Nigeria in 1min: Economic, Business and Financial Headlines - 010721


Thursday, July 1, 2021 / 5:54 AM / By News Aggregator / Header Image Credit: Twitter; @francediplo


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COVID-19 Health Updates

  • 30th of June 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 167,618 cases (New: 75)
  • Discharged: 164,244
  • Deaths: : 2,120 (New: 0)

Source: NCDC Read More

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NNPC to Acquire 20 Percent Stake in Oil Refineries - As part of steps to attract investment, President Muhammadu Buhari has authorized the Nigerian National Petroleum Corporation (NNPC) to acquire 20 percent stake in any private oil refinery producing at least 50,000 barrels per day (bpd). Source NIPC Read More

Electricity Subsidy Gulps N30bn Per Month, Says FG - The amount spent on subsidising electricity every month in Nigeria is now about N30bn, the Federal Government has said. It disclosed that the government's subsidy on electricity had been reduced by N20bn monthly following improvements in the collection of power tariffs by distribution companies. Source Punch Read More

External Reserves Drop by Over $100m in Three Days - Nigeria's external reserves fell by $100 million in three days, from June 26 to June 28, as the figures continued to witness historic depletion. According to data sourced from the Central Bank of Nigeria (CBN), the gross reserves have fallen to approximately $33.4 billion on June 28 against the $33.5 billion balance as of June 25, 2021. Source The Guardian Nigeria Read More

Fashola: FG Undertaking 800 Projects through Works Ministry Nationwide - The Minister of Works and Housing, Mr. Babatunde Fashola has said the federal government is currently carrying out 800 projects, including the construction of 37 bridges across the country. Source THISDAYLIVE Read More

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Investors Gain N138.94bn as NSEASI Firms Up by 0.71%, Maintains Positive Posture - Equities market closed today on a positive note, as NSEASI appreciated by +0.71% to close at 37,907.28 basis points as against +0.15% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.87%. Source Proshare Markets Read More

MTN Nigeria to Offer 14.0% of MTN Mauritius Holding to Retail Investors - Last week, the Chief Executive Officer of MTN Nigeria Communications Plc (MTNN), the leading player in the Nigerian telecommunication sector, reiterated the firm's plan to sell 14.0% of its group shareholding to retail investors. Source CSL Research Read More

Coronation Asset Management Releases its 2021 Banking Sector Report - Coronation Asset Management has released its report on Nigerian Banks "Nigerian Banks, Resilience Built In". The report shows that Nigerian banks' earnings have been remarkably resilient over the interest rate cycle, their profitability is improving over time. and their stock values are remarkably cheap compared to Ghanaian and Kenyan bank stocks. Source Coronation Asset Management Read More


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President Macron Inaugurates France-Nigeria Business Council - French President Emmanuel Macron has inaugurated the France-Nigeria Business Council - a private sector initiative to enhance business relations between the two countries with Abdul Samad Rabiu, Founder/ Chairman of Nigeria's BUA Group as its inaugural President. Source BUA Group Read More

Governor Akeredolu Commissions NBCC Complex, Calls for Increased Trade between the UK and Nigeria - The Nigerian-British Chamber of Commerce, NBCC achieved another milestone, as it emerged as the first bi-lateral chamber to complete its head office building complex in the country. Source Ottoabasi Abasiekong for WebTV Read More 


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Bitcoin Price Crash: Is This the End of the Bitcoin Bubble? - Can you still make money with Bitcoin in 2021? And should you still buy Bitcoin in Nigeria? These are the questions bubbling through the minds of some traders, especially the newbies. Source Sponsored Post by Media Africa Read More

CR2 Market Insight: African Banking and Payments Trends - Across Africa, all banking and payment channels are showing positive growth - from ATM usage through to mobile wallets. The key challenge for banks is to equip themselves so that they can provide a range of channel options and meet consumer demand. Source CR2 Read More

TikTok Removes Seven Million Underage Users in Q1 - Report - TikTok removed more than seven million accounts of users suspected of being under age 13 in the first three months of 2021, the popular social media operator said on Wednesday in a transparency report. Source Punch Read More

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Palton Morgan signs with BCL for Construction of Skyvilla Apartment - Palton Morgan - a parent brand of Grenadines Homes and Oceanna has recently signed a contract with Business Contracting Limited (BCL) for the construction of Skyvilla - the most Luxurious Apartments at Probyn, Ikoyi. Source Sponsored post by Chain Reactions Read More

Alpha Mead's MHF can Set up a Healthcare Facility in 30 Days - From whatever lens one chooses to view the challenges with the healthcare sector in Nigeria today; whether financial, personnel, equipment, systems, or technologies; the biggest challenge of the sector is that of access to quality healthcare. Source Alpha Mead Read More


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Recapitalisation: Microfinance Banks' Assets Rise to N1.01tn - The total assets of the microfinance banks rose by N251.02bn from N758.98bn as of the end of July 2020 to N1.01tn as of the end of December 2020 as the firms moved to achieve their recapitalisation requirements. Source Punch Read More 

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