Nigeria in 1min: Economic, Business and Financial Headlines – 100119

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 Thursday January 10, 2019 / 7:00 AM / Proshare News 

 

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PROSHARE ECONOMY

Wheat Prices Down By -0.19% Despite Concerns Of High Global Demand - Cost and convenience have propelled a change of taste amongst millennials and urban dwellers in Nigeria. Source FDC Read More 

Global Growth Is Expected to Slow To 2.9 percent in 2019 – World Bank - Global Growth Is Expected to Slow To 2.9 percent in 2019 – World Bank- The outlook for the global economy has darkened. Global financing conditions have tightened, industrial production has moderated, trade tensions have intensified, and some large emerging market and developing economies have experienced significant financial market stress. Source World Bank Read More 

Oil Sector FDI Drops By $17.12m In Three Months - Foreign Direct Investment in Nigeria’s oil sector dropped by $17.12m in the third quarter of 2018, the Nigerian Natural Resource Charter stated on Wednesday. Source Punch Read More 

Nigeria’s Debt Hits N22.43tn, Domestic Component 70.51% - As of June 30, 2015, the country’s total debt stood at N12.12tn. This means that within the tenure of the present administration which came to power on May 29, 2015, the country’s total debt has risen by N10.31tn or 85.06 per cent. Source Punch Read More 

Saraki Alleges Massive Corruption In Oil Sector - Source Channels Read More 

 

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PROSHARE REGULATORS 

Credit to Private Sector Falls Marginally to N23.083tn - Banking sector credit to the private sector dropped slightly year-on-year by N55.7 billion to N23.083 trillion as of November 2018, from the N23.138 trillion it was at the end of October, 2018. Source Thisday Read More 

 

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PROSHARE MARKETS

T-Bills Yields Tick Higher as CBN Resumes OMO Sale-The Bond market remained scantily traded, with slight interests around the short and mid tenors compressing yields further by c.4bps on average. Source Zedcrest Capital Read More

Gross Official Reserves Increased By US$950m In December 2018 To US$43.12bn- Gross official reserves increased by US$950m in December to US$43.12bn on the back of the FGN’s latest Eurobond sales which raised US$2.86bn. Source FBNQuest Research Read More

Investors Lose N260.79bn as NSEASI Sheds -2.33%; Closes Below 30,000bpts- Equities market closed today on a negative note, as NSEASI depreciated by -2.33% to close at 29,336.80 basis points as against -1.20% depreciation recorded previously. Source Proshare Read More 

Rising Oil Prices Sustain Demand for Nigerian Eurobonds - The Bond market remained scantily traded, but with some profit taking on the 37s lifting yields marginally higher by c.1bp, despite the continued interests around the mid tenors. Source Zedcrest Capital Read More

 

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PROSHARE BUSINESS 

Fewer Billionaires, Poorer Billionaires On African Continent In 2019 - Buffeted by plunging stock prices and weaker currencies, the number of African billionaires has shrunk to just 20, down from 23 a year ago. Four people fell off Forbes’ annual list of the continent’s richest since last year while one returned to the ranks after a four-year absence. All but four members of the list have smaller fortunes than a year ago. Source Forbes Read More 

Manufacturers Start 2019 With N149bn Unsold Goods—MAN – The Manufacturers Association of Nigeria (MAN ) said inventory of unsold manufactured goods stood at N149.23 billion at the end of 2018, down by N10.36 billion (6.9 percent) from N159.59 billion in the corresponding period of 2017. Source Vanguard Read More

 

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PROSHARE TECHNOLOGY

Nigeria’s Revised National Financial Inclusion Strategy 2018 - CBN - The Strategy defined a set of targets for products, channels and enablers of financial inclusion. The KPIs were defined, based on the various dimensions of financial inclusion, including access, usage, affordability, appropriateness, financial literacy, consumer protection and gender. Source CBN Read More

NCC, Telcos Push for Review of National Broadband Plan - With the expiration of the country’s five-year National Broadband Plan in December 2018, coupled with the fact that Nigeria narrowly attained and surpassed the 30 per cent broadband target, the Nigerian Communication Commission (NCC) and telecommunication operators (Telcos) have called on the federal government to as a matter of urgency, review the plan. Source Thisday Read More


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