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Nigeria in 1min: Economic, Business and Financial Headlines - 050822

Aug 05, 2022   •   by   •   Source: Proshare   •   eye-icon 96 views

PROSHARE ECONOMY

Afrinvest Oil & Gas Sector Report 2022 - Treading the Thin Line - On the supply side, global oil output increased by 1.4mbpd to average 95.0mbpd in 2021 (2020: 93.7mbpd), leaving a shortfall of 1.6mbpd in contrast to excess supply observed in 2020 (2.7mbpd). We observed that the OPEC+ supply to the market was subdued, partly due to technical and operational challenges encountered by members and allies. Source Afrinvest Read More

W’Bank Commits $8.5bn to Nigeria, Faults N6.7tn Subsidy - The World Bank has committed $8.5 billion to Nigeria to fund critical issues ranging from agriculture to education. Disclosing this on Thursday in Abuja during a summit organised by the Emergency Coordination Center, the World Bank Country Director to Nigeria, Shubham Chaudhuri, noted that the amount was the largest of any country. Source Punch Read More

Funding, insecurity Stall $2.8b AKK Project, Gas Export - Barely six months to expected completion of the $2.8 billion Ajaokuta-Kaduna-Kano (AKK) pipeline project, indications emerged yesterday that the delivery of the project may remain elusive despite heightened momentum for Nigeria to export gas to Europe. Source The Guardian Nigeria Read More

 

PROSHARE MARKETS

Investors Lose N6.83bn as NGXASI Dips Marginally by 0.03%; Open Repo Rate Expands by 0.17% to Close at 14.67%%; IEFX Rate Appreciates to N428.13 - The NGX All-Share Index dipped by 0.03% to close at 50,582.30 basis points as against 0.06% gain recorded to close at 50,594.97 basis points at the end of the previous trading session. In Naira terms, the NGX Market CAP records N6.83bn loss. YTD, the NGXASI Stands at +18.41%. Source Proshare Research Read More

Bank of England Increased Rate to 1.75% in August 2022, up by 0.50% - The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. At its meeting ending on 3 August 2022, the MPC voted by a majority of 8-1 to increase Bank Rate by 0.5 percentage points, to 1.75%. Source Bank of England Read More

Again, SEC Warns Investors against Illegal Crowdfunding Platforms - The Securities and Exchange Commission (SEC) has renewed its warning to investors patronising unregistered investments crowdfunding platforms. Source THISDAYLIVE Read More

 

PROSHARE BUSINESS

Setting Up a Business in Africa: 6 Reasons Why Payroll Management Fails - Payroll is a pivotal component of organisational success, but it is also one of the most difficult to calibrate due to its complexity. Payroll is more than just paying employees on time; it requires a high level of numerical skill, administrative know-how, and compliance expertise. Source Abiodun Falade, workforcegroup Read More

Stakeholders Disagree Over FG’s Approval to Lease 3 Aircraft for Nigeria Air - The approval of the Federal Executive Council for the country’s national carrier, Nigeria Air, to lease three aircraft to enable it to commence operations has caused some controversy in the aviation sector with experts disagreeing on the best course of action. Source The SUN Read More

Oil Prices Steady as Market Juggles Supply Shortage, Demand Worries - Oil prices steadied in Asia trade on Friday, after hitting their lowest levels since before Russia's February invasion of Ukraine in the previous session, as the market juggled concerns of supply shortage and slower demand. Source Reuters Read More

FCCPC: Disconnecting Customers’ Electricity Supply Without 10-Day Notice Is Unlawful - The Federal Competition and Consumer Protection Commission (FCCPC) says it is illegal for electricity distribution companies (DisCos) to disconnect customers from the power supply without a 10-day prior notice from the date of bill delivery. Source TheCable Read More

 

PROSHARE TECHNOLOGY

Kora is the New Commonwealth-Sourced Foreign Direct Investment (FDI) Project for the West Midlands - As the Commonwealth Games opened in Birmingham, the UK, pan-African payments infrastructure, Kora was announced as a new Commonwealth-sourced foreign direct investments (FDI) project for the West Midlands. Source Kora Read More

FG to Generate N160bn from Call, Data Taxes - The Federal Government will generate about N160.46bn from excise duty on telecommunication services in 2023. According to the Nigerian Communications Commission, the combined revenue of operators in the GSM, Fixed Wired, and Internet Service Providers was N3.21tn in 2021. Source Punch Read More

Nigeria Computer Society Inducts 854 New Members - Nigeria Computer Society (NCS), the umbrella body of all Information Technology (IT) professionals in Nigeria, today, August 4 2022 inducted eight hundred and fifty-four (854) new members. Source TechEconomy Read More

 

PROSHARE FINANCE

Pension Assets Hit N14.2trn on Improved Compliance - Nigeria’s total pension assets under management (AUM) hit N14.2 trillion at the end of May 2022, as the number of registrations into the Contributory Pension Scheme rose to 9.7 million. Source BusinessDay Read More

 

 

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