Nigeria in 1min: Economic, Business and Financial Headlines – 120419

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Friday, April 12, 2019 / 7:00 AM / By News Aggregator

 

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PROSHARE ECONOMY

AfDB Approves $4.8m For AfCFTA, Nigeria Assesses Impact - The board of the African Development Bank has approved an institutional support grant of $4.8m to the African Union, to accelerate the momentum of the African Continental Free Trade Area Agreement. Source Punch Read More 

Technology Helps Farmers Overcome Wheat Woes In Sudan - Farmers and other players in Sudan’s agricultural sector are celebrating the success of new heat-resistant wheat varieties which could transform the food landscape in Sudan. Source AFDB Read More

PTAD Pays Pensioners N102.8bn In 15 Months - Between January 2018 and March 2019, a total of N102.82bn was paid by the Federal Government through the Pension Transitional Arrangement Department to pensioners in the public sector. Source Punch Read More

IMF Advises Nigeria to Remove Fuel Subsidy - The Managing Director, International Monetary Fund (IMF), Mrs. Christine Lagarde, has advised the Nigerian government to jettison spending on fuel subsidy and expend the money on health, education and infrastructural development. Also reviewing the sub-Sahara African countries’ situation, the World Bank Group said the level of poverty in Nigeria is getting worse despite other regions’ progress on shared prosperity. Source Thisday Read More

Nigeria, Others To Benefit From $100 Billion BRI Initiative - Nigeria and two other African countries have been selected to benefit from the Belt and Road Initiative (BRI) in excess of $100 billion. The BRI, an initiative of the Chinese government, offers an infrastructural development and investment opportunities in over 60 countries across Europe, Asia and Africa. Source Guardian Read More

 

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PROSHARE REGULATORS

NDIC Earmarks N258.76bn Insurance Cover for Bank Depositors - The Managing Director/Chief Executive,  Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, Thursday disclosed that the sum of N258.767 billion had been earmarked in its 2019 fiscal year for reimbursement of depositors in the unlikely event of closure of licenced banks. Source Thisday Read More

 

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PROSHARE MARKETS

Bond Yields Maintain Slight Uptrend Following Selloff on the 20-year - Selling Pressures in the FGN Bond market moderated slightly in today’s session, but with yields still closing the day slightly higher by c.5bps following some selloff on the 2037s which was traded as high as 14.50%. Source Zedcrest Capital Read More 

Dividend Payment – Is NASD A Store of Value? - As at the close of trade on April 10, 2019, the NASD-USI recorded YTD decline of -1.6% from 740.66 points at the end of 2018 to 728.84 points. Source Proshare Read More 

Investors Gain N57.92bn as Market CAP Closes Above N11trn; ASI Inches Up Further By 0.53% - Equities market closed today on a positive note, as NSEASI appreciated by 0.53% to close at 29,347.62points as against 0.12% appreciation recorded previously. Source Proshare Read More 

Nigerian Breweries Floats N15b Commercial Papers - Nigeria’s largest brewer, Nigerian Breweries Plc on Thursday launched a bid to raise N15 billion through issuance of new commercial papers (CPs). The issuance is part of the company’s N100 billion CP programme. Source TheNation Read More

 

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PROSHARE BUSINESS 

CBN Publishes Q1 2019 Credit Conditions Survey Report - The availability of secured credit to households increased in Q1 2019 and was expected to increase in the next quarter. Improving economic outlook was the major factor for the increase in secured credit. Source CBN Read More

Uber Unveils IPO With Warning It May Never Make A Profit - Uber Technologies Inc has 91 million users, but growth is slowing and it may never make a profit, the ride-hailing company said on Thursday in its IPO filing. Source Reuters Read More

African Nations Could Lose $420 Million in a No-Deal Brexit - Morocco, Ghana and Tunisia are among African nations that would lose the most if the U.K. doesn’t negotiate a deal by the time it has to exit the European Union, according to a study by a United Nations agency. Source Bloomberg Read More

Nigeria To Award Gas Flare Contract In Q3’19 — Kachikwu - According to the Minister, the country had already eliminated 75 percent of flared gas and was on track to eliminate flaring entirely by 2020, as more than 200 companies submitted bids for the right to commercialise the gas. Source Vanguard Read More

 

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