Nigeria in 1min: Economic, Business and Financial Headlines – 231018

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Tuesday, October 23, 2018 / 7:00 AM / Proshare News

 

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PROSHARE ECONOMY

Poverty to Prosperity: Making Governance and Institutions Work Starts Today - The Nigerian Economic Summit Group (NESG) kick started its 24th Economic Summit with a pre-summit event in Abuja yesterday – The Start-ups Pitching Event aimed at connecting new ventures seeking to raise funds with potential investors. Source Proshare  Read More 

#NES24: Improved Education Is Crucial If We Must End Poverty - VP Yemi Osinbajo - The Vice-President of the Federal Republic of Nigeria Professor Yemi Osinbajo, SAN today asserted that an improved education system was crucial to addressing poverty in Nigeria. Source Proshare  Read More 

Global Competitive Ranking: What Nigeria Must Do to Increase Scores – FSDH - The Global Competitive Report (GCR) 2018 released by the World Economic Forum (WEF) on 16 October 2018 rates Nigeria’s overall score in 2018 at 48 points out of an optimal 100 points. Source Proshare  Read More 

2018 Budget Deficit May Rise To N4.4tn — Report - Except the Federal Government adopts a pragmatic approach to shore up its independent revenue, the fiscal deficit in the 2018 budget may widen from the appropriated sum of N1.9tn to N4.4tn, an economic report prepared by Afrinvest West Africa has revealed. Source Punch  Read More 

FG Issues Licence For Gold Refining - The Federal Government on Monday announced that the country would soon commence the refining of gold as it had issued the first gold refining licence to a firm known as Kian Smith Limited. Source Punch  Read More 

NNPC: Nigeria’s Gas Reserves Now 202trn Cubic Feet - Nigeria’s current proven gas reserve has gone up to 202 trillion cubic feet (tcf) from the initial figure of 199tcf, the Nigerian National Petroleum Corporation (NNPC) has disclosed. Source Thisday  Read More 

Govt To Add 4.2 Gigawatts To National Grid - The Federal Government has commenced moves to deploy underutilised power assets to deliver incremental power to industrial centres and needy communities in the country by generating additional 4.2 gigawatts of power to the national grid in the next 12-18months. Sour ce Nation Read More

 

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PROSHARE REGULATORS 

Vibrant Commodities Exchange will Aid Economic Development - SEC Nigeria - The Securities and Exchange Commission, SEC has said that a more organized Commodities Exchange Market in the country would enhance efficiency and lead to economic growth and development. Source Proshare Read More 

PFAs Invest N1.49 trn in Treasury Bills - The Pension Fund Administrators (PFAs) in the country have invested N1.49 trillion in Treasury Bills. Source Daily Trust Read More

 

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PROSHARE MARKETS 

Moody's Affirms Deposit Ratings Of First Bank Of Nigeria; Changes Outlook To Stable, From Negative - Moody's Investors Service has today affirmed First Bank of Nigeria Limited's (FBN) B2/Not Prime long-term and short-term local currency deposit ratings and the bank's B3/Not Prime long-term and short-term foreign currency deposit ratings. Source Proshare Read More 

DANGCEM Declares N158.28bn PAT in Q3 2018 Results,(SP:N210.00k) - DANGCEM 9M-2018 results with Group Q3-18 EBITDA growing by a marginal 0.7% y/y while net profit was lower by 8% y/y. Revenue grew by 6% y/y on 10% increase in sales volume. Source Proshare Read More 

Average T-Bills Rate Improves 17bps W-o-W as CBN Tightens Liquidity - The Treasury Bills (“T-Bills”) secondary market performance was bearish as average rate across all tenors advanced 17bps W-o-W to 12.8% from 12.6% the previous week. Source Proshare Read More 

Market Maintains Positive Outlook as NSEASI Records 0.37% Gain; Opens The Week Green - Equities market closed today on a positive note, as NSEASI appreciated by +0.37% to close at 32,962.82 basis points as against +0.54% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.81%. Source Proshare Read More 

ACCESS declares N62.91bn PAT in Q3 2018 Results,(SP:N8.0k) . Source Proshare Read More

Naira Down to N360.5/$ in Parallel Market  - The Naira, yesterday, depreciated to N360.5 per  dollar in the parallel market. Source Vanguard Read More

 

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PROSHARE BUSINESS  

Agric Sector Loses N20b Annually to Insurance Issues - Nigeria’s agriculture sector loses about N20 billion annually due to failure of insurance companies to create products to cover small farmers, stakeholders have revealed. Source Guardian Read More 

 

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PROSHARE TECHNOLOGY

#NES24 - Breaking the Financial Inclusion Barrier - In July this year, the Central Bank of Nigeria (CBN) reported that Nigeria was not on track to meet the 2020 targets set out in the National Financial Inclusion Strategy (NFIS) of 2012. Source Proshare Read More

 

Mobile Money Operators Record N1.2trn Transactions In 9 Months - Mobile money operators (MMOs) services gained traction between July and September this year as the volume and value of transaction done via the channels as well as the number of customers using it soared. Source Leadership Read More


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