PROSHARE ECONOMY

Q2-2022 Foreign Trade Statistics: Elevated Crude Prices and Global Inflationary Pressures Boost Total Trade Value YoY - Last week, the National Bureau of Statistics (NBS) published the nation’s Foreign Trade Statistics report. The report revealed a 32.2% y/y increase to N12.8tn in Nigeria’s trading activity in Q2-2022 versus the N9.7tn recorded in Q2-2021. Source United Capital Research Read More

Osinbajo Advocates Broader Gas Usage to Curb Deforestation - Vice President Yemi Osinbajo, has called for a wider use of gas as a replacement for “dirtier fuels”, saying doing so would “arrest deforestation while ensuring that the country has the necessary energy baseload for industrialisation.” Source Punch Read More

FG, EU, AFD Complete N104bn Electricity Agreement - The Federal Government and the French Development Agency, on Thursday, signed a grant agreement of €25m for the Northern Corridor Project, an electricity scheme jointly funded by the European Union, AFD and the Transmission Company of Nigeria. Source Punch Read More

FIRS Blames Fragmented Tax Systems For Nigeria’s Revenue Challenges - The Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami has said Nigeria is currently suffering revenue challenges because of its fragmented tax systems and agencies. Source Guardian Read More

PROSHARE MARKETS

Investors Lose N27.93bn as NGXASI Dips by 0.10%; Overnight Rate Contracts by 0.50% to Close at 7.50%; BDC Rate Depreciates to N710 - The NGX All-Share Index dipped by 0.10% to close at 49,575.93 basis points as against flat position recorded previously to close at 49,627.72 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records N27.93bn loss. YTD, the NGXASI Stands at +16.06% Source Proshare Research Read More

NGX, UBA to Collaborate on Improving Participation of Nigerians in Diaspora in the Capital Market - Nigerian Exchange Limited (NGX) and United Bank for Africa (UBA) are set to collaborate on Diaspora investments in the Nigerian capital market. Source NGX Read More

PROSHARE BUSINESS

FirstBank: The Embodiment Of Corporate Responsibility And Sustainability - Who should corporate responsibility and sustainability lessons be taken from? Some companies are still unclear about the concept but latching onto the sustainability mantra anyway because it has become a marketing buzzword for business? Source FirstBank Read More

15TH CIBN Conference; How Nigerian Financial Services Industry Can be GLOCAL- Farouk Gumel - The Chartered Institute of Bankers of Nigeria hosted its 15^th Annual Banking and Finance Conference in Abuja, discussing the theme "Repositioning the Financial Services Industry for An Evolving Glocal Context." Source WebTV Read More

Oil Rises On Weakening Dollar, Potential Supply Disruptions - Oil prices edged upwards in early Asian trade on Thursday, as supply concerns and a looming rail stoppage in the United States, the world’s biggest crude consumer, supported markets. Source Reuters Read More

PROSHARE TECHNOLOGY

Flutterwave to Add e-Naira as Payment Option - Nigeria, the first African nation to launch a digital currency, is targeting 8 million users for the app launched in October. But adoption has been slow as lenders worry the app would compete with their online platforms and reduce fee revenue. Source Sun Read More