Nigeria in 1min: Economic, Business and Financial Headlines – 110719

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Thursday, July 11, 2019 / 06:40 AM / By News Aggregator / Header Image Credit: @AfDB_Group

 

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PROSHARE ECONOMY

FAAC Disburses N616.20bn in May 2019 - NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N616.20bn to the three tiers of government in May 2019 from the revenue generated in April 2019. Source NBS Read More

Nigeria’s Peanut Production Fell By 32.4% To 2.42mn Tonnes In 2017 - With the new package of incentives for farmers and agriculture, coupled with efforts to diversify the economy from oil, we are likely to see rapid growth in groundnut production. Nigeria is likely to become a major player in this field like it used to be in the past. Source FDC Read More

CBN’s 5-Year Plan: Same Direction; More Dimensions - Although the nation still awaits ministerial appointments and more direction from the fiscal authorities, the Central Bank of Nigeria (CBN) had ensured that its policy targets for the next five years did not remain uncertain for long when it released its five-year plan in June 2019. Source Cardinal Stone Read More

FG Yet To Fund Capital Projects 43 Days After Budget Assent - forty-three days after the 2019 budget was signed into law by President Muhammadu Buhari, the Federal Government has yet to release funds to Ministries, Departments and Agencies for the implementation of capital projects. Source Punch Read More

Nigeria’s Debt Rises To N24.95tn In Two Years - Nigeria’s total public debt now stands at N24.95tn, the Debt Management Office has said. Statistics obtained from the DMO on Wednesday showed that the country’s total debt stood at N24.95tn as of March 31, rising from N19.16tn as of March 31, 2017. Source Punch Read More

Nigeria’s Oil Output Hits Highest Level Since Jan 2015 - Nigeria’s crude oil production rose to 1.97 million barrels per day, its highest since January 2015, according to data from S&P Global Platts. The country’s output was buoyed by the Egina deepwater oilfield, which started production six months ago and is already pumping close to its capacity of 200,000 bpd. Source Punch Read More

Amidst Concerns DMO Puts Nigeria’s Public Debt At N25trn - Amidst concerns by the Bretton Woods Institutions, including the International Monetary Fund (IMF), and World Bank over Nigeria’s ability to repay its foreign debt, which has continued to rise, the Debt Management Office (DMO), has put the country’s public debt at N25 trillion. Source Guardian Read More

Power Supply Dropped By 31% In Q2 – Power supply to Nigerian households experienced a marginal decline to stand at 31 percent in the second quarter of 2019 from 37 percent obtained in the first quarter of 2019. This was revealed in the new Power Poll released by NOIPolls, yesterday, in Abuja. Source Dailytrust Read More

 

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PROSHARE REGULATORS

CBN Issues Guidelines on Accessing Standing Deposit Facility; Effective Thursday July 11, 2019 - With reference to the circular to all Banks and Discounts Houses, Re: Guidelines on Accessing the CBN Standing Deposit Facility, Ref: FMD/DIR/GEN/CIR/05/020 and dated November 06, 2014, after further review. Source CBN Read More

 

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PROSHARE MARKETS

One Week After CBN Directive On 60% Min. LDR – ETI, GTBank and 7 Others Record Drop In Share Price - Barely one (1) week after the Central Bank of Nigeria announced the directive that all Deposits Money Banks (DMBs) are hereby required to maintain a minimum Loan to Deposit Ratio (LDR) of 60% effective September 30, 2019, the share price performance of most listed banking stocks has been on the downwards trend. Source Proshare Read More

Bond Yields Trade Flat as Market Players Await Q3 Calendar Release - Yield were marginally higher in the bonds market, and we expect it to remain relatively stable in the near term, as market players anticipate release of the Q3 FGN Bond calendar by the DMO. Source Zedcrest Capital Read More

Gross Official Reserves Declined By US$50m in June to US$45.07bn - Gross official reserves declined by US$50m in June to US$45.07bn. We suspect that this modest decline was driven by a slowdown in inflows from foreign portfolio investors (FPIs) on the investors’ and exporters’ window (NAFEX): these amounted to US$1.10bn in the four weeks of June, compared with US$1.34bn in the previous month. Source FBNQuest Read More

DMO Releases Q1 2019 Public Debt Data – Marginal Increase of 2.3% in Total Public Debt Recorded - The Debt Management Office in its practice of publishing the Public Debt Data comprising the Domestic and External Debts of the Federal Government of Nigeria (FGN), the 36 States of the Federation and the Federal Capital Territory (FCT), has released the Total Public Debt Data as at March 31, 2019. Source DMO Read More

Investors Lose N29.93bn As Market Sentiment Turns Negative - Equities market closed today on a negative note, as NSEASI depreciated by 0.21% to close at 29,256.60 points as against 0.10% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.92%. Source Proshare Read More

 

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PROSHARE BUSINESS

Ecobank Nigeria Academy Trains 332 Graduates - In a recent press release, Ecobank Nigeria announced that 332 Graduates are currently undergoing intensive Training at the bank’s  Academy in preparation for full employment into Ecobank Nigeria. Source Ecobank Nigeria Read More

Asia Stocks Gain, Dollar Droops As Fed Chair Sets Stage For Rate Cut - Asian stocks gained and the dollar drooped on Thursday after Federal Reserve Chair Jerome Powell reinforced prospects of a U.S. interest rate cut later this month. In an appearance before his congressional overseers on Wednesday, Powell confirmed that the U.S. economy is still under threat from disappointing factory activity, tame inflation and a simmering trade war. Source Reuters Read More

Ramaphosa Opts for Continuity at Central Bank as Kganyago Stays - South African President Cyril Ramaphosa has reappointed Lesetja Kganyago as governor of the Reserve Bank and named two deputies from his existing team, ending uncertainty about the top management at one of the nation’s key economic institutions. Source Bloomberg Read More

 

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