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Nigeria in 1min: Economic, Business and Financial Headlines - 221122

Nov 22, 2022   •   by   •   Source: Proshare   •   eye-icon 325 views

PROSHARE ECONOMY

Nigeria’s Poverty Trap and How to End It - A new policy paper released today by the Institute for Governance and Economic Transformation (IGET), an independent, nonpartisan think tank, has described pervasive poverty as a threat to Nigeria’s future and the most pressing challenge for the country’s next administration after the 2023 elections alongside security. Source IGET Read More

63% of Nigerians are Multidimensionally Poor - On Thursday, 17 November 2022, the National Bureau of Statistics (NBS) published the National Multidimensional Poverty Index (MPI) which stood at 0.257, showing that the poor in Nigeria experience over one quarter of all possible deprivations. The report revealed that 63% (or 133m) of Nigerians are multidimensionally poor. Source CSL Research Read More

To Promote Inclusive and Sustainable Development, Nigeria Needs to Fix its Public Finances - Macroeconomic and fiscal reforms are urgently needed to lift Nigeria’s development outcomes, which are severely constrained by inefficient use of resources, argues the new Nigeria Public Finance Review report released today. Source World Bank Group Read More

Senate Panel Summons Zainab Ahmed Over Unexplained N206bn In Humanitarian Ministry’s Budget - The senate committee on special duties has summoned Zainab Ahmed, minister of finance, budget and national planning, over the insertion of N206 billion into the 2023 budget of the humanitarian affairs ministry. Source TheCable Read More

 

PROSHARE MARKETS

Investors Gain N92.72bn as NGXASI Advances Further by 0.38%; Overnight Rate Closed Flat at 16.50%; BDC Closed Flat at 785 - The NGX All-Share Index advanced by 0.38% to close at 44,662.96 basis points as against 1.09% gain recorded previously to close at 44,492.73 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records N92.72bn gain. YTD, the NGXASI Stands at +4.56%. Source Proshare Research Read More

Purple Announces the Opening of its Initial Public Offer - Purple Real Estate Income PLC ("PREIP" or "Purple"), Nigeria's breakthrough real estate investment platform, announces its Initial Public Offer opens today (21 November 2022). Source Purple Real Estate Income PLC Read More

NT-Bills Update: Average Yields Remain Unchanged at 10.62% WoW - Last week, the Nigerian Treasury Bills (“NT-Bills”) secondary market recorded mixed sentiments despite buoyant system liquidity which stood at ₦241.8bn long as of Friday 18- Nov-22. As a result, the market closed flat at 10.62% W-o-W. Source Afrinvest Research Read More

NAFEX Rate Depreciated by 0.12% WoW to N444.42 - Below is the commentary on the Foreign Exchange (FX) market with data for the week-ended November 18, 2022. The table following the commentary compares weekly turnover for trades between banks (FMDQ Dealing Member (Banks) [DMBs]/Authorised Dealers) and their clients for the weeks ended November 11, 2022 & November 18, 2022. Source FMDQ Read More

 

PROSHARE BUSINESS

CEO Remuneration 2022: The Five Highest Salaried CEOs (Basic Perks) - Michel Puchercos, the CEO with the highest base salary for the financial year 2021, was appointed at the beginning of 2020 financial year as CEO for Dangote Cement Plc. He has over 20 years’ experience in the cement industry, having previously served as the CEO of Lafarge Africa until 2016. Source Proshare Research Read More

CEO Remuneration 2022: 5 Issues That are Critical for Businesses in Times of Global Uncertainties - As the world navigates the challenges of hyperinflation, the Post COVID era, the impact of the Russia-Ukraine hostilities, interest rate hikes by Central banks and global warming effects, businesses are adopting models to achieve sustainability. Source WebTV Read More

3 Firms Pre-qualify for Calabar, Kano FTZ Concession - The journey to concession the Calabar and Kano Free Trade Zones (FTZs) has recordedc recorded a milestone as three firms have been pre-qualified and issued the Request for Proposal (RFP) for the deal. Source Sun Read More

Oil Rises After Saudis Deny Report of OPEC+ Supply Increase - Oil prices rose slightly in early Asian trade on Tuesday, a day after Saudi Arabia denied a media report that it was discussing an increase in oil supply with OPEC and its allies. Source Reuters Read More

 

PROSHARE TECHNOLOGY

38% of Industrial Computers Were Under Attack in the Middle East, Turkey and Africa (META) Region in January-September 2022, More Attacks Expected to Come - From January to September 2022, computers in the industrial control systems (ICS) environment were attacked using multiple means. Source Kaspersky Read More

Bitcoin Investment in Nigeria Rises by 5% - Nigerians’ investment in Bitcoin grew by over five percent in 2022 despite the cryptocurrency losing $562.93bn of its market value in the same year. This year, 2022, has been a bad year for BTC and other cryptocurrencies, with the general market capitalisation of the crypto economy losing over $1tn in 2022, and crypto exchanges such as FTX going under. Source Punch Read More

US Biggest Bank JP Morgan Officially Registers Cryptocurrency Trademark - JP Morgan has officially registered a cryptocurrency trademark. Aptly titled, “JP Morgan Wallet”, the brand is set to support virtual currency transfer, exchanges, and cryptocurrency payment processing. Source Tech Economy Read More

38 Percent of Computers Suffer Attack In Nigeria, Others - From January to September 2022, computers in the industrial control systems (ICS) environment were attacked using multiple means in Nigeria and other parts of Africa, including the Middle East and Turkey (META). Source Guardian Read More

 

PROSHARE FINANCE

FBNQuest Merchant Bank Supports the Healthy Heart Foundation to Deliver Quality Cardiovascular Care to Indigents - In line with its goal to support impactful community-focused initiatives, FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, supported the Healthy Heart Foundation by First Cardiology Consultants on its official launch of the foundation. Source FBNQuest Read More

 

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