Nigeria in 1min: Economic, Business and Financial Headlines

Monday, December 2, 2019 / 06:45 AM / By News Aggregator / Header Image Credit: @DangoteGroup

 

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PROSHARE ECONOMY

Economic Associate’s Conference on Nigeria’s
Economic Outlook, To Hold On Dec 12, 2019
– EA’s conferences
provide the forum for top economic decision-makers to gain clarity on the main
global and national economic trends, latest outcomes and immediate outlook.
Source Economic Associates
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Emefiele Lists
Priorities for 2020
– The
Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has listed the
Bank’s priorities for 2020 to include support for greater economic growth,
price stability and low inflation, even as he hinted on the continued tight
monetary policy stance of the Bank and the establishment of a Bankers’
Charitable Endowment Fund. Source Innocent Ogbe
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World Bank
Releases Nigeria Digital Economy Diagnostic Report –
With a population of approximately 197 million,
Nigeria accounts for about 47% of West Africa’s population and has one of the
largest populations of youth in the world. Nigeria also has Africa’s biggest
economy, is the biggest oil exporter, and has the largest natural gas reserves
on the continent. Source World Bank
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Economy In Q3
2019: Ecobank, Standard Chartered Lead In Capital Importation To Nigeria
– According to the National Bureau of Statistics
(NBS), Ecobank Nigeria and the local unit of Standard Chartered Bank have
joined Stanbic IBTC Bank to become foreign investors’ favourites for investment
deals. Source Ecobank
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The Nigerian
Economy: Outlook And Opportunities For Private Investors
– Nigeria set great economic aspirations in the
Economic Recovery and Growth Plan (ERGP 2017-2020) which has three broad
pillars. Source Dr. Jumoke Oduwole
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Regional
Economic Outlook: Sub-Saharan African Navigating Uncertainty
– Growth in sub-Saharan Africa is projected to
remain at 3.2 percent in 2019 and rise to 3.6 percent in 2020. Growth is
forecast to be slower than previously envisaged for about two-thirds of the
countries in the region. Source IMF
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$60b Forex Cash
Kept Naira Stable For 29 Months, Says Emefiele
– The $60 billion inflow from the Investors’ and
Exporters’ Foreign Exchange (I&E Forex) Window has been identified by
Central Bank of Nigeria (CBN) Governor Godwin Emefiele as one of the policies
that sustained the stability of the naira. Source TheNation 
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CBN Loan: How Banks
Created N1.16trn Credit In 6 Months

– In July 2019, the banking regulator, the Central Bank of Nigeria (CBN) set at
least 60 percent minimum loan-to-deposit ratio (LDR) to encourage lending to
small businesses and consumers and more mortgages. Daily Trust in this analysis
examines the success of the policy in boosting lending while maintaining a
sound financial system.Source Dailytrust
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PROSHARE MARKETS 

What To Expect From The Markets This Week- 021219 – In line with our expectation, the Monetary Policy Committee (MPC) elected to keep all monetary policy parameters at current levels. Source Proshare Read More

The November 2019 Nigerian Capital Market Service Report – Proshare – Equities Market closed the month of November 2019 in green as market witnessed renewed bargain hunting during the month under review. The NSEASI inches up by +2.45% as against -4.62% loss recorded in the month of October 2019 while the NASD USI closed southwards with -0.92% loss recorded at the end of the month under review as against -0.05% loss in October 2019. Source Proshare Read More 

UAC of Nigeria
Q3 2019 Results Review: Earnings Boosted By Business Repositioning –
UACN’s Q3 2019 PBT beat our forecast by 87%,
thanks to robust non-operating gains from other ancillary segments, and
management’s restructuring exercise which we had not yet modelled. Source
FBNQuest Research
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CILEASING
Obtains SEC Approval to Open Subscription with Regards to Its Rights Issue – 
C&I Leasing Plc
announces the approval obtained from the Securities Exchange Commission to open
subscription on the Rights Source NSE
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NSE Suspends
Trading of The Shares of Continental Reinsurance Plc Effective November 28,
2019 –
We refer to
our Market Bulletin of 18 July 2019, with Reference Number:
NSE/RD/LRD/MB39/19/07/17, notifying Dealing Members of lifting of the
suspension initially placed on trading in shares of  Continental Reinsurance Plc (CRe or the
Company) to allow the Company reconvene another Court Ordered Meeting to
consider the Scheme of Arrangement as directed by the Securities and Exchange
Commission (SEC). Source NSE
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Investors Gain
N5.18bn WoW As NSEASI Inches Up By 0.04% To Close The Week Positive –
Equities market closed today on a positive note,
as NSEASI appreciated by +0.66% to close at 27,002.15 points as against +0.13%
appreciation recorded previously. Its Year-to-Date (YTD) returns currently
stands at -14.09%. Source Proshare Markets
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FCMB Declares
N10.79bn PAT In Q3 2019 Results, (SP:N2.01k) –
FCMB Group Plc released its Q3 unaudited 2019
results for the period ended September 30th. Gross Earnings grew by 2.2% to
N135.8bn from N132.9bn in the previous quarter. Source NSE
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SEPLAT
Disproves Allegations in Newspaper Publication Against Its Newly Appointed CEO
The Company’s attention
has been directed to the recent publication by the Guardian newspaper of 28th
November 2019 (the Publication) alleging that the appointment of Mr. Roger
Brown negates the provisions of the Nigerian Oil and Gas Industry Content
Development Act, 2010 (the Nigerian Content Development Act). Source NSE
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Market Review
and Round-Up of Corporate News Announced During The Week Ending 291119 –
The equities market recorded mixed performance -
the listed equities market recorded +0.04% gain WoW while the NASD OTC recorded
by -1.99% loss WoW. Source Proshare Markets
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NASD OTC Market
CAP Decreased By -1.99% WoW To Close At N497.75bn
– As at close of trade week on 29 November 2019,
market Capitalisation decreased to N497.75 billion from last week’s previous
N507.85 billion, which shows a 1.99% decrease in Capitalisation. Source NASD
Read More 

Forex
Intervention: CBN Injects $323.5m, CNY17.9m into Retail SMIS
– In its last intervention for the month of
November, the Central Bank of Nigeria (CBN) on Friday, November 29, 2019, made
an intervention of $323.5million in the retail Secondary Market Intervention
Sales (SMIS) and CNY 17.9million in the spot and short tenored forwards segment
of the inter-bank foreign market. Source CBN
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NSE CEO Opening
Remarks At The CEO Interactive Session For The Consumer Goods Sector
– Nigeria’s consumer market is one of the fastest
growing markets in Africa. As far back as 2013, the market was valued at about
$377 billion and is now expected to reach about $454 billion by 2025. Source
NSE
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PROSHARE BUSINESS 

Dangote
Refinery Takes Delivery Of World Largest Crude Distillation Facility –
Dangote
Refinery has taken delivery of the world’s largest crude distillation equipment
designed for crude oil processing, thus raising hope for the completion of the
project. The Crude Distillation Column received yesterday, is the largest in
terms of distilling capacity which is 650 thousand barrels per stream day.
Source Vanguard
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UNIDO’s $60m
Programme’ll Boost Nigeria’s Industrialisation, Says FG
– The
Minister of Industry, Trade and Investment, Niyi Adebayo, said this during a
partnership round-table meeting organised by the Ministry of Industry, Trade
and Investment, and the Ministry of Finance, Budget and National Planning, in
collaboration with UNIDO, in Abuja. Source Punch 
Read More 

Bureau De
Change Operators Commend CBN On Naira Stability
– The
Association of Bureau De Change Operators of Nigeria (ABCON) on Saturday
commended the Central Bank of Nigeria (CBN) on its efforts at ensuring the
stability of the naira. Alhaji Aminu Gwadabe, President, ABCON, commended the
apex bank in an interview with the News Agency of Nigeria (NAN) in Lagos.
Source Vanguard
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Africa To
Double Gas Production By 2040
– Nigeria and other African countries are set to
increase their presence in the global energy sphere, where they will contribute
as much as 9.2 per cent to global natural gas production by 2040. By more than
doubling their natural gas production by 2040, Africa’s natural gas producers
will alter the global energy supply mix in the process. Source TheNation
Read More 

U.S.-China Trade
Deal ‘Stalled Because Of Hong Kong Legislation’: Axios
– A trade
deal between United States and China was now “stalled because of Hong Kong
legislation”, news website Axios reported on Sunday, citing a source close to
U.S. President Donald Trump’s negotiating team. Source Reuters
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PROSHARE TECHNOLOGY   

THE WORKPLAN: Africa’s Biggest Program on the
Future of Work and the 4th Industrial Revolution –
With an anticipated
annual labor market entry of about 11 million youths for the next 10 years, it
is crucial for Nigeria and Africa to prepare our future workforce to stand out
globally at a time when it’s been predicted that automation will power 85 percent
of customer service by 2020 and cut business costs by $8 Billion by 2022. Source
Rise Networks
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How FirstBank Fintech Summit Is Contributing To
Bridge Nigeria’s Financial Inclusion
– As financial solution providers continue to face
stiffer competition globally from Fintech startups and emerging technologies
such as blockchain, cryptocurrency and crowdfunding, and the increasing level
of disruption in the traditional mode of payment and business models,
technology holds the key to unlock the potentials in the financial service
sector across Africa through Fintech. Source Bala Augie
Read More 

No Solid Technology Ecosystem Without
Research-driven Universities; MTN Raises The Bar
– MTN NG raised the bar
in driving for high quality research in Nigerian universities with its
PhD-oriented Academic Research and Development Innovation (ARDIC). Source  Olubayo Adekanmbi
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PROSHARE FINANCE

Unpaid Salaries: 109,284 Workers Retire Without Pensions – No fewer than 109,284 workers retired and quit the Contributory Pension Scheme as of the end of June, as they did not meet the requirements for monthly pensions. Majority of the workers concerned were those who did not have up to N550, 000 in their RSAs as of the time of retirement. Source Punch Read More 

PFAs Invest N6.8tn Pension Assets In Govt Securities – Pension Fund Administrators have invested about N6.84tn in the Federal Government securities, representing 71.43 per cent of N9.58tn total pension assets as of September 30, 2019. The figures are contained in a report, which was obtained by our correspondent on Friday from the National Bureau of Statistics. Source Punch Read More 

LCCI Plans Advocacy For Insurance Industry’s Growth – The Lagos Chamber of Commerce and Industry says it is committed to ensuring the growth of the insurance industry under its advocacy roles. The Chairman, Insurance Trade Group, LCCI, Mr Gboyega Olanbiwoninu, said this during the Insurance Industry Consultative Forum organised by the group in Lagos. Source Punch Read More 

 

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