PROSHARE ECONOMY

PENGASSAN Threatens 30-Day Shutdown, Nigeria Risks N1.37tn Loss - Protesting members of the Petroleum and Natural Gas Senior Staff Association of Nigeria on Thursday threatened to shut down oil production in Nigeria for 30 days if the Federal Government fails to curb the lingering massive oil theft in the Niger Delta. Source  Punch Read More

Obaseki Advocates Investment in Oil Palm to Boost Nigeria’s Foreign Exchange Earnings  - The Governor of Edo State, Godwin Obaseki, has advocated massive investment in Agriculture, especially oil palm as a strategic move to boost foreign exchange in Nigeria. Source ThisDay Read More

CBN Issues a Final Demand Notice to Indebted Beneficiaries of Anchor Borrowers’ Programme - Based on a BusinessDay news report, the Central Bank of Nigeria on Tuesday issued a final demand notice to indebted beneficiaries of the Anchor Borrowers’ Programme (ABP), who are yet to repay a total of N5.67bn. The notice follows the bank’s directive to NIRSAL Microfinance Bank Limited (NMFB), to recover all non-performing intervention loans granted under the scheme. Source CSL Research Read More

Dim Fiscal Outlook Due to Revenue Underperformance - The CBN’s monthly economic report for May ‘22 shows that the federal government of Nigeria’s (FGN) fiscal operations resulted in a smaller fiscal deficit of -NGN524bn in May compared with -NGN643bn the previous month. The deficit was also slightly below the -NGN570bn recorded in the year-earlier period. Source FBNQuest Read More

PROSHARE MARKETS

Investors Gain N28.33bn as NGXASI Inches up by 0.11%; Overnight Rate Contracts by 3.33% to Close at 10.17%; BDC Rate Depreciates to N706 - The NGX All-Share Index inched up by 0.11% to close at 49,652.25 basis points as against 0.09% loss recorded previously to close at 49,599.73 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records N28.33bn gain. YTD, the NGXASI Stands at +16.24%. Source Proshare Research Read More

Stop Rates at NT-bills PMA Climb Higher – 364-day Paper up by 150bps into Double-digits - Yesterday, the Central Bank of Nigeria conducted its first NT-bills auction for September at the primary market. The CBN offered a total of N214.7bn worth of bills at the auction across the 91-day, 182-day and 364-day papers. Source  United Capital Research Read More

PROSHARE BUSINESS

NBS: Nigeria Recorded N3.2 Trillion Trade Surplus in Six Months - The National Bureau of Statistics (NBS) says Nigeria recorded a N3.2 trillion trade surplus between January and June of 2022. The bureau stated this in its recent report titled: ‘Foreign trade in goods statistics (Q2 2022)’. Source The Cable Read More

Nigeria not Ripe for Total Power Privatisation, Says Electricity Workers - The National Union of Electricity Employees (NUEE) has called for a total reversal of the privatisation of Nigeria’s power sector. Modupeoluwa Akinola, assistant general secretary, NUEE, southwest zone, said this in an interview with NAN on Thursday in Ibadan. Source The Cable Read More

FG Seeks NNPC’s Support to Establish National Shipping Line - The Minister of Transportation, Mu’azu Sambo, said having 100 per cent support of the Nigerian National Petroleum Corporation Limited (NNPC) would secure the establishment of a strong and sustainable national fleet in two months. Source Guardian Read More

NADDC Director General says Auto Policy Attracted Over $1bn Investment - The National Automotive Industry Development Plan (NAIDP), also known as Auto Policy has attracted over $1bn investment, the Director-General of the National Automotive Design and Development Council (NADDC), Jelani Aliyu has said. Source Tech Economy Read More