Nigeria in 1 minute: economic, business and financial headlines

Monday, April 5, 2021 / 5:24 a.m. / From News Aggregator / Header Image Credit: Twitter; @dabiodunMFR

COVID-19 health updates

  • April 4, 2021: Nigeria has COVID-19 status in 36 states and federal capital territory
  • Confirmed: 163,195 cases (New: 82)
  • Dismissed: 151,998
  • Deaths :: 2058 (New: 0)

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Q1 2021 review and outlook: Nigeria is leaving its worst recession. What do we do now? – – The International Monetary Fund (IMF) announced in its Outlook Update from January 2021 that the global economy will grow by 5.5% in 2021. This is an improvement on its previous 5.2% forecast. According to the IMF, the update reflects “expectations of a vaccine-fueled boost in activity later in the year and additional political support in some major economies.” Source FSDH research Continue reading

OPEC’s surprise decision bodes well for oil demand – OIR 020421 – Oil prices rose despite the decision by OPEC + to increase production. In fact, investors did not interpret the decision as a bearish move, but rather as a vote of confidence in demand. Source Tom Kool from Oilprice Continue reading

FIRS announces the use of an automated tax administration system – The Federal Inland Revenue Service (FIRS) released a public notice on Tuesday, March 30, 2020 announcing its intention to begin rolling out its automated tax administration system (ATAS or “the System”). Source Wole Obayomi Continue reading

Nigeria ended the recession faster than expected – World Bank – The World Bank said Nigeria came out of last year’s recession faster than expected. Nigeria slid into recession in the second quarter of 2020 amid the economic fallout from the COVID-19 pandemic, but emerged from that recession in the fourth quarter. Source Punch Read More

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NSE Receives SEC Approval to Amend Trade License Holder Rules, Effective May 3 – The exchange has received approval from the Securities and Exchange Commission on the rule changes. Source NSE Continue reading

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What to Expect from the Markets This Week – 050421 – Data from the Nigerian states and federal debt as of December 31, 2020 showed that the country’s total public debt portfolio was N32.92 billion. The total public debt portfolio of Nigeria showed that N 12.71 billion, or 38.60% of the debt was external, while N 20.21 billion or 61.40% of the debt was domestic. Source Proshare Content Continue reading

UACN Plc FY2020 Results: Profit Declines Despite COVID-19 Induced Sales Increase – UAC of Nigeria Plc recorded a -31.37% decrease in profit before taxes to N 5.12 billion in 2020, although sales in 2020 increased + 2.74% to N 81.37 billion . The coronavirus pandemic was a significant spike in sales in some of its key segments. Source Adesola Borokinni, Proshare Research Continue reading

Investigation of initial public offerings (IPO) and regulatory framework in Nigeria – The primary law governing securities offerings in Nigeria is the Investment and Securities Act 2007 (“ISA”), which establishes the Securities and Exchange Commission (“SEC”). The SEC is tasked with regulating all offers of securities from public companies and corporations and registering securities of public companies. Source Raphael Irenen (Associate, AELEX) Continue reading

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Tijjani Borodo – An excursion into leadership and the bonds that bind – Autobiographies and biographies can be heavy slogans. The problem is that readers have to wade through volumes of random reflections that provide very little insight into the author’s character and nature or how the author has navigated critical stages in his life and decision-making processes. Source Teslim Shitta-Bey, Managing Editor, Proshare Research Continue reading

NBET owes generators N437.67 billion for 2020 generation – Power generation companies did not receive 59.17 percent of the bill issued last year for the electricity generated and fed into the national grid. The state-owned Nigerian Bulk Electricity Trading Plc buys electricity in bulk from power generation companies through electricity purchase agreements and sells it through vesting agreements to the discos, which then deliver it to consumers. Source Punch Read More

Sanusi, FIRS boss speaks at the ICAN conference – Former Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, FIRS Chairman, Mohammed Lami, Flutterwave Chief, Olugbenga Agboola, President of the International Federation of Accountants (IFAC), Allan Johnson and Minister for Communication and Digital Economy, Dr . Isa Ali Pantami; and other eminent figures will speak at the Institute of Chartered Accountants of Nigeria (ICAN) 50th Annual Conference. Source The Nation Read More

According to Leaker, they offer private data from 500 million Facebook users – One leaker says it offers information on more than 500 million Facebook Inc users – including phone numbers and other data – practically for free. Source Reuters Read More

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USSD War: MTN Snubs Banks, Connects 77 Million Subscribers to Fintech Platforms – MTN customers in Nigeria now have alternative electronic payment platforms to top up their phones when the cellular operator announced on Saturday that customers can top up airtime through payment solution platforms such as Flutterwave, Jumia Pay, OPay, Kuda, Carbon and BillsnPay. Source Punch Read More

NIN deadline: Subscriber groups reject the one-month extension of FG – Groups of participants from telecommunications companies have asked the federal government to comply with the court ruling that extends the deadline for integrating the national identification number and the integration module for subscribers by two months. Source Punch Read More

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Nigeria’s Next Sukuk Edition Should Be Green-Based – Dr. Umar Idris – Nigeria’s next Sukuk edition should be green and support sustainable development in the country. Dr. Umar Mohammed Idris, Founder / CEO of Tiyoma Consultancy and Associate Professor of Islamic Banking and Finance at Umm Al-Qura University in Saudi Arabia, made this clear when discussing developments in the Nigerian interest-free finance market. Source Bukola Akinyele-Yisau for WebTV Continue reading

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DBN loans to small and medium-sized enterprises increase 89% to N 191.9 billion – DBN loans to small and medium-sized businesses increase 89% to N1. The Development Bank of Nigeria Plc (DBN) total loans to micro, small and medium-sized enterprises (MSMEs) have increased sharply. Source Vanguard Read More

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