Nigeria in 1min: Economic, Business and Financial Headlines – 240119

Thursday January 24, 2019 / 7:00 AM / Proshare News

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PROSHARE ECONOMY

Global Foreign Investment Flows Dip To Lowest Levels In A Decade - Developed nations feel the pinch as foreign direct investment (FDI) bottoms out in 2018 to levels last seen during the global financial crisis. Source UNCTAD Read More 

Grains Of Hope For A Budding Sector - Nigeria’s agriculture sector remains a favoured route to economic diversification. The sector has benefited from the FGN’s import substitution strategy and related incentives. Source FBNQuest Research Read More 

NSE Hosts NESG Powered UK-Nigerian Climate Finance Accelerator Workshop in Lagos - Nigeria recorded another major milestone as it emerged the first country on the continent, to achieve an in-house in-country dedicated Climate Finance Accelerator initiative in Africa. Source Proshare Read More 

Weak Global Chocolate Demand to Depress Cocoa Prices - Nigeria is the largest producer of carrots in SSA and 32nd largest producer in the world, producing approximately 225,000 tonnes annually. Source FDC Read More 

NSR H1 2019 (9) - Fixed Income - Will Yields Hump or Shift? - Coming into second half of 2018, our expectation for a tighter monetary policy by the CBN came to bear. Source ARM Research Read More 

FAAC Disburses N3.19trn To FG in 2018 - NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N3.19trn to the Federal Government of Nigeria in 208 while states received a total of N4.84trn within the period under review.  Source NBS Read More 

2019 Top 10 African Fastest Growing Economies - The International Monetary Fund and African Development Bank have both predicted that Africa’s overall growth will improve  in 2019 and 2020. Source Proshare Read More 

WEF: Ethiopia Emerges First African Nation to Host International Forum in 2020 - Ethiopia has been confirmed as the first country in Africa to host the World Economic Forum (WEF), which is usually hosted at Davos-Klosters, Switzerland. Source Proshare Read More 

Nigerian Economic Confidence At 12-Month Low — Report - The Association of Chartered Certified Accountants and Institute of Management Accountants have said in their report on Global Economic Conditions that Nigeria faces its lowest economic confidence scores in a year, after a fall in the final quarter of 2018. Source Punch Read More

FG Orders IOCs to Pay Outstanding Oil Revenues on PSCs - The federal government has given International Oil Companies (IOCs) operating in Nigeria’s deep offshore and inland basin a 14-day ultimatum to pay all outstanding revenues on Production Sharing Contracts (PSCs), THISDAY has learnt. Source Thisday Read More 

Buhari Transmits Minimum Wage Bill to National Assembly - This is coming as the Nigerian Union of Teachers (NUT) and the Committee for the Defence of Human Rights (CDHR) have opposed the proposed N27,000 minimum wage approved by the National Council of State and backed the organised labour on the N30,000 wage bill. Source Thisday Read More 

Reps Detect Errors In Budget, Order Ministries To Reconcile Figures Today- The House of Representatives, during the second reading   of the 2019 Appropriation Bill on Wednesday, detected some miscalculations in the budget. Source Punch Read More

Customs Want 35% Levy On Vehicle Importation Reduced- The Comptroller-General of Customs, Col Hameed Ali (retd.) has called on the Federal Government to reduce the 35 per cent levy on imported vehicles so as to check the rising cases of smuggled vehicles into the country. Source Punch Read More 

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PROSHARE REGULATORS 

CBN To Fine Banks For Paying Counterfeit Banknotes - The Central Bank of Nigeria has imposed a penal fee of N1m on each branch of Deposit Money Banks for non-compliance with its ‘Banknote fitness guidelines and clean note policy documents for the industry.’ Source Punch Read More

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PROSHARE MARKETS

Market Records +8.53% Growth in Q1’18; Negative Sentiment Permeates in Subsequent Quarters - The Nigerian Stock Market recorded an impressive performance in Q1 2018 with +8.53% gain recorded. Source Proshare Read More

Investors Gain N52.83bn as NSEASI Inches Up By 0.46% - Equities market closed today on a positive note, as NSEASI appreciated by +0.46% to close at 30,878.56 basis points as against +0.01% appreciation recorded previously. Source Proshare Read More 

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PROSHARE BUSINESS 

AMCON, Stakeholders Differ Over Recovery, Fate Of Arik Air-The fate of Arik Air as regards what to do with it has attracted mixed feelings among industry stakeholders.Industry experts though foresee a bleak future for the airlines, citing foreign investors’ loss of interest, the Asset Management Corporation of Nigeria (AMCON) that manages the carrier denies the claims, saying the carrier remains on the path of full recovery from distress. Source Guardian Read More

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PROSHARE TECHNOLOGY

LSE's Technology To Power Asian Cryptocurrency Platform - London Stock Exchange Group (LSE.L) said on Tuesday Hong Kong-based AAX would use its technology for cryptocurrency trading, allowing the British exchange operator enter a nascent yet highly speculative industry. Source Reuters Read More

 'AI' To Hit Hardest In U.S. Heartland And Among Less-Skilled: Study - The Midwestern states hit hardest by job automation in recent decades, places that were pivotal to U.S. President Donald Trump’s election, will be under the most pressure again as advances in artificial intelligence reshape the workplace, according to a new study by Brookings Institution researchers. Source Reuters Read More

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