Nigeria in 1min: Economic, Business and Financial Headlines - 021120


Monday, November 2, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @followlasg

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COVID-19 Health Updates

  • 1st of November 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 62,964 cases (New: 111)
  • Discharged:  58,790
  • Deaths: : 1,146 (New: 2)

Source: NCDC Read More

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Oil Prices Dragged Down by COVID - OIR 301020 - Oil prices plunged this week after spending months trapped in a narrow range around $40 per barrel. Renewed national lockdowns in France and Germany rattled financial markets, while the U.S. case count for covid-19 remained at record levels and may continue to rise. Source Tom Kool of Oilprice Read More

FAAC Disburses N682.06bn in September 2020 - NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N682.06bn to the three tiers of government in September 2020 from the revenue generated in August 2020. The amount disbursed comprised of N531.83bn from the Statutory Account and N150.23bn from Valued Added Tax (VAT). Source NBS Read More

Remittance Flows to Shrink 14% by 2021 Due to COVID-19 - As the COVID-19 pandemic and economic crisis continues to spread, the amount of money migrant workers send home is projected to decline 14 percent by 2021 compared to the pre COVID-19 levels in 2019, according to the latest estimates published in the World Bank's Migration and Development Brief. Source World Bank Group Read More


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What to Expect from The Markets This Week - 021120 - According to the Bureau of Economic Analysis (BEA), the U.S. economy grew by a record 33.1% on an annualised basis in Q3-20 (Q2-20: -31.4%), slightly better than the 32.0% consensus forecast.  This was primarily driven by consumer spending (+40.7% vs. Q2-20: -33.2%), which contributed 76.3% to the growth in real GDP. Source Proshare Content Read More

Dangote Cement Delays London Listing Till 2023 - Aliko Dangote, Africa's richest person, has again delayed plans to sell shares in his cement maker on the London Stock Exchange, opting instead to focus on increasing exports and boosting the Nigerian company's foreign-exchange reserves. Source Emele Onu of Bloomberg Read More 


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No Rift in Jaiz Bank Over Succession Plan - Jaiz Bank, at the weekend assured its Customers, Shareholders, investing public and other stakeholders of commitment to continue to conduct its affairs within the stipulations of existing Corporate Governance Codes for banks and public companies in Nigeria. Source BusinessDay Read More

New Coronavirus Lockdowns Lead to Oil Price Slump - More economies have tightened social restrictions including the UK, France and Germany as they battle rising infection rates. The fear is that the new lockdown measures will further dent economic growth and demand for oil will slump. Source BBC Read More

Discos Begin Implementation of Revised Electricity Tariff - Power distribution companies have commenced the implementation of the revised electricity tariff that was jointly agreed upon by organised labour and the Federal Government. Source Punch Read More

FG to Spend N269.38bn on Six Million Free Meters - The Federal Government is to spend between N269.38bn and N497.13bn on the provision of six million free meters to various unmetered power users across the country. Source Punch Read More

N75bn Youth Fund Beneficiaries to Get N250,000 - N5m, Says Minister - The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said on Saturday that between N250,00 to N5m would be accessible to each benefitting youth from the Federal Government's N75bn youth entrepreneurial support fund. Source Punch Read More

Exxon Mobil, Chevron Again Report Losses on Low Oil Prices - US oil giants ExxonMobil and Chevron reported another quarter of red ink Friday as uncertainty over oil demand dented by the coronavirus forced the petroleum sector to rein in spending. Source Vanguard Read More

U.S. Will 'Vigorously Defend' TikTok Executive Order Despite Ruling - The U.S Commerce Department said on Sunday it would "vigorously defend" an executive order that seeks to bar transactions with Chinese-owned short video-sharing app TikTok after a federal judge halted the action. Source Reuters Read More

Foreign Reserves Dropped to $35.69bn in October - The country's foreign reserves fell to $35.689bn as of the end of October, according to figures obtained from the Central Bank of Nigeria. The CBN disclosed that the reserves which was $35.72bn as of the end of September lost $49.29m in four weeks. Source Punch Read More

Asian Stocks Climb in Volatile Trading; Oil Falls: Markets Wrap - Asian stocks climbed in a volatile start to a crucial week spanning the U.S. election and a Federal Reserve policy meeting, events that could set the tone for financial markets for the rest of the year. Oil tumbled to a five-month low. Source Bloomberg Read More 


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Nigeria Fintech Week Begins; Engaging the New Unicorns - The much-awaited annual Nigeria Fintech Week starts online on Monday, 2nd through Friday, 6th November 2020. The weeklong event would feature 20-product pitches/launches, 10-keynotes, 15-panels/presentations, 70+ speakers, 2000+ attendees, would promote solutions for health, education, agriculture and advance insights around customer experience, digital skills, future of fintech, blockchain amongst others. Source Nigeria Fintech Week Read More


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How Islamic Microfinance Banks Can Support MSME Growth in Nigeria - AbdulQadir Abdullateef - Islamic Microfinance Banks have been described as vital agents that can support the growth of Micro-enterprises in Nigeria. Mr. AbdulQadir Abdullateef the Co-Founder, Islamic Knowledge, Cairo, Egypt disclosed this in a recent discussion on developments in the non-Interest finance market in Nigeria. Source WebTV Read More 


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