Proshare business news

Proshare is a leading business news and financial information platform in Nigeria. Here are some of the latest business news and updates from Proshare:

Top Stories

  1. Nigeria's Inflation Rate Rises to 17.71% in January: The National Bureau of Statistics (NBS) has released the Consumer Price Index (CPI) report for January 2023, showing that inflation rate rose to 17.71% from 16.47% in December 2022.
  2. FG to Review Tax Laws to Boost Revenue: The Federal Government has announced plans to review the tax laws to increase revenue and reduce tax evasion. The review is expected to be completed by the end of 2023.
  3. Nigerian Stock Market Rises by 0.45%: The Nigerian Stock Exchange (NSE) All-Share Index rose by 0.45% to close at 52,441.34 points on Friday, driven by gains in stocks such as Dangote Cement, Nestle Nigeria, and Guaranty Trust Bank.
  4. CBN to Introduce New Guidelines for Digital Payments: The Central Bank of Nigeria (CBN) has announced plans to introduce new guidelines for digital payments to promote financial inclusion and reduce cash transactions.
  5. Nigeria's GDP Growth Rate Slows to 3.11% in Q4 2022: The National Bureau of Statistics (NBS) has released the Gross Domestic Product (GDP) report for Q4 2022, showing that the country's GDP growth rate slowed to 3.11% from 3.58% in Q3 2022.

Sector Updates

  1. Banking Sector: The banking sector has seen a rise in profits, with many banks reporting improved earnings in their Q4 2022 results. The sector's total profit rose by 15.6% to N1.34 trillion in 2022.
  2. Oil and Gas Sector: The oil and gas sector has seen a rise in crude oil production, with the country's daily production averaging 1.43 million barrels per day in January 2023.
  3. Manufacturing Sector: The manufacturing sector has seen a decline in output, with the Purchasing Managers' Index (PMI) falling to 46.1 in January 2023 from 47.3 in December 2022.

Company News

  1. Dangote Cement to Invest $1.5 Billion in New Plant: Dangote Cement has announced plans to invest $1.5 billion in a new cement plant in Nigeria, which is expected to increase the company's production capacity by 3 million metric tons per annum.
  2. Nestle Nigeria to Invest N10 Billion in New Factory: Nestle Nigeria has announced plans to invest N10 billion in a new factory in Nigeria, which is expected to create 500 jobs and increase the company's production capacity.
  3. Guaranty Trust Bank to Launch Digital Banking Platform: Guaranty Trust Bank has announced plans to launch a digital banking platform, which will allow customers to access banking services remotely.

These are just a few of the latest business news and updates from Proshare. For more information, please visit the Proshare website or follow them on social media.