Nigeria in 1min: Economic, Business and Financial Headlines - 161120


Monday, November 16, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @followlasg


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COVID-19 Health Updates

  • 15th of November 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 65,148 cases (New: 152)
  • Discharged:  61,073
  • Deaths: : 1,163 (New: 1)

Source: NCDC Read More

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Asia Forms World's Biggest Trade Bloc, A China-Backed Group Excluding U.S. -  Fifteen Asia-Pacific economies formed the world's largest free trade bloc on Sunday, a China-backed deal that excludes the United States, which had left a rival Asia-Pacific grouping under President Donald Trump. Source Reuters Read More

Petrol May Sell at N168 as PPMC Increases Depot Rate to N155 - The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has increased the depot price of premium motor spirit, better known as petrol.  Source TheCable Read More

President Buhari Signs BOFIA Bill 2020 into Law - President Muhammadu Buhari has signed the Banks and Other Financial Institutions Act (BOFIA) 2020 into law. This was disclosed on the President's official twitter handle today.  The new legislation which repealed the extant BOFIA 1991 as amended, would strengthen confidence in the banking sector. Source Proshare Research Read More

Power Operators Lose N1.25bn as Generation Sheds 62.96MW - The Advisory Power Team, Office of the Vice President, in their latest report on the power sector, has said that operators in the power sector lost N1.25bn, while power generation dropped by 62.96 megawatts in one day. Source Punch Read More

FG to Access $750m World Bank Loan for States - The Federal Government is in the process of accessing a $750m World Bank loan for states, the Minister of Finance, Budget and National Planning, Zainab Ahmed, announced on Friday. Source Punch Read More

COVID-19: States' IGR, Allocations Crash by N180.4bn - State governments may be currently grappling with varying degrees of financial concerns, following the N180.4bn crash in their internally generated revenues and the allocations they received from the Federation Accounts Allocation Committee. Source Punch Read More

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What To Expect From The Markets This Week - 161120 - The Federal Government on 11th November ratified Nigeria's membership of the African Continental Free Trade Area. The main objective of the AfCFTA is to create a single continental market for goods and services, with free movement of businesspersons and investments, and thus pave the way 0of accelerating the establishment of the Customs Union. Source Proshare Content Read More

BUA Cement 9Months 2020 Results: Resilient Performance In A Pandemic - Despite macroeconomic and health headwinds that have trailed the domestic and global economy in 2020, BUA Cement Plc, a major player in the local Nigerian cement business, posted an impressive 9Months 2020 results. Source Proshare Research Read More

Economics, Banking and Finance in Emerging Markets - For the past seven (7) years since I moved to Nigeria, I have been taking courses in finance, economics, accounting, and banking. After living in countries like the United Kingdom and Japan, I have been fascinated by the myriad of additional considerations that entrepreneurs and policymakers in emerging markets... Source Dr Ola Brown Read More

Flour Mills of Nigeria Plc Q2 2021 Results: Profit Rises on the Back of Rising Sales Volume - Flour Mills of Nigeria Plc recorded an impressive result in Q2 2021 despite a grim local economic outlook. The rise in profit was driven by the rise in revenue, as its revenue grew by +31.15% in Q2 2020 to N355.11bn. Its profit before tax grew significantly by +69.29% in Q2 2021 to N14.61bn. Source Proshare Research Read More 

S&P Boasts Record Close With Earnings Reports Adding to Vaccine Fueled Optimism - The S&P 500 notched a record closing high on Friday with upbeat earnings reports helping to drive optimism about the economy along with hopes for successful COVID-19 vaccines, even as investors monitored a surge in virus cases and restrictions around the country. Source Reuters Read More

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FG Inaugurates Robotics, Artificial Intelligence Centre - The Federal Government on Friday inaugurated the National Centre for Artificial Intelligence and Robotics. Minister of Communications and Digital Economy, Isa Pantami, who performed the ceremony, said the inauguration was in line with the digital skills acquisition drive of government as captured in the National Economic Development Policy and Strategy.  Source Punch Read More

Nigeria, Egypt, Others Control 50 Per Cent of Africa's 700,000 Developers - Fifty per cent of the about 700,000 professional developers across Africa operate from Nigeria, Egypt, Kenya, Morocco and South Africa. The e-Conomy Africa 2020 report, which revealed this, noted that African developers use both formal and informal education channels to gain skills and access high-paying jobs. Source The Guardian Nigeria Read More

Tech Groups' Services Could Face Bans If They Breach Rules, EU industry Chief Says - Technology companies' services could be banned from the European market if they do not heed EU regulation, Europe's industry chief Thierry Breton told German weekly Welt am Sonntag, as the European Commission finalizes rules on internet companies. Source Reuters Read More 


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Islamic Equity-Based Financing Will Unlock Growth of MSMEs In Nigeria - Shefi'u Badamasi - Islamic Equity Financing will unlock the growth and development of Micro, Small and Medium Enterprises, MSMEs if adopted in Nigeria. Mr. Shefiu Badamasi, the Founder of Islamic Crescent Cooperative Society Limited in Abuja disclosed this in a recent as a guest on the discourse on Non-Interest Finance in the country. Source WebTV Read More 

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