Nigeria in 1min: Economic, Business and Financial Headlines - 161220


Wednesday, December 16, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @NNPCgroup


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COVID-19 Health Updates

  • 15th of December 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 74,132 cases (New: 758)
  • Discharged:  66,494
  • Deaths: : 1,200 (New: 3)

Source: NCDC Read More

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Headline Inflation Increases By 14.89% YoY In November 2020, 0.66% Higher Than October 2020 Rate - The consumer price index, (CPI) which measures inflation increased by 14.89 percent (year-on-year) in November 2020. This is 0.66 percentage points higher than the rate recorded in October 2020 (14.23 percent). Source NBS Read More

Oil Bulls are Back Despite New COVID Lockdowns - OIR 151220 - Brent rose above $50 per barrel in recent days and has held there at the start of this week. The beginning of widespread vaccinations in Western Europe and North America has led to a surge of optimism. At the same time, the Covid-19 wave is at its worst. Source Tom Kool of Oilprice Read More

Oil Above US$50.00 per Barrel - The price of Brent crude rose by 1.46% last week to US$49.97/bbl. The average price, year-to-date, is US$42.80/bbl, 33.21% lower than the average of US$64.08 /bbl in 2019. Brent hit US$50.25 /bbl last Thursday, for the first time since March, edging higher on optimism surrounding vaccinations, the OPEC+ deal and increased demand in Asia. Source Coronation Research Read More

World Bank Group to Boost Nigeria's Efforts to Reduce Poverty - The World Bank Group (WBG) discussed a new five-year Country Partnership Framework (CPF) from 2021 to 2024 and approved a $1.5-billion package to help build a resilient recovery post-COVID19. Source World Bank Group Read More

Senate Passes Finance Bill 2020 - The Senate has passed the Finance Bill 2020 transmitted to the National Assembly two weeks ago for consideration and passage. The passage of the bill was sequel to the consideration of a report by the Senate Joint Committee on Finance; Customs, Excise & Tariff; Trade and Investment; and Public Procurement. Source Punch Read More

The Review of the BOFIA 2020 - The "Banks and Other Financial Institutions Act" 2020 ("BOFIA 2020" or "the New Act") was signed into law by President Muhammadu Buhari on 13 November 2020 and repeals the extant BOFIA 1991 (as-amended in 1997,1998, 1999 and 2002). Source Agusto&Co Read More

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Investors Gains N199.48bn as NSEASI Inches Up Further by 1.10%, Closes Above 35,000bpts - Equities market closed today on a positive note, as NSEASI appreciated by +1.10% to close at 35,225.22 basis points as against +1.73% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +31.23%. Source Proshare Markets Read More


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Ebenezer Onyeagwu Emerges "CEO of the Year" as Zenith Bank Wins Big at SERAS Awards 2020 - Zenith Bank's Group Managing Director/CEO, Mr. Ebenezer Onyeagwu has emerged CEO of the Year at the Sustainability, Enterprise, and Responsibility (SERAS) Awards held at the weekend in Lagos. Source Zenith Bank Read More

Chartered Printers Lament N2trn Annual Capital Flight, Demand Governments' Patronage - The Chartered Institute of Professional Printers of Nigeria (CIPPON) has lamented the loss of about N2 trillion to the patronage of their foreign counterparts by both private entities and all tiers of governments in Nigeria. Source THISDAYLIVE Read More

Wabote: How Local Content Saved Oil Industry During Lockdown - The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB) Mr. Simbi Wabote, has said the capacity developed by local firms through the implementation of the Nigerian Content Act, helped sustain the operations of the Nigerian oil and gas industry in the height of the Covid-19 lockdown. Source THISDAYLIVE Read More

Nigeria's Oil Output Drops by 14% to an average of 1.5mb/d - Nigeria might be under pressure to fund its N13.8 trillion 2021 budget following a significant drop of its oil output by 14.08 percent in the first 10 months of 2020, according to data obtained from the Organisation of Petroleum Exporting Countries, OPEC. Source Vanguard Read More


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Categorisation of Nigerian Payment Systems - What It Means For Fintechs - The Nigerian financial technology (fintech) sector has made major strides over the last few years. However, one factor that has always befuddled investors and key stakeholders has been the absence of a comprehensive framework and licensing regime for fintechs in Nigeria. Source Davidson Oturu, Partner, Aelex Read More

NCC Doubles-down on Implementation of New SIM Registration Rules - Being the text of the press statement published yesterday, December 15, 2020 by the Nigerian Communications Commission (NCC) and signed by Dr. Ikechukwu Adinde, Director, Public Affairs. Source NCC Read More

Block All SIMs Without NINs, FG Orders Telcos - After December 30, 2020, all Subscriber Identification Modules that are not registered with valid National Identification Numbers on the network of telecommunications companies shall be blocked, the Federal Government has declared. Source Punch Read More

Twitter to Shut Down Streaming App Periscope by March - Twitter Inc on Tuesday said it would shut down live-streaming app Periscope, which it bought in 2015, due to declining usage over the past couple of years and high supporting costs. Source Reuters Read More

Four Cornerstones of Payments in the Digital Age - Being a speech by the IMF Managing Director, Kristalina Georgieva at the (Virtual) Singapore FinTech Festival 2020. As prepared for delivery. Source Kristalina Georgieva Read More

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Nigeria Among Top 15 Most Advanced Islamic Finance Markets Globally - In Nigeria, Non-Interest finance started in 2008 when there was a global financial crisis which affected the market. Jaiz Bank was the first noninterest banking licensed on the 11th of November 2011 on the Nigeria Stock Exchange trading list. Source WebTV Read More


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