Nigeria in 1min: Economic, Business and Financial Headlines – 300719


Monday, July 30, 2019 / 06:30 AM / By News Aggregator / Header Image Credit: @FDC_ltd


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Nigerian Banking Sector Recovery Still Hampered By Bad Loans - The Nigerian banking sector's high stock of bad loans continues to weigh on banks' credit profiles, and asset quality remains a key sensitivity for all Nigerian banks, Fitch Ratings says in a new report. Source Fitch Ratings Read More

Unlocking Nigeria’s Cassava Potentials: Strategies for Growth and Poverty Reduction - Nigeria is the largest producer of cassava in the world with an annual production of 59.49million metric tons in 2017. This represents approximately 20% of global production and a 37% increase in the last decade. The commodity is grown in virtually all states in Nigeria Source FDC Read More

NSR H2 2019 (9) - Currency - Near-Term FX Stability Remains Intact - In our H1 2019 Nigeria Strategy Report, we projected that the confluence of lower demand for imports, slower rate of repatriation of offshore holdings of maturing fixed income instruments and CBN’s apathy to initiate/renew maturing swap positions will result in slower intervention by the apex bank over 2019, with estimated average monthly sale of $4.5 billion.  Source ARM Read More

World Bank Loans In Nigeria Rise By $2.19bn In Three Years - The World Bank loan portfolio in Nigeria increased by $2.19bn in the last three years, investigation has shown. Data obtained from the Debt Management Office in Abuja on Monday showed that the country’s loan commitment to the bank as of March 31, 2016 stood at $6.72bn. However, as of March 31, 2019, the loan commitment of the country to the Bretton Woods institution had risen to $8.9bn. Source Punch Read More


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Afrinvest Stock Recommendation For The Week 290719 - The downtrend in the local bourse continued as the NSE All Share Index (ASI) suffered losses on 4 of 5 trading sessions. However, the benchmark Index closed flat W-o-W to settle at 27,918.59 points while YTD loss stood at -11.2%. Investors lost N444.6m in value as market capitalisation decreased to N13.6tn. Source Afrinvest Read More

Unilever Nigeria’s PAT Run Rate Improves In Q2 2019 Over Q1 - Unilever Nigeria released its results yesterday for the quarter ended June 2019 with a N23.42 billion turnover in Q2. The Company recorded a considerable leap in Q2 to record a 24% increase in its profit after tax which stood at N1.9 billion. Source Unilever Nigeria Read More

Presco Plc Q1’19 - Underlying Pressures Persist - We beam our light on Presco Plc and revise our numbers in the light of the release of its FY 18 and Q1 19 financial result, ongoing trend in the sector and our discussion with management. Source ARM Read More

Bullish Run Halts as Average Yield Advanced 54bps WoW on Tight System Liquidity - The bullish performance in the Treasury Bills (“T-Bills”) secondary market came to a halt last week, after 5 consecutive weeks of buying interests, as average yield across all tenors advanced 54bps W-o-W to settle at 11.1%. Source Afrinvest  Read More

Dangote Cement Plc - Non-core Lines Support PAT - DANGCEM released Q2 19 results earlier today which showed EPS grew by 44% to N3.46 (in line with our estimate of N3.43) from N2.41 in Q2 18, emanating largely from a material decline in net finance cost (-71% YoY) and tax provision for the period (-51% YoY).  Source ARM Read More

FMDQ Admits N1.03trn Securities In 2018, To Adopt Holdco Structure  - FMDQ Securities Exchange Plc said it admitted a total of 78 debt securities worth N1.03 trillion in the year ended December 31, 2018, as against 50 securities valued at N236.9 billion in the previous year, 2017. Source Vanguard Read More 


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Customers, Bank Errors Push Failed Pos Payments To 19% - Nigerians continue to experience declined transactions on Point of Sales terminals all over the country as failed PoS transactions hit 256,228 on Monday evening. Live transaction updates obtained from the Nigeria Inter-Bank Settlement System showed that payment on the PoS terminals had a high failure rate of 18.9 per cent out of a total of 1,354,658 transactions conducted as of 9.35pm. Source Punch Read More

Stakeholders Kick Against VAT On Equities Transactions - Capital market stakeholders have condemned the federal government directive to return Valued Added Tax (VAT), on all stock market transactions, saying the action is disincentive to investment. Source Guardian Read More

Trade Jitters Running High At U.S. Companies Ahead Of New U.S.-China Talks - Worries about the U.S.-China trade war are running high during the current U.S. quarterly reporting season, with companies as diverse as Juniper Networks and O’Reilly Automotive bemoaning the consequences but saying they are finding ways to weather the storm.  Source Reuters Read More 

IMF, CBN Clash Over Multiple Exchange Rate - It was a healthy academic excercise over the pros and cons of the multiple exchange rate regime yesterday. Sparring were the International Monetary Fund (IMF) and  the Central Bank of Nigeria (CBN). The altercation between IMF’s Senior Resident Representative and Mission Chief for Nigeria Amine Mati and CBN’s Director, Monetary Policy Department Moses Tule, was on the impact of the multiple exchange rate policy on inflation, trade and the economy’s growth. Source TheNation Read More 


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Promoting Financial Inclusion Through Payment Service Banks in Nigeria - Financial inclusion implies that the general public has access to useful and affordable financial products and services that fulfill their needs.6 Examples of such products and services include: payments, savings, credit and insurance. Source FDC Read More

National Identity Management In Nigeria: NIMC and Matters Arising - Recently, the applicability of the provisions of the law and regulations governing national identity management in Nigeria was tested in two separate and interesting law suits. Source Banwo & Ighodalo Read More


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