Nigeria in 1min: Economic, Business and Financial Headlines – 140619

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Friday, June 14, 2019 / 07:00 AM / By News Aggregator / Header Image Credit: @AfDB_Group

 

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PROSHARE ECONOMY

AfDB, AU-NEPAD, Co-Launch African Agri-Business Engine For Agro Finance With FAPA Grant- The African Development Bank and the Fund for African Private Sector Assistance (FAPA), a multi-donor trust fund financed by the Governments of Japan and Austria, today launched the African Agri-Business Engine (AABE) in Malabo. Source AfDB Read More

To Reduce Inequality, Employ Young People - Rising economic growth has reduced inequality in low-income and emerging market countries over the years. In good economic times, young people working helps reduce inequality in both groups of countries. But when growth slows down and jobs are lost, more young people out of work in low-income countries leads to a rise in inequality.  In emerging markets, the story is a bit different and we’ll explain why. Source Burcu Hacibedel and Priscilla Muthoora, IMFBlog Read More

Reworking The Raffia: A Look At Nigeria’s CPI Basket - Generally, price indices are measures of proportionate or percentage changes in a set of prices over time. According to the International Labour Organisation (ILO), the “Consumer Price Index (CPI) measures changes in the prices of goods and services that households consume”.  Source Meristem Research Read More

Oil Revenue Hits N85tr In Five Years - Nigeria earned $236.2 billion (about N85 trillion) from oil between 2014 and 2018, the Organisation of Petroleum Exporting Countries (OPEC) said in its 54th edition of Annual Statistical Bulletin. The revenue is 10 times the N8.91 trillion Budget signed last month by President Muhammadu Buhari as Appropriation Act for this fiscal year. Source TheNation Read More

 

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PROSHARE REGULATORS

SEC Commences Cross-Reference Checklist Review of Bond and Fixed Income Applications - The general public is hereby notified that the Commission commenced the Cross-Reference Checklist Review of Bond/fixed income applications with effect from June 1, 2019. Source SEC Nigeria Read More

 

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PROSHARE MARKETS

Market Interest Rates Edge Upwards - For weeks we have been perplexed by one-year Naira-denominated risk-free rates lower than the 250 – 300 spread over inflation which we think foreign investors require. Last week rates moved back up. As we argue on page 2, a soft outlook for US rates does not necessarily mean lower rates in emerging markets, especially if a US slowdown in growth implies weak oil prices. Source  Partnership Publication /Coronation Research Read More

Investors Lose N31.13bn As Market Sentiment Remains Negative; Sell Pressure Persists - Equities market closed today on a negative note, as NSEASI depreciated by 0.23% to close at 30,029.15 points as against 0.73% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.46%. Source Proshare Read More

NASCON Targets Increased Market Share Through Product Innovation - NASCON Allied Industries Plc is targeting more market share in the food sector through increased product range and innovation. According to Executive Director, Commercial of NASCON, Fatima Aliko-Dangote, the company, which added three new products in 2018, would be introducing more products this year as part of strategies to meet the needs of its varied customer base. Source NASCON Read More

A Quiet Trading Session as Primary Market T-Bills Auction Takes Centre Stage - The Bonds market continued to trade with weak sentiments and relatively low volumes, as bid/offer spreads remain wide. Yields expanded by c.2bps across the benchmark bond curve, pushing average yields to close the day at 14.70%. Source Zedcrest Capital Read More         

Second Green Bond Offer Records 220% Oversubscription, Says DMO - The Debt Management Office (DMO), yesterday, said its second Sovereign Green Bond offering, where it sought to raise about N15 billion to support the Federal Government’s climate change project resulted in oversubscription of over 220 per cent. Source Guardian Read More

 

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PROSHARE BUSINESS 

IoD Nigeria To Hold a Capacity Development Programme On “Board’s Role In Strategy” - Setting Strategic direction for an organization is a primary responsibility of the Board. But beyond this, strategy formulation, integration, execution and evaluation are leadership responsibilities that are shared with the executive management. This collaborative approach. Source Institute of Directors Nigeria Read More

Customs Generates N5.5bn Daily —Comptroller-General - The Nigeria Customs Service said on Thursday in Lagos that, its revenue generation has increased to the region of N5.5 billion daily.The Comptroller-General, Col. Hameed Ali (rtd) made this known during a working visit to the headquarters of the National Association of Government Approved Freight Forwarders in Lagos. Source Punch Read More

U.S. Blames Iran For Tanker Attacks In Gulf Of Oman, Iran Rejects Assertion - The United States blamed Iran for attacks on two oil tankers in the Gulf of Oman on Thursday that drove up oil prices LCOc1 and raised concerns about a new U.S.-Iranian confrontation, but Tehran bluntly denied the Allegation. Source Reuters Read More

Over 600 U.S. Companies Urge Trump To Resolve Trade Dispute With China - Walmart Inc, Target Corp and more than 600 other companies urged U.S. President Donald Trump in a letter on Thursday to resolve the trade dispute with China, saying tariffs hurt American businesses and consumers. Source Reuters Read More

 

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