PROSHARE MARKETS

What to Expect from the Markets this Week - 270223 - Nigeria’s GDP figure for Q4 2022 came in at 3.52% slightly higher than a few analysts’ expectations. The figure was a bit surprising, given the backdrop of a significant Christmas demand pullback for the fast-moving consumer goods (FCMGs) sector. The growth figure brought the country’s FY 2022 GDP growth rate to 3.10%. Analysts had penciled in a 3% FY 2022 GDP growth based on the 500-basis point rise in interest rates by the Central Bank of Nigeria (CBN). Source Proshare Research Read More

Zimbabwe ASI Tops African Markets with 80.13% Gain in 2022 - Download the Full PDF Reports Here: The continent dealt with a multitude of problems in 2022 including commodity price hikes, rising inflation exacerbated by the war in Ukraine, poor climate conditions, global financial contractions, and the rising risk of debt distress. Source Proshare Research Read More

China’s New Rules for Large Money Market Funds Will Curb Risk Despite More Regulatory Flexibility - China’s finalised rules governing large money market funds (MMFs) will help enhance these major funds’ ability to resist risk, thus reducing systemic financial impact associated with the sector, says Fitch Ratings. Source Fitch Ratings Read More

PROSHARE ECONOMY

Analysts Note: Presidential Candidates and Nigeria’s Oil Sector - The challenges in the oil industry are a critical talking point for presidential candidates in today’s general election. Analysts believe this rests on two footstools. First, the link between the oil and gas industry and economic growth. Second, the scale and impact of Nigeria’s oil revenue and output losses which have caused the sector to stall behind other sectors’ contribution to GDP and federation revenue. Source Proshare Research Read More

INEC Collation Centre Adjourns to Monday as Tinubu Leads Atiku With 111,940 Votes - The National Collation Centre of the Independent National Electoral Commission (INEC) has adjourned to tomorrow Monday, February 27, 2023 by 11am. Source Leadership Read More

PROSHARE REGULATORS

Financial Action Task Force (FATF) Includes Nigeria to Money Laundering Grey List; Subject to Increased Monitoring - Jurisdictions under increased monitoring are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. Source FATF Read More

PROSHARE TECHNOLOGY

‘Vouchers to Fund Wallets’ — CBN Introduces New eNaira Features Amid Naira Scarcity - The Central Bank of Nigeria (CBN) has announced the development of eNaira enhanced services to address challenges faced by unbanked Nigerians. The initiative enables customers to use the unstructured supplementary service data (USSD) code *997*50# to carry out all banking transactions. Source TheCable Read More

PROSHARE FINANCE

Gap Between Insured, Uninsured Assets Rises To $1.42trn Globally - Dr Biodun Adedipe of B.Adedipe Associates Consult Ltd has lamented that there was a huge gap between losses of life and property that are insured and those that were not, putting the gap at $1.4trillion globally. Source Leadership Read More

PROSHARE MSME

Nigeria’s Start-up Funding Hit $1.2bn in 2022 - Nigeria, reportedly received the most funding, at more than $1.2 billion, or approximately 28 per cent of the regional total due to the number of start-ups in the country, with 209 in Lagos alone. Source Leadership Read More

Capacity Building for Coconut Farmers, Processors in Edo - In its bid to improve the livelihood of coconut farmers and processors, the Federal Ministry of Agricultural and Rural Development (FMARD) has trained 50 farmers and processors on agro-forestry system-based plantation model in Edo State. Source Guardian Read More