Nigeria in 1min: Economic, Business and Financial Headlines - 220421

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Thursday, April 22, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitteer; @raufaregbesola

 

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COVID-19 Health Updates 

  • 21st of April 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 164,488  cases (New: 65)
  • Discharged: 154,441
  • Deaths: : 2061 (New: 0)

Source: NCDC Read More


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PROSHARE ECONOMY

Average Price of 1kg of Tomato Decreased by -0.64% MoM in March 2021 - NBS - Selected food price watch data for March 2021 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 13.73% and month-on-month by 1.19% to N524.47 in March 2021 from N518.30 in February 2021. Source NBS Read More

BUA Refinery: More is Better - BUA Group, one of the leading business conglomerates in Nigeria, recently signed a progress acknowledgment statement for Axens, a French firm that prides itself in powering integrated solutions worldwide. Source CSL Research Read More

AFCFTA Offer Significant Opportunities for the Nigerian Private Sector to Expand - I am indeed delighted to attend this seminar dedicated towards expanding intra-regional trade and improving Nigeria's non-oil export. Let me first commend the organizers of this seminar, Zenith Bank for their focus on growing our non-oil exports. Source CBN Read More

Cement Production: Senate Urges FG to Introduce Liberal Policies to Encourage Local Investors - The Senate has called on the Federal Government to introduce liberal policies such as the provision of industrial and larger tax incentives to encourage local investments in cement production in Nigeria. Source Nigeria Senate Read More

Facebook Creators Campaign Showcases Inspiring Stories of Content Creators in Nigeria and Ghana - Facebook today announced the launch of Facebook Creators campaign in Nigeria and Ghana, highlighting the inspiring stories of leading content creators who have succeeded in various creative industries using the Facebook family of Apps to inspire other creative artists and connect with communities. Source AT3Resources Media Read More 

Higher Oil Prices Push Up External Reserves by $409m - The country's external reserves returned to a growth path as it gained $409m in two weeks, latest figures from the Central Bank of Nigeria disclosed on Monday. According to the CBN's figures on movement of reserves, the figure which stood at $34.845bn as of the end of April 1 rose to $35.254bn as of the end of April 16. Source Punch Read More


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PROSHARE MARKETS

Investors Gain N59.01bn as NSEASI Inches Up by 0.29%, Maintains Positive Posture - Equities market closed today on a positive note, as NSEASI appreciated by +0.29% to close at 39,128.34 basis points as against +0.43% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.84%. Source Proshare Market Read More

GUARANTY Declares N45.5bn PAT in Q1 2021 Results, (SP:N31.25k) - Guaranty Trust Bank Plc, Banking company in  Financial Services sector announced 27% Interest income decline in Q1'21 Result. Source Nigerian Exchange Group Read More

NGX Group Notifies of Change of Name and Brand Identity Post-Demutualisation - I write to inform you that following the successful demutualisation of The Nigerian Stock Exchange ("NSE" or "The Exchange") and the subsequent transition into a group holding structure, changes have been made to the nomenclature and brand identity of the now defunct NSE. Source Nigerian Exchange Group Read More

Shareholders Applaud FCMB, Approve Dividend of N2.97bn at AGM - Shareholders of FCMB Group Plc (www.fcmbgroup.com) have restated their confidence in the financial institution to sustain its impressive performance and deliver more value. Source FCMB Read More

Can Nigeria Achieve Sugar Self-sufficiency? - Nigeria's sugar industry dates back to the 1960s. Domestic production, however, only supplied about c.2.8% of national sugar consumption in 2019, according to the National Sugar Development Council (NSDC). Source United Capital Research Read More

 

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PROSHARE BUSINESS

Petrol Landing Cost Hits N216, Daily Subsidy Now N4.64bn - The landing cost of Premium Motor Spirit (petrol) imported into Nigeria has jumped to N216.31 per litre on the back of the recent increase in global oil prices and the depreciation of the naira against the dollar. Source Punch Read More

CBN Guarantees Exporters Unfettered Access to Sales Proceeds - The Central Bank of Nigeria (CBN) has assured exporters that they will continue to have unfettered access to their export proceeds. CBN Governor, Mr. Godwin Emefiele, during a presentation at Zenith Bank's 2021 Export Seminar, which held via a virtual platform yesterday, however, urged them to reciprocate the good gestures of the central bank by repatriating their funds. Source THISDAYLIVE Read More

Report: Africa Recorded $5bn Capital Flight in Q1 2020 - The African Trade Finance Report (ATFR) has revealed that Africa suffered more than $5 billion capital flight in the first quarter of 2020, due to the impact of COVID-19 pandemic disease. Source THISDAYLIVE Read More

No Timeline for Full Deregulation Yet - NNPC chief, Kyari - The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mallam Mele Kyari, said yesterday that there was no timeline for full deregulation of the oil sector in the country at present. Source Vanguard Read More

ABCON Urges CBN on Cryptocurrency Policy - The Association of Bureaux De Change Operators of Nigeria (ABCON) has called on the Central Bank of Nigeria (CBN) to introduce measures that will counter the advantages of cryptocurrencies as a channel for diaspora remittances. Source The Nation Read More

U.S. Treasury's Yellen Says Corporate Climate Commitments Help Manage Financial Risks - U.S. Treasury Secretary Janet Yellen said on Wednesday that companies setting ambitious carbon reduction targets are already helping financial institutions manage climate-related risks and helping support a transition to a low-carbon economy. Source Reuters Read More 

 

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PROSHARE TECHNOLOGY

FintechNGR Inducts 11 New Corporate Members at Social Meet 9.0 - On the 16th of April 2020, FintechNGR hosted Social Meet 9.0, a small private session on germane issues of scale and maximizing the potentials of the fintech landscape with her members at the Africa Fintech Foundry, Lagos. The Meet themed; The Making of Indigenous Fintech Unicorns: Nuggets for Scaling. Source FintechNGR Read More

FIS Partners Flutterwave to Provide Its Payment Processing Services to Nigeria and South Africa - Continuing to build its footprint as a leading global acquirer, financial technology leader FIS (NYSE: FIS) announced today that it is expanding its payment processing capabilities into the rapidly growing markets of Malaysia, South Africa and Nigeria. Source FIS Read More

Nigerian Fintech Okra Raises $3.5M Backed by Accenture Ventures and Susa Ventures - The last five years have seen a plethora of fintech applications in Nigeria (and Africa, in general) grow at an astonishing rate. But most of these companies and developers find it difficult to access real-time banking data. This, in turn, creates a bottleneck when onboarding and verifying customers. Source Techcrunch Read More

Leading Insurance Firms Sign Fintech Pledge - The Fintech Pledge, supported by HM Treasury and developed by the Fintech Delivery Panel, sets world-leading standards to accelerate the growth of the UK's fintech sector by promoting valuable partnerships between financial institutions and tech scaleups. Source Finextra Read More


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PROSHARE FINANCE

Wartsila Partners with Ambitious Africa to Support Young Africa Talents - Wartsila's commitment to supporting the well-being of society is again emphasized with its recent entry into a strategic partnership with Ambitious. Africa, a young initiative that aims to act as a bridge between Africa and the Nordic countries. Source AT3Resources Media Read More

 

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PROSHARE MSME

JA Nigeria Partners for Growth, Empowers Young People and Grooms Digital Entrepreneurs - The trajectory of Junior Achievement Nigeria reaching over 1 million youths is one that has embraced diverse support of individuals, groups, and organisations. The continuous tenacity applied to impacting the lives of youths especially in a time where the pandemic brought many to economic recession is one that can best be described as apt. Source FirstBank Read More 

 

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