Nigeria in 1min: Economic, Business and Financial Headlines - 121020

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Monday, October 12, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Ecographics


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COVID-19 Health Updates

  • 11th of October 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 60,266 cases (New: 163)
  • Discharged:  51,735
  • Deaths: : 1,115 (New: 2)

Source: NCDC Read More


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#EndSARS: IGP Orders Immediate Dissolution of FSARS Formation Nationwide - Following the directive of President Muhammadu Buhari, GCFR the Special Anti-Robbery Squad has been officially dissolved with effect from today October 11th, 2020. The Inspector General of Police Mr Mohammed Adamu disclosed in a live briefing via social media platform. Source WebTV Read More

Highlights of FGN Budget Proposals for 2021 Fiscal Year - His Excellency, the President of the Federal Republic of Nigeria, Muhammadu Buhari, GCFR, today 8 October 2020, presented the 2021 Federal Government Budget Proposals before a joint sitting of the National Assembly. Source KPMG Nigeria Read More

NESG v CBN: Resetting the Agenda for the October NESG 26th Summit - The NESG 26 Summit must seize the opportunity of the recent conflict with the CBN to broaden the debate over the direction of the Nigerian economy and the required policy imperatives as highlighted earlier. Source Proshare Research Read More 

Oil Prices Climb 10% in a Week - OIR 091020 - Oil prices have posted strong gains this week, although opened trading on Friday slightly down. WTI was trading at $41 and Brent was close to $43, putting crude close to a 10 percent gain from last week. Source Tom Kool of Oilprice Read More 

PwC Predicts 30% Unemployment Rate by Year-End - PricewaterhouseCoopers says Nigeria's unemployment rate can rise to 30 per cent by the last quarter of the year amid slow economic growth. The consulting firm, in its September economic alert publication, estimated that unemployment could reach 28 per cent in Q3 from 27 per cent in Q2 2020. Source Punch Read More

OPS Wants Ehingbeti Summit to Focus on Infrastructural Development, Job Creation - As Lagos sets the pace for the next decade with its Ehingbeti economic summit, the organised private sector (OPS) has stressed the need for government to focus on infrastructural development, job creation, among other social issues. Source The Guardian Nigeria Read More

 

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Banks in H1 2020: Imagining Beyond COVID-19 - Nigeria's Banking sector in H1 2020 pulled in its neck and sauntered into the COVID-19-induced headwinds of Q1 and Q2. The brave challenge of a health and economic pandemic saw the sector with lower growth in topline income and decapitation of growth in bottom lines. Source Proshare Research Read More

What To Expect From The Markets This Week - 121020 - Weighed down by the novel coronavirus pandemic, Japan's current account (CA) surplus for August fell from a year earlier for the sixth consecutive month, albeit at a slower pace as global economic activities gradually resume. Source Proshare Content Read More

 

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PROSHARE BUSINESS 

CIS Responds to CIIA, Clarifies Motives, Intent and Object in Proposed CISIM Bill - The Chartered Institute of Stockbrokers (CIS) hereby acknowledges receipt of your letter dated September 21, 2020 on the above-referenced subject and appreciates the Association of Corporate and Individual investment Advisers (CIIA) for reaching out to the Institute on the subject. Source OpEd By CIS  Read More

CBN to Enforce Banks' Compliance with SWIFT Code - The Central Bank of Nigeria has ordered banks to comply with the SWIFT universal payment confirmation. It stated this in a circular titled 'Compliance with the SWIFT universal payment confirmation' signed by the Director, Banking Services Department, Sam Okojere, to all banks which was released on Friday. Source Punch Read More

Varying Electricity Tariffs Worry Manufacturers - Manufacturers have expressed concern over the varying cost of electricity tariff across different states in the country. In a statement issued by President, Manufacturers Association of Nigeria, Mansur Ahmed, on Friday, they said the disparity in electricity tariff had been observed to favour some regions of the country over others. Source Punch Read More

FG Rolls Out Guidelines for Operations of Downstream Gas Facilities - The Department of Petroleum Resources, DPR, Sunday released guidelines for the establishment and operations of downstream gas facilities across the country, stating that companies seeking to establish gas-dispensing facilities would be required to obtain three approvals and licenses, among others, before commencing operations. Source Vanguard Read More

NNPC Engages Marketers Over Gas for Vehicles - The Nigerian National Petroleum Corporation (NNPC) has engaged petroleum products, marketers, on the sale of Liquefied Petroleum Gas (LPG) and Compressed Natural Gas (CNG) for fueling power generating plants and vehicles respectively. Source The Nation Read More

U.S. Energy Companies Begin Restoring Oil and Gas Output After Hurricane - U.S. energy companies were returning workers and restarting operations at storm-swept production facilities along the U.S. Gulf Coast on Sunday, two days after Hurricane Delta barreled through the area. Source Reuters Read More


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PROSHARE TECHNOLOGY 

Lagos State Accounted for 78.94% of Credit by Geographical Distribution in Q2 2020 - NBS - The Nigerian Selected Banking sector data as at Q2 2020 revealed that total Geographical Distribution of Credit by State stood at N18.90trn compared to N18.56trn in Q1 2020 and N15.44trn in Q2 2019. Source NBS Read More

 

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PROSHARE FINANCE 

Coronavirus Presents Islamic Fintech with Opportunities and Challenges-Bashar Al-Natoor - Social distancing, resulting from the coronavirus pandemic, is likely to be the catalyst for Islamic banks across many countries to accelerate their digital transformation strategies, especially with financial inclusion being a major issue in many of the countries where Islamic finance is active. Source Fitch Ratings Read More


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