even as the volume of dollars traded on the window dropped by eight percent. Source Vanguard Read More


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PROSHARE BUSINESS

Ademola Adebise Now CEO of Wema Bank, Moruf Oseni Appointed Deputy Managing Director-Wema Bank Plc. hereby announces that Ademola Adebise has been made the Managing Director/Chief Executive Officer of Wema Bank following the retirement of Segun Oloketuyi in September. Source Proshare Read More

Hilton to double hotels in Africa in next five years- Hilton Worldwide Holdings plans to more than double its hotels in Africa in the next five years by mainly striking deals with existing hotels for conversion into its brand, its chief executive said. Source CGTN Read More 

Govt okays 90-day special window for MSME registration - The Federal Government has approved a 90-day special window to register businesses at a reduced rate of N5,000 in a bid to further ease the process of registering Micro, Small and Medium Enterprises in the country. Source Punch Read More

 

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PROSHARE TECHNOLOGY

Fintechs: NCC Proffers Unbundling Of Financial Services By Regulators- The Nigerian Communications Commission (NCC) has said there is need for immediate consideration of unbundling and restructuring of provision of financial services by relevant authorities in order to ensure optimal delivery of services by financial technology (Fintechs) companies. Source Leadership Read More 

Amazon to Raise Its Minimum U.S. Wage to $15 an Hour- Amazon.com Inc. on Tuesday said it was raising the minimum wage it pays all U.S. workers to $15 an hour, a move that comes as the company faced increased criticism about pay and benefits for its warehouse workers. Source WSJ Read More 

ICT experts decry dearth of cyber security personnel - Information and Communication Technology (ICT) experts have decried the dearth of cyber security personnel in Nigeria and warned that the economy is at higher risk of being a target of cyber-attacks, especially the oil sector and banking industry. Source Guardian Read More


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PROSHARE FINANCE

Setting the Stage for Affordable Housing in Africa- The opportunity for African countries in supporting the growth and development of their affordable housing industries is immense and transformative. Source Proshare Read More 

Global Perspectives On Collaborations And Partnerships Between Universities And Industries - I will like to state upfront that I am not a professor.  Some friend of mine who has been invited here but whose identity I shall protect disagrees. He even went to the naughty extent of averring that if I come here and speak my truth the way I know it and impress you all, then this session alone can make me a professor. Source Proshare Read More

 

 

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