Nigeria in 1min: Economic, Business and Financial Headlines - 070921


Tuesday, September 7, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Facebook; Federal Ministry of Finance

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COVID-19 Health Updates

  • 6th of September 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 195,890 cases (New: 379)
  • Discharged: 184,882
  • Deaths: 2,556 (New: 68)

Source: NCDC Read More

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Merchandise Trade Grew Stronger in Q2 2021 Due to Sharp Increase in Export - During quarter2, 2021 the total merchandise trade stood at N12,029.64billion representing 23.28% increase over the value (N9,757.87billion) recorded in Q1,2021 and 88.71% increase compared to Q2,2020. Source NBS Read More

Why Transparency is Necessary for PPPs in Nigeria - Biodun Adedipe - Transparency must be embedded in the terms and scope of Public-Private partnerships across Nigeria, especially in critical areas like infrastructure renewal and development. Source Ottoabasi Abasiekong for WebTV Read More

Governor Wike Directs RSRS to Ensure Full Implementation of the VAT Judgement Against all Corporate Bodies - As we all know, following the recent judgement of the Federal High Court, Port Harcourt, which upheld the constitutional right and authority of State Governments to impose, collect and utilize value added taxes (VAT) within their respective territorial jurisdictions... Source Statewide Broadcast by Governor Nyesom Ezenwo Wike Read More

Economic Associate's Conference on Nigeria's Economic Outlook to Hold in 3 States this September - Participation is by prior reservation, subject to confirmation by EA. Pre-conference materials will be made available to confirmed participants one week in advance. Please complete online reservation form at Source Economic Associates Read More

VAT Verdict: States Begin Consultation as Court Quashes FIRS Application - States across the federation have initiated consultations on the next steps to take as a Federal High Court sitting in Port Harcourt yesterday dismissed an application by the Federal Inland Revenue Service (FIRS) seeking to stop the Rivers State government from collecting Value Added Tax (VAT) in the state. Source Leadership NG Read More

FG Inaugurates Committee to Review Petroleum Industry Act - The Minister of Industry, Trade and Investment, Niyi Adebayo, has inaugurated a technical committee to review the Petroleum Industry Act 2021 and its implications on the statutory responsibilities of his ministry. Source Punch Read More

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The August 2021 Nigerian Capital Market Service Report - Proshare - Nigerian Stock Market closed the month of August 2021 in the green zone as market maintained the positive sentiment witnessed in the previous month of July 2021. The NSEASI inched up by +1.69% as against +1.69% gain recorded in the month of July 2021. Source  Read More

IEFX Total Transaction Value Decreased by 4.86% to $629.34m - In the FX Spot and Derivatives markets, the total turnover for the week-ended September 3, 2021, was $1,057.35 million, representing an increase of 11.31% ($107.44 million) from $949.91 million reported for the week-ended August 27, 2021. Source FMDQ Read More

Investors Lose N4.23bn as NSEASI Dips by -0.02% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.02% to close at 39,252.89 basis points as against +0.02% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.53%. Source Proshare MARKETS Read More

Arise B.V. Makes US$75m Perpetual Non-Cumulative AT1 Capital Investment in Ecobank Group - Ecobank Transnational Incorporated ("ETI"), the Lome-based parent company of the Ecobank Group is pleased to announce a US$75 million Additional Tier 1 ("AT1") investment by Arise B.V. ("Arise"). Source Ecobank Transnational Incorporated Read More 


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57,000 Personnel to Benefit from Work at Refinery Site, Says Dangote - The President/Chief Executive, Dangote Industries Limited, Aliko Dangote has disclosed plans to increase the human capacity at the Dangote Refinery Project site from 40,000 to 57,000 personnel in the coming months. Release by Dangote Group Read More

Sterling Bank Unveils Africa's First Free Banking Services for NGOs - As the world marks International Day of Charity, Sterling Bank Plc at the weekend unveiled Africa's first free banking services for non-governmental organisations (NGOs) christened Sterling CARES, initiated to empower non-profit organisations across the country. Source Sterling Bank Read More

CSOs Knock FIRS Over Proposed Social Media Tax - Civil Society Organisations on Monday condemned the Federal Inland Revenue Service over its decision to impose taxes on social media activities. The FIRS is currently seeking the approval of the National Assembly to further amend the Finance Act for the purpose of dragging online businesses on the social media to its tax net. Source Punch Read More

OPEC, non-OPEC, others mobilize Climate change support for Developing nations - The Organisation of Petroleum Exporting Countries, OPEC, Non-OPEC members, Monday, canvassed support, targeted at tackling climate change in developing nations. Source Vanguard Read More

Sylva Calls for Establishment of African Energy Bank - The Minister of State for Petroleum Resources, Timipre Sylva, has called for the establishment of an Africa Energy Bank to help improve investments in the oil and gas sector in the continent. Source Punch Read More

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Asset Under Management Increased by 13% YoY to N12.78trn in July 2021 - PenCom's latest monthly report that the assets under management (AUM) of the regulated pension industry increased by 13.0% y/y to NGN12.78trn (USD31.1bn) at end-July and by 1.0% m/m. Source FBNQuest Research Read More

Experts Tasks Al-Hayat Relief Foundation on Poverty Reduction, Financial Inclusion - Al-Hayat Relief Foundation, one of the leading Islamic Cooperative societies in Nigeria has been tasked with deepening its activities to reduce the high rate of poverty and improve financial inclusion. Source Bukola Akinyele-Yisau for WebTV Read More 

NAICOM Migrates Online, Advises Underwriters to Relate Digitally - The National Insurance Commission (NAICOM) has announced the digitalisation of all its operations in a letter that was addressed to the Managing Directors/Chief Executive Officers of insurance firms in Nigeria. Source The Guardian Nigeria Read More

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Ecobank Super Reward Scheme Is to Deepen Savings, Celebrate and Assist Customers' Businesses - Managing Director/Regional Executive, Ecobank Nigeria Ltd, Patrick Akinwuntan has said the bank initiated Super Reward Scheme to deepen savings amongst Nigerians, reward and assist customers' businesses. Source Ecobank Nigeria Read More 

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