PROSHARE ECONOMY

A Health Check on Nigeria’s "Burgeoning Middleclass" - Global price level has continued to rise at an alarming rate over the past 10 months. While demand-side factors were the initial drivers of the price surge, the increase in energy prices (fed by rising crude oil and natural gas prices) and higher food prices have fed in a cost-push component. Source United Capital Research Read More

Food Security: US to Invest $55m in Nigeria’s Agric Sector - The United States says it will invest an additional $55 million in Nigeria’s agricultural sector to support food security. The US embassy and consulate in Nigeria disclosed this in a recent statement. Source TheCable Read More

FG: 23 States, FCT Received N24.45bn from Conditional Grant Schemes in Seven Years - The Federal Capital Territory (FCT) and 23 states in the country have received N24,450,000,000 from the Conditional Grant Schemes as incentives to invest more of their resources into areas of national development priorities and the Millennium Development Goals (MDGs)/Sustainable Development Goals (SDGs). Source THISDAYLIVE Read More

Oil Steady as Market Weighs Tight Supply Against Recession Fears - Oil prices were steady to higher in Asia trade on Friday, lifted by supply concerns as attention turns to the next meeting between OPEC and its allies, though fears of recession capped gains. Source Reuters Read More

PROSHARE MARKETS

Investors Lose N281.18bn as NGXASI Dips by 1.04%; Open Repo Rate Expands by 0.25% to Close at 15.00%; BDC Rate Appreciates to N705.00 - The NGX All-Share Index dipped further by 1.04% to close at 49,667.14 basis points as against 0.50% loss recorded to close at 50,188.55 basis points at the end of the previous trading session. In Naira terms, the NGX Market CAP records N281.18bn loss. Source Proshare Research Read More

Federal Reserve Issues FOMC Statement and Implementation Note from Its July 2022 Meeting - The Board of Governors of the Federal Reserve System voted unanimously to approve a 3/4 percentage point increase in the primary credit rate to 2.5 percent, effective July 28, 2022. Source Federal Reserve Read More

LCFE Commences Trading, Sanwo-Olu Launches Eko Gold Coins - The Lagos Commodities and Futures Exchange has been inaugurated for real-time trading with the launch of Eko Gold Coins, valued at £100m in tranches, which commences the electronic trading of commodities receipt in Nigeria. Source Punch Read More

PROSHARE BUSINESS

‘Nigerian Airlines Lose N4.3bn Yearly Over Lack of 24-hour Airports Operations’ - It has been revealed that Nigerian airlines lose a minimum of N4.3 billion annually over the inability of many airports to operate 24 hours flight daily. Source The SUN Read More

FG looks to Dangote Refinery, Other Solutions as Jet A1 hits N1000/litre - Until the Dangote Refinery comes on stream, there may be no respite from aviation fuel crisis rocking both airlines and the industry at large. The Minister of Aviation, Hadi Sirika, said this in reaction to the astronomical rise of aviation fuel, just as the essential commodity reached a new record high of N1000/litre. Source Guardian Nigeria Read More

Ehingbeti: Egube Harps on PPP to Make Lagos Investment Hub - Economic and finance experts from public and private sectors of the nation’s economy will converge at the upcoming 2022 Lagos Economic Summit known as ‘Ehingbeti’ to deliberate on the paths to sustainable socioeconomic growth of Lagos State. Source The Nation Read More

PROSHARE TECHNOLOGY

Firstmonie Agents Transact Over 1bn Transactions, Reinforces FirstBank’s Leading Role in Promoting Financial Inclusion in Nigeria - First Bank of Nigeria Limited, Nigeria’s premier and leading financial services provider has announced that its agent banking network – Firstmonie Agents – spread across the nook and cranny of the country has collectively processed transaction volume in excess of 1 billion, amounting to over 22 trillion naira. Source Firstbank Read More

Flutterwave, Chipper Cash not Licensed to Operate Payment Services, Says Kenyan Central Bank - The Central Bank of Kenya (CBK) says Flutterwave and Chipper Cash are not licensed to operate in the country. Patrick Njoroge, CBK governor, said this on Thursday in Nairobi, the country’s capital, at a media briefing following its monetary policy committee (MPC) meeting. Source TheCable Read More

Operators Kick Over Five Per Cent Telecoms Tax Implementation - Telecommunications companies yesterday kicked against the implementation of the 2022 Fiscal Policy Measures and Tariff Amendments which provided that they pay five per cent as excise duty for services provided. Source The Nation Read More

PROSHARE FINANCE

Stanbic IBTC Pension Managers Pledges Commitment to Enhancing Organisations’ Welfare - Stanbic IBTC Pension Managers, a subsidiary of Stanbic IBTC Holdings has reiterated its commitment to the well-being of its customers. Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers stated this at the 2022 edition of the Stanbic IBTC Pension Managers Employers Forum. Source Stanbic IBTC Pension Read More