Nigeria in 1min: Economic, Business and Financial Headlines – 170419

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Wednesday, April 17, 2019 / 7:00 AM / By News Aggregator

 

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PROSHARE ECONOMY

Headline Inflation Increases By 11.25% YoY in March 2019; 0.06% Lower Than February 2019 Rate - The consumer price index, (CPI) which measures inflation increased by 11.25 percent (year-on-year) in March 2019. This is 0.06 percent points lower than the rate recorded in February 2019 (11.31) percent. Source NBS Read More

Oil Bulls Undaunted By OPEC Fears - OIR 160419 - Oil prices dipped on Monday on renewed fears that OPEC+ might abandon production cuts, but prices firmed up in early trading on Tuesday. Source Oilprice Read More

Nigeria Faces Daunting Economic Challenges — US Envoy - The United States Consulate General, John Bray, has described Nigeria’s present economic challenges and future outlook as daunting in view of its explosive population projected to be 450 million by 2050. The US envoy linked Nigeria’s security status and overall stability to its economic challenges, while delivering a keynote speech at the Securex West Africa conference in Lagos on Tuesday. Source Punch Read More

We’ve Saved $21bn On Food Imports, Says FG - The Federal Government on Tuesday announced that Nigeria saved $21bn on food imports in the last three and half years. It also stated that the country increased the export of its agricultural produce by 500 per cent within the period under review. Source Punch Read More

Nigeria Lost $3.5bn To Gas Flaring In 5 Years - There is an indication that Nigeria has lost the sum of $3.5 billion to gas flaring in five years between January 2014 to April 2019 in nine states of Rivers, Kaduna, Imo, Edo, Delta, Bayelsa, Anambra, AkwaIbom and Abia. Source Leadership Read More

Diaspora Remittances Hit $24.3b - Diaspora remittances to Nigeria stood at $24.3 billion last year. It was the highest remittance to any country in sub-Saharan Africa and an increase of more than $2 billion compared to the previous year’s figure of $22.3 billion. According to the World Bank’s latest “Migration and Development Brief”, immigrants sent $46 billion to their home countries in sub-Saharan Africa last year, a 10 per cent jump in remittances in 2017. Source TheNation Read More

 

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PROSHARE REGULATORS

Banks’ Secured Credit To Household Rose In Q1 — CBN - The availability of secured credit to households increased in the first quarter of 2019 and was expected to increase in the next quarter, according to the Q1 2019 Credit Conditions Survey Report by the statistics department of the Central Bank of Nigeria. Source Punch Read More

 

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PROSHARE MARKETS 

NSEASI Erases Previous Day Loss As Investors Gain N94.03bn - Equities market closed today on a positive note, as NSEASI appreciated by 0.85% to close at 29,746.24points as against 0.14% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.36%. Source Proshare Read More 

Banks in AAA Jurisdictions Face Rising Household Debt Risk - Banks in several 'AAA' rated countries face rising risk from the household sector amid a build-up of financial imbalances, Fitch Ratings says in a new report. Source Fitch Ratings Read More 

ACCESS Declares N41.15bn PAT in Q1 2019 Results,(SP:N6.05k) - Today, Access Bank Plc released its unaudited first quarter results for the period ended March 31, 2019. Source NSE Read More 

Forex Market Gets $210m CBN Boost - The interbank segment of the Foreign Exchange Market has received a boost of $210 million from the Central Bank of Nigeria (CBN) following sales concluded on Tuesday, April 16, 2019.  Source CBN Read More 

DMO Offers N60bn Bonds For Subscription - The Debt Management Office has offered N60bn bonds for subscription in the Federal Government bond auction this month. The DMO said in a circular on Tuesday that it was authorised to receive applications on behalf of the Federal Government. Source Punch Read More


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PROSHARE BUSINESS 

Court Acquits, Discharges Suspended SEC DG, Gwarzo - A Federal Capital Territory (FCT) High Court on Tuesday discharged the suspended Director-General of the Securities and Exchange Commission (SEC), Mounir Gwarzo, of the charge of fraud filed against him. Source Premium Times Read More

NNPC’s Financial Records Insufficient for Govt Oversight - A New York-based Natural Resource Governance Institute (NRGI) yesterday stated that the financial reports of the Nigerian National Petroleum Corporation (NNPC) do not contain systematic financial information that would enable the federal government to demand for accountability in its operations. Source Thisday Read More

China's First Quarter Growth Unexpectedly Steadies, But Too Early To Call Clear Recovery - China’s economy grew at a steady 6.4 percent pace in the first quarter from a year earlier, defying expectations for a further slowdown, as industrial production jumped sharply and consumer demand showed signs of improvement. Source Reuters Read More 

House of Reps Reject Forensic Investigative Auditor Of Nigeria Bill - The Chartered Institute of Forensic and Investigative Auditors of Nigeria was yesterday was thrown out after spirited debates by proponents and opponents of the bill. Source Proshare Read More


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PROSHARE TECHNOLOGY

Global Telecom's 5G Spend Will Persist, Even in a Downturn – Fitch - 5G investments will persist in global telecom over the intermediate term, even though revenue may materialize gradually, according to Fitch Ratings. Source Fitch Ratings Read More

Reflections On The Nigeria Data Protection Regulation 2019 - Initial steps on IT regulation was met with resistance by internal and external stakeholders. People assumed regulation always meant obstruction and restriction on innovation. It took a while for people to realise our regulatory paradigm was developmental regulation. Source Techeconomy Read More

Active Subscribers Reduce By 342,101 In February – NCC - The Nigerian Communications Commission (NCC) says there was a decrease of 342,101 active subscribers on the telecommunication networks in February 2019. NCC disclosed this in its Monthly Subscriber/Operator Data made available on its website on Monday. Source Dailytrust Read More

West Africa’s Mobile Money to Hit $70bn in 2023 - Riding on the success of mobile money growth in West Africa, with a contribution of over $50 billion in 2018, which is equivalent to 8.7 per cent of the region’s GDP, a new GSMA report has predicted that the West Africa mobile ecosystem economic contribution would continue to increase to reach $70 billion by 2023, which is about 9.5 per cent contribution to GDP. Source Thisday Read More 

 

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