PROSHARE ECONOMY

Nigerian Agricultural Sector Update: The Oil Palm Industry - For most key crops (such as cotton, groundnut, and oil palm), Nigeria’s share of global production has remained low since the 1960s. Particularly for Crude Palm Oil (CPO), the country’s share of global oil palm production has declined significantly from 42.79% in 1966 to a mere 1.77% in 2021. Source Meristem Nigeria Read More

Upward Pressure on Oil Prices is Only Going to Increase - OIR 070622 - Less than a week after OPEC+ decided to speed up its production curtailments and bring 648,000 b/d into the markets in July-August, ICE Brent is back above $120 per barrel. There are several reasons why the initial downward pressure on oil prices did not last. Source Tom Kool of Oilprice Read More

Nigeria’s Public Debt Climbs by N2.04tn in Q1 – DMO - The Debt Management Office said on Tuesday that Nigeria’s total public debt stock increased to N41.60tn in the first quarter of 2022 from N39.56tn as of December 2021. This shows an increase of N2.04tn within a period of three months. Source Punch Read More

PROSHARE MARKETS

FBNH FY 2021 and Q1 2022 Results: Navigating a Way Back to the Top - FBNH’s management has hit the reset button as it gently steers the financial Holding company (Holdco) through a stream of operating headaches. Proshare in a 2021 report had raised questions about the governance quality of both the Holdco’s board of directors and its bank management. Source Proshare Research Read More

Investors Gain N99.42bn as NGXASI Inches up by +0.35%; Overnight Rate Expands by 0.42% to 7.50%; IEFX Rate Depreciates to N420.75 - The NGX All-Share index inched up by +0.35% to close at 53,270.88 basis points as against +0.34% gain recorded at the end of the previous trading session. In Naira terms, the NGX Market CAP records N99.42bn gain. YTD, the NGXASI Stands at +24.71%. Source Proshare Research Read More

The Markets in Review: Growth Returns to Nigerian Mutual Funds II – Coronation Research - Mutual Funds declined in 2021 for the first time in five years. This was because bank deposit rates were higher, particularly in the first half of 2021, than Treasury Bill (T-bill) rates. This made it difficult for Money Market funds (which hold a lot of T-bills) to compete. Source Coronation Research Read More

PROSHARE BUSINESS

NBS: Nigeria Recorded N1.2 trillion Trade Surplus in Q1 2022 - The National Bureau of Statistics (NBS) says Nigeria recorded N1.2 trillion trade surplus in the first three months of 2022. The bureau stated this in its recent report titled: ‘Foreign trade in goods statistics (Q1 2022)’. Source TheCable Read More

ABCON Urges CBN Engage BDCs to End Multiple Exchange Rates - President, the Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe has urged the Central Bank of Nigeria (CBN) to use Bureaux De Change (BDCs) towards putting an end to multiple rate practices, in a bid to enable stability in the forex market. Source THISDAYLIVE Read More

Bad Loans: Mortgage Banks, Microfinance Banks, Others Get 15-Day Deadline - To get firm grip on serial loan defaulters, the Central Bank of Nigeria (CBN) has given all loan and credit disbursing financial institutions till the 20th of June 2022 to transmit all their customers’ details to the Industry Customer Accounts Database (ICAD). Source The Nation Read More

PROSHARE TECHNOLOGY

FG Probes Two Firms Over Alleged Data Breach - The Nigeria Data Protection Bureau has said it is investigating Wema Bank and KC Gaming Networks, also known as BetNaija, over an alleged breach of data privacy. Source Punch Read More

LCCI Calls for Regulations to Enhance More Telecom Infrastructure Devt - The Lagos Chamber of Commerce and Industry (LCCI) has called on the federal government to create a regulatory environment in enhancing more telecommunication infrastructure development in the country. Source LeadershipNG Read More

Digital Economy: NITDA DG Reiterates Commitment to Digital Literacy - The director-general of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, has reaffirmed Nigeria’s commitment to digital literacy, which he says will in the long run bridge the global talent gap in the information communications technology (ICT) sector and place the country among technology-driven nations. Source SUN News Online Read More

PROSHARE FINANCE

Why Green Sukuk is A Viable Tool for Financing Nigeria's Development - One tool that provides immense opportunities for financing sustainable development in Nigeria and Africa is the 'Green Sukuk.' The Green Sukuk is a strategic product in the Non-Interest Finance Space, designed to provide funding for sustainable projects around the globe. Source Bukola Akinyele-Yisau Read More

Free Trade Zones: NEPZA, FIRS Sign Pact on Tax Administration - The Nigeria Export Processing Zones Authority (NEPZA) has signed a Memorandum of Understanding (MoU) with the Federal Inland Revenue Service (FIRS) for effective administration of taxes in the free trade zones. Source Daily Trust Read More

PROSHARE MSME

Sendy, Google Partner to Empower MSMEs in Nigeria - Sendy, a tech company that builds infrastructure for e-commerce and consumer brands has joined with Google in an initiative aimed at empowering Africa’s small and medium businesses. Source LeadershipNG Read More