Nigeria in 1min: Economic, Business and Financial Headlines - 160321


Tuesday, March 16, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; NGRPresident

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COVID-19 Health Updates 

  • 15th of March 2021: Nigeria COVID19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 160,895 cases (New: 238)
  • Discharged:  145,752
  • Deaths: : 2016 (New: 3)

Source: NCDC Read More

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Nigeria's Q4 2020 Foreign Trade: The Pains and Pitfalls of Being Import Centric - Nigeria's high import dependency has become an albatross in a global environment where nation's have become increasingly aggressive in promoting exports. Unfortunately for the country, it neither influences the price or the quantity sold of its principal export, crude oil. Source Proshare Research Read More

PPPRA Administrative Charges in the Nigerian Gas Market will Disincentivize Investments - The administrative charges of the Petroleum Products Pricing and Regulatory Agency (PPPRA) which amounts to N1.23k will disincentivize investments in the Nigerian Gas market. Mr. Adesola Borokinni an economist with Proshare Research made this point while discussing his perspective on "Achieving a Viable & Efficient Nigerian Gas Market". Source WebTV Read More

Inflation Expected to Spike Further as Negative Sentiment is Expected to Persist - Economic data continued to be mixed and driven by the impact of lockdowns in different countries. U.S. initial jobless claims rose early in February, but fell back later in the month, with retail spending increasing the most in almost half a year. Source Comercio Partners Asset Mgt Read More

Nigeria's Unemployment Rate Increases to 33.3% in Q4 2020 from 27.1% in Q2 2020 - NBS - The number of persons in the economically active or working age population (15 - 64 years of age) during the reference period of the survey, Q4, 2020 was 122,049,400. This is 4.3% higher than the figure recorded in Q2, 2020, which was 116,871,186. Source NBS Read More

BudgIT, Others Call for Reform in Nigeria's Extractive Sector - BudgIT, a civic-tech organisation leading the advocacy for transparency and accountability in public finance across four African countries, including Nigeria, has renewed its call for reform in Nigeria's most financially viable sector-extractives. Source THISDAYLIVE Read More

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Investors Lose N45.33bn as NSEASI Dips by -0.22% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.22% to close at 38,561.84 basis points as against -0.13% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.24%. Source Proshare Markets Read More

Coronation MB records 15% growth in PBT for 2020 FY; declares PBT of N5.784bn - Coronation Merchant Bank Limited has announced its Audited Financial Results for the year ended 31 December 2020 and declared a PBT of N5.784 bn. Source Coronation Merchant Bank Read More

Average NT-Bills Yields Expand 110bps WoW to 2.7% Amidst Sell-offs Following Tight Funding Levels - In the past week, activity levels in the Nigerian Treasury Bills ("NT-Bills") secondary market remained mostly minimal, as investors focused on the Primary Market Auction ("PMA") that held on Wednesday. Source Afrinvest Research Read More

UPDC FY2020 Audited Results: Sliding Losses Meets Rising Equity - UPDC was once the crown jewel of the UAC group. The company sat pretty on several choice property assets across the country producing steady streams of both cash flows and bottom-line earnings. Source Adaeze Nwachukwu, Proshare Research Read More

ComX Partners Proshare for a Twitter Chat on Trading of New Products - ComX, an innovative digital trading platform launched by AFEX, Nigeria's leading player for commodities in Africa, will be hosting an interactive Tweetchat in partnership with Proshare -Nigeria's foremost financial information hub. Source AFEX Nigeria Read More

S&P 500 and Dow End Session at Record Highs - The S&P 500 and Dow Jones Industrial Average closed at a record high on Monday, as investors eyed an economic recovery from the coronavirus and awaited cues from the Federal Reserve this week amid caution over rising borrowing costs. Source Reuters Read More

Bitcoin Falls After Weekend Record High as India Considers a ban - Bitcoin dropped on Monday, falling from a record high above $60,000 over the weekend, as investors digested a potential ban from India on cryptocurrencies. Source Reuters Read More

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FirstBank Promotes Cross Border Payments in Sub Sahara Africa with First Global Transfer - First Bank of Nigeria Limited, Nigeria's premier and leading financial inclusion services provider, has announced the launch of First Global Transfer (FGT) to promote international transfer of funds across its subsidiaries in sub-Saharan Africa. Source FirstBank Read More

Ecobank Nigeria Launches Super Rewards Scheme; 50 Customers to Get N25k Weekly - Ecobank Nigeria has launched the Super Rewards Scheme, which gives 200 of its customers an opportunity to earn different cash gifts monthly, with four of them becoming millionaires at the end of the four months campaign. Source Ecobank Read More

Petrol Subsidy to Gulp N102.96bn in March - The Nigerian National Petroleum Corporation may spend N102.96bn on petrol subsidy this month, going by the recent pricing template for the commodity. A Federal Government agency, Petroleum Products Pricing Regulatory Agency, on Thursday published the expected new lower and upper prices for petrol at retail outlets in March 2021, putting the rates at between N209.61/litre and N212.61/litre. Source Punch Read More

Afreximbank, COMESA to Implement $1bn Guarantee Scheme - African Export-Import Bank (Afreximbank) has signed the Instrument of Accession to the Inter-Surety Agreement for the Implementation of the COMESA Regional Customs Transit Guarantee/bond Agreement. Source THISDAYLIVE Read More

NDIC to take-on Failed Banks' Debtors - The Nigeria Deposit Insurance Corporation (NDIC) is to go tough on debtors of failed banks. The organisation's new Managing Director (MD), Mr. Bello Hassan, dropped the hint at his inauguration by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, in Abuja. Source Vanguard Read More

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BUA Founder, Abdul Samad Rabiu Donates 200Million Naira to Sokoto State University - Nigerian Philanthropist and Industrialist, Abdul Samad Rabiu, has donated N200million to Sokoto State University towards the construction of an ICT Faculty Building for the University. Source BUA Read More


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