PROSHARE ECONOMY

OPEC Fund and African Development Bank Group Increase Cooperation to Promote Sustainable Development in Africa - The Organization of Petroleum Exporting Countries (OPEC) Fund for International Development and the African Development Bank Group have signed a memorandum of understanding to expand their partnership to support sustainable economic and social development in Africa. Source AfDB Read More

Sharp Decline in Rail Transport Revenue in Q2 2022 - The latest report from the National Bureau of Statistics (NBS) on rail transportation shows that the total revenue generated through this mode of transportation rose by 140% y/y to NGN2.2bn in Q1 ‘22 but fell by -37% y/y to cNGN734.5m in Q’2 22. On a q/q basis, the total revenue declined by 67% q/q. Source FBNQuest Read More

World Bank introduces cost-effective electrification initiative for sub-Saharan Africa - The World Bank has introduced a cost-effective electrification initiative to allow sub-Saharan Africa to meet the projection of universal electricity access by 2030. Source TheCable Read More

PROSHARE MARKETS

Investors Gain N253.46bn as NGXASI Inches up by 1.07%; Overnight Rate Closes Flat at 8.83%; BDC Appreciates to 740 - The NGX All-Share Index advanced by 1.07% to close at 43,942.82 basis points as against 0.04% gain recorded previously to close at 43,477.48 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records N253.46bn gain. YTD, the NGXASI Stands at +2.87%. Source Proshare Research Read More

High Inflation Halts Europe’s Post-Covid Retail Recovery - The post-pandemic recovery of European retailers’ profitability and deleveraging have been halted by sharply increased inflation that is forcing consumers to ration purchases and raising retailers’ costs, some of which can be difficult to pass on, Fitch Ratings says. Source Fitch Ratings Read More

US State Tax Collections, GDP, and Job Recoveries Still Strong Despite Looming Recession - U.S. state tax collections expanded 14.8% yoy in the LTM ending in June 2022, with all states experiencing revenue gains, according to Fitch Ratings. Source Fitch Ratings Read More

PROSHARE BUSINESS

FSDH Continues Drive to Empower Women: Hosts 2nd Edition of Women in Business Initiative - As the world continues to evolve, humans are constantly transforming, finding more innovative ways to do business and deliver services. Technology has brought on a new era by enabling transformation across different spheres of life- from business, to career, to everyday decisions, we experience the power of tech. Source FSDH Read More

NDIC Set to Pay Depositors of 20 Liquidated Banks - The Managing Director, of Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan, has said the corporation has concluded plans to pay depositors of the 20 liquidated banks. Source ThisDay Read More

PROSHARE TECHNOLOGY

CutStruct Technology Raises $600k for its B2B Construct Procurement Product – LiveVend - CutStruct Technology led by two second-time founders – John Oamen and Tayo Odunsi have just concluded a pre-seed round fundraise of about $600,000 led by Zedcrest Capital, DFS Lab and Lofty Inc, with the participation of angel investors including Kola Aina to build its premier product - LiveVend. Source CutStruct Technology Read More

Increase in Rice Prices to Drive Food Inflation? - Based on a BusinessDay report, the price of a 50kg bag of locally parboiled rice in Nigeria grew by 53.6% in two months driven by the floods that ravaged many parts of the country. According to the report, a 50kg bag of locally parboiled rice now sells for N43,000, up from N28,000 in September. Source CSL Research Read More

Crypto.com commits to proof-of-reserves after halting certain deposits and withdrawals - Kris Marszalek, CEO of cryptocurrency exchange Crypto.com, has become the latest crypto company promising to publish “audited proof of reserves,” amid the downfall of rival exchange FTX. Source Coin Telegraph Read More

Bitcoin Hits two-year Low as Binance Abandons FTX Acquisition - The cryptocurrency price traded 7.5 percent lower on Thursday afternoon, dropping to $16,385 by 11:51 am, according to data from coinmarketcap.com. Source TheCable Read More

PROSHARE FINANCE

Snapplify Expands into West Africa to Impact Education - The company, established in South Africa in 2012, has already had hundreds of registrations by educational institutions in the region. ‘Schools and tertiary institutions are looking for high-quality education tools that are relevant and appropriate for their region,’ said Snapplify CEO Wesley Lynch. Source Snapplify Read More

PROSHARE MSME

FG Disburses N785m to 10m MSMEs - The Minister of Industry, Trade and Investment, Richard Adebayo, has said that the Federal Government, in its efforts to create the right environment for Micro, Small and Medium Enterprises to thrive, has disbursed N785 billion through the Bank of Industry to over 10 million MSMEs from 2019 to July 2022. Source Punch Read More

AfDB Provides Over $1.1bn to 20,500 Nigerian MSMEs - The African Development Bank has said that it has provided over $1.1bn worth of interventions for 20,500 Micro, Small and Medium Enterprises in Nigeria. It said that this had contributed to the creation of more than 440,000 jobs in Nigeria, with women and youths accounting for 60 per cent. Source Punch Read More