PROSHARE ECONOMY

Tier 1 Reclassification: Banking in Nigeria: From Then to Now - Nigeria's banking system has undergone various transitions, especially over the last 22 years, from 89 banks before 1999 to the universal banking regime that commenced in earnest in 2000 and then onto the consolidation of 2005. Source Proshare Read More

Nigeria’s Inflation Climbs to 17.71%; May reach 20% by December 2022 - Giving support to weakening underlying macroeconomic fundamentals identified by the World Bank, Nigeria’s recent consumer price index (CPI) for May 2022 released by the National Bureau of Statistics (NBS) showed that headline inflation rose by 89bp to +17.71% from +16.82% in April. Source Abdulqudus Isiaka Read More

Presidential Power Programme to Gulp N991.99bn in First Phase –`FG - The total funding requirement for the first phase of the Presidential Power Initiative is €2.3bn (N991.99bn at the official exchange rate of N431.3/€), figures obtained from the Federal Government showed. Source Punch Read More

NBS: Nigeria Generated N588bn from VAT in Q1 2022 - up by 4.4% from Previous Quarter - The National Bureau of Statistics (NBS) says the country generated N588.59 billion as value-added tax in the first three months of 2022. The figure represented an increase of 4.4 percent from the N563.72 billion generated in Q4 2021. Source TheCable Read More

PROSHARE MARKETS

What to Expect from The Markets This Week - 200622 - According to the National Bureau of Statistics (NBS), Nigeria recorded headline inflation of 17.71% in May. The rapid rise in inflation was attributed to the rising cost of energy, food, clothing footwear, and transportation. Core inflation came in at 14.9% in May while Food inflation rose to 19.5%. Source Proshare Content Read More

PROSHARE BUSINESS

Afreximbank Earmarks $40b to Support Intra-African Trade - African Export-Import Bank (Afreximbank) plans to disburse $ 40 billion to support intra-African trade and investments in the next five years. Source The Nation Read More

Nigerians Count Losses of Collapsed National Grid, Rising Inflation - Despite the reluctance of the current administration to accept the ranking that placed Nigeria as the world’s 11th most miserable country for 2021, analysts argued that current realities have removed all shades of doubts about the ranking that captures the growing frustration of Nigerians over their poor conditions of living. Source THISDAYLIVE Read More

FG Orders DisCos to Resume Free Metre Distribution - The Federal Government has given instructions to electricity distribution companies to resume the Metre Assets Providers programme, recently slowed down by the National Mass Metering Programme. Source Punch Read More

PROSHARE TECHNOLOGY

Report: Amazon to Expand into Countries in Africa, South America in 2023 - Amazon, an American e-commerce company, says it is making plans to expand into five countries across Africa, Europe, and South America, while maintaining its base in the United States. Source TheCable Read More

NCC, 3R Sign Pact on Revenue Assurance Solutions - The Nigerian Communications Commission (NCC) has finally signed a Public Private Partnership (PPP) agreement with its consultants, 3R Company Nigeria Limited, for the execution of the Revenue Assurance Solutions (RAS) to strengthen and manage the integrity of revenue generation process in the Nigerian telecommunications industry. Source SUN News Online Read More

PROSHARE FINANCE

Why Sukuk has Become the Major Non-Interest Finance Product adopted by Millennials and Gen-Zs - Financial analysts note that Sukuk is increasingly becoming a major non-interest financial product that Millennials and Gen-Zs understand very well and are willing to invest in. Source Bukola Akinyele-Yisau Read More