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Nigeria in 1min: Economic, Business and Financial Headlines - 210922

Sep 21, 2022   •   by   •   Source: Proshare   •   eye-icon 311 views

PROSHARE ECONOMY

Macro Data Dominates Oil Markets - OIR 200922 - We will then look at some of the key market movers early this week before providing you with the latest analysis of the top news events taking place in the global energy complex over the past few days. We hope you enjoy. Source Oilprices Read More

Nigeria's Total Public Debt Stock Stood at N42.84trn as of June 30, 2022 - The Total Public Debt Stock, representing the Domestic and External Debt Stocks of the Federal Government of Nigeria (FGN), the thirty-six (36) State Governments and the Federal Capital Territory (FCT), was N42.84 trillion (USD103.31 billion) as at June 30, 2022. The comparative figures for March 30, 2022, was N41.60 trillion (USD100.07 billion). Source DMO Read More

 

PROSHARE MARKETS

Investors Gain N3.22bn as NGXASI Inches up Marginally by 0.01%; Overnight Rate Expands by 0.42% to Close at 11.25%; BDC Rate Depreciates to N713 - The NGX All-Share Index inched up by 0.01% to close at 49,445.31 basis points as against 0.07% loss recorded previously to close at 49,440.21 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records N3.22bn gain. YTD, the NGXASI Stands at +15.75%. Source Proshare Research Read More

The Markets in Review: Nigerian Banks H1 2022 Scorecard – Coronation Research - The scorecard for the listed banks that have reported their H1 21 results is decent. We expect an improvement in earnings in the second half of 2022, given rising market yields. Source Coronation Research Read More

Prudential Zenith Life Insurance Records 75% Growth in Profit After Tax in Full Year 2021 Results - Prudential Zenith Life Insurance Limited (“PZL”) has announced its audited financial results for the year ended 31st December 2021, recording a 75% growth in profit after tax (PAT) of ₦1.13b compared to the ₦646m recorded in the corresponding period in 2020. Source Prudential Zenith Life Insurance Read More

Stakeholders Back Bills to Enhance Capital Markets, Investor Protection, Others - The Securities and Exchange Commission (SEC), the Chartered Institute of Stockbrokers and other stakeholders in the Nigerian capital market have backed a bill to prohibit Ponzi and pyramid schemes as well as other illegal investment platforms in Nigeria. Source ThisDay Read More

 

PROSHARE BUSINESS

FG Commences Processes for Baro Port Concession - The Federal Government has said it has commenced processes for the concessions of Baro Port having fully concessioned Onitsha Port. Source Punch Read More

Operators of FTZs to Pay Duties on Foreign Raw Materials Says Customs - Investors and enterprises operating in the country’s free trade zones (FTZ) will no longer pay duties, freight, and demurrages on all locally sourced raw materials, the Nigeria Customs Service (NCS) has disclosed. Source Guardian Read More

Oil Prices Extend Losses on Fears Aggressive Fed Rate Hike Will Curb Demand - Oil prices slid on Wednesday, extending the previous day's losses, as investors braced for another aggressive interest rate hike from the U.S. Federal Reserve that they fear could lead to recession and plunging fuel demand. Source Reuters Read More

 

PROSHARE TECHNOLOGY

How BVN, Fintech Enabled the Growth of Digital Financial Services in Nigeria - The Bank Verification Number, BVN and the rise of the fintech sector have been pivotal to the growth of digital financial services in Nigeria. Mr. Ngozi Dozie, the Co-Founder and Managing Director of Carbon, disclosed this recently in a virtual interactive session that discussed the evolution of Nigeria’s digital financial landscape. Source WebTV Read More

Steady Rise in Active Mobile Subscribers; Increased by 12% MoM to 209m in July 2022 - The latest national accounts for Q2 2022 show that the telecommunication sub-sector, which accounts for over 80% of the ICT sector’s GDP, grew by 7.7% during the second quarter and contributed around 15% of total GDP. Source FNBQuest Read More

383 Nigerian Tech Startups Raised Over $2b in 7 Years, Report says - The Nigerian startup ecosystem has recorded a significant amount of growth in terms of investments, with Lagos taking the lead. Source Tech Economy Read More

 

PROSHARE FINANCE

CERF Allocates $10m to support Life-Saving Nutrition Response in North-East Nigeria - As the people of north-east Nigeria struggle to endure a devastating food and nutrition crisis, the Central Emergency Response Fund (CERF) has released a US$10 million allocation to help save lives and get urgent aid to those who need it most. Approximately 1.74 million children under the age of five are expected to suffer from acute malnutrition across the north-east in 2022. Source Office for Coordination of Humanitarian Affairs Read More

 

PROSHARE MSME

African Youth Entrepreneurship Agreement Signed Between the Tony Elumelu Foundation and UNCDF - The Tony Elumelu Foundation and the UN Capital Development Fund (UNCDF) today signed an agreement to support youth entrepreneurship in Africa, with a specific focus on historically underinvested areas within African frontier markets. Source Tony Elumelu Foundation Read More

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