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Nigeria in 1min: Economic, Business and Financial Headlines - 150323

Mar 15, 2023   •   by   •   Source: Proshare   •   eye-icon 358 views


Investors Loss N35.67bn as NGXASI Dips by 0.12%; Overnight Rate Expands to 11.00%; BDC Rate Appreciates to N750 - The NGX All-Share Index declined by 0.12% to close at 55,722.90 basis points as against 0.01% loss recorded previously to close at 55,788.37 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records a N35.67bn loss. YTD, the NGXASI Stands at +8.85%. Source Proshare Research Read More

Flat6Labs Launches New US$95m Venture Capital Fund to Expand its Impact in Africa - Flat6Labs, MENA’s leading seed investor, has announced the launch of a new US$95 million Seed Fund to nurture the growth and development of early-stage tech startups on the African continent. Source Flat6Labs Read More

The Markets in Review: Global Markets So Far in 2023 – Coronation Research - Global markets have been up and down this year, something that is clear when we look at the S&P 500 and the Nasdaq indices in the US. As we wrote two months ago (see Coronation Research, 2023 Investment Strategy, Better times in 2023, 11 January) global markets will at some point anticipate the easing of US policy rates and perform again. Source Coronation Research Read More



CFG Advisory Proposes a Resolution Trust SPV Backed by Legislation Within DMO Framework; Advises Against Illegal Securitisation - The CFG Advisory is proposing a resolution trust SPV backed by legislation, to operate within the current DMO act and framework; as a mechanism for the refinancing as opposed to the illegal securitization of the N23.7 trillion ways and means financing on the CBN balance sheet. Source CFG Advisory Read More

MPC to Hold 290th Meeting on March 20th and 21st, 2023 - The Monetary Policy Committee of the Central Bank of Nigeria will hold its 290th meeting on March 20th and 21st, 2023. This will be the second CBN MPC meeting for the year 2023 and comes two days after the conclusion of the Gubernatorial elections in 29 states. Source Proshare News Read More

Oil Marketers Urge Incoming President to Engender Free Market Regime in Downstream Sector - Operators in the downstream sector of the Nigerian oil and gas industry have urged the next president of the country to prioritise abolishing the wasteful petrol subsidy and fully deregulate the sector as provided by the Petroleum Industry Act (PIA) 2021. Source THISDAYLIVE Read More



NCC Approves Harmonised Short Codes, Sets Deadline May 17 - In line with its consumer-centric approach to telecoms regulation, the Nigerian Communications Commission (NCC) has directed mobile network operators (MNOs) to commence implementation of approved harmonised short codes (HSC) for providing certain services to telecom consumers in Nigeria. Source Leadership Read More



Ecobank Collaborates with IITA to Train, Support 16,000 Youths on Wealth Creation Through Agriculture - Ecobank Nigeria Limited said it is partnering with the International Institute of Tropical Agriculture (IITA), to train and provide support services to 16,000 Nigerian youths on wealth creation through agriculture. The training is targeted at young Nigerians between the ages of 18-40 years and will cover key areas of specialization including poultry, aquaculture, horticulture, and value addition. Source Ecobank Read More

Global Fossil Fuel Subsidies Gulped Over US$1trn in 2022 - According to the International Energy Agency (IEA) global fossil fuel consumption subsidies rose to a record of over US$1trn in 2022. This means the oil subsidies increased by 85% while natural gas and electricity consumption subsidies more than doubled. Source IEA Read More

Moody's Downgrades Signature Bank to Junk, Places Six U.S. Banks Under Review - Ratings agency Moody's on Monday downgraded the debt ratings of collapsed New York-based Signature Bank (SBNY.O) deep into junk territory and placed the ratings of six other U.S. banks under review for a downgrade. Source Reuters Read More



SVB Collapse: Stakeholders Review Implications for Nigeria’s Tech Industry - Over 72 hours after the collapse of America’s 16th largest bank Silicon Valley Bank, the global tech and financial services industry has been taking stock of the implications and lessons for their markets. Source Proshare News Read More

Meta to Cut 10,000 Jobs in Second Round Of Layoffs - Facebook-parent Meta Platforms (META.O) said on Tuesday it would cut 10,000 jobs this year, making it the first Big Tech company to announce a second round of mass layoffs as the industry braces for a deep economic downturn. Source Reuters Read More

Amazon to Test Satellite Internet Service Starting Next Year - Inc. plans to launch its first Project Kuiper production satellites in 2024 and start beta testing its ambitious internet-from-space service with customers the same year. Source Bloomberg Read More



Foreign Airlines Blocked Funds Hit $743m - The International Air Transport Association has revealed that the blocked funds of foreign airlines operating in Nigeria have risen to $743,721,097. Source The Nation Read More

Nigerians To Pay N1,000 Nin Fee for Passports - Nigerians applying for passports will be charged N1000 in Nigeria for the verification of their National Identification Number. The National Identity Management Commission disclosed this in a statement signed by its Head, Corporate Communications, Kayode Adegoke, on Monday. Source Punch Read More

Argentina Inflation Tops 100% for First Time Since 1991 - Argentina, March 14 (Reuters) - Argentina's annual inflation rate tore past 100% in February, the country's statistics agency said on Tuesday, the first time it has hit triple figures since a period of hyperinflation in 1991, over three decades ago. Source Reuters Read More

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