Nigeria in 1 minute: economic, business and financial headlines

Thursday, March 4, 2021 / 6:00 a.m. / From News Aggregator / Header Image Credit: Twitter; @dabiodunMFR


COVID-19 health updates

  • March 3, 2021: Nigeria COVID19 status in 36 states and in the federal capital territory
  • Confirmed: 156,963 cases (New: 464)
  • Unloading: 135.831
  • Deaths :: 1,939 (New: 16)

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PROSHARE ECONOMY

PPPRA and the Nigerian Gas Market: Avoiding a Robin – David Dixon’s quote may be true, but the fact that the oil and gas (O&G) industry is set to go through a major transformation over the next decade is not a ball out of nowhere as crude oil demand falls and gas demand rises . Source Proshare Research Read More

Emefiele hires Nigerians to improve agriculture – Central Bank of Nigeria (CBN) Governor Godwin Emefiele said the bank’s Anchor Borrowers’ Program had emphasized the need for all stakeholders to continue the bank’s current agricultural production efforts in order to meet Nigeria’s needs increasing population. Source CBN Continue reading

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PROSHARE MARKETS

Investors lose N91.86bn, NSEASI continues to decline -0.44% as profit-taking continues – The stock market closed negatively today as the NSEASI depreciated -0.44% to close at 39,697.62 basis points, compared to a previously recorded depreciation of -0.59%. The year-to-date return (YTD) is currently -1.86%. Source Proshare Markets Continue reading

MTN profit jumps forward slightly as the cost charges a fee – MTN Nigeria Communications Plc, a Telco giant, posted a pre-tax profit of + 2.61% to N. 298.87 billion in 2020. Profit rose slightly above 2019 numbers, contradicting the expectations of analysts, the one COVID-19-induced spike in corporate profits is forecast in 2020 as families who stay at home make increased use of data and voice services to maintain a semblance of social normalcy. Source Proshare Research Read More

CBN facilitates the clearance of 50,000 tons of corn – The Central Bank of Nigeria (CBN) has kept its word and brought 50,000 tons of corn to the Nigerian market. The bank’s release of corn in February 2021 to meet its commitment to bring the price of the commodity down. Source CBN Read More

AFEX Raises $ 50 Million to Fund Agricultural SMEs in Nigeria – The AFEX commodity exchange has announced the first warehouse receipt backed commercial paper in Africa that has technology-based processes and a quick cash turnaround within 24 hours for borrowers. With over 50 million US dollars for agricultural SMEs, this is the first time that this closes the financing gap between lenders and borrowers in the Nigerian agricultural sector with a commodity-based instrument. Source AFEX Continue reading

Sugar prices are falling due to weak global demand for cane sugar – Brent fell 4.54% to 63.03 pb after a rally in the past few days. Traders are concerned about possible production increases from OPEC + or rogue members. The Thursday meeting will most likely leave production unchanged. Source FDC Limited Continue reading

DMO: N2.2tr is not missing – The Debt Management Office (DMO) has declared N2. 2 trillion that could not be traced back by the National Assembly are not missing. The DMO said in a statement yesterday: “The provisions in the annual debt servicing laws, including the 2018 appropriation law, are for debt servicing payments only.” Source The Nation Read More

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PROSHARE BUSINESS

PIB: Diri rejects 2.5% revenue for host communities, suggests 10% –

Bayelsa State Governor Mr Douye Diri has opposed the 2.5 percent revenue proposed in the oil industry bill for host communities and called for 10 percent to persuade people to accept the harsh effects of oil exploration and production in the Niger Delta carry. Source Punch Read More

OPEC precautions Nigeria, others over crude oil production – The Secretary General of the Organization of Petroleum Exporting Countries has stated that OPEC and its allies must remain disciplined in their production to ensure a full recovery in oil prices as the global economy continues to recover from the COVID-19 pandemic. Source Punch Read More

FG delegation at Understudy Egypt’s Siemens Power Project – President Muhammadu Buhari has directed the Ministry of Power to work with the Egyptian government to effectively implement the Presidential Power Initiative (PPI), also known as the Siemens Project. Source THISDAYLIVE Read More

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PROSHARE TECHNOLOGY

FG approves the establishment of SIM swap centers for all LGAs – The federal government has approved the establishment of swap centers for the subscriber identification module by mobile network operators in the areas of local government. Source Punch Read More

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PROSHARE FUNDING

Enterprise Group PLC Creates Life Insurance Company in Nigeria – Enterprise Life Assurance Company Limited, a subsidiary of Enterprise Group PLC, opened its business in Nigeria with the promise of a new life for Nigerians. Source company group Continue reading

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PROSHARE MSME

ECOWAS Bank seals EUR 40 million deal to support SMEs – The ECOWAS Bank for Investments and Development (EBID) has signed a framework agreement for 40 million euros with ODDO BHF Aktiengesellschaft, a Franco-German financial services group with many years of experience and experience in trade finance. Source THISDAYLIVE Read More

The U.S. economy got off to a modest start in 2021, says the Fed – The US economic recovery continued at a modest pace in the first few weeks of this year. Companies were optimistic about the months ahead and the demand for “robust” housing. However, the job market has been improving only slowly, the Federal Reserve reported on Wednesday. Source Reuters Read More

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