Nigeria in 1min: Economic, Business and Financial Headlines - 130921

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Monday, September 13, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @akin_adesina

 

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COVID-19 Health Updates

  • 12th of September 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 199,151 cases (New: 365)
  • Discharged: 186,418
  • Deaths: 2,598 (New: 13)

Source: NCDC Read More

 

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PROSHARE ECONOMY

Buhari Sets Record as Nigerians Grow Poorer for Sixth Straight Year - At no point in its 60-year history has Nigeria's economy expanded slower than its population for a longer period than between 2015 and 2020, an indictment on President Muhammadu Buhari who has led the country in that time. Source BusinessDay Read More

Headline Inflation Maintained Its Declining Trend in July 2021 - The headline index grew by 17.38% YoY in July 2021, 0.37% lower than 17.75% recorded in June 2021. Likewise, food inflation inched up by 21.03% YoY in July 2021, 0.80% lower than 22.83% recorded in June 2021. Source Comercio Partners Asset Mgt Read More

Conflicting Orders: Rhodes-Vivour, Akeredolu, Daudu, Others Set for Spidel Parley - The webinar will hold on Tuesday, September 14, 2021, at 4 pm while the topic is "Contradictory ex-parte orders of courts over political cases: Implications and consequences." Source NBA-Spidel Read More

Oil Prices Bounce Back as Bullish Sentiment Returns - OIR 100921 - With three-quarters of crude production still shut in the Gulf of Mexico, Hurricane Ida remained one of the key factors determining price movements this week. In addition to tight US supplies, with the EIA reporting a 1.5 million b/d week-on-week drop in total production. Source Michael Kern of Oilprice Read More

Court of Appeal Orders States to Maintain Status Quo on VAT Administration - The Court of Appeal (COA) sitting in Abuja, yesterday, 10 September 2021, ordered both Rivers and Lagos States to maintain status quo on the collection of Value Added Tax (VAT) pending the resolution of the Federal Inland Revenue Service (FIRS)'s appeal... Source Wole Obayomi Read More

How to Fix Nigeria's Broken VAT System - I have shared my views on several platforms regarding the ongoing VAT controversy. This note summarises the salient issues and my viewpoints to facilitate informed conversation and provide a complete picture for ease of reference. Source Taiwo Oyedele Read More 

Debt Servicing: Nigeria Pays $1.79bn to World Bank, China in Five Years - Nigeria spent $1.79bn in five years on servicing the debts owed to World Bank and the Exim Bank of China, according to an analysis of data on actual external debt service payments from the Debt Management Office. Source Punch Read More

FG Will Obey Court's Final Verdict on VAT Issue - Adesina - Special Adviser to the President on Media and Publicity, Femi Adesina, on Sunday said President Buhari will abide by whatever final verdict the judiciary passes on the ongoing Value Added Tax (VAT) legal tussle. Source The Nation Read More


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PROSHARE MARKETS

12th Renaissance Capital Investor Conference Examines SSA Growth and Nigeria's Tech Industry - Renaissance Capital, a leading emerging and frontier markets investment bank, held its 12th Annual Pan-Africa Investor Conference on the 7th to 10th September 2021. For the first time, the event included a specialist Nigeria Tech / Fintech Conference that was held on 9 September... Source Renaissance Capital Read More

Lagos, the Laggard of African Exchanges - Since February this year, the NSEASI has underperformed relative to the two other indices we track periodically in sub-Saharan Africa, the NSE20 in Nairobi and the all share in Johannesburg (see chart below). Source FBNQuest Research Read More

What To Expect From The Markets This Week - 130921 - According to Data released by the National Bureau of Statistics in Abuja on Wednesday, Nigeria recorded a trade deficit of N1.87tn in the second quarter of the year. Source Proshare Content Read More 

 

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PROSHARE BUSINESS

Oscar N. Onyema Elected to the Board of World Federation of Exchanges - The Group Managing Director/Chief Executive Officer of Nigerian Exchange Group ("NGX Group") Plc, Mr. Oscar N. Onyema, OON, has been elected to the Board of World Federation of Exchanges (WFE). Source NGX Read More

NAICOM Seeks Active Role for Insurers in AfCFTA - The Commissioner for Insurance, Mr Sunday Thomas, has urged African leaders to create an enabling environment for insurers to play more relevant roles in the continent's free trade zone. Source Punch Read More

CBN Denies Planning to Convert Forex in Dom Accounts to Naira - second time in two months - The Central Bank of Nigeria (CBN) says it is not planning to convert foreign exchange (FX) in the domiciliary accounts of customers into naira. Osita Nwanisobi, CBN spokesperson, said this in a circular issued on Saturday, said the speculation is false and aimed at triggering panic in the foreign exchange market. Source TheCable Read More

Nigerians in Diaspora Urge FG to Make Passport Application Process Easier - Nigerians in Diaspora (NIDO) Americas has stressed the need for the Federal Government to streamline the passport application process, to tackle the issue of fake web registration. The Chairman of NIDO-Americas, Obed Monago, made the suggestion in a telephone interview with the News Agency of Nigeria (NAN) on Saturday night. Source Premium Times Nigeria Read More


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PROSHARE TECHNOLOGY

Digital Media in Nigeria'll hit $30bn by 2030 - NITDA - The Director-General of the National Information Technology Development Agency, Kashifu Abdullahi, has said digital media in Nigeria is projected to reach $30bn by 2030, boosting the digital economy and the country's Gross Domestic Product. Source Punch Read More

NACCIMA Commends FG's Approval of 5G - The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has commended the federal government's approval of the Fifth Generation Network, commonly referred to as 5G technology. Source THISDAYLIVE Read More

 

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PROSHARE FINANCE

How the Islamic Financial System Could Navigate Global Economic Uncertainties - The  Islamic Financial System has the resilience and the capacity to whether global economic uncertainties and challenges, like the 2009 global financial crisis, because of the model of no interest, no uncertainty, and zero tolerance for gambling alongside other illicit activities. Source Bukola Akinyele-Yisau for WebTV Read More

 

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PROSHARE MSME

Proshare Foundation Partners RCCG Victory Chapel to Empower Women Entrepreneurs - Proshare foundation, as part of its agenda of women empowerment in collaboration with the Redeemed Christian Church of God, Victory Chapel, Magodo, Lagos, organized a training workshop for 30 female entrepreneurs. Source Oluwakemi Enitan Falayo for WebTV Read More


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