Nigeria in 1 minute: economic, business and financial headlines

Tuesday, February 16, 2021 / 6:00 a.m. / From News Aggregator / Header Image Credit: Tolu Ogunlesi


COVID-19 health updates

  • February 15, 2021: Nigeria has COVID-19 status in 36 states and federal capital territory
  • Confirmed: 146,928 cases (New: 574)
  • Dismissed: 123,009
  • Deaths :: 1,761 (New: 8)

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PROSHARE ECONOMY

Outlook for 2021: How the economic sectors fared in 2020 – manufacturing – The COVID-19 pandemic, which resulted in lockdowns and restrictions, had a significant impact on Nigerian manufacturing industries. The health pandemic exposed the structural shortcomings and efficiency advantages of the Nigerian economy that are import dependent. Source Proshare Research Read More

CBN instructs banks to accept MRCTD and refugee ID as identification means for refugees – The Central Bank of Nigeria was made aware of the challenges that refugees and asylum seekers in Nigeria face in terms of identification with a view to conducting financial transactions. Source CBN Read More

Exporting Services Will Bring Immense Economic Value To Nigeria – Andrew Nevin – Leveraging digital technologies to boost the service industry like outsourcing offers immense opportunities to fight unemployment and create a more productive Nigerian economy. Source WebTV Continue reading

FG seeks public-private partnerships to tackle the infrastructure deficit – Last week, President Muhammadu Buhari approved the formation of a public-private partnership-style infrastructure company called Infra-Co, with an initial seed capital of N1tn that is expected to grow to N15tn in assets and capital over time. Source CSL Research Continue reading

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PROSHARE MARKETS

NCM 2020: Industrial goods sector – DANGCEM surpasses EPS as BUACEMENT tops on PE ratio – The industrial goods sector was not exempt from the negative impact of the 2020 COVID-19 pandemic as the sector saw supply chain disruptions resulting in delays in ongoing and planned expansive construction and manufacturing projects and an increase in already high selling and distribution costs expressed. Source Proshare Research Read More

Investors Gain N68.96B as NSEASI Gains 0.33% to Open the Week on Positive – The stock market closed positively today as the NSEASI gained + 0.33% to close at 40,571.67 basis points, versus a previously recorded depreciation of -1.40%. The year-to-date return (YTD) is currently + 0.75%. Source Proshare Markets Continue reading

The secondary market of NT bills continues its bearish run as the average yield rises 45 basis points to 1.5% WoW – Last week, the secondary market for Nigerian Treasury Bills (“NT Bills”) continued to decline as investors traded cautiously ahead of Wednesday’s Primary Market Auction (“PMA”). As a result, average yields rose 45 basis points from 1.0% in the previous week to 1.5%. Source Afrinvest Research Continue reading

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PROSHARE BUSINESS

Dr. Ngozi Okonjo-Iweala, New WTO-DG: The unequal path to coopetition – The new WTO chief will receive a flood of best wishes, and Proshare Nigeria will be among the many well-wishers. With this in mind, however, Proshare is not unaffected by the fact that the world chief of trade will have a stressful time at the helm of the global merchant ship. Source Teslim Shitta-Bey, Chief Economist / Managing Editor, Proshare Continue reading

Ecobank Hosts Stakeholder Engagement Webinar, Launches Religious & Educational Products – Ecobank Nigeria has an agreement to host a webinar to provide insightful information on how banks can effectively help educational institutions and religious organizations through digital banking offerings. The webinar, which is part of the Ecobank Digital Series and is scheduled to take place on Tuesday, February 16, 2021, is titled “Digital Enabling Education and Faith: Winning Tools for a New Normal Lifestyle”. Source Ecobank Continue reading

Gas supply increases increased electricity generation by 3,358 MW – NNPC – The Nigerian National Petroleum Corporation said in its most recent monthly operating report that increasing gas supplies to 789 million standard cubic feet delivered to gas-fired power plants resulted in the production of 3,358 megawatts of electricity. Source Punch Read More

500,000 families made $ 500 million in cashew export, says FG – The federal government on Sunday put the country’s revenue from exporting cashew nuts at $ 500 million, saying it will help about 500,000 families across the country. The Minister for Agriculture and Rural Development, Sabo Nanono, announced this in Abuja when he signed a Memorandum of Understanding with the US Department of Agriculture’s PRO Cashew Project in West Africa. Source Punch Read More

Rice, flour, sugar, cement Top Free Trade Exception List – Despite Nigeria’s comparative advantage and self-sufficient status in the manufacture of certain products, cement, flour, rice, sugar and 180 other products would not be liberalized under the African Continental Free Trade Area (AfCFTA), although doing so would help the country otherwise, The Guardian learned the rising inflation has been tamed. Source The Guardian Nigeria Read More

Africa makes up only 6% of global energy, says AfDB – According to the African Development Bank (AfDB), Africa accounted for only six percent of the world’s energy needs, a little more than three percent of the world’s electricity needs. Source Vanguard Read More

Global stocks hit new highs, oil rises amid tensions in Middle East – Global stocks rose for the eleventh day in a row to reach new heights of optimism about the introduction of COVID-19 vaccines and new tax aid from Washington as tensions in the Middle East pushed oil to a 13-month high. Source Reuters Read More

Bill Gates warns manufacturing could call climate goals into question – Bill Gates exudes optimism as he discusses the world’s ability to fight climate change – until it hits manufacturing. He worries about that. Source Reuters Read More

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PROSHARE MSME

Dangote Foundation Pays N3.9 billion to women and youth in 11 states across Nigeria – The Aliko Dangote Foundation (ADF) has disbursed N 3.924 billion to 392,490 women and young people in Kano, Jigawa, Kogi, Adamawa, Borno, Yobe, Lagos, Niger, Nasarawa, Sokoto and Katsina as part of its Mikrogrant program, the company said in a recent press release. source Dangote Foundation Continue reading

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