Nigeria in 1min: Economic, Business and Financial Headlines - 201221


Monday, December 20, 2021 / 5:30 AM / By News Aggregator / Header Image Credit: AANI LC


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 COVID-19 Health Updates

  • 18th of December 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 223,483 cases (New: 828)
  • Discharged: 211,522
  • Deaths: 2,984 (New: 1)

Source: NCDC Read More


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Headline Inflation at a 1-Year Low of 15.40% - As widely expected, Nigeria's headline inflation rate fell for the 8th consecutive month in November to 15.4% from 15.99% in October. This is 0.2% higher than our forecast of 15.2%. Cumulatively, Nigeria's inflation rate has averaged 17.11% in 11M'21, significantly higher than 12.98% in the corresponding period in 2020. Source FDC Read More

Are Oil Markets Already Oversupplied? - OIR 171221 - Oversupply has been one of the main talking points in oil markets in recent months, and now it seems that it will soon be upon us. The softening of Asian oil demand, triggered by China's zero-COVID measures and Beijing's continued clampdown on independent refiners in Shandong. Source Tom Kool of Oilprice Read More

Loans From China Now $3.59bn, Says DMO - The Debt Management Office has clarified that loans from China to Nigeria, which presently stood at $3.59bn, constitutes only 9.4 per cent of the country’s total foreign debt stock of $37.9bn. The Director-General of DMO, Ms Patience Oniha, made this known in an interview with the News Agency of Nigeria on Saturday in Abuja. Source Punch Read More

FAAC Shares N675.946bn Nov Revenue To FG, 36 States, 774 LGAs - The Federation Accounts Allocation Committee (FAAC) has shared a total of N675.946billion November 2021 Federation Account Revenue to the Federal Government, 36 States and 774 Local Government Areas in the country. Source Leadership Read More

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What To Expect From The Markets This Week - 201221 - According to NBS data recently released, Inflation fell by 50 basis point to 15.4%- a one year low, in November.  The Headline index however rose on a month-on-month basis from 0.98% in October to 1.08% in November. Source Proshare Content Read More

9% of Quoted Firms Are Early Filers of Financial Statements in 2021 - Timely filing of financial statements, either quarterly or audited, is a post-listing requirement that should be strictly adhered to as required by companies that are listed on the Nigerian Exchange Limited (NGX). Source Proshare Research Read More

Shareholders Approve Access Bank Proposed Transition to Holdco in 2022 - In an overwhelming vote of confidence shareholders of Access Bank Group,  approved the scheme of arrangement that will transform it from a deposit money bank (DMB) to a Holding Company (Holdco) in 2022. Source Ottoabasi Abasiekong for WebTV Read More

How Currency Fluctuations Can Affect Your Financial Goals? - Every time you make an investment in a currency that is different from your local currency, you are exposed to currency risk. The prices of each currency against the other keep on changing throughout the day. Hence, you might need to pay a different amount every time you exchange currency. Source FirstBank Read More



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Governance Issues in FBNH: Remi Babalola Resigns as Chairman of FBN Holdings - Remi Babalola, Chairman of FBN Holdings Plc has just resigned from the Board of Directors set up by the Central Bank of Nigeria (CBN). Investigations reveal that this was not unrelated to his concerns over the corporate governance of the legacy institution and the recent developments around ownership and shareholding. Source Proshare Research Read More

CBN Appoints Ahmad Abdullahi as Board Chairman of FBN Holdings Plc - The Central Bank of Nigeria (CBN) has okayed the appointment of Alhaji Ahmad Abdullahi as non-executive Director of First Bank Holding Plc. and Chairman of the company to replace Mr. Remi Balalola. Source Guardian Nigeria Read More

FairMoney Plans Savings Products, Agency Banking in 2022 - FairMoney, the Digital bank driving financial inclusion for the Nigerian mass market, plans to roll out savings products and deepen agency banking activities in 2022. This was part of the critical issues highlighted at a recent briefing to assess activities in 2021 and set the agenda/ focus for the year 2022. Source Josephine Eriyo for WebTV Read More

Amaechi: Abuja-Kaduna Rail Service Generates N300m Monthly - Speaking on Saturday as a guest on Channels Television's 'Hard Copy', Amaechi said his ministry is beginning to contribute to the nation's economic growth. According to the minister, the federal government is also making plans to add 16 more trains to the Lagos-Ibadan rail line, adding that this will increase revenue generation from that axis. Source Thecable Read More

53 Local Oil Firms Get N124bn NCDMB Loans For Dev't - At least 53 local oil service firms have accessed the $300 million Nigerian Content Development Fund (NCDF) between 2018 and this year, the Nigerian Content Development Management Board (NCDMB), has said. The general manager of the agency, Obinna Ofili, stated this on Thursday at a capacity building workshop for the media in Abuja. Source Dailytrust Read More


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How Waqf Can Support Nigeria's Human Capital Development Goals - The Waqf has been described as an Islamic finance instrument, that can support Nigeria's human capital development. Mrs. Maryam Uwais, the Senior Special Assistant to the President on Social Investment Programme (SIP), made this point while speaking on the role of "Islamic Finance in National Development". Source Bukola Akinyele- Yisau for Proshare WebTV Read More


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Small Businesses Can't Grow With Funding Challenges - SMEDAN DG - The Micro, Small, and Medium Enterprises in the country would remain stagnant and not grow with the lack of access to affordable finance, the Director-General of Small and Medium Enterprise Development Agency of Nigeria, Dikko Radda, has said. Source Punch Read More


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