Nigeria in 1min: Economic, Business and Financial Headlines - 040321

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Thursday, March 4, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @dabiodunMFR

 

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COVID-19 Health Updates 

  • 3rd of March 2021: Nigeria COVID19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 156,963 cases (New: 464)
  • Discharged:  135,831
  • Deaths: : 1,939 (New: 16)

Source: NCDC Read More

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PROSHARE ECONOMY

PPPRA and the Nigerian Gas Market: Avoiding a Robinhood - David Dixon's quotation may be true, but the fact that the oil and gas (O&G) industry will undergo a major transition over the next decade, is not a bullet from nowhere, as crude oil demand dips and gas demand rises. Source Proshare Research Read More

Emefiele Charges Nigerians to Enhance Agric - The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele says the Anchor Borrowers' Programme of the Bank, has emphasised the need for all stakeholders to sustain current efforts championed by the Bank to galvanize agricultural production towards meeting the requirements of Nigeria's growing population. Source CBN Read More

 

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PROSHARE MARKETS

Investors Lose N91.86bn, NSEASI Dips Further by -0.44% as Profit-taking Continues - Equities market closed today on a negative note, as NSEASI depreciated by -0.44% to close at 39,697.62 basis points as against -0.59% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.86%. Source Proshare Markets Read More

MTN Profit Skips Forward Slightly as Costs Take a Toll - Telco behemoth, MTN Nigeria Communications Plc saw a +2.61% in its pre-tax profit to N298.87bn in 2020. Its profit rose a smidgen above 2019 figures, bucking analysts expectations that forecast a COVID-19-induced surge in corporate earnings in 2020 as stay-at-home families increased their use of data and voice services to maintain a semblance of social normality.  Source Proshare Research Read More

CBN Facilitates Release of 50,000 MT of Maize - The Central Bank of Nigeria (CBN) has made good its word, as it has released 50,000 metric tonnes of Maize into the Nigerian market. The Bank's February 2021 release of Maize in fulfilment of its pledge to reduce the price of the commodity. Source CBN Read More

AFEX Raises $50 Million to Finance Agri-SMEs in Nigeria - AFEX commodity exchange has announced the first Warehouse Receipt Backed  Commercial Paper in Africa, with tech-enabled operations and a 24-hour fast cash turnaround for borrowers. With over $50 million raised for Agri-SMEs, this bridges the funding gap between lenders and borrowers in the Nigerian agricultural sector with a commodity-backed instrument - for the first time. Source AFEX Read More

Sugar Prices Bearish on Weak Global Demand for Cane Sugar - Brent fell by 4.54% to $63.03pb after a rally in the last few days. Traders are concerned about possible output increases by OPEC+ or rogue members. The meeting of Thursday will most likely leave output unchanged. Source FDC Limited Read More 

DMO: N2.2tr Not Missing - The Debt Management Office (DMO) has declared that N2. 2 trillion, which could not be traced by the National Assembly is not missing. The DMO in a statement yesterday said: "The provisions in the Annual Appropriation Acts for Debt Service, including the 2018 Appropriation Act, are dedicated for Debt Service payments only". Source The Nation Read More


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PROSHARE BUSINESS

PIB: Diri Rejects 2.5% Revenue for Host Communities, Proposes 10% - The Governor of Bayelsa State, Mr Douye Diri, has rejected the 2.5 per cent revenue proposed for host communities in the Petroleum Industry Bill and demanded 10 per cent to assuage the people for bearing the harsh impacts of oil exploration and exploitation in the Niger Delta. Source Punch Read More

OPEC Cautions Nigeria, Others Over Crude Oil Production - The Secretary-General of the Organisation of the Petroleum Exporting Countries has said OPEC and its allies need to remain disciplined with their production to ensure full oil price recovery as the global economy continues to rebound from the COVID-19 pandemic. Source Punch Read More

FG Delegation to Understudy Egypt's Siemens Power Project - President Muhammadu Buhari has directed the ministry of power to collaborate with the Egyptian government on the effective implementation of the Presidential Power Initiative (PPI), otherwise known, as the Siemens Project. Source THISDAYLIVE Read More 

 

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PROSHARE TECHNOLOGY   

FG Approves Establishment of SIM Swap Centres Across LGAs - The Federal Government has given approval for the establishment of dedicated Subscriber Identification Module swap centres by Mobile Network Operators across the Local Government Areas. Source Punch Read More


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PROSHARE FINANCE 

Enterprise Group PLC Births Life Assurance Company in Nigeria - Enterprise Life Assurance Company Limited, a subsidiary of Enterprise Group PLC, has opened operations in Nigeria with a promise of a New Life for Nigerians. Source Enterprise Group Read More 

 

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PROSHARE MSME

ECOWAS Bank Seals 40m Euros Deal to Support SMEs - The ECOWAS Bank for Investment and Development (EBID) has signed a 40 million Euros framework agreement with the ODDO BHF Aktiengesellschaft, a Franco-German financial services group with a longstanding track record and expertise in trade financing. Source THISDAYLIVE Read More

U.S. Economy Got Off to Modest Start in 2021, Fed Says - The U.S. economic recovery continued at a modest pace over the first weeks of this year, with businesses optimistic about the months to come and demand for housing “robust,” but the job market showing only slow improvement, the Federal Reserve reported on Wednesday. Source Reuters Read More 

 

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