Nigeria in 1min: Economic, Business and Financial Headlines - 110121

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Monday, January 11, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: @followlasg

 

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COVID-19 Health Updates

  • 10th of January 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 100,087 cases (New: 1024)
  • Discharged:  80,030
  • Deaths: : 1358 (New: 8)

Source: NCDC Read More


Download PDF Here - A Guide to Managing Mild COVID-19 Disease at Home - Dr. Aysha Kola and Dr. Waasila Jassat


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PROSHARE ECONOMY 

The Oil Bulls Are Back - OIR 080121 - Brent topped $55 per barrel at the end of the week, as the pledge from Saudi Arabia to cut deeper has built a solid rally. Other forces are at play as well, including monetary stimulus, the prospects of deeper fiscal stimulus in the U.S., and vaccine optimism. Source Tom Kool of Oilprice Read More

Exemption of Sales in the Ordinary Course of Business from WHT - The Tax Appeal Tribunal (TAT or "the Tribunal") Lagos Zone on 30 November 2020 decided in Tetra Pak West Africa Limited (Tetra Pak or "the Appellant") and Federal Inland Revenue Service (FIRS or "the Respondent") that sales in the ordinary course of a company's business are exempt from withholding tax (WHT). Source Wole Obayomi Read More

Headline Inflation to Continue its Runaway Trend in December 2020 - Headline inflation, a hydra-headed monster that has eroded the disposable and discretionary income of consumers, is estimated to increase by 0.51% to 15.4% in December 2020. This will be the highest level in 37 months, driven mostly by forex rationing, output and productivity constraints, higher logistics and distribution costs. Source FDC Limited Read More

New Electricity Tariff: How FG, Discos Breached Agreement, By Wabba - The organised labour has described as scandalous a situation where the federal government flouts existing agreements as well act in breach concerning the cessation of further tariff increase in the electricity sub-sector. The President of the Nigeria Labour Congress (NLC), Comrade Ayuba Wabba spoke against the backdrop of the new electricity tariff announced by the Nigerian Electricity Regulatory Commission (NERC). SOurce TheNation Read More

Oilfield Bid Round: FG To Earn N7.9bn from 161 Finalists - The Department of Petroleum Resources had announced on June 1, 2020 the start of the 2020 Marginal Field Bid Round, which 'is open to indigenous companies and investors interested in participating in the exploration and production business in Nigeria'. Source Punch Read More


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PROSHARE MARKETS

What To Expect From The Markets This Week - 110121 - According to data released by the National Bureau of Statistics, the total credits to the manufacturing industry as of Q3 2020 increased Q-o-Q by +15.3% to N3.03trn. The manufacturing industry received 15.25% of N19.87trn which was the total credit allocated to the private sector in Q3 2020. Source Proshare Content Read More


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PROSHARE BUSINESS

Is There Really A Debt Crisis In Africa? - There's a debt difficulty in Africa. But it should not be portrayed as a crisis, as only five countries are faced with a debt crisis, but not the rest. There's certainly a stress in our economic environment provoked by a higher debt-to-GDP ratio, meaning more debt in relation to the size of the economy. Source CGTN Read More

Oil Revenue Gets Boost as Price Hits $55 - The international oil benchmark, Brent crude, extended its gains on Friday, rising above $55 per barrel, in what is a potential boost to Nigeria's crude oil export revenue. Brent crude, against which Nigeria's oil is priced, hit an 11-month high of $55.41 per barrel as of 2:50pm Nigerian time on Friday, trading more than $15 higher than the Federal Government's benchmark for the 2021 budget. Source Punch Read More

Global Passenger Traffic Growth Dipped in November, Says IATA - The International Air Transport Association has said the global passenger traffic growth for November came to a halt. The IATA in its latest report said that demand measured in revenue passenger kilometres or RPKs was down 70.3 per cent compared to November 2019. Source Punch Read More

'AMCON's Debt Bigger than FG's 2021 Capital Expenditure' - The Asset Management Corporation of Nigeria (AMCON) has disclosed that the N4.4 trillion, which is owed the corporation is bigger than the entire 2021 capital expenditure budget of the federal government of Nigeria, which stands at N3.85trillion. Source Thisday Read More

OPEC Crude Output Cuts Should Help U.S. Shale Profits In 2021 - A decision by OPEC and allied countries to cut crude production through March delivered a late Christmas present for U.S. shale firms that have slashed costs, but any rise in prices spurred by the unexpected move may be just a modest stocking stuffer. Source Reuters Read More

 

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PROSHARE TECHNOLOGY

Active Voice Subscribers Grew by 4.59% in Q3 2020 - NBS - Telecoms data for Q2 and Q3 2020 reflected that a total of 196,242,456 and 205,252,058 subscribers were active on voice as against 189,282,796 in Q1 2020. This represented a 4.59% increase in voice subscriptions QoQ. Source NBS Read More

African Fintech Report 2020: Africa's Mobile Subscription Penetration at 80% - Africa is a unique region in several ways. The continent has diverse cultures, different languages, and wealth distribution is on an extreme spectrum. Africa also has 6 of the world's top 10 fastest economies as per the World Economic Forum; Africa's average GDP growth has consistently outpaced the global average and is expected to remain at least 6% until 2023. Source Medici Read More

 

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PROSHARE FINANCE

How Islamic Fintech Can Reduce Poverty and Unemployment in Nigeria - Abdulmajeed Muhammad - Sharing his thoughts, Muhammad said that Islamic fintech could provide support for Nigerian households and MSMEs. He said, as far as unemployment and poverty were concerned, fintech could reduce the scourges with the help of instruments such as easy payment and settlement solutions, remittances, person-to-person (P2P) lending, crowdfunding, and prudent investments. Source WebTV Read More

 

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