Nigeria in 1min: Economic, Business and Financial Headlines – 290119

Tuesday January 29, 2019 / 7:00 AM / Proshare News

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PROSHARE ECONOMY

UK-Nigeria CFA Workshop Closes with Renewed Commitment to Upscale Green Finance in Nigeria - The maiden UK and Nigeria Climate Finance Accelerator workshop closed yesterday at the Securities and Exchange Commission Zonal office in Lagos. Source Proshare Read More 

Nigeria: Macro-Economic and Banking Sector Themes for 2019 - ‘Winter is Coming’ is not a weather forecast, it is the motto of House Stark, one of the Great Houses of Westeros in HBO’s medieval fantasy TV series, Game of Thrones. Source GTBank Read More 

Steering Nigeria Through The Inclusive Growth Pathway: What Strategy Should The Government Adopt? - The Nigerian economy has come a long way since the economic recession in 2016. Source NESG Read More 

The Nigerian Oil Palm Sector Report... Full Steam Ahead - Oil Palm is currently the most consumed edible oil in the world with Malaysia and Indonesia being the top major producers. Globally, production of oil palm has continually evolved, rising from 1.2 million MT in 1964 to 73.3 million MT in 2018 based on United States Department of Agriculture (USDA) data. Indonesia (41.5 million MT) and Malaysia (39.5 million MT) accounted for an average of c.80.1% of global production between 2016 and 2018. Source Afrinvest Read More 

FG Approves New Pension Company For Universities - The Federal Government has approved the issuance of a licence to Nigerian University Pension Management Company Limited to carry out the business of a Pension Fund Administrator. Source Punch Read More 

Rising Foreign Debt Profile Bad For Economy – Senate Panel - The Senate Committee on Foreign and Local Debts has expressed worry over the rising foreign debt profile of the country and described the trend as very dangerous to the nation’s economy. Source Punch Read More

108 Firms To Supply Meters Directly To Homes, Businesses - The Federal Government may soon license private meter firms to supply meters to homes and businesses across the country. Source Dailytrust Read More 

APPO to Make Oil Beneficial to Africans, Says Minister Ibe Kachikwu- Nigeria’s Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, Tuesday, in Abuja, said the African Petroleum Producers Organisation (APPO), will ensure that Africans benefitted from the continent’s hydrocarbon resources. Source Guardian Read More

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PROSHARE REGULATORS

Regulators Blame Shareholders For Asset Losses - Capital market regulators have blamed shareholders for their investment losses, urging them to report corporate governance lapses perpetrated by the boards of listed firms, and collaborate with management to create sustainable wealth through profitability. Source Guardian Read More

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PROSHARE MARKETS

NSE ASI Performance Review and How Each Company Fared in 2018 - Dominant stock market sentiment was negative in 2018 compared to the previous year, 2017. The NSEASI recorded a -17.81% YTD loss as against a +42.30% gain recorded in 2017. Source Proshare Read More 

Afrinvest Stock Recommendation For The Week 280119 - The local bourse enjoyed buying interest last week as investors took advantage of cheap assets on the exchange. Source Afrinvest Research Read More

Nigerian Stock Market Opens The Week On A Negative Note As NSEASI Dips By -0.26% - Equities market closed today on a negative note, as NSEASI depreciated by -0.26% to close at 31,344.24 basis points as against +1.41% appreciation recorded previously. Source Proshare Read More

Average Money Market Rate Fell By 3.21% To Settle At 12.54% - The money market rate decreased last week as the Overnight rate (OVN) and Open Buy Back (OBB) fell to 13.00% and 12.08% respectively. Source Anochoria AM Research Read More

Sustained High Demand on Short-Term Bills Pressure Average Rates To 13.4% W-o-W - In the Treasury Bills (“T-Bills”) secondary market last week, high demand for short- and medium-term bills pressured average rate across tenors by approximately 0.5% W-o-W to close at 13.4% from 13.8% the previous week, thus, sustaining the 3-week bullish run. Source Afrinvest Research Read More 

Stock Market Dips 0.26% As Onnoghen Saga Continues - Investors in the local stock market have begun to respond to news about the suspension of the Chief Justice of Nigeria, Justice Walter Nkanu Onnoghen, the unfolding events suggest a mild equity sell off as both local and foreign money managers keep an eye on developments, particularly sensitive to the outcome of the meeting of the Nigerian Judicial council (NJC), scheduled for tomorrow Tuesday, 29 January, 2019. Source Proshare Read More

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PROSHARE BUSINESS  

Investment One Launches Ziing Digital Banking App to Revolutionize Financial Services in Nigeria - The Fourth Industrial Revolution driven by digital technology is shaping sectors across the globe, from Agriculture, Sports, Petrochemicals, Biometrics, Science, Security and Intelligence amongst others. Source Proshare Read More 

Executive Order 007 on the Road Infrastructure Devt and Refurbishment Investment Tax Credit Scheme - His Excellency, President Muhammadu Buhari, GCFR, on 25 January 2019, signed the Executive Order No. 007 on Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (“the Scheme”). Source KPMG Nigeria Read More

Three Foreign Airlines Commence Flights Into New PH Terminal - The Federal Airports Authority of Nigeria, on Monday, announced that Air France, Lufthansa and Cronos Airlines from Malabo, Equatorial Guinea had commenced operations into the airport. Source Punch Read More 

UBA, Japan Trade Office To Lift Smes, Tackle Poverty - United Bank for Africa (UBA) Plc and the Japan External Trade Organisation (JETRO) yesterday agreed to work together in promote Small and Medium Scale Enterprises (SMEs) growth in Africa. Source TheNation Read More   

Nigeria to Dominate Trade in West Africa’s Power Market, Says TCN - Nigeria has attained the frequency control level required by member countries of the Economic Community of West Africa States (ECOWAS) to synchronise with and comfortably sell electricity to countries in the region and earn income, the Transmission Company of Nigeria (TCN) has disclosed. Source Thisday Read More

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PROSHARE TECHNOLOGY

52nd Session of the Economic Commission for Africa; To Launch The Africa Fintech Network -  The 52nd session of the UN Economic Commission for Africa (UN ECA) and Conference of African Ministers of Finance, Planning and Economic Development will hold in Marrakesh, Morocco from 20th to 26th March 2019. Source UNECA Read More

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