Nigeria in 1min: Economic, Business and Financial Headlines - 210621


Monday, June 21, 2021 / 5:48 AM / By News Aggregator / Header Image Credit: Punch


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COVID-19 Health Updates

  • 20th of June 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 167,206 cases (New: 0)
  • Discharged: 163,557
  • Deaths: : 2,117 (New: 0)

Source: NCDC Read More

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Average Price of 1kg of Rice Increased by 0.65% MoM to N544.09 in May 2021 - Selected food price watch data for May 2021 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 17.10% and month-on-month by 2.10% to N541.53 in May 2021 from N530.40 in April 2021. Source NBS Read More

NESG Q1 2021 Economic Report: Nigeria Needs More Than an Economic Rebound - According to the National Bureau of Statistics (NBS), the Nigerian economy expanded by 0.5% in the first quarter of 2021. This performance represents the second consecutive expansion following the country's recovery from recession in 2020Q4. Source NESG Read More

Is The Oil Rally Nearing Its End? - OIR 180621 - The months-long oil price rally hit the pause button this week, following a shift in outlook from the U.S. Federal Reserve. "Inflation is your friend until it isn't," Louise Dickson of Rystad Energy said in a statement. Source Tom Kool of Oilprice Read More

Nigeria Lost N851bn to Oil Theft, Sabotage - NEITI - Nigeria lost N851.84bn ($2.78bn) to oil theft and pipeline sabotage in 2019, the Nigerian Extractive Industry Transparency Initiative has said. NEITI said this in its latest oil and gas industry audit report. Source Punch Read More

Return of Fuel Subsidies Disturbing, IMF tells FG - In a virtual meeting with the representatives of the Federal Government, the mission of the International Monetary Fund stated that the resurfacing of fuel subsidies was concerning. The IMF mission led by Jesmin Rahman, according to a press release, expressed its concerns about rising fuel subsidies to the Nigerian authorities during a virtual meeting. Source Punch Read More


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What To Expect From The Markets This Week - 210621 - NBS Data on Consumer Price Index for May 2021 shows that headline Inflation has reduced from 18.12% in April 2021 to 17.93%.  A further breakdown of the figures shows that the food sub-index reduced from 22.72% to 22.28% while the core sub-index increased from 12.74% in April to 13.15% for May. Source Proshare Content Read More

DLM Capital Retains Position as Best Structured Finance and Securitization Team in West Africa - Prominent Developmental investment bank, DLM Capital Group have emerged winner at the Capital Finance International (CFI) 2021 awards as the best-structured finance and securitization team in West Africa. Source DLM Capital Group Read More

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Buhari Approves the Appointment of Dr. Ibrahim Kana and Four Others as New Permanent Secretaries - President Muhammadu Buhari has approved the appointment of five (5) new Permanent Secretaries in the Federal Civil Service following the recent conduct of the selection process. Source Proshare Research Read More

Twitter Ban: Some Key Policy and Legal Considerations for Web Platforms - The decision of the Nigerian Government to suspend Twitter in Nigeria, has implications for not just social media companies but also for all internet and technology companies with Nigerian subscribers. Source Olubunmi Abayomi-Olukunle Read More

AXA Mansard Launches MyAXA Plus - A Better, Faster and More Convenient Mobile App - AXA Mansard Insurance Plc, a member of the AXA Group and global leader in insurance and asset management, today announced the launch of its new "MyAXA Plus" mobile application. Source Axa Mansard Read More

West African Regional Bloc Adopts New Plan to Launch Single Currency in 2027 - A group of fifteen West African countries have adopted a new road map to launch a single currency in 2027 after its previous plans were derailed by the coronavirus pandemic. Source Christian Akorlie of Reuters Read More 

New Electricity Law Underway, Says Senate - The Senate on Thursday said there was no law governing the operations of the power sector in Nigeria currently, but noted that a comprehensive Electricity Act was being worked on and would be out towards the end of this year or in the first quarter of 2022. Source Punch Read More

EU Businesses Explore New Investments in Lagos Free Zone - The President, European Business Chambers (EuroCham), Adefolu Majekodunmi, has stated that European businesses are exploring opportunities in a bid to expand their investment portfolio in the country. Source The Guardian Nigeria Read More

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Central Bank of Portugal Grants First Crypto Exchanges Operating Licenses - The Central Bank of Portugal (Banco de Portugal) has licensed two cryptocurrency exchanges for the first time. In an official statement, the entity announced that it recognized Criptoloja and Mind The Coin as "virtual asset service providers." This is the first time exchanges have been licensed to operate since a new law around crypto trading platforms took effect earlier this year. Source Andres Engler of Coindesk Read More 

Telcos Lament Forex Scarcity, Seek CBN Intervention - Operators in the telecommunications industry are seeking special consideration to enable them get access to more foreign exchange. Some industry stakeholders who spoke to our correspondent said operators were struggling to get foreign exchange, and this had been responsible for some drop in service quality. Source Punch Read More

Nigeria Seeks Share from $11.5 Trillion Global Digital Economy - As part of efforts by the Federal Government of Nigeria to grow the nation's economy through digital technologies, the National Information Technology Development Agency (NITDA) has said its Nigeria Digital Innovation, Entrepreneurship and Startup Policy (NDIESP) is designed to ensure the country earns a share from the $11.5 trillion global digital economies. Source The Guardian Nigeria Read More

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Non-Interest Banks in Nigeria, Need More Instruments to Improve Liquidity under Basel III - Non-interest banks in Nigeria, need more instruments to improve liquidity under the Basel III requirements of the global banking system. Mr. Abdulwaheed Shitta, a banking and finance expert made this point while speaking on "Opportunities and Challenges of Islamic Banking and Treasury Management in Nigeria". Source Bukola Akinyele-Yisau for WebTV Read More 

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