PROSHARE MARKETS

Investors Gain N11.44bn as NGXASI Advances by 0.35%; Overnight Rate Contracts to 10.86%; BDC Rate Depreciates to N751 - The NGX All-Share Index advanced by 0.04% to close at 55,822.14 basis points as against 0.35% gain recorded previously to close at 55,801.14 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records a N11.44bn gain. YTD, the NGXASI Stands at +8.92%. Source Proshare Research Read More

PROSHARE ECONOMY

Nigeria’s Crude Oil Production Records Fifth Consecutive Growth, up 3.57% in February 2023 - Nigeria’s crude oil production volume for February 2023 grew month-on-month by 3.83% (1.85% in January) to 1.31mbpd (without condensates) and 3.57% m/m to 1.55mbpd (with condensate). Based on data from the National Upstream Petroleum Regulatory Commission (NUPRC), the increase in volume was largely driven by increases in the production volumes from both the Brass and Bonny oil fields. Source CSL Research Read More

2023 Gubernatorial Elections: Accord, ADC, LP and PDP Explain Plans for Developing the Lagos State Economy - As Nigerians prepare for the March 18th, 2023, gubernatorial elections, WebTV in collaboration with Proshare organized a ‘Twitter spaces’ session to X-ray the economic manifestos of the Lagos state gubernatorial candidates. The digital online session featured Hon. Hakeem Dickson of the Accord Party, Mr. Funso Doherty of the African Democratic Congress (ADC), Dr. Abdul-Azeez Adediran of the Peoples Democratic Party (PDP) and Mr. Rex Adebanjo, the Director General, Labour Party (LP) Gubernatorial Campaign. Source Proshare News Read More

FG’s Revenue from VAT, CIT Up 33% to N4.92trn - Revenue from Value Added Tax, VAT, and Company Income Tax, CIT, rose by 33 per cent, Year-on-Year, YoY, to N4.92 trillion in 2022 from N3.68 trillion in 2021. Data at the National Bureau of Statistics, NBS, showed that CIT recorded stronger growth at 45 per cent while 24.5 per cent growth was recorded in VAT during the period. Source Vanguard Nigeria Read More

PROSHARE REGULATORS

SEC Nigeria Approves New Share Buy-Back Programme for Dangote Cement Plc; Expires December 12 2023 - Dangote Cement Plc, Africa’s largest cement producer, announces that the Securities and Exchange Commission has approved the establishment of a new share buy-back programme. The programme will expire on 12 December 2023, 12 months from the date of the shareholders’ resolution. Source NGX Read More

PROSHARE BUSINESS

NGX Group, Stakeholders Harp on Gender Equity - Nigerian Exchange Group of Companies and its partners, the World Federation of Exchanges (WFE), Sustainable Stock Exchanges (SSE) Initiative, United Nations (UN) Women, United Nations Global Compact and International Finance Corporation (IFC) have called on private and public sector stakeholders to close the gender gap by creating more opportunities for women to thrive. Source NGX Read More

BoI, NCDMB Partner to Drive In-Country Oil, Gas Manufacturing - The Bank of Industry and the Nigerian Content Development Monitoring Board (NCDMB) have partnered to drive in-country manufacturing of oil and gas equipment. The move is expected to increase Nigeria’s 10 per cent capacity in manufacturing oil and gas components, equipment and machinery. Source Guardian Read More

Exporters Get N308.45bn Export Expansion Grant - Executive Director/Chief Executive, Nigerian Export Promotion Council (NEPC), Dr. Ezra Yakusak had disclosed that promissory notes valued at N308.45 billion have been approved the disbursement to 199 exporting companies under the Export Expansion Grant (EEG) Scheme. Source THISDAYLIVE Read More

PROSHARE TECHNOLOGY

Crypto Stocks Slide After Silvergate Decides to Shut Down - Shares of crypto-focused companies fell on Thursday after Silvergate Capital Corp (SI.N) disclosed plans to wind down operations and voluntarily liquidate, as the aftermath of FTX's implosion last year reverberates through the industry. Source Reuters Read More

PROSHARE FINANCE

Frontier Countries to Suffer Most if Fed Rate Gets To 6% - Analysts - Emerging markets are facing their demons as traders mull whether U.S. Federal Reserve interest rates will rise as high as 6%, a level that could kick weaker countries when they're down, while diverging global growth paths and China's reopening might cushion some of the blow for the bigger ones. Source Reuters Read More

FG’s Revenue from VAT, CIT Up 33% to N4.92trn - Revenue from Value Added Tax, VAT, and Company Income Tax, CIT, rose by 33 per cent, Year-on-Year, YoY, to N4.92 trillion in 2022 from N3.68 trillion in 2021. Data at the National Bureau of Statistics, NBS, showed that CIT recorded stronger growth at 45 per cent while 24.5 per cent growth was recorded in VAT during the period. Source Vanguard Nigeria Read More

PROSHARE MSME

FG Budgets N10bn To Support Start-Up Act - The Federal Government has budgeted N10bn for the take-off of the Start-Up Act, signed into law by President Muhammadu Buhari, GCFR last year. Minister of Communications and Digital Economy Isa Ali Pantami disclosed this in Abuja while providing further insight into the funding and execution of the policy. Source Proshare News Read More