Nigeria in 1 minute: economic, business and financial headlines

Monday, March 23, 2021 / 6:00 a.m. / From News Aggregator / Header Image Credit: Twitter; @dabiodunMFR

COVID-19 health updates

  • March 23, 2021: Nigeria COVID19 status in 36 states and in federal capital territory
  • Confirmed: 161,868 cases (New: 131)
  • Dismissed: 147,125
  • Deaths :: 2030 (New: 0)

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FAAC to pay out N619.34bn in January 2021 – NBS – The Federation Account Allocation Committee (FAAC) paid the three levels of government in December 2020 an amount of N619.34 billion from the revenue generated in January 2021. Source NBS Read More

Nigeria Needs Pragmatic Economic Policies to Address Worrying Misery Index – Nigeria must take bold steps through pragmatic economic policies to address its worrying index of misery. Dr. Biodun Adedipe, an experienced economist and chief advisor to BAA Consult, emphasized this recently in a conversation about “Political steps to combat the rising unemployment rate in Nigeria”. Source Ottoabasi Abasiekong for WebTV Continue reading

Nigeria’s inflationary pressures; An unfolding story of the money trauma – Trauma is becoming part of everyday life in Nigeria, and no greater place is this rearing than in the country’s sustained rise in domestic inflation. Nigeria’s uptrend in headline prices has worried consumers, frightened investors and confused farmers as food prices escalate without a corresponding surge in Farmgate incomes. Source NBS
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Fitch Rates Seplat’s Upcoming Notes ‘B- (EXP)’ – Fitch Ratings has assigned an expected senior unsecured rating of “B- (EXP)” to the upcoming Seplat Petroleum Development Company Plc (Seplat; B- / Positive) senior notes. The recovery rating is “RR4”. Source Fitch Ratings Continue reading

FG ends electricity subsidies by December 2021 – The federal government intends to end the current electricity subsidy by the end of the year, said President Muhammadu Buhari’s special advisor on infrastructure, Ahmad Zakari. Source THISDAYLIVE Read More

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Verified results of the GT Bank for the 2020 financial year: Conflict between low profit growth and increasing depreciation – GT Bank has been an organic growth animal, unlike some of its tier 1 banking competitors, the bank has grown its assets and profits through the strength of its own wings rather than acquiring other banks. Source Adaeze Nwachukwu, Proshare Research Continue reading

Investors Gain N178.14B as NSEASI Gains 0.89% To Open The Week On Positive – The stock market closed positively today as the NSEASI rose + 0.89% to close at 38,722.87 basis points from a previously recorded depreciation of -1.37%. The year-to-date return (YTD) is currently -3.84%. Source Proshare Markets Continue reading

Afrinvest stock recommendation for the week 220321 – The domestic stock market posted losses in three of the five trading sessions last week as investors took profits in Bellwether shares. Accordingly, the NSE All-Share Index fell by 0.7% w / w and stood at 38,382.39 points. Similarly, the YTD loss deteriorated to -4.7% while market cap declined N / W 139.2 billion to close at N 20.1 billion. Source Afrinvest Research Continue reading

AFEX indices posted positive performance for the week as @ 190321 – The AFEX Commodities Index {ACI} rose by 2.11% (WoW) and closed at 400.85 basis points. This is due to the increase in corn and soybean prices, although paddy rice and sorghum prices fell during the reference week. Source Kainosedge Consulting for AFEX Commodities Exchange Continue reading

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NBCC Forum: Stakeholders Review Private Equity and Economic Gains for Nigeria – Mr Kayode Falowo, President of the NBCC, stated in his welcoming address that in a global review of the private equity market in 2020, the total assets under management (AUM) as of 2019 with North America, Europe and Europe to 3.9 $ Billion was valued Asia accounts for 49%, 18.3% and 28.4% of the market, respectively; The rest of the world made up 4.2% of the market. Source Ayomide Oguntoye Continue reading

Living on the Covid Side of Life: The New Normal and Rise of Gig Business Platforms in Africa – Would you like to become a taxi driver? Do you know how to transport people through the city in your vehicle and get paid for it? Many people would say no and prefer to work full-time where career advancement is possible. Source Adedeji Olowe and Oluwatoyin Ashipa, Trium Continue reading

NNPC optimizes measures to achieve the production cost target of USD 10 / bl – Nigerian National Petroleum Corporation (NNPC) has gone a step further by developing the five-tier upstream framework for transforming cost efficiency to meet the benchmark for oil production costs of $ 10 per barrel. Source THISDAYLIVE Read More

Duport Modular Refinery ready for inauguration Q4 2021 – The executive secretary of the Nigerian Content Development and Monitoring Committee (NCDMB), Simbi Wabote, said the 2,500 barrels per day modular refinery under construction by Duport Midstream Company Limited, in partnership with the NCDMB in Egbokor, Edo state, is ready will be inauguration in the last quarter of 2021. Source THISDAYLIVE Read more

AfCTA: Nigeria plans exports within Africa of USD 50 billion – The National Action Committee for the African Continental Free Trade Agreement has announced plans to reach economically viable communities in Nigeria by increasing the export trade volume within Africa to $ 50 billion by 2035. Source Punch Read More

RIMAN urges banks to digitally manage liquidity risks – The Risk Management Association of Nigeria has urged risk management practitioners to use digital means to instantly assess their liquidity and other emerging risks within their banks and to protect their banks’ assets. Source Punch Read More

Only 47 money transfer companies are licensed – CBN – The Central Bank of Nigeria has published the list of 47 international money transfer companies approved to operate in the country. This was published on its website in a document entitled “List of Approved International Money Transfer Companies As of February 28, 2021”. Source Punch Read More

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The NQF payment solution will promote contactless payments and further advance the CBN cashless policy – Ecobank Nigeria Managing Director Patrick Akinwuntan said the rollout of the Nigeria Quick Response (NQR) code payment solution through the Nigeria Interbank Settlement System (NIBSS) is strategic and timely as it encourages contactless payments while aligning with the head office will The Bank of Nigeria (CBN) goal to advance a cashless economy. Source Ecobank Continue reading

FirstBank CEO Lists Technology and Capacity as Keys to Post COVID-19 Growth – Dr. Adesola Adeduntan, chief executive officer of First Bank of Nigeria Limited, said technology, innovation and enhanced skills were necessary to achieve significant business growth in the post-COVID-19 era. Source Erste Bank Continue reading

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Tony Elumelu Foundation publishes 2020 Annual Letter – The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy working to empower African entrepreneurs, has published its 2020 Annual Letter entitled “The Power of Entrepreneurship Amid Uncertainty”. Source TEF Continue reading

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