Nigeria in 1min: Economic, Business and Financial Headlines - 041021

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Monday, October 04, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: WebTVNG

 

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  COVID-19 Health Updates

  • 3rd of September 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 206,138 cases (New: 74)
  • Discharged: 194,097
  • Deaths: 2,723 (New: 3)

Source: NCDC Read More

 

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PROSHARE ECONOMY

President Buhari Addresses the Nation; Lists Conditions for Lifting Twitter Ban - Independence day address by His Excellency, Muhammadu Buhari, President of the Federal Republic of Nigeria on the occasion of Nigeria's sixty-first independence anniversary, Friday 1st October 2021. Source State House Read More

2021 State of States Report: Fiscal Options for Building Back Better - Economic shocks from the COVID-19 pandemic took a toll on states' Internally Generated Revenue (IGR) and their share of federally collected revenue in 2020. Cumulatively, all 36 states saw a 3.43% decline in their IGR from N1.26tn in 2019 to N1.21tn in the year 2020 under review. Source BudgIT Read More

Oil Markets On Edge As OPEC plus Meeting Looms - OIR 011021 - As OPEC+ meets once again next Monday, speculation has been rife regarding the oil group's intentions to bring more crude into the market. Whilst prices are still close to the $80 per barrel mark, with Brent trading around $78 per barrel and WTI trending around $74.5 per barrel. Source Tom Kool of Oilprice Read More

Insecurity and Agricultural Productivity in Nigeria - Prior to the discovery of oil in the 1970s, Nigeria was self-sufficient in food production and a major export-er of cash and food crops like yam, maize, cassava, cotton, rubber, cocoa, and palm products. As recently as the 1970s, agriculture was the primary foreign exchange earner and contributed significantly to Nigeria's GDP. Source FDC Read More

RMAFC Commences Review Process for New Revenue Formula Monday - The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) will Monday commence the process of reviewing the current revenue allocation formula for the three tiers of government in the country. Source THISDAYLIVE Read More

Manufacturing Cannot Thrive with Cheaper Imports, Says LCCI - The Lagos Chamber of Commerce and Industry has said the growing decline in the non-oil sector productivity of the Nigeria economy makes it vulnerable to global shocks and weak in economic inclusion. Source Punch Read More

 

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What To Expect From The Markets This Week - 041021 - Earlier in the week, the House of Representatives passed the 2022-2024 MTEF/FSP as presented by the President, Major General Muhammadu Buhari (retd.). Following the consideration of the report by the House Committee on Finance at the plenary on Tuesday. Source Proshare Content Read More

Popoola, Yuguda, Agboola Chart Course for Technological Advancements in Nigeria's Capital Market - Nigerian Exchange (NGX) Limited brought together a caste of leading industry experts to dimension the digital transformation of the financial services space with a keen focus on the Nigerian capital market at its inaugural NGX TechNovation Conference. Source NGX Read More

The Endless Roller Coaster of the Naira in 2021 - The spread between Nigeria's parallel market and the official (NAFEX) rates has risen significantly since the MPC stopped its forex sale to BDCs in July. The gap between the IEFX rate and the parallel market rate increased to N165.27/$ as of September 30, 2021 from N92.58/$ at the beginning of July. Source FDC Read More


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100 Days After CBN's Board Removal: Know When to Hold, Fold and Walk Away - Beyond the complex numbers of an analyst's spreadsheet, Kenny Rogers's The Gambler song plays softly in the background to FBN's recent saga. Holding, folding, and walking away is simple but not random; the poker or bridge cards tell a story. Source Proshare Research Read More 

Nigeria's Petroleum Imports Exceeded Exports by $43.56bn - OPEC - The amount spent on the importation of petroleum products into Nigeria in 2020 is $43.46bn higher than the revenue which the country earned from the export of petroleum products in the same year. Source Punch Read More

Palm Oil Sector Can Boost Nigeria's Economy by $1bn, Says Trade Minister - Niyi Adebayo, minister of industry, trade and investment, says the palm oil sector can grow Nigeria's economy by $1 billion. He said this on Thursday during his address at the second Andersen Africa-Europe Bridge Conference, held virtually. Source TheCable Read More


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PROSHARE TECHNOLOGY   

Fintech 5.0: Evaluating How Firstbank Strengthens Collaboration - It was Sir Isaac Newton, in his letter to Robert Hooke in 1675, who wrote the now-famous quote: "If I have seen further (than others), it is by standing on the shoulders of giants." Release by First Bank Nigeria Read More 

Crypto Boom Creates New Financial Stability Problems - IMF - The International Monetary Fund has said that the global boom of cryptocurrencies poses new problems for financial stability. The IMF said this in a blogpost on Friday. Source Punch Read More


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PROSHARE FINANCE

Aviation Minister to Unions: This Is Not the Time for Threats, Strikes - Hadi Sirika, minister of aviation, has cautioned aviation unions against threats of industrial strikes over conditions of service. Speaking at the third national delegates' conference of the Air Transport Services Senior Staff Association (ATSSSAN), held in Ijebu Ode, Ogun state on Saturday, the minister advised the unions to work with the management of aviation agencies for the recovery of the industry and its growth. Source TheCable Read More

 

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PROSHARE MSME

SMEDAN Grants N7.5m Loan to MSME Groups - The Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) has granted financial support to about 15 Micro, Small and Medium Enterprises (MSME) associations. Source The Guardian NG Read More 


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