Nigeria in 1min: Economic, Business and Financial Headlines – 210219

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 Thursday February 21, 2019 / 7:00 AM / Proshare News

 

 

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PROSHARE ECONOMY

Unfavourable Weather Conditions In Brazil Expected To Drive Sugar Prices Up In The Near Term - Nigeria is the second largest producer of Sorghum in the world (12% of global output) with a value of $1.12 billion. Source FDC Read More 

N298.01bn Generated as VAT in Q4 2018 - NBS - Sectoral distribution of Value Added Tax (VAT) data Q4  2018 reflected that the sum of N298.01bn was generated as VAT in Q4 2018 as against N273.50bn generated in Q3 2018 and N266.73bn in Q2 2018 representing 8.96% Increase Quarter-on-Quarter and 17.28% Year-on-Year. Source NBS Read More 

FG Lost N1.8bn in Port Revenue, Says Expert - An economic analyst with the Lagos Chamber of Commerce and Industry who is also a maritime expert, Mr Vincent Nwani, said that the postponement of the presidential and the National Assembly elections that were earlier scheduled to hold on February 16, had set the maritime sector back by $6m (N1.8bn). Source Punch Read More

Nigeria To Consider Reducing Oil Output For Higher Prices –Buhari - President Muhammadu Buhari, has assured  that Nigeria would  cooperate with member countries of the Organisation of Petroleum Exporting Countries (OPEC) to boost crude oil prices through  reduction of oil output. Source Sun Read More

Nigeria Is Going Broke - In 2017, Federal Government (FG) revenue was 2.7 trillion, the lowest in seven years. The Nigerian government has a serious revenue problem. Source StearsBusiness Read More

 

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PROSHARE REGULATORS

SEC Introduces Changes to Filing of Consent Letters and Executed Offer Document - The Securities and Exchange Commission has introduced changes to the practice of: filing consent letters at the commencement of a transaction. Source SEC Nigeria Read More 

NAICOM Approves First Micro Insurance Company To Run State Business - In a move to deepen insurance penetration and acceptance in the country, the National Insurance Commission, NAICOM, has approved GOXI Microinsurance Company Limited to operate as a State Composite Micro-insurer. Source Vanguard Read More 

 

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PROSHARE MARKETS

Forex: CBN ‘Buoys’ Market with $210m - The Central Bank of Nigeria (CBN) has made a fresh injection of $210 million into the inter-bank foreign exchange market in its determination to boost supply in that sector of the market. Source CBN Press Release Read More 

Bank Research Unit Issues Update on Postponed Elections’ Impact on Markets - Last Saturday’s Presidential and National Assembly elections were postponed, a few hours before they were to start. Source Coronation Research Read More 

Nigerian Agriculture Sector - FY’18 Earnings Preview - The Agriculture sector expanded by 2.5% y/y in real terms in the final quarter of 2018, with a particularly strong showing from Crop production. Source Vetiva Research Read More 

Nigerian Industrial Goods Sector - FY’18 Earnings Preview - Whilst cement volumes in the first 9 months of 2018 have largely rebounded from a slump in the previous year (up 10% y/y to 15.6 million MT), we expect volume growth to come in slightly weaker in the final quarter of the year, pressured by extended heavy rainfall in Q4 as well as a heightened political environment. Source Vetiva Research Read More 

Zenith Bank’s FY 2018 Results - Strong Asset Quality, Rising Margins - Zenith Bank reported audited FY 2018 results before the market opened today. Numbers were in line with our and consensus estimates. Source Coronation Research Read More 

Investors Gain N77.52bn As Market Sentiment Remains Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.64% to close at 32,614.06basis points as against +0.67% appreciation recorded previously. Source Proshare Read More

FGN Bond Auction Oversubscribed - The trend of oversubscription at Federal Government of Nigeria (FGN) Bond Auctions for the year continued at the February 2019 Auction conducted yesterday by the Debt Management Office (DMO). Source TheNation Read More 

 

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PROSHARE BUSINESS 

Illegal Capital Market Activities: SEC shuts down Growing Circle - The Securities and Exchange Commission, SEC, has sealed off the premises of Growing Circle in Lagos for engaging in illegal fund management activities. Source SEC Nigeria Read More 

Top 10 Nigerian Online Adverts Records 17m Views - Local content for digital broadcasting is fast driving online advertising viewing in Nigeria and the entire globe, thus attracting more people to watch online videos on their mobile devices. Source Thisday Read More 

MTN Faces More Trouble as Ugandan Authorities Query Sales Figures - Uganda has accused the country’s biggest telecoms operator, MTN Uganda of under-declaring its sales and causing public revenue losses, in a further souring of relations with the South African-owned company. Source Thisday Read More

 

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PROSHARE TECHNOLOGY

Facebook Highlights Efforts to Protect Election Integrity in Nigeria, Others - With a number of upcoming elections across Africa, Facebook has restated its commitment to reduce the spread of misinformation, protect election integrity and support civic engagement across the continent, including Nigeria. Source Thisday Read More

 

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PROSHARE FINANCE

Natural Language Processing in Insurance – Current Applications - The applications of natural language processing (NLP) have been increasing as more companies find uses for their text data. Source Niccolo Mejia of Emerj Read More

 

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PROSHARE MSME

AfDB Approves $15m Equity Fund For SMEs  - The Board of Directors of the African Development Bank has approved a $15 million equity investment in Verod Capital Growth Fund III, a private equity fund that will make investments in high growth middle market companies in Anglophone West Africa including Nigeria, Ghana, Liberia, Sierra Leone and the Gambia. Source TheNation Read More

 

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