Nigeria in 1min: Economic, Business and Financial Headlines – 200319

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Wednesday March 20, 2019 / 06:58 AM / By News Aggregator Header Image Credit: Proshare WebTV

 

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PROSHARE ECONOMY

Nigeria Produces 0.11% of Global Steel; Imports 5m Tonnes Annually - Today Nigeria produces 0.11% of global steel (less than two million metric tonnes) but imports 5 million tonnes annually. Source FDC Read More 

Refineries Lost N132bn In 2018, Says NNPC - The operating deficit recorded by the nation’s refineries rose by 39 per cent to N132.5bn in 2018, compared to the previous year, data from the Nigerian National Petroleum Corporation showed on Tuesday. Source Punch Read More 

Lagos Ranked Among World’s Less Livable City - The survey which is done annually, was carried out by Economist Intelligence Unit, having Lagos share sixth position with Karachi in Pakistan The Economist Intelligence Unit noted that costs in the cheapest cities were low by Western standards, majorly because low wages, which is obtainable in such areas limit household spending. Source Guardian Read More 

NASS Approves N30k As Minimum Wage - Following the struggle by the Nigerian Labour Congress, NLC, to have their minimum wage increased, the Nigerian Senate, Tuesday approved the payment of N30,000 as the new minimum wage to be paid to workers. Source Vanguard Read More 

FG Adjusts 2019 MTEF/FSP – Udoma - Budget and National Planning Minister, Senator Udoma Udo Udoma on Tuesday told the Senate Committee on Finance that some slight adjustments had been effected on the 2019 Medium Term Fiscal Framework and Fiscal Strategy Paper (MTEF/FSP) between when it was approved by the Federal Executive Council and the finalization of the 2019 Budget Proposals. Source Vanguard Read More

NNPC Considers Extending Gas Pipeline To Algeria - The Nigerian National Petroleum Corporation is considering extending the ongoing Ajaokuta-Kaduna-Kano gas pipeline system across the Sahara to Algeria in North Africa. Source Punch Read More


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PROSHARE MARKETS

Investors Lose N16.06bn as Sell Pressure Persists - Equities market closed today on a negative note, as NSEASI depreciated by 0.14% to close at 31,430.50basis points as against 0.06% depreciation recorded previously. Source Proshare Read More 

Access Bank Plc Obtains Court Sanction Of The Merger With Diamond Bank - Having received the Final Approval of Central Bank of Nigeria and the Securities & Exchange Commission to the proposed Merger between Access Bank Plc and Diamond Bank Plc. Source NSE Read More 

T-Bill Rates to Clear Lower at Tomorrow’s NTB Auction - The FGN Bond market traded on a relatively quiet note except for slight sell witnessed on the 2028 bond towards the close of the trading session. Yields however compressed by c.3bps on average, following slight decline in yields on the short end of the curve. Source Zedcrest Capital Read More


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PROSHARE BUSINESS 

SEC Seals Growing Circle International Premises in Lagos - Following information received by the Securities and Exchange Commission (the Commission) from a member of the public, surveillance was conducted on the activities of Growing Circle International (“G-Circle) whose head office is No 6 Mojidi Street, off Toyin Street, Ikeja Lagos. Source SEC Read More

Stakes Rise For Boeing As EU, Canada Step Up Scrutiny Of 737 MAX After Crashes - Europe and Canada said they would seek their own guarantees over the safety of Boeing’s 737 MAX, further complicating plans to get the aircraft flying worldwide after they were grounded in the wake of two accidents killing more than 300 people. Source Reuters Read More


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PROSHARE FINANCE

8.41m Workers Are Registered Under The Pension Scheme As At Q42018 – NBS - The Pension Asset and RSA Membership Data Q4 2018 reflected that 8,410,184 workers are registered under the pension scheme compared to 8,136,202 registered workers in Q2 2018 while the Pension Fund Asset under Management as at Q4 2018 stood at N8,637mln as against N8,323mln in Q2 2018. Source NBS Read More 

FG Transferred N201bn To MDAs’ Retirement Benefit Accounts — Pencom - Between April 2017 and January this year, the Federal Government transferred the sum of N201.95bn into the Retirement Benefits Bond Redemption Fund  Account maintained by the Central Bank of Nigeria for payment of accrued pension rights. Source Punch Read More 

 

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