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Nigeria in 1min: Economic, Business and Financial Headlines - 181219

All One Min News	2368 VIEWS
All One Min News
2368 VIEWS

Wednesday, December 18, 2019 / 06:40 AM / By News Aggregator / Header Image Credit: @NigeriaGov

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PROSHARE ECONOMY

Headline Inflation Increases By 11.85% YoY In November 2019; 0.24% Higher Than October 2019 Rate - The consumer price index, (CPI) which measures inflation increased by 11.85 percent (year-on-year) in November2019. This is 0.24 percent points higher than the rate recorded in October 2019 (11.61) percent. Source NBS Read More

Nigeria FY 2020 Outlook - A Delicate Sprout - Since the start of 2019, we have observed a greater adoption of accommodative monetary policies by major advanced economies. This spurred foreign portfolio flows to Nigeria and other developing markets, with positive interest rate differentials. Source Vetiva Research Read More

Average Fare For Intercity Bus Journey Increased By +0.37% MoM In November 2019 - The Transport fare Watch report for November 2019 covers the following categories namely bus journey within the city per drop constant route; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger transport.Source NBS Read More

Average Prices Of PMS, AGO, HHK and Cooking Gas - November 2019 - Average price paid by consumers for premium motor spirit (petrol) decreased by -1.03% year-on-year and increased by 0.32% month-on-month to N145.94 in November 2019 from N145.48 in October 2019. Source Read More

Awoyemi, Awosika, Teriba, Olukanni speak on Outlook for Nigeria's Economy In 2020 - In a pre-panel discussion looking into the opportunities and threats to the Nigerian economy in 2020, Mr. Olufemi Awoyemi, FCA, Chairman Proshare Nigeria Limited, noted that 90% of wealth-earning families in Nigeria could not transfer wealth to second-generation individuals. Source WebTV Read More

Oil Prices Head Higher Despite OPEC Skepticism - OIR 171219 - Oil has edged up to three-month highs and is holding firm. "The conditions for a rising oil price appear favorable at present," Commerzbank said on Tuesday. "Economic optimism coupled with a weaker US dollarâ€¦ Source Tom Kool of Oil Price Read More

President Buhari Signs 2020 Appropriation Bill Into Law - President Muhammadu Buhari has signed the 2020 appropriation bill into law, returning the country to the January to December budget cycle. The signed budget, termed "Budget of Sustaining Growth and Job Creationâ€¦ Source Proshare Research Read More

Nigeria, Others Pushed Global Debt To $188tn - IMF - Total global debt rose by $3tn to $188tn at the end of 2018 as Nigeria, China and other countries increased their borrowings, the International Mo etary Fund said on Tuesday. Nigeria's total public debt, which stood at N21.73tn as of December 31, 2017, rose to N24.39tn at the end of 2018, according to data from the Debt Management Office. It increased to N25.7tn as of June 30, 2019. Source Punch Read More

Government gets N45.8 billion from Stamp Duties - The Federal Government has raked in over N45.8 billion from stamp duties, following the reforms introduced by the present administration. Post Master General of the Federation and Chief Executive Officer of Nigerian Postal Service (NIPOST), Bisi Adegbuyi, who disclosed this to journalists yesterday, in Abuja, said there is no conflict between NIPOST and the Federal Inland Revenue Service (FIRS) as well as the States Board of Internal Revenue over remittances of stamp duties. Source Guardain Read More

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PROSHARE MARKETS

Seplat Petroleum Development Company Plc Completes The Acquisition Of Eland - Eland and Seplat are pleased to announce that the Court Order sanctioning the Scheme has today been delivered to the Registrar of Companies. Accordingly, the Scheme has now become Effective and the entire issued and to be issued ordinary share capital of Eland is wholly owned by Seplat. Source NSE Read More

Flour Mills of Nigeria Series 12 Commercial Paper Is Now Open - Flour Mills of Nigeria PLC ("Flour Mills") series 12 commercial paper offer of up to NGN3 billion under the company's NGN100 billion commercial paper programme is now open, and scheduled to close on Thursday, 19 December 2019, with funding the next business day on Friday, 20 December 2019. Source Arthur Stevens Asset Mgt Read More

BETAGLAS Pays Courtesy Visit to Minister of Industry, Trade, Investment to Discuss $30m Investment - Beta Glass Plc (Beta Glass or the Company) has reiterated its commitment to completing its $30 Million furnace capacity expansion at its Guinea Plant in Agbara, Ogun State on schedule in June 2020. Source Read More

NSEASI Pares Gain; Dips By -0.13% As YTD Return Stands At -15.18% - Equities market closed today on a negative note, as NSEASI depreciated by -0.13% to close at 26,660.44 points as against +0.60% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.18%. Source Proshare Markets Read More

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PROSHARE BUSINESS

Nigerian Insurance Industry Ranks 62nd In The World - The Nigerian Insurance Industry ranks 62nd in the world with $1.64 billion premium representing 0.2 percent of premium collected globally in 2018. The Nigerian Stock Exchange (NSE) disclosed this in its 2019 report. Source Vanguard Read More

Banks Took N319b CBN Loan For Liquidity Control - Commercial banks and merchant banks have accessed N319.28 billion loan from the Central Bank of Nigeria (CBN) to control their liquidity positions and maintain industry stability, the CBN Economic report for October released yesterday has shown. Source TheNation Read More

Oil Retreats After U.S. Inventory Rise, But Demand Hopes Stem Bigger Drop - Oil prices fell on Wednesday after U.S. industry data showed a surprise build in crude inventories, but expectations for firmer demand next year prevented a bigger fall in prices. Source Reuters Read More

Executive Order Has Not Improved Patronage of Local Products, Says MAN - The Manufacturers Association of Nigeria (MAN) has declared that the Executive Order 003, which mandated all government establishments to make Nigerian manufactured goods their first choice in public procurement process has not boosted the patronage of Nigerian manufactured products due to poor implementation. Source Thisday Read More

FG Set To Reposition Ajaokuta, Others, Says Minister - The Minister of Mines and Steel, Mr Olamilekan Adegbite, said on Tuesday that the resuscitation of the Ajaokuta Steel Company and other allied companies was a done deal. The minister said the metal and steel sector remained the bedrock of the development of any nation. Source Punch Read More

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PROSHARE FINANCE

2019 - The Year Of More Insurance - While the reason may primarily be deemed to be the ongoing regulatory-induced recapitalization by nearly 400% for the different categories of licences, there are other tenable reasons that can be adduced depending on the position from which one had been viewing the insurance industry especially in Nigeria. Source Ekerete Ola Gam-Ikon Read More

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