Nigeria in 1min: Economic, Business and Financial Headlines - 040320


Wednesday, March 4, 2020 / 06:50 AM / By News Aggregator /  Header Image Credit: NSE


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South Africa Enters Recession, Again Nigeria Emerges Africa's Biggest Economy - Nigeria has overtaken South Africa as the biggest economy in Africa as the latter enters its second recession in two years. South Africa's Gross Domestic Product shrank by 1.4 per cent in the fourth quarter of 2019, following a revised 0.8 per cent contraction in the third quarter, data from Statistics South Africa showed on Tuesday. Source Punch Read More 

Oil Prices Rebound As Central Banks Intervene - OIR 030220 - Oil prices staged a rebound at the start of the week, in part from investors buying the dip, but mostly because of emergency action from central banks and promising noises from OPEC members. Source Oilprice Read More 

We'll Keep Border Closure Agreement With Neighbours - Buhari - The President, Major General Muhammadu Buhari (retd.), has said Nigeria will keep any agreement it reaches with its neighbours on the reopening of the country's shut land borders. A tripartite committee comprising Nigeria, Benin and Niger is currently working on how to resolve the issues that led to the partial closure of the borders by Nigeria. Source Punch Read More


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Investors Gain N231.91bn As NSEASI Inches Up By 1.70%; Closes Above 26,000bpts - Equities market closed today on a positive note, as NSEASI appreciated by +1.70% to close at 26,255.11 points as against -1.53% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.19%.  Source Proshare Markets Read More 

NESTLE Declares N45.7bn PAT in Q4 2019 Result,(SP:1130.0k) - Nestle Nigeria Plc released its 2019 Audited results for the period ended December 31st, 2019. Revenue grew by 6.67% to N284bn from N266bn in the previous quarter. Source Read More 

Ardova Plc Declares N3.9bn PAT in Q4 2019 Result,(SP:N17.00k) - Ardova Plc released its 2019 Audited results for the period ended December 31st, 2019. Revenue grew by 31.1% to N176.6bn from N134.7bn in the previous quarter. Source NSE Read More 

GUARANTY Declares N196.8bn PAT in 2019 Audited Results, Proposes N2.50k Final Div. (SP:N23.80k) - Guaranty Trust Bank Plc released its 2019 Audited results for the period ended December 31st, 2019. Interest Income grew by 4% to N231bn from N222bn in the previous quarter. Source NSE Read More 

FMDQ, FC4S Lagos, UNEP, Others Kick-Off the Nigerian Green Tagging Project - The Financial Centre for Sustainability (FC4S), Lagos - a member of the International Network of Financial Centres for Sustainability- established as part of efforts to accelerate the expansion of sustainable finance in Nigeria through the collaborative partnership of FMDQ Group Source FMDQ Read More 

China's Official Manufacturing Index Crashed from 50.0 to a Record Low of 35.7 In February 2020 - The value of purchasing managers- indices (PMIs) as forward-looking indicators has been proved by the light they throw on the impact of the coronavirus. China's official manufacturing index crashed from 50.0 to a record low of 35.7 in February, and its non-manufacturing counterpart still lower, to 29.6. Source FBNQuest Read More 

Ginger Prices Surge Higher - AFEX Commodities Weekly Report 210220 - The AFEX Commodities Index ticked up by 0.06% to close at 163.05 points reversing the 2-week decline in overall Market Performance. Source Kainosedge Consulting for AFEX Commodities Exchange Read More


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IFC Partners with Coronation Merchant Bank to Boost Trade Finance in Nigeria - IFC, a member of the World Bank Group, today announced a $40 million Trade Finance Guarantee facility to Coronation Merchant Bank under its Global Trade Finance Program.  Source IFC Read More

FIRS Targets N4trn From Oil, Gas Sector In 2020 - The Federal Inland Revenue Service (FIRS) has projected to rake in N4 trillion as tax revenue from the nation's extractive sector of the Nigerian economy in the 2020 fiscal year. Chairman of FIRS, Mr. Muhammad Nami, disclosed this on Tuesday in Abuja when a team from the Nigerian Office of the Organisation for Economic Cooperation and Development (OECD) paid him a courtesy visit. Source Dailytrust Read More

FG Inaugurates Metals Sector Development Committee - The Federal Government has inaugurated a ministerial technical committee on the formulation of a framework for sustainable development and growth of the metals industry. It said the inauguration of the committee was part of ongoing efforts to diversify the economy from its dependence on oil and gas. Source Punch Read More

AfDB Appoints Tshabalala Acting Senior VP - The President of the African Development Bank Group, Dr. Akinwumi Adesina, has announced the appointment of Ms. Bajabulile Tshabalala as Acting Senior Vice President of the Bank. Source Thisday Read More

Finance Act To Promote Ease Of Business, Say Tax Professionals -  The Federal Inland Revenue Service (FIRS) has assured business owners of growth and improvement in businesses with the new 2020 Finance Act. They added that the Act will bring to end multiple taxation in Nigeria. Source Guardian Read More


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Firstbank CEO Joins Global Industry Leaders at the Annual Fintech and Insuretech Summit, Bulgaria - The Chief Executive Officer, First Bank of Nigeria Limited, Dr. Adesola Adeduntan participated as a keynote speaker in the Annual FinTech & InsureTech Summit held at Sofia Event Center, Bulgaria on 27 February 2020. Source First Bank Read More 

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