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Nigeria in 1min: Economic, Business and Financial Headlines - 110822

Aug 11, 2022   •   by   •   Source: Proshare   •   eye-icon 500 views

PROSHARE ECONOMY

Zenon Petroleum vs Prudent Energy: Beyond the Noise - Proshare analysts have argued that it is always in the best interest of all parties and the investing public to situate issues within context and evidence from relevant parties.  In the light of that, we will continue to monitor the issue with constant engagement and market intelligence with all related parties. Source TheAnalyst, Proshare Research Read More

OPEC+ Boost Production Levels by 100,000bpd - Given the rapidly evolving oil market fundamentals, OPEC+ agreed to adjust the production level in September upwards by 100,000bpd (following the 0.6bpd in Jul and Aug-2022), albeit lower than the market’s expectation. In response to the decision, Brent Crude oil prices declined by 13.7%, closing the week at $94.92/bbl. (previously $110.01/bbl.). Source United Capital Research Read More

Power Generation Exceeds 4,000MW, FG to Add 204MW - Power generation on the national grid crossed 4,000 megawatts at 6am on Wednesday as the Federal Government announced that it had commenced the construction of transmission lines and substations to add 204MW to the grid. Source Punch Read More

Five Oil, Gas Companies Grew Revenues by 41 percent in H1 - Five leading indigenous oil and gas companies have posted N625.08 billion revenues in the half year (H1) of 2022, 40.7 per cent higher than their performance in the corresponding period of 2021 when they recorded N444.25 billion. Source The Guardian Nigeria Read More

 

PROSHARE MARKETS

Investors Gain N390.91bn as NGXASI Inches Up by 1.47%; Overnight Rate Declines by 0.17% to Close at 14.83%; IEFX Rate Depreciates to N429 - The NGX All-Share Index inched up by 1.47% to close at 50,075.47 basis points as against 2.26% loss recorded to close at 49,350.71 basis points at the end of the previous trading session. In Naira terms, the NGX Market CAP records N390.91bn gain. YTD, the NGXASI Stands at +17.23%. Source Proshare Research Read More

FGN Bond Yield Edges Close to 2019 Levels - Average bond yield spiraled down to 8% levels in early 2020 and dipped even further through the pandemic as local investors sought haven assets. Since the recovery in yields which started in the Q1’21, average bond yields have at best touched 12%. Source FBNQuest Research Read More


PROSHARE BUSINESS

Decolonising the ESG Narrative - The regions that least contributed to the climate crisis are likely to suffer the largest consequences, but their voices are not being heard in the ESG debate, argues Ahmed Olayinka Sule, CFA, London-based financial analyst and writer. Source Ahmed Sule, CFA Read More

Buhari Makes U-turn on Seplat, ExxonMobil Deal - The President, Major General Muhammadu Buhari (retd.), on Wednesday, reversed his authorisation of the acquisition of the entire share capital of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Limited. Source Punch Read More

FG Inaugurates National Steel Council to Drive Sector’s Growth - The federal government has re-constituted the national steel council to improve the growth of the industry. Olamilekan Adegbite, minister of mines and steel development, said this at the inauguration on Tuesday in Abuja. Source TheCable Read More

Manufacturers Survive Q2, 2022 Harsh Operating Environment - The Nigerian manufacturing sector has sustained improved confidence in the economy despite harsh operating environment. In the last six quarters beginning from the second quarter of 2021, manufacturers have sustained improved confidence in the economy as index scores remained above the 50 baseline points. Source LeadershipNG Read More

 

PROSHARE TECHNOLOGY

The Road to 5G: Assessing Nigeria’s Readiness for Deployment - In Nigeria, the need to meet technological requirements of faster connectivity, enhanced mobile broadband, and higher data capacity is moving forward from 2G, 3G and 4G broadband, with a focus now on 5G. Source Phillips Consulting Read More

FG to Generate N484bn from e-payment Channels - The Federal Government is set to make a total of N483.73bn in three years from electronic payment boom by way of the Electronic Money Transfer Levy. Source Punch Read More

Nigeria Imported Phones Worth $2.35b in 3 Years, According to Report - According to a survey from the International Trade Centre (ITC), Nigeria imported phones for $2.35 billion during a three-year period. Data from the Center shows that Nigeria spent $807.95 million on the importation of phone sets in 2019, $765.57 million in 2020, and $772.25 million in 2021. Source TechEconomy Read More


 

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