PROSHARE ECONOMY

Nigeria’s Crude Oil Production Drops Further to 0.938mbpd in September 2022 - The Nigerian 2022 fiscal budget has continued to suffer setbacks from crude oil production shortfalls as production contracted further to an all-time low of 0.938mbpd (1.14mbpd including condensate) in September 2022. Source CSL Research Read More

An Improved Current Account Surplus - According to the most recent Quarterly Statistical Bulletin (QSB) from the central bank (CBN), Nigeria’s current account posted a higher surplus of USD5.1bn in Q2 ’22 compared with a revised surplus of USD2.6bn in Q1 ’22. Source FBNQuest Read More

Telcos, Banks to Collect VAT on Taxable Supplies - MTN, Airtel and deposit money banks in Nigeria have been appointed by the Federal Inland Revenue Service to withhold or collect the value added tax charged on all taxable supplies made to them and remit same to the agency. Source Punch Read More

PROSHARE MARKETS

NGXASI Closes Flat; Overnight Rate Closed Flat at 8.83%; BDC Appreciates to 870 - The NGX All-Share Index closed flat at 44,269.43 basis points as against 0.07% gain recorded previously to close at 44,269.18 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records N134.34mln gain. YTD, the NGXASI Stands at +3.64%. Source Proshare Research Read More

MyCredit Investments Ltd (FairMoney Nigeria) Announces Repayment of NGN 3.7 Billion To Private Note Investors - MyCredit Investments Limited, (“FairMoney” or “the Company”) today announced the redemption of N3.7 billion in aggregate principal amount of its 18% Series II Private Notes (the “Notes”) that fell due on November 03, 2022, to various reputable institutional & HNI investors. Source FairMoney Read More

Oando Clean Energy Limited Leads Nigeria Private Sector Discourse at COP27 - The 27th United Nations Climate Change Conference (COP27) themed ‘Delivering for People and the Planet' kicks off in Sharm El Sheik, Egypt. The event will host more than 45,000 registered COP27 participants representing Parties, the United Nations (UN). Source Oando Plc Read More

PROSHARE BUSINESS

Nigeria: African Development Bank, First City Monument Bank Sign Agreement for $50 Million Line of Credit to Bolster Access to Finance for Small, Medium and Women-Owned Businesses - The African Development Bank (www.AfDB.org) has signed an agreement with First City Monument Bank (FCMB) for a $50 million line of credit to support access to finance for small and medium-sized and women-empowered enterprises. Source FCMB Read More

Address Cost of Doing Business, NACCIMA Tells FG - The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture has urged the Federal Government to devise urgent steps that would cushion the alarming cost of doing business in the country. Source Punch Read More

Nigeria’s Oil Production Deficit Hits 184.1m Barrels in Nine Months - With a 58.2 million barrels per month estimate approved benchmark by the National Assembly in December 2021, the difference between actual and projected output was a whopping 184.1 million barrels of unproduced oil. Source ThisDay Read More

FG, Experts Mull Ban of Tax Incentives For HNWIs, Businesses - In a bid to checkmate rising illicit financial flows out of Africa especially Nigeria, the Federal Government of Nigeria and the African Tax Administration Forum (ATAF) are looking at ways to stop tax waivers and incentives to high-net-worth individuals (HNWIs) and multinationals in African countries. Source Sun Read More

PROSHARE TECHNOLOGY

Fintech Firms Asked to Prepare for Retail Payments Regulation in 2025 - Bank of Canada - The Bank of Canada is urging financial technology companies to start preparing for a new regulatory regime that will soon cover businesses providing services such as digital wallets and electronic payment systems. Source Mark Rendell Read More

How the Fintech Industry Can Unlock Economic Opportunities for Nigeria - Babatunde Obrimah - Leveraging digital technology to improve agribusiness, financially empower women, provide innovative solutions in education, healthcare and insurance are part of the ways the fintech industry can unlock economic opportunities in Nigeria. Source WebTV Read More

Report: Meta Plans to Layoff ‘Thousands Of Workers’ This Week - Meta, the parent company of Facebook is planning a major job cut that could affect “thousands” of workers, The Wall Street Journal (WSJ) is reporting. The WSJ said the layoffs could begin as soon as Wednesday. Source TheCable Read More

PoS Use to Rise Despite Transaction Failures - Point of Sale (PoS) machines deployment will continue to rise in the coming months to serve new entrants into the digital banking space. Source The Nation Read More

PROSHARE FINANCE

Islamic Finance Market Weekly Review October 31st to November 4th, 2022 - As the COP27 summit begins this week in Egypt, the largest international climate summit the Islamic Development Bank, IsDB last week restated its commitment to continue fostering dialogue and solutions for the global Climate Action. It will fully participate at the event and help shape a resilient and sustainable future for all. Source WebTV Read More