Nigeria in 1min: Economic, Business and Financial Headlines – 180918

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Tuesday, September 18, 2018 / 7:00 AM / Proshare News

 

PROSHARE ECONOMY

Average Price of 1kg of Rice Decreased by 2.43% MoM to N375.02 in August 2018 - NBS - Selected food price watch data for August 2018 reflected that the average price of 1 dozen of Agric eggs medium size decreased year-on-year by -2.28% and increased month-on-month by 0.50% to N474.13  in August 2018 from  N471.75 in July 2018 Source Proshare Read More 

Average Fare Paid by Commuters For Bus Journey Within City Increased by 9.80% MoM in Aug 2018 - NBS - The Transport fare watch report for July 2018 covers the following categories namely bus journey within the city per drop constant route ; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger transport. Source Proshare Read More 

Extreme Poverty Concentrates in Sub-Saharan Africa - Gates Foundation warns that Nigeria and the Democratic Republic of Congo will be home to 44% of people living in such conditions by 2050 if trends continue Source WSJ Read More 

Trade Balance Improves But Vulnerable to Crude Oil Movements - FSDH Research observes an improvement in Nigeria’s trade balance (the difference between total merchandise exports and imports) in Q2 2018 over the preceding quarters. Source Proshare Read More 

Nigeria Faces Serious Revenue Challenges, Says Ahmed - The newly appointed supervising Minister of Finance, Mrs. Zainab Ahmed, Monday revealed that Nigeria was facing serious revenue challenges. Source Thisday Read More 

Kaduna needs N70bn to fix 4,200 public primary schools – Education official - Mr Jonathan Joseph, a Quantity Surveyor with Kaduna State Universal Basic Education Board said that the board needs about N70 billion to fix the over 4,200 public primary schools in the state. Source Punch Read More 

Oyo seals off 12 banks in Ibadan - Activities at 12 banks’ branches located in Ibadan, the Oyo State capital, were disrupted early on Monday when the state’s Board of Internal Revenue sealed their offices for non-payment of Environmental Development Levy spanning over three years. Source Punch Read More 

Elections and the Economy: Fear of Flight - Political risk has historically been the focus for domestic and foreign investors in the year preceding elections in Nigeria. It is often said to contribute to capital flight, instability of the local currency and a distraction from economic reforms. Source Proshare Read More 

N’Assembly Begins Fourth Amendment to Electoral Act 2010 - The National Assembly Joint Committee on Electoral Matters on Monday commenced the fourth attempt to amend the Electoral Act 2010 as amended, which President Muhammadu Buhari had refused to assent last month. Source Thisday Read More

 
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PROSHARE MARKETS

NSEASI Dips by -0.39% to Open The Week Negative; Halts Uptrend - Equities market closed today on a negative note, as NSEASI depreciated by -0.39% to close at 32,201.98 basis points as against +0.95% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.80%. Source Proshare Read More 

Bond Yields Moderate Further Amid Tighter Supply - Yields in the bond market declined further in today’s session, compressing by c.9bps d/d. Source Proshare Read More 

Average T-bills Yield Rose Significantly by 208bps to Close the Week at 14.43% - The money market rate increased last week as the Overnight rate (OVN) and Open Buy Back (OBB) rose to 12.00% and 10.67% respectively. Consequently, the average money market rate increased by 8.21% to settle at 11.14% due to reduction in system liquidity to close at cN300bn Source Proshare Read More 

Afrinvest Stock Recommendation for the Week - 170918 - The bearish performance of the equities market was sustained last week as the All Share Index (ASI) fell 5.0% W-o-W to 32,327.59 points, YTD loss worsened to -15.5% while market capitalization declined to N11.8tn. Source Proshare Read More 

‘Nigeria Lost $1.150bn of Potential Gas Income to Flaring in 2016’ - In 2016 alone, Nigeria could not earn about $1.150 billion potential gas revenue because as much as 275 billion cubic feet (BCF) of natural gas were flared from oil fields in the Niger Delta, a taskforce of the federal government has said. Source Thisday Read More

 
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PROSHARE BUSINESS

VP Osinbajo presides over the launch of Jim Ovia’s “Africa Rise and Shine” Book - Vice-President Professor Yemi Osinbajo, SAN today led political and business leaders in Nigeria to launch the book “Africa Rise & Shine” a book that brings the story of businessman, banker and entrepreneur Mr Jim Ovia. Source Proshare Read More 

Kyari Bukar Resigns as Chairman of The Nigerian Economic Summit Group - The Board of Directors of the Nigerian Economic Summit Group (NESG) announces today, that Kyari Bukar has resigned his position as Chairman effective immediately. This resignation is to enable him pursue his political aspiration. Source Proshare Read More 

Trump slaps tariffs on $200 billion in Chinese goods, spares some consumer tech - U.S. President Donald Trump escalated his trade war with China on Monday, imposing 10 percent tariffs on about $200 billion worth of Chinese imports, but sparing smart watches from Apple Source Reuters Read More 

In Rare Step, Saudi’s Sovereign-Wealth Fund Raises $11 Billion Loan - Saudi Arabia’s sovereign-wealth fund has begun cobbling together billions of dollars from different sources to help deliver an economic overhaul and replace funds it had expected from the stalled listing of oil giant Aramco. Source WSJ Read More 

Oil prices drop as escalating trade war clouds demand outlook - Oil markets dropped on Tuesday as the latest escalation in the Sino-U.S. trade war clouded the outlook for demand, although concerns over tightening supply offered prices some support. Source Reuters Read More 

Nigeria’s Crude Faces Glut Over US Shale Production - Indications emerged yesterday that the sale of Nigeria crude oil in the international market is currently facing challenges due to surging production of United States shale crude, which experts say has similar geological properties. Source Leadership Read More 

Tunisia's 2019 debt payments to hit record of more than $3 bln - Tunisia’s debt repayments will rise to a record level of more than 9 billion dinars ($3.24 billion) next year, the finance minister said on Monday. Source Reuters Read More

 
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PROSHARE TECHNOLOGY

Machines to handle 50% of workplace tasks by 2025 – WEF - Machines and automated software will be handling half of all workplace tasks within seven years, anew report from the World Economic Forum (WEF) forecasts. Source BUSINESSDAY Read More

 

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