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Nigeria in 1min: Economic, Business and Financial Headlines - 071122

Nov 07, 2022   •   by   •   Source: Proshare   •   eye-icon 576 views

PROSHARE ECONOMY

Moody’s Says With $41bn Oil Sales, Nigeria Got Only $5bn, Downgrades Rating - Moody’s, a global ratings agency has downgraded Nigeria’s local currency and foreign currency long-term issuer ratings as well as its foreign currency senior unsecured debt ratings to B3 from B2 and placed them on review for downgrade. Source ThisDay Read More

FG Eyes N834tn to Meet Net Zero Target - The Federal Government has said Nigeria will require $1.9trn or N834trn to attain net zero by 2060 as part of its support to the global fight against climate change and meeting the country’s Energy Transition Plan. Source Punch Read More

New Report Reveals Africa is Facing a Crisis in Funding for Climate Adaptation - Africa is facing a critical shortfall in funding for climate adaptation according to a new report, State and Trends in Adaptation in Africa 2022, launched by the Global Center on Adaptation. Source Global Centre on Adaptation Read More

China's Exports, Imports Shrink as COVID Curbs, Global Slowdown Jolt Demand - China's exports and imports unexpectedly contracted in October, the first simultaneous slump since May 2020, as surging inflation and rising interest rates hammered global demand while new COVID-19 curbs at home disrupted output and consumption. Source Reuters Read More

 

PROSHARE MARKETS

What to Expect from the Markets this Week - 071122 - According to the proposed Finance Bill 2022, the Federal Government plans to introduce new sin taxes next year. The 2021 Finance Bill introduced an excise duty of N10/litre on carbonated and sweetened beverages as a sin tax. Source Proshare Research Read More

Agusto&Co: With Availability of Dollar-based Mutual Funds, Asset Management Funds Will Hit N3.5trn in 2024 - Following Monetary Policy Rate Hikes and increased availability of Dollar-based Mutual funds, asset management funds are slated to grow 10 per cent yearly in the next three years, reaching the N3.5 trillion mark by 2024, Agusto&Co has said. Source ThisDay Read More

 

PROSHARE BUSINESS

AfDB, Others Mobilise $31b Investment For Africa - The African Investment Forum (AIF), a joint special investment vehicle of the African Development Bank (AfDB) and six other partners, have mobilised a total of $31 billion in fresh investment interest for projects across the continent. Source Guardian Read More

FG Commits to Infrastructure Devt, Fiscal Incentive For Manufacturers - President Muhammadu Buhari has stated that his administration will continue to invest in infrastructure development, encourage access to low-cost funding and provide fiscal incentives to companies wishing to manufacture in Nigeria. Source Guardian Read More

Oil Falls as China Sticks to Strict COVID Policy - Oil prices fell more than 2% at the start of Asia trade on Monday after Chinese officials on the weekend reiterated their commitment to a strict COVID containment approach, dashing hopes of an oil demand rebound at the world's top crude importer. Source Reuters Read More

Egypt’s Bondholders Show Skepticism Post-IMF in Lesson for EM - Egypt’s IMF-led strategy to overcome its debt distress sounds like a perfect recipe for a rally in the nation’s debt -- except that money managers are skeptical about the plan’s execution. Source Bloomberg Read More

 

PROSHARE FINANCE

NAICOM Urges Shareholders to Demand Insurers’ Accountability - The Commissioner for Insurance, Mr Sunday Thomas, has said it is important for shareholders to ask the management of the insurance companies questions on how their companies are being managed. Source Punch Read More

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