Nigeria in 1min: Economic, Business and Financial Headlines - 181021


Monday, October 18, 2021 / 5:49 AM / By News Aggregator / Header Image Credit: Twitter; @DavidMalpassWBG


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 COVID-19 Health Updates

  • 17th of September 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 209,298 cases (New: 125)
  • Discharged: 197,143
  • Deaths: 2,837 (New: 76)

Source: NCDC Read More


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Oil Markets Unfazed By Falling Imports From China - OIR 15102 - Oil prices are continuing to climb despite fears of demand destruction and falling imports from China. According to the IEA, oil demand could increase to the tune of 500,000 bpd due to the energy crisis driving gas-to-oil switching. Source Michael Kern of Oilprice Read More

Headline Inflation Increases by 16.63% YoY in September 2021, 0.38% Lower Than August 2021 Rate - The Consumer Price Index, (CPI) which measures inflation increased by 16.63 percent (year-on-year) in September 2021. This is 0.38 percent points lower than the rate recorded in August 2021 (17.01) percent. Source NBS Read More

Inflation Falls Again to 16.63%, Raising Eyebrows - Nigeria's headline inflation declined again in September to 16.63% from 17.01% in August. This is the 6th consecutive monthly decline and the lowest inflation rate in the last 8 months. Source FDC Ltd Read More

Tax Reliefs Deprive FG of N5.16tn in 12 Months - The Federal Government lost about N5.16tn to tax reliefs granted on Value Added Tax, Company Income Tax and Petroleum Profit Tax in 2020. This figure was arrived at after analysing data from the 2022-2024 Medium-Term Expenditure Framework and Fiscal Policy Strategy report. Source Punch Read More

Nigeria's Debt-to-GDP Ratio to Hit 42% by 2026 - IMF - The International Monetary Fund has projected that Nigeria's government gross debt to Gross Domestic Product ratio will rise to 42 per cent by 2026 from 35.7 percent in 2021. Source Punch Read More

FG'll Pay Foreign Debts Before Other Obligations - Emefiele - The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has said the Federal Government will ensure the payment of foreign debts before settling other obligations. Source Punch Read More

FG Orders Demolition of Globacom Masts Nationwide Over N5.9b Debt - The Presidency has sent a memo to the Nigerian Civil Aviation Authority (NCAA) to begin demolition of certain masts belonging to Globacom Limited across the country for  failure to pay N5.9 billion renewal fees for height clearance to the agency. Source The Eagle Online Read More

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What To Expect From The Markets This Week - 181021 - According to the recently released CPI report for the month of September, by the National Bureau of Statistics, the consumer price index rose by 16.63% year-on-year last month. This represents a 38-basis point decrease compared to 17.01% recorded in August 2021. Source Proshare Content Read More

FBNH Investors Chase Value - Understanding the Holdco's 34.78% Share Price Rise in 2 Weeks - October 2021 has become a talisman for FBN Holding Company (FBNH) as the financial Holdco's share price on the Nigerian Stock Exchange (NGX) rose by 34.78% between the beginning and second week of October 2021. Source Proshare Research Read More

NGX Group Announces Successful Listing on NGX - Having satisfied the Listing Requirements of The Exchange and obtained relevant regulatory approvals, NGX Group is now listed in the Financial Services and Capital Market Infrastructure sector of the Exchange, with the ticker "NGXGROUP". Source NGX Read More


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Access Bank Introduces Travel Debit Card to Ease Concerns over Foreign Currency Use - With cross border payments and settlements becoming increasingly important given the African Continental Free Trade Area Agreement (AfCFTA) commencing in January 2021, Access Bank recently introduced a travel debit card that its customers could use in accessing foreign exchange outside Nigeria. Source Adaeze Nwachukwu & Abdulqudus Isiaka, Proshare Research Read More

UK, Nigeria Reiterate Commitment to Partner on Mutual Economic Benefits - The United Kingdom Prime Minister's Envoy to Nigeria, Helen Grant and Nigeria's Minister of Industry Trade and Investment, Mr. Adeniyi Adebayo, held the sixth bi-annual sitting of the UK-Nigeria Economic Development Forum (EDF). Source THISDAYLIVE Read More

CAC to Block Fraudulent Applications Imitating Existing Companies - Garba Abubakar, registrar-general of the Corporate Affairs Commission (CAC), says the agency will block suspected fraudulent applications registering new companies similar to existing ones. Source TheCable Read More

CBN Supports Lagos Blue Line Rail Project with N60b - The Central Bank of Nigeria (CBN) has disclosed that it supported the Lagos State Blue railway line project with N60 billion to facilitate ease of business and passengers' movement in the state. Source The Guardian NG Read More


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Flutterwave and Fintech Valuations - A Bloomberg report says Flutterwave Inc., a Nigerian payments firm, is seeking fresh funding at a valuation of US$3bn or more, a figure that would roughly triple its last valuation. Source CSL Research Read More

ProShares Readies Bitcoin ETF for Launch - ProShares is ready to roll out the first U.S.-listed bitcoin exchange-traded fund. The Bethesda, Md., firm filed paperwork Friday afternoon paving the way for the launch next week of its Bitcoin Strategy ETF. The fund, which will go by the ticker BITO, and will hold bitcoin futures contracts rather than the cryptocurrency itself, is expected to start trading Tuesday. Source WSJ Read More

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Islamic Estate Planning: Protect your Family and Leave a Legacy - Islamic Estate Planning involves the distribution of your assets that serve to preserve, manage, and distribute them after death according to the principles of the Shari'ah. Source FBNQuest Research Read More

Non-Interest Finance should Support Economic Sectors that Have Major Social Impact - Non-Interest Finance institutions have been asked to support the real sector of the Nigerian economy, which has a more profound impact on the lives of citizens. Dr. Mustapha Abubakar, Co-Founder, Intellectical Consulting Limited, said this while discussing "Benchmarking Non-Interest Finance Credit Product Prices". Source Bukola Akinyele-Yisau for WebTV Read More

Planning Towards Your Child's Future - What You Need to Know About Education Trust - Planning for your child's future can be expensive. Paying for necessities, school fees, hobbies, family vacations, and unexpected events in life quickly adds up. If you are a parent, then these expenses are either in your present or your future. Source FBNQuest Research Read More

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