Nigeria in 1min: Economic, Business and Financial Headlines - 071119


Thursday, November 7, 2019 / 06:50 AM / By News Aggregator / Header Image Credit: @TonyOElumelu


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The Bulls Are Back As Oil Heads Towards $60 - Oil prices moved higher at the start of the week as signs of a trade breakthrough between the U.S. and China continue to gain steam and OPEC hints at making deeper production cuts. Source Tom Kool of Read More

Rice Industry Review: Human Consumption Accounts For About 78% of Global Production - The Nigerian agricultural landscape is changing, with increased government policies aimed at stimulating private sector involvement and boosting local production of key products. Source KPMG Nigeria Read More

International Oil Companies Scale Down On Nigeria Operations - In a recent publication, Reuters reported that Chevron- Nigeria's third largest oil producer is looking to sell-off a number of its oil assets in the country as the company wants to focus on growing its US shale output. Source CSL Research Read More 

Marketers Decry Rise In Cooking Gas Price - The Nigerian Association of Liquefied Petroleum Gas Marketers said on Monday that terminal operators and importers had increased the price of 20 metric tonnes of Liquefied Petroleum Gas, popularly known as cooking gas, by 33 per cent to N4.2m. Source Punch Read More

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SEC Kicks Against Single-Asset Class Investment - The acting Director-General, SEC, Ms Mary Uduk, while speaking at a one-day enlightenment programme for the Nigerian Army Ordinance School, Ojo Cantonment, Lagos, urged investors to diversify their investment portfolio in order to mitigate risks. Source Punch Read More


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Airtel Africa Plc: Highlights From Group Investor Meeting - The management of Airtel Africa Plc (AIRTELAFRI) hosted a group investor session in Lagos at the end of last week to discuss H1-20 results and the outlook for the business. Source Cordros Research Read More 

Sell Pressure Persists As NSEASI Dips Further By -0.58% - Equities market closed today on a negative note, as NSEASI depreciated by -0.58% to close at 26,223.66 points as against -0.10% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.57%.  Source Proshare Markets Read More     

Treasury Bills Market Turns Bearish as the NTB vs OMO TBills Stalemate Lingers - The Treasury bills market saw a continuous bearish run as profit-takers triggered sell-offs for short and mid-dated maturities in anticipation of higher rates at tomorrow's OMO auction. Source Zedcrest Capital Read More 

CBN Stops Treasury Bills' Sale To Individuals - The Central Bank of Nigeria has given a directive to banks and other financial institutions to stop the sale of treasury bills to individuals and small firms with effect from November 29. Source Punch Read More

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CBi and MACN Takes the Round-Table Session On "Ports Service Delivery" to Port Harcourt - Recently, the Maritime Anti-Corruption Network (MACN) through the Convention on Business Integrity (CBi) intensified engagements with the Maritime Industry and its stakeholders, with the aim of enlightening port users and the general public about the Standard Operating Procedures (SOPs) That Work in Nigeria's Sea Ports & Terminals. Source BAAV Release Read More

Trade War Results In Higher Prices For Consumers, Substantial Export Losses - Latest report released by the United Nations Conference on Trade and Development (UNCTAD), has revealed that tariffs imposed by the United States on China are economically hurting both countries. Source Guardian Read More

Trade Minister Raises Fresh Fears Over AfCFTA - The Minister of Industry, Trade and Investment, Richard Adebayo, has indicated that increased smuggling and abuse of rules of origin are key factors that will hinder the country from benefiting from the African Continental Free Trade Agreement (AfCFTA). Source Vanguard Read More

 U.S.-China Trade Deal Signing Could Be Delayed To December; London A Possible Venue - A meeting between U.S. President Donald Trump and Chinese President Xi Jinping to sign a long-awaited interim trade deal could be delayed until December as discussions continue over terms and venue, a senior official of the Trump administration told Reuters on Wednesday. Source Reuters Read More

South Africa Makes Headway in $100 Billion Investment Drive - South African President Cyril Ramaphosa said his administration is on track to lure $100 billion in new investment within five years, with more than $16 billion already committed and many more projects in the pipeline. Source Bloomberg Read More

Ivory Coast Seeks Majors as It Opens Oil, Gas Licensing Round - Ivory Coast wants more explorers for oil and gas as it seeks to boost economic growth, according to Energy Minister Abdourahmane Cisse. Source Bloomberg Read More 

$9.6bn Judgement: Grace Taiga Confirms AGF Got Draft Of P&ID Agreement - A principal witness, CSP Umar Babangida, on Wednesday alleged that Grace Taiga, a former director, Legal Services in the Ministry of Petroleum Resources,  played a major role in the fraudulent gas supply agrrement between the Federal Government and Petroleum and Industrial Development (P&ID). Source Punch Read More

NDIC Extends N500,000 Maximum Cover To MMO Subscribers - The Nigeria Deposit Insurance Corporation has extended its insurance coverage to subscribers of Mobile Money Operators to the maximum limit of N500,000. Source Punch Read More

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FG Issues NCC Ultimatum to Resolve Illegal Data Deduction - The Minister of Communications and Digital Economy, Dr. Isa Ali Ibrahim Pantami has directed the Nigerian Communications Commission (NCC) to resolve issues of illegal data deduction and review downwards, the price of data in the country within five days. Source Thisday Read More

New Roles For Women in The Fintech Industry - The just-concluded 2019 Nigeria Fintech Week featured a panel session that discussed the role women are playing in the financial technology space globally and in sub-Saharan Africa. Source Proshare  Read More


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