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Nigeria in 1min: Economic, Business and Financial Headlines - 160822

Aug 16, 2022   •   by   •   Source: Proshare   •   eye-icon 395 views

PROSHARE ECONOMY

Headline Inflation Increases by 19.64% YoY in July 2022 as Food Inflation Rises by 22.02% - CPI for July 2022 was 463.6 relative to 387.5 in July 2021. In July 2022, on a year –on- year basis, the headline inflation rate was 19.64%. This was 2.27% points higher compared to the rate recorded in July 2021, which was (17.38 %). Source NBS Read More

Reversal of SEPLAT's Acquisition of Mobil Nigeria: Analysts Task FGN on Strategy-Based Decisions Through the PIA - The Federal Government, through the Minister of Petroleum and Natural Resources, has been advised to make informed decisions that are not hurried and in alignment with the full provisions of the Petroleum Industry Act. Source Ottoabasi Abasiekong Read More

Fuel Subsidy Hits N1.593tn, Refinery Rehabilitation Gulps N54.66bn - Latest data on the amount spent in subsidising Premium Motor Spirit, popularly called petrol, seen in Abuja on Monday showed that the government subsidised the commodity with N1.593tn between January and June 2022. Source Punch Read More

CBN: Budget Deficit, Public Debt Hamper Fiscal Sustainability - The Central Bank of Nigeria (CBN) yesterday said budget deficit and public debt could exert direct and negative consequences on fiscal sustainability, adding that these remained essential factors in assessing macroeconomic policies’ credibility. Source THISDAYLIVE Read More

 

PROSHARE MARKETS

Investors Lose N3.64bn as NGXASI Dips Marginally by 0.01%; Overnight Rate Expands by 1.50% to Close at 14.50%; IEFX Rate Appreciates to N430.00 - The NGX All-Share Index dipped by 0.01% to close at 49,657.33 basis points as against 0.07% loss recorded to close at 49,664.07 basis points at the end of the previous trading session. In Naira terms, the NGX Market CAP records N3.64bn loss. YTD, the NGXASI Stands at +16.25%. Source Proshare Research Read More

NAFEX Rate Depreciated by 0.09% WoW to N426.79 - In the FX Spot and Derivatives markets, the total turnover for the week-ended August 12, 2022, was $772.12 million, representing an increase of 24.56% ($152.25 million) from $619.88 million reported for the week-ended August 5, 2022. Source FMDQ Read More

 

PROSHARE BUSINESS

Nigeria’s Bank of Industry Raises $1 Billion Loan for Companies - Bank of Industry, the biggest development finance institution in Nigeria raised 1 billion euro ($1 billion) syndicated loan from banks to support small, medium and large businesses in Nigeria, according to the lender. Source Bloomberg Read More

Amid Massive Under-production, Nigeria Posts Record 9.4m Barrels Oil Loss to Shut-ins, Others - Again, Nigeria has hit a new oil production loss record as a result of disruptions to its crude assets due to maintenance challenges, community issues and prolonged force majeure. Source THISDAYLIVE Read More

IPMAN Set to Import Diesel to Reduce Scarcity - Following the energy crisis that has engulfed Nigeria, especially the Federal Capital Territory (FCT) and other states, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has kicked-off plans to import the Automotive Gas Oil (AGO) diesel to cushion the scarcity. Source The Nation Read More

Oil Industry Gears Up to Tap U.S. Climate Bill for Carbon Capture Projects - Tax credits in the $430 billion U.S. climate and tax bill set to be signed into law this week will kickstart carbon sequestration projects, say oil and gas proponents, offsetting startup costs for some of the anti-pollution initiatives. Source Reuters Read More

 

PROSHARE TECHNOLOGY

21.3m Women in Nigeria are Financially Excluded - EFInA - The report focused on “Women Economic Empowerment" derived from the 2020 Access to Finance assessment. It highlighted that women face significant market access challenges due to lack of finance, societal challenges, absence of essential business skills and prevailing gender norms. Source Ottoabasi Abasiekong Read More

NITDA, ICPC Seek Tech Solutions to Mitigate Financial Fraud - The National Information Technology Development Agency (NITDA) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) will host the 2022 Illicit Financial Flows (IFFs) Hackathon. Source TechEconomy Read More

PoS Transactions Rise N1.05trn in 7 months – NIBSS - The Nigeria Inter-Bank Settlement Systems (NIBSS) has said that transactions done on the Point of Sales (PoS) terminals across the country rose by N1.05 trillion from N3.56 trillion in the first seven months of 2021 to N4.61 trillion in 2022. Source The SUN Read More

 

PROSHARE FINANCE

A Thoughtful Approach to Wealth Management - Where in Africa do the well-to-do reside and in what numbers? The recently released Africa Wealth Report 2022 shows that there are currently 136,000 High Net Worth Individuals (HNWIs) living on the Continent, along with 5,110 multi-millionaires, 305 centi-millionaires and 21 billionaires. Source FBNQuest Read More

 


 

 

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