Nigeria in 1min: Economic, Business and Financial Headlines - 050721

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Monday, July 5, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Ecographics

 

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COVID-19 Health Updates

  • 4th of July 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 167,859 cases (New: 56)
  • Discharged: 164,382
  • Deaths: : 2,121 (New: 0)

Source: NCDC Read More


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PROSHARE ECONOMY

The Benefits of the Passing of Nigeria's PIB Will be Top of the Agenda at African Energy Week 2021 - The Nigerian Senate has officially passed the long-awaited Petroleum Industry Bill (PIB) on Thursday the 1st of July 2021, after deliberation and input by both the executive and legislative arms of government. Source By African Energy Chamber Read More

Senate Passes Petroleum Industry Bill - The Senate recorded a historic feat on Thursday with the passage of the complete version of the Petroleum Industry Bill (PIB) which defied passage in previous assemblies over the last twenty years. Source Nigerian Senate Read More

All Commodity Group Import Index Increased by 0.82% in Q1 2021 - NBS - The All commodity group import index increased by 0.82% driven mainly by an increase in the prices of Mineral products, Live animals; animal products and Animal and Vegetable fats and oils and other Cleavage products. Source NBS Read More

Petroleum Industry Bill (PIB) 2020 - A Game Changer? - The oil and gas industry has a significant impact on the Nigeria's economy. Though the industry contributes less than 10% to the country's gross domestic product, it contributes about 90% of the foreign exchange earnings and 60% of total income. Source KPMG Nigeria Read More

Oil Prices Fall as OPECplus Struggles for Consensus - OIR 020721 - The OPEC+ meeting resulted in some unexpected 11th-hour drama, delaying a decision that was expected on Thursday. Oil prices slipped on the news. Source Tom Kool of Oilprice Read More

FG Suffers N15tn Revenue Shortfall in Six Years - The Federal Government recorded a revenue shortfall of N15tn from 2015 to 2020, official data obtained by our correspondent have shown. Source Punch Read More

CBN Provides N240bn for Power Firms' Emergency Expenditure - The Central Bank of Nigeria is providing N240bn in emergency capital expenditure for interface repairs and network improvements by power firms, the Federal Government has said. Source Punch Read More 

 

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What To Expect From The Markets This Week - 050721 - The Minister of Finance, Budget, and National Planning disclosed on Thursday at the presentation of the draft for the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper that the Federal Government had spent 92.7 % of the prorated budget, which amounts to N4.8tn. Source Proshare Read More

The June 2021 Nigerian Capital Market Service Report - Proshare - Nigerian Equities Market closed the month of June 2021 in the red zone as market maintains the negative sentiment witnessed in the previous month of May 2021. The NSEASI dipped by -1.38% as against -3.51% loss recorded in the month of May 2021 while the NASD USI closed northwards with +0.78% gain recorded at the end of the month under review as against -5.17% loss in May 2021. Source Research@proshareng.com  Read More

SEC Approves 7 NGX's Derivatives Contracts as Launch of ETDs Receives Further Boost - Nigerian Exchange Limited (NGX or The Exchange) is pleased to announce that it has received approval for seven derivatives contracts from the Securities and Exchange Commission (SEC) on Monday, 28 June 2021. Source NGX Read More

BUA Cement Chairman, Abdul Samad Rabiu, Gifts N2bn Share Bonus to Employees - Abdul Samad Rabiu, largest shareholder and Chairman of Nigeria's second-largest publicly listed manufacturing company, BUA Cement Plc, has announced a share bonus gift, from his pool of shares, for employees of the company worth almost two billion Naira in recognition of their effort to keep the company profitable despite the pandemic and predictions of a tough year. Source BUA Read More 

 

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FG Halts N22bn Aviation Palliative to Stakeholders - The Federal Government is yet to fulfil its promise to the aviation sector as N22bn meant to sustain the sector remains unpaid. The government had last year pledged its support to the sector by announcing a sum of N27bn to help sustain the sector amid the impact of the COVID-19 pandemic. Source Punch Read More

Govt Must Domesticate AfCFTA to Boost OPS, Says NACCIMA Boss - The new National President of the National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Ide John Udeagbala has impressed on the federal government the need to domesticate the African Continental Free Trade Area Agreement (AfCFTA) in order to promote the nation's private sector. Source The Nation Read More

Jelani Canvases Increased Patronage of Nigerian Assembled Vehicles - The Director General of the Nigerian Automotive Design and Development Council (NADDC), Jelani Aliyu has predicted an exponential growth in Nigeria's auto industry if there is an increase in patronage. Source THISDAYLIVE Read More

 

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PROSHARE TECHNOLOGY 

Enhancing Pay-Tv Industry with Tech Innovations - Since the determination of the federal government to switch over from analogue to digital broadcasting, GOtv Nigeria has been driving the Pay-Tv industry with technology innovations to sustain digital broadcasting, writes Emma Okonji. Source GOTV Nigeria Read More

TeamApt Announces Successful Series B Funding Round - Nigerian Fintech startup, TeamApt, which provides financial services for the underserved mass market in Africa has announced the completion of its series B funding round. Source TeamApt Read More

NCC Generates N150 Billion Spectrum Revenue for FG - The Nigerian Communications Commission (NCC) has generated N150 billion spectrum revenue for the Federal Government between January and May. The revenue exceeded NCC's N36 billion projected revenue from spectrum license fees for 2021. Source The Nation Read More

 

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PROSHARE FINANCE

#PFSeries4 - Planning for the After Life: Focus on Wills and Trust - Wills can be nasty affairs if not treated carefully and could be disastrous if not treated at all. Many African families have seen the bloodbath that occurs where a family patriarch dies without a will (in other words he dies intestate) or leaves a will that slices and dices his estate in unexpected ways. Source Proshare Business Read More

Islamic Fintechs Should Adopt Simple and Affordable Products - Abdur-Rasheed Babalola - Islamic Fintech providers have been advised to adopt affordable, simple, and appropriate products that can serve the excluded market in Nigeria. Mr. Abdur-Rasheed Babalola, Head Takaful Advisory at Kord Capital Limited made this point while discussing "The Role of Non-Interest Finance in Closing Nigeria's Financial Inclusion Gap". Source Bukola Akinyele-Yisau Read More

Operators Paid N67.42bn Retirement Benefits in Q1 - PenCom - The Pension Fund Administrators paid N67.42bn retirement benefits to pensioners under the Contributory Pension Scheme in the first quarter of 2021, according to data obtained from the National Pension Commission. Source Punch Read More


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