Nigeria in 1min: Economic, Business and Financial Headlines - 140120

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Tuesday, January 14, 2020 / 7:00 AM / By News Aggregator / Header Image Credit: @_AfricanUnion

 

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PROSHARE ECONOMY 

President Buhari Signs Finance Bill, 2019 - The Finance Bill, 2019 ("the Bill") is now a law! This follows the assent of His Excellency, President Muhammadu Buhari, GCFR to the Bill as announced via his twitter account today, 13 January 2020. Source Wole Obayomi, KPMG Read More 

Northern Nigerians and the "Poverty" of Ambition - It is with great admiration I have read the ongoing discussion online about Northern Nigeria and its unenviable economic parameters stimulated by Adamu Tilde and taken further by the duo of Gimba Kakanda and Suraj Tunji Oyewale Source Read More 

Top Priorities for the African Continent 2020-2030 - The new year 2020 marks the beginning of a promising decade for Africa. Through at least the first half of the decade, economic growth across Africa will continue to outperform that of other regions, with the continent continuing to be home to seven of the world's 10 fastest-growing economies. Source The Brookings Institution Read More 

NSR H1 2020 (1) - MEA Region: Modest Growth With Positive Outlook - At the beginning of H2 2019, we expected growth across SSA to slow on the back of weakness in the South African economy and slow recoveries in Angola and Nigeria. As expected, economic activities over H2 2019 remain subdued. Source ARM Research Read More 

Nigeria, UK Move To Boost N2.3trn Bilateral Trade - Nigeria and the United Kingdom (UK) have commenced measures to boost bilateral trade between the two countries which reached N2.3 trillion in 2018. Source Vanguard Read More 

Buhari Approves Committees For N2tn Mambilla Power Plant - The President, Major General Muhammadu Buhari (retd.), has approved the constitution of two committees for the Mambilla Hydroelectric Power Project in Taraba State.He approved the Inter-ministerial Steering Committee and Project Delivery Committee for the N2tn power project. Source Punch Read More 

New VAT implementation to await Finance Bill gazette - The new Value added Tax (VAT) rate of 7.5 per cent will not take effect until the new Finance Bill is gazetted by the Federal Government, President, Chartered Institute of Taxation of Nigeria (CITN), Dame Olajumoke Simplice has said. Source The Nigeria Lawyer Read More 

 

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PROSHARE REGULATORS 

Loans Without Collateral To Fall In Q1 - CBN - The availability of loans without collateral will fall in the first quarter of the year, the Central Bank of Nigeria has said. The statistics department of the apex bank gave this indication in its Credit Conditions Survey Report for the fourth quarter of 2019. Source Punch Read More 

 

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PROSHARE MARKETS 

Sustained Demand for NT-Bills Suppresses Average Yield Further to 4.2%, Down 43bps WoW - The Nigerian Treasury Bills ("NT-Bills") secondary market performance remained bullish last week, driven by sustained buoyant liquidity levels (N50.7bn positive) at the start of the week. Consequently, average yield across tenors retreated 43bps W-o-W to 4.2% from 4.6% the previous week, indicating a slowed pace in the bullish momentum. Source Afrinvest Research Read More 

NSE CEO Reviews 2019 Market Performance and Give Outlook for 2020 - The Chief Executive Officer of The Nigerian Stock Exchange ("NSE" or "The Exchange"), Mr Oscar N. Onyema OON, today presented the key performance of the Exchange in 2019 and gave a prognosis for the market in the New Year 2020. Source NSE Read More 

Afrinvest Stock Recommendations For The Week 130120 - Last week, the local bourse closed on an impressive note as the All-Share Index (ASI) appreciated 9.1% w/w to settle at 29,415.39 points. As a result, YTD return improved to 9.6% while market capitalisation climbed N2.2tn to N15.2tn (partly due to the listing of BUA cement). Source Read More 

Investors Gain N112.56bn As NSEASI Inches Up By 0.74% To Open The Week Positive - Source Equities market closed today on a positive note, as NSEASI appreciated by +0.74% to close at 29,633.58 points as against +0.07% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +10.40%.  Proshare Markets Read More 

Finance Bill Signing, Budget Implementation Key To Deepening Capital - Oscar Onyema - The signing of the 2019 Finance Bill by President Muhammadu Buhari and the implementation of the 2020 Budget of the Federal Republic of Nigeria, will play critical roles in deepening capital market activities in Nigeria. Source WebTV Read More 

 

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PROSHARE BUSINESS 

Impact Assessment Study and Economy-Wide Implications of AfCFTA on the Nigerian Economy - The African Continental Free Trade Area (AfCFTA) represents one of the most ambitious attempts of the African Union Heads of States and Governments to economically unite African peoples and economies. Source The Nigerian Economic Summit Group Read More 

Banks Brace for CBN's Fresh Recapitalisation Plan - Commercial banks are preparing ahead of a possible announcement of a new recapitalisation plan by the Central Bank of Nigeria (CBN) this year, Thisday reports. THISDAY gathered that most banks have gone far beyond the N25 billion minimum capital requirement and are strategising to raise Tier 2 capital. Source The Nigeria Lawyer Read More 

Yuan Soars, Stocks Scale Heights as Markets Cheer Imminent Sino-U.S. Deal Signing - Asian shares hit a 7-month high, China's yuan jumped and safe-harbor assets slipped on Tuesday, amid signs of goodwill between China and the United States, as the world's two biggest economies prepared to sign a truce in their trade war. Source Reuters Read More 

China's Yuan Was Already Moving Higher Before The Us Said It's No Longer A Currency Manipulator - China's yuan has been rising, and it's at more than a five-month high, as the U.S. is set to take back its claim that China has been intentionally driving its currency lower. Source CNBC Read More

Nigeria Debt Service Hits $1.31 Billion In 2019 - According to CBN, the external debt service payment stood at $1.31 billion at the end of November last year, compared to $1.47 billion spent in the corresponding period of 2018. Nigeria's external debt profile continues to snowball and its attendant cost is worrisome. Source TheNation Read More 


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PROSHARE TECHNOLOGY   

Broadband Penetration Set to Grow - Recently, the Nigerian Communications Commission (NCC) and a consortium of infrastructural companies disclosed they will raise N265bn for the development of broadband infrastructures across the country in the next four years. Source CSL Research Read More 

Cybersecurity Threats Call for a Global Response - Last March, Operation Taiex led to the arrest of the gang leader behind the Carbanak and Cobalt malware attacks on over 100 financial institutions worldwide. This law enforcement operation included the Spanish national police, Europol, FBI, the Romanian, Moldovan… Source David Lipton, IMFBlog Read More

 

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PROSHARE FINANCE 

Islamic Finance, A Key Tool For Development Financing In Nigeria - Dr Jubril Salaudeen - Islamic Finance has been described as a robust model for development financing for infrastructural development in Nigeria according to Dr. Jubril Salaudeen, Principal Partner Secure Huda Limited. Source WebTV Read More 

Making Insurance Work in Nigeria: Structural Realignment Required - As the decade unfolds and we pursue emerging opportunities either as robots or humans, we need to engage clear and unambiguous structures coupled with acceptable behaviours that embrace disruptions. Source Read More 

 

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