Nigeria in 1min: Economic, Business and Financial Headlines – 130219

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Wednesday February 13, 2019 / 7:00 AM / Proshare News

 

 

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PROSHARE ECONOMY

Budget 2019: The Hidden Monsters - It fails to excite vision, it fails to ignite passion and it simply tries to steady a course that has seen the economy stall to a growth rate of about 2% (max-out); a figure which the latest IMF estimates expect to be the growth index for 2019 (more of the same). Source Proshare Read More

Q4 2018 GDP: Economic Growth Once Again Holds Steady in Nigeria - This morning, the National Bureau of Statistics released the Q4 2018 GDP numbers. From the details provided, the Nigerian economy grew by 2.4% YoY compared to Q3 18 growth of 1.8% YoY. Source ARM Research Read More

Discos Dispute 2000MW Stranded Electricity as Gencos Kick - The power Distribution Companies (DisCos) have insisted that there is no 2,000 megawatts (MW) stranded in the Nigerian Electricity Supply Industry (NESI) that can’t be delivered. Source Dailytrust Read More

Nigeria: Crouching Tiger, Hidden Lion - Nigeria as the largest economy on the African continent is also one of the most vulnerable to adverse global economic outcomes. Source Proshare Read More

2019 Budget An Opportunity For Private Sector To Thrive, Says Akabueze - Worried by the dwindling fortunes of Nigeria’s economy, the Director-General, Budget Office of the Federation, Ben Akabueze, has said the proposed N8.83 trillion 2019 national budget presents opportunities for the organised private sector to strive. Source Guardian Read More

Presidency: At 1.93% GDP Growth, FG’s Economic Policy Working - Following the 1.93 per cent Gross Domestic Product (GDP) growth recorded by Nigeria in 2018, as against the 0.82 per cent achieved the previous year, the presidency yesterday beat its chest, saying it is evidence that the President Muhammadu Buhari administration’s economic policy is working. Source Thisday Read More

 

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PROSHARE REGULATORS

IFRS9: CBN Relaxes Implementation of Rules for Bad Loans - The Central Bank of Nigeria (CBN) has relaxed the time limit for commercial banks to absorb impairments from implementation of IFRS9 rules on bad loans. Source Vanguard Read More 

 

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PROSHARE MARKETS

The Lubricant Provided By The FPIs - From today’s chart we can see the improvement in fx flows at the CBN since Q1 2017, coinciding with its reforms (the opening of additional windows). Source FBNQuest Research Read More 

Flour Mills of Nigeria Q3 2019 Results Review: Neutral Rating Maintained - Although Flour Mills of Nigeria’s (FMN) Q3 2019 (end-Dec) sales beat our forecast, PBT missed on account of negative surprises in gross margin and non-core operating line items. Source FBNQuest Research Read More 

Nigeria’s Oil Palm Sector - An Investment Case for OKOMUOIL and PRESCO - Following the release of our report on Nigeria’s oil palm sector where we opined that the industry is keenly positioned to soar further over the coming years. Source Afrinvest Research Read More 

Investors Gain N253.75bn as NSEASI Closes Above 32,000bpts - Equities market closed today on a positive note, as NSEASI appreciated by +2.14% to close at 32,462.31basis points as against +0.81% appreciation recorded previously. Source Proshare Read More

CBN Holds Off on OMO Sale as Funding Rates Moderate - The Bond market traded on a slightly bearish note on the back of continued profit taking mostly on the 2028s, while bids got weaker across the curve, as market sentiments dampened in anticipation of the February Bond auction scheduled to hold next week. Source Zedcrest Capital Read More

 

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PROSHARE BUSINESS 

Enhancing Compliance among Currency Dealers - The initiative which has the backing of the Nigerian Financial Intelligence Unit (NFIU), the Central Bank of Nigeria (CBN) and the Nigeria Interbank Settlement System (NIBSS), is expected to improve compliance and ensure seamless operations of the currency dealers.ABCON President, Alhaji Aminu Gwadabe, described the initiative as a game changer for the sub-sector. Source Thisday Read More

Citigroup Sees Saudi, UAE As Top Mideast Markets For Deals This Year – Executive - Citigroup expects the majority of investment banking opportunities in the Middle East to come from Saudi Arabia and the United Arab Emirates this year, said Miguel Azevedo, Citigroup’s head of investment banking, Middle East and Africa. Source Vanguard Read More 

Mnuchin Hopes For 'Productive' Trade Meetings In China - U.S. Treasury Secretary Steven Mnuchin said on Wednesday he hopes for “productive” trade meetings in China this week, as the two countries seek to hammer out an agreement amid a festering dispute that has seen both level tariffs at each other.  Source Reuters Read More


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PROSHARE TECHNOLOGY

Blockchain Africa Conference 2019 - Blockchain technology is set to enter a new era in 2019, with many industry experts expecting the technology to be more widely adopted by mainstream companies, charities, and financial organisations. Source Bitcoin Events Read More

 

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PROSHARE MSME

How Start-Ups Can Access Grants - With dwindling funding, access to grants is becoming more competitive.To solve the problem, Acceler hub has held a training for social entrepreneurs on how to write proposals for raising funds for their projects. Source TheNation Read More

 

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