Nigeria in 1min: Economic, Business and Financial Headlines - 040121


Monday, January 4, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: @followlasg

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COVID-19 Health Updates

  • 3rd of January 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 90,080 cases (New: 917)
  • Discharged:  75044
  • Deaths: : 1311 (New: 9)

Source: NCDC Read More

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The Year 2020 in Retrospect: A Bleak Year for Households - Households are the bedrock of every economy, or at least they should be. Nevertheless, households in Nigeria are having a terrible time keeping heads above rising socio- economic waters. Source Proshare Research Read More

OPECplus Compliance Continues to Exceed 100% - OPEC+ is scheduled to meet on January 4 to discuss how much the group will produce in February and beyond. The group is also set to meet monthly to determine the production quotas for the following month, after weighing market conditions. Source Julianne Geiger of Oilprice Read More

44,068MW Stranded As Power Sector Loses N645.15bn - The cumulative revenue lost by the power sector in 2020 was N645.15bn, while the total quantum of electricity constrained during the period was 44,068 megawatts, investigation has shown. Constrained power is the quantum of electricity that could not be generated and supplied to the national grid as a result of various challenges to power production in the sector. Source Punch Read More

Third Mainland Bridge To Be Opened February - Lagos State Commissioner for Transportation, Frederic Oladeinde, has said the Third Mainland Bridge would be opened fully to vehicular traffic in February. Oladeinde said this on Friday in an exclusive interview with our correspondent, noting that the rehabilitation of the bridge had to be pushed from January 2021 to February due to the effect of the #EndSARS protests.  Source Punch Read More

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What To Expect From The Markets This Week - 040121 - The Lagos Chamber of Commerce in its Economic, Business Review for 2020 and Outlook for 2021 noted that MSMEs with an active presence in Lagos lost at least N2.7bn in revenue to the lockdown. Source Proshare Content Read More

Ten Most Capitalised Stocks Account for 83% Contribution to the NSEASI - The weight of highly capitalized stocks listed on the Nigerian Stock Exchange (NSE) do contribute immensely, no doubt, to the performance of the NSEASI as each trading day goes by. More importantly, this weighty contribution to the performance is more reflective in the market breadth position recorded in any trading day activities. Source Proshare Research Read More

Will Gold Prices Rally in 2021? Here are Its Ebbs and Flows - Gold prices posted their best year since 2010 on Thursday December 31, 2020, despite dimmer prospects for increased U.S. stimulus checks and buoyant equities weighing on metal prices. Source Funsho Idowu, Proshare Research  Read More

ACCESS, GUARANTY Are Incoming as NSE Reveals Results of Full Year 2020 Market Indices Review - The Nigerian Stock Exchange (NSE), the premier sustainable exchange servicing Africa's largest economy, has announced the results of its annual full year market index review for the following indices. Source NSE Read More


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The Ecobank and Airtel Story: Surviving a Contingent Liability and Equity Sale - Ecobank Transnational Incorporated (ETI) Plc released its 9month 2020 result in November 2020 with sufficient optimism about its strong short-term outlook. Indeed, analysts have noted that the group's balance sheet-cleaning exercise involving a one-off charge for the total write-down of its cost of goodwill incurred on the acquisition of Oceanic Bank Plc in 2011. Source Proshare Read More

Proshare's New Year Message - Change, Technology, and The New Corporate Calling - The year 2020 has been a moment in time like no other. It was clouded by a virus pandemic that stunned the world, it was pressured by a recessionary pull riding on the back of factory shutdowns, new social distancing protocols, and a reduction in power and energy consumption. Source Proshare Management Read More

Banks Maintained Financial Stability In Q3, Says CBN - The banks maintained financial stability in the third quarter of 2020, the Central Bank of Nigeria disclosed in its third quarter economic report.Part of the report read, "The loosening of the monetary policy stance in the third quarter enhanced the supply of credit to the real sector of the economy, and boosted liquidity to the banking system. Source Punch Read More

Cement Manufacturers Agree to Lower Price for FG Housing Scheme - Osinbajo - The Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, on Sunday said cement manufacturers in the country have agreed to offer discount on the commodity for the Federal Government's Social Housing Scheme. Source Punch Read More

LCCI Declares Support for PIB, Calls for Preservation of Existing Projects - The Lagos Chamber of Commerce and Industry (LCCI) has declared support for the efforts to drive reform in Nigeria's oil and gas industry through a new Petroleum Industry Bill (PIB). Source Thisday Read More

Apapa Congestion: Truck Owners Fault Planned Re-Introduction of Task Force - The Association of Maritime Truck Owners (AMATO) has suggested a possible solution to the problem of protracted traffic on Apapa roads, which has posed challenges to maritime activities. Source Guardian Read More

OPEC Sees Oil Outlook for First Half Of 2021 Full of Downside Risks - OPEC sees plenty of downside risks for oil markets in the first half of 2021, its secretary general said on Sunday, a day before meeting allies led by Russia to discuss output levels for February. Source Reuters Read More

China Says It Will Take Action Against U.S. Delisting of Its Telecom Firms - China will take "necessary measures" to safeguard the interests of its companies after the New York Stock Exchange began delisting three Chinese telecom firms that Washington says have military ties, the country's commerce ministry said on Saturday. Source Reuters Read More

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What are The Top 10 Emerging Technologies of The Year 2020? - Microneedles prevent pain by avoiding contact with nerve endings and are typically about the width of human hair. This technology is already available for administering vaccines and is being used in clinical trials for treating diabetes, cancer and neuropathic pain. Source Inshorts, WEF Read More 


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Review of 2020 Activities In The Islamic Finance Market And The Outlook For 2021 - The Islamic finance market had a sober year in 2020. Despite the challenges occasioned by the novel coronavirus pandemic, non-interest banking activities stepped up modestly during the year with a variety of instruments providing fit-for-purpose solutions to business needs. Source WebTV Read More

Experts Call for Effective Communication and Leveraging Of Data To Deepen Insurance In 2021 - Mr. Ekerete Ola Gam-Ikon an Insurance expert and Management Consultant and Mr. Teslim Shitta-Bey the Chief Economist/Managing Editor of Proshare both agreed on the proposition in a recently published report in Proshare's finance series "Personal Finance Series 3: Investing In Peace of Mind: Focus on Insurance" report. Source WebTV Read More


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