Nigeria in 1min: Economic, Business and Financial Headlines - 100521


Monday, May 10, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @NCDCgov

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COVID-19 Health Updates 

  • 9th of May 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 165,419 cases (New: 37)
  • Discharged: 156,297 
  • Deaths: : 2065 (New: 0)

Source: NCDC Read More

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N496.39bn Generated as VAT in Q1 2021 - NBS - Sectoral distribution of Value Added Tax (VAT) data for Q1 2021 reflected that the sum of N496.39bn was generated as VAT in Q1 2021 as against N454.69bn generated in Q4 2020 and N324.58bn generated in Q1 2020 representing 9.17% increase Quarter-on-Quarter and 52.93% increase Year-on-Year. Source NBS Read More

Oil Markets Optimistic After Brent Flirts With $70 - 070521 - Brent tested $70 per barrel on Wednesday but fell back on Thursday. Oil "had a great run, but it got a little bit ahead of itself," Phil Streible, chief market strategist at Blue Line Futures LLC in Chicago, told Bloomberg. Source Tom Kool of Oil Price Read More

Who Benefits from Elevated Insecurity? - Nobody! - LBS Executive Breakfast Session - May 2021 - Insecurity and insurgency have become the watchwords of most Nigerians. The problems have become so daunting that they are now being used interchangeably. The correlation between inflation and insurgency is now a raging and controversial debate. Many analysts believe the insurgency causes inflation. Source FDC Limited Read More

President Buhari Suspends Hadiza Bala Usman as NPA MD, Appoints Replacement - President Muhammadu Buhari has approved the recommendation of the Ministry of Transportation under Rt. Hon. Rotimi Amaechi for the setting up of an Administrative Panel of Inquiry to investigate the Management of the Nigerian Ports Authority, NPA. Source Press Release by State House Read More

Labour, FG Square Off Over Planned Salary Cut - The organised labour and the federal government may be on a collision course over the fresh salary cut being proposed by the latter across all sectors, The Nation has learnt. It may be recalled that the Minister of Finance, Mrs. Zainab Ahmed, had hinted that the Federal Government was working to reduce the high cost of governance by cutting down on the salaries of workers. Source The Nation Read More

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What To Expect From The Markets This Week - 100521 - The Nigeria Export Processing Zones Authority and the National Bureau of Statistics have agreed to partner to enable the agencies to share relevant data on import and export points and gauge the contribution of the Free Trade Zone Scheme to the national economy. Source Proshare Content Read More

NGX Delists 11 Plc From Its Daily Official List, Market CAP Drops by N39bn - The Market and Investing Public are hereby notified that the entire share capital of 11 Plc were delisted from The Daily Official List of the Nigerian Exchange Limited (the Exchange) on Friday, 7 May 2021. Source NGX Read More


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Trademark Licensing in Nigeria - One of the key success indicators of many businesses around the world, is the ability of the business to grow, expand and remain viable, even after the life of its founder/founders. The yearning for a sustainable business model by numerous business owners sometimes requires such business owners to issue trademark licenses to interested entities which come into play in different forms. Source Femi, Olumide, Chinasa, & Faridah of Banwo & Ighodalo Read More

Bad Loans in Real Estate, Construction Sectors Hit N226.62bn - The amount of non-performing loans recorded by Nigerian banks in the real estate and construction sectors rose to N226.62bn at the end of last year, latest data obtained from the National Bureau of Statistics have shown. Source Punch Read More

Only 2.9 Million Vehicles Registered by Insurance Firms - NIA - The Nigerian Insurers Association has said out of the estimated 13 million vehicles in Nigeria, only about 2.9 million were registered as of April 26. The Chairman, NIA, Mr. Ganiyu Musa, disclosed this while speaking on the Nigerian Insurance Industry Database/Nigerian Insurance Industry Portal. Source Punch Read More

CBN Disburses N83.9bn Loans to Pharmaceutical Companies - The Central Bank of Nigeria says it has disbursed N83.9bn loans to pharmaceutical companies and healthcare practitioners to support 26 pharmaceutical and 56 medical projects across the country. The CBN Governor, Godwin Emefiele, disclosed this on Friday at the launch of a documentary film, 'Unmasked', in Lagos. Source Punch Read More

Poor Non-Oil Export Undermining Nigeria's Trade Balance, Say Stakeholders - Stakeholders have expressed concerns about the country's poor non-oil exports, citing it as a major reason for the wide deficit in the balance of trade, as well as inadequate foreign exchange earnings. Source The Guardian Read More

Rise in Import Tariff Takes Toll on Businesses - To say the rise in import tariffs is taking a heavy toll on businesses is certainly stating the obvious. Speaking with a cross-section of stakeholders including manufacturers, importers as well as suppliers of luxury goods and essential commodities, they lamented what they described as the huge cost of import which is literally 'slicing' their capital and completely eroding their gains. Source The Nation Read More 


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State of Fintech in Emerging Markets - Insights on Trends, Innovations and Fintech Solutions - Catalyst Fund and Briter Bridges have partnered to produce this new "State of Fintech in Emerging Markets" report that we hope can support more evidence-based discussion around the growth of the fintech industry across emerging markets, key product and business model trends, as well as the extent to which these innovations are reaching underserved communities. Source Briter Bridges and Catalyst Fund Read More 

Ransomware Attackers Up Ante as White House Vows Crack Down - A series of major cyber-attacks in recent weeks has underscored the brazenness of the attackers and the challenges of tackling the problem of ransomware, just as the Biden administration announced plans to take on the issue. Source Bloomberg Read More

If the SEC Doesn't Regulate Crypto Assets, A New Shadow Finance Industry Could Emerge - The Securities and Exchange Commission (SEC) is dragging its feet in deciding whether it should approve the listing of a Bitcoin exchange-traded fund (ETF) proposed by VanEck Associates Group. While it is good to be cautious, speed and political decisiveness are equally important. Otherwise we risk the rise of a digital shadow finance industry. Source Fortune Read More

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Understanding Zakat, Financial Inclusion and Economic Empowerment in Nigeria - The Islamic Pillar of Zakat has been described as a tool for deepening financial inclusion and achieving economic empowerment in Nigeria. Dr. Aliyu Dahiru, Deputy Director, Training and Linkages of the International Institute of Islamic Banking and Finance, Bayero University Kano made this point while speaking on "The Role Of Zakat In Poverty Alleviation". Source Bukola Akinyele-Yisau  for WebTV Read More


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