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Nigeria in 1min: Economic, Business and Financial Headlines - 220622

Jun 22, 2022   •   by   •   Source: Proshare   •   eye-icon 1968 views

 

PROSHARE ECONOMY

Natural Gas in the Limelight as Power Demand Soars - OIR 210622 - With fears of an impending market collapse easing somewhat at the start of this week, the market started talking about the umpteenth reopening of China again. This in turn continues to fuel expectations of robust summer demand, and whilst fears of an economic recession in late 2022. Source Tom Kool of Oilprice Read More

Fuel Scarcity Worsens, Black Market Booms at N300/litre - Fuel scarcity worsened in Lagos, the Federal Capital Territory and other parts of the country on Tuesday, resulting in motorists spending hours at filling stations. Source Punch Read More

Removal of Fuel Subsidy will Free Economy from Bondage, Says NEITI - The Nigeria Extractive Industries and Transparency Initiative (NEITI) says the removal of fuel subsidies will free the country’s economy from bondage. Source TheCable Read More

 

PROSHARE MARKETS

Investors Gain N180.61bn as NGXASI Inches Up by +0.66%; Overnight Rate Closes Flat at 14%; IEFX Rate Appreciates to N420.25 - The NGX All-Share index inched up by +0.66% to close at 51,091.75 basis points as against -1.97% loss recorded at the end of the previous trading session. In Naira terms, the NGX Market CAP records N180.61bn gain. YTD, the NGXASI Stands at +19.61%. Source Proshare Research Read More

Grains Maintain Upward Price Movements – AFEX Commodities Weekly Report 170622 - Sorghum and maize closed the trading week, gaining 25.27% and 0.08% w-o-w on the Exchange. A similar trend was witnessed in the open market for these commodities as prices rose marginally by 2.97% and 2.34% during the same period. Source AFEX Read More

Fastest Rise in Global Interest Rates for 30 Years - Unrelenting inflation pressures have prompted the fastest rise in global interest rates since the early 1990s, as central banks move policy rates towards restrictive levels from extreme lows at the start of the year. Source Fitch Ratings Read More


PROSHARE BUSINESS

CBN Guarantees N5.95bn Loan for 31,666 Small-scale Farmers - The Central Bank of Nigeria (CBN) has said a total of 31,666 loans valued at N5.92 billion were guaranteed under the Agricultural Credit Guarantee Scheme Fund (ACGSF). Source THISDAYLIVE Read More

Despite N4tr Subsidy, Empty Depots Trigger New Charges, Petrol Scarcity - Barely one week after President Muhammadu Buhari approved an additional N10 for transporters of Premium Motor Spirit (PMS) across the country, petroleum marketers have decried the prolonged inability to load from NNPC depots, leaving them to depend on private depots that equally impose additional charges. Source The Guardian Nigeria Read More

Minister visits Tin Can Port, Restates FG’s plans to Reconstruct Quay - The Minister of State for Transportation, Gbemisola Saraki, has restated the federal government plans through the Nigerian Ports Authority, NPA, for the total reconstruction of Quay walls of the TinCan Island Port Complex that have become weak due to age. Source Vanguard Read More

 

PROSHARE TECHNOLOGY

5G to Surpass 1bn Subscriptions in 2022 - Report - 5G subscriptions will pass the one billion milestone by the end of 2022. The above forecast was contained in the latest edition of the Ericsson (NASDAQ: ERIC) Mobility Report. Source SUN News Read More

Nigerian Healthtracka Raises $1.5 million to Expand Medical Diagnostics - Healthtracka, a Nigerian startup that offers convenient at-home lab tests, has raised $1.5 million in pre-seed funding, according to a statement shared with TechCabal today. Source TechCabal Read More

 

PROSHARE FINANCE

Noor Takaful Distributes N109.84m Surplus to Over 200 Participants for FY2020 - As part of its commitment to creating value for its participants and deepening the Nigerian insurance industry, Noor Takaful Insurance Limited paid a N109.84m surplus for the financial year 2020. Source Bukola Akinyele-Yisau Read More

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