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Nigeria in 1min: Economic, Business and Financial Headlines - 280722

Jul 28, 2022   •   by   •   Source: Proshare   •   eye-icon 361 views

PROSHARE ECONOMY

Nigeria’s Federal Revenue to GDP Ratio Remains Abysmally Low Compared to Peers - Nigeria’s gross Federal Revenue to #GDP ratio has declined consistently from 17.9% in 2011 to 6.1% in 2016, 7.6% in 2019, and 4.67% in 2020 and remains the lowest amongst its peers and from all indications, the lowest in Africa. Source CSL Research Read More

Nigeria’s Debt Service Ratio Now World’s Worst, Says EIU - Nigeria has attained another dubious global ranking with its rising debt service ratio now judged to be the highest in world according to the Economist Intelligence Unit, EIU. “The staggeringly high 118.9% debt service/revenue ratio in January-April is the world’s worst and underlines unsustainable fiscal policy,” analysts at the EIU said in a global note to investors Wednesday. Source BusinessDay Read More

FEC Approves 2023-2025 MTEF, Sets New Parameters - The federal executive council (FEC) has approved the 2023-2025 medium-term expenditure framework (MTEF) and fiscal strategy papers (FSP). Source TheCable Read More

 

PROSHARE MARKETS

Investors Lose N136.88bn as NGXASI Dips by 0.50%; Open Repo Rate Contracts by 0.25% to Close at 14.75%; BDC Rate Depreciates to N710.00 - The NGX All-Share Index dipped further by 0.50% to close at 50,188.55 basis points as against 1.86% loss recorded to close at 50,442.37 basis points at the end of the previous trading session. In Naira terms, the NGX Market CAP records N136.88bn loss. YTD, the NGXASI Stands at +17.49%. Source Proshare Research Read More

Global Inflation: the U.S., U.K. Head towards Double-Digits as Turkey Seeks Redemption - The United States of America and the United Kingdom, leading economies in the world, are heading towards a double-digit inflation environment, except drastic steps are taken. According to the June 2022 headline inflation figures, U.S inflation rose to 9.1%, while the U.K. hit 9.4%. Source Ottoabasi Abasiekong Read More

Crypto Trades Drive Naira to New Low in Unauthorized Market - Nigerians accumulating cryptocurrencies to shield assets against a weakening naira have contributed to a slump in the fiat currency to a record low in the unauthorized market. Source Bloomberg Read More

 

PROSHARE BUSINESS

Driving Cost Optimisation for MSMEs - Small and Medium-scale enterprises (MSMEs) are the backbone of a developing economy. However, many enterprises cannot maximise their potential due to challenges that affect their sustainability, as shown in 2021 research by the FATE Foundation, which states that only 20.2% of MSMEs had existed for more than five years. Source Temisanren David, Phillips Consulting Read More

Nigeria Air: FEC Approves Lease of Three Aircraft to Commence Operations - The federal executive council has approved the leasing of three aircraft by the country’s national carrier, known as ‘Nigeria Air’ to enable it to commence operations. Source TheCable Read More

CBN Reclassifies Loans, Tests Banks’ Soundness - The Central Bank of Nigeria (CBN) has said it will carry out loan reclassification and periodic stress tests on banks to determine the soundness of the financial sector. Source The Nation Read More

Oil Extends Gains as Risk Appetite Improves, U.S. Inventories Fall - Oil gained more than $1 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors while lower crude inventories and a rebound in gasoline demand in the United States supported prices. Source Reuters Read More

The Strong Dollar Is Wreaking Havoc Globally — And It’s Just Getting Started - George Boubouras was at his home in east Melbourne, taking in a cricket match, when his phone suddenly blew up. It was late on July 13, about 10:45 p.m., and there was an urgency to the texts and calls that came flooding in. Source Bloomberg Read More

“It is a day of shame for the Legal Profession……We are hypocrites” – NBA President, Akpata makes Shocking Revelations about Body of Benchers meeting -  The 30th President of the largest Bar in Africa, The Nigerian Bar Association, NBA, Mr. Olumide Akpata, yesterday expressed disappointment over what he described as hypocrisy and double standard prevalent in the legal Profession. Source BarristerNG Read More

 

PROSHARE TECHNOLOGY

More Than Half of Users in Nigeria Faced Phishing Scams When Using Digital Payments - staggering 82% experienced scams (via texts or calls) using social engineering. When asked about awareness of threats against digital payment methods, the majority of respondents from Nigeria report that they are aware of both the financial phishing attacks (95%) and online scams (97%). Source Kaspersky Read More

NIMC Must Include NIN to National ID – Reps - The House of Representatives has called on the National Identity Management Commission to redesign the national identity card such that the National Identity Number of the bearer is written on it. Source Punch Read More

 


 

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