Nigeria in 1min: Economic, Business and Financial Headlines - 231121


Tuesday, November 23, 2021 / 5:30 AM / By News Aggregator / Header Image Credit: Aso Rock Villa

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COVID-19 Health Updates

  • 21st of November 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 213,589 cases (New: 57)
  • Discharged: 206,518
  • Deaths: 2,974 (New: 1)

Source: NCDC Read More


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Axxela Announces Its Long-term Issuer and Issue Ratings Upgrade With a Stable Outlook from GCR - Axxela Limited ("Axxela"), one of Sub-Saharan Africa's leading energy solutions provider today announced that Global Credit Ratings (GCR) has upgraded its National Scale Long-Term Issuer rating to "A-(NG)" and affirmed the Short-Term Issuer at "A2(NG)", with a Stable Outlook. Source Axxela Read More

CBN Issues Guidelines for the Agricultural Credit Guarantee Scheme - The Agricultural Credit Guarantee Scheme Fund was established by the Federal Military Government under the Agricultural Credit Guarantee Scheme Fund Decree 1977 (Decree No. 20) and as amended on 13th June 1988, and 26th June 2019. Source CBN Read More

GDP Slows at 4.03% in Q3 2021 as Base Year Effects Wane - The Q3 GDP report was released 7 days ahead of schedule. The growth rate even though slower than Q2 was a positive surprise to analysts and the markets. The economy grew by 4.03% (year-on-year) compared to 5.01% in Q2'21. Source FDC Read More

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Exploring Incentives for the Nigerian Creative and Entertainment Industry - The Nigerian entertainment and creative industry has experienced massive growth over the last decade. According to the International Monetary Fund (IMF), the entertainment industry now accounts for 1.45% of Nigeria's GDP. Source Rapheal Irenen of AELEX Read More

Nigeria can Resolve its Revenue Challenges through the Optimization of its National Assets - Nigeria's fiscal challenges can be solved by optimizing idle national assets spread across the country. The CEO of Economic Associates, Dr. Ayo Teriba, claimed while fielding questions on  "Nigeria and the Pathway to Sustained Economic Growth." Source Ottoabasi Abasiekong for WebTV Read More


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Lafarge Africa's 9months 2021 Result: Rise in Earnings and Declining Debt - High costs in the cement industry rubbed off on Lafarge Africa in the first 9months of 2021. However, the profit of the company equally rose as the manufacturer was able to pass rising costs through to consumers resulting in revenue and profit growth above 20%, despite the challenging business environment. Source Adaeze Nwachukwu, Proshare Research Read More

Domestic and Foreign Portfolio Participation in Equity Trading - October 2021 - On a monthly basis, Nigerian Exchange Limited ("NGX") polls trading figures from market operators on their Domestic and Foreign Portfolio Investment (FPI)4 flows. As at 31 October 2021, total transactions at the nation's bourse increased by 80.34% from N118.15billion (about $285.81million) in September 20215 to N213.07billion (about $513.31million) in October 2021. Source NGX Read More

FMN Plc and Honeywell Group Limited Sign Agreement to Acquire 71.69% Stake in Honeywell Flour Mills - Flour Mills of Nigeria Plc ("FMN") and Honeywell Group Limited ("HGL") today announced that they have signed an agreement for the proposed combination of FMN through its affiliates and Honeywell Flour Mills Plc. ("HFMP"), a portfolio company of HGL. At a total enterprise value of NGN80 billion, HGL will dispose of a 71.69% stake in HFMP to FMN. Source NGX Read More

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FMN to Acquire 5.06% FBNH Equity Stake in Honeywell Flour Mills Plc, to Hold 76.75% Stake - Flour Mills of Nigeria Plc. ("FMN") announced that it has reached an agreement with Honeywell Group Limited ("HGL"), the majority shareholder of Honeywell Flour Mills Plc. ("HFMP"), to acquire a 71.69% majority shareholding interest in HFMP. Source NGX Read More

Implications of Proposed Acquisition of Honeywell Flour Mills by Flour Mills of Nigeria - Flour Mills of Nigeria Plc (FMN) has notified the Nigerian Exchange Group (NGX) of its plan to acquire a controlling stake in Honeywell Flour Mills Plc - HFM (not covered). Source FBNQuest Read More

Investors Gain N31.76bn as NGXASI Inches Up by 0.14% to Open the Week Positive - Equities market closed on a positive note, as NGXASI appreciated by +0.14% to close at 43,260.13 basis points as against -0.20%  depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +7.42%. Source Proshare Markets Read More

Mixed Performance Across Commodities - AFEX Commodities Weekly Report 191121 - The price of Maize on the Exchange last week took a downturn as it dipped, closing at 13.17% low while underperforming against other commodities. Source Kainosedge Consulting for AFEX Commodities Exchange Read More 

FG November Bonds Oversubscribed By N117.15bn - DMO - The Federal Government's bonds for November worth N150bn, which were auctioned on November 17, were oversubscribed by N117.15bn, the Debt Management Office has said. The DMO said the total subscription received from investors was N267.15bn, with only one of the bonds undersubscribed. Source Punch Read More


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AMCON MD Submits List of Top 1,000 Bank Debtors Owing N4.4trn to National Assembly - In another deft strategy to intensify its debt recovery drive in the country, the Asset Management Corporation of Nigeria (AMCON) has submitted a list containing its top 1,000 obligors to the National Assembly. AMCON made the expose to members of the House of Representatives Committee on Banking and Currency at the just concluded retreat of the committee in Lagos.  Source AMCON Read More

10,000 Barrel Modular Refinery To Be Completed December - NCDMB - The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), has said the Duport Modular Refinery is on track to be completed before the end of December 2021. Source Dailytrust Read More

NEXIM Bank Signs Agreement To Implement $500m Transactions - The signing ceremony took place on the sideline of the just concluded  Intra-African Trade Fair with Mrs. Kanayo Awani the Managing  Director, Intra-African Trade initiatives signing on behalf of Afrexim bank while the managing director /chief executive, NEXIM Bank, Mr. Abba Bello signed on behalf of the bank. Source Leadership Read More

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Afreximbank: $36bn Deals Sealed At Intra-African Trade Fair - The African Import and Export Bank (Afreximbank) says about $36 billion deals were sealed at the just concluded Intra-African Trade Fair (IATF). Source The Cable Read More

Nigeria, Africa Account For 2% Of Global Trade, As Continent's Infrastructure Deficit Hits $100b - Africa's share of global trade remains low at two per cent, Secretary General, African Continental Free Trade Area (AfCFTA), Wamkele Mene, has said. Besides, a total of $36 billion transactions were sealed at the end of the 2021 Intra African Trade Fair (IATF). Source Guardian Read More

Trade deficit declined to $340m in July - CBN - Nigeria's trade deficit declined to $340m in July from $2.4bn in June, figures obtained from the Central Bank of Nigeria revealed on Sunday. The apex bank disclosed in its July economic trade performance report that the improvement emanated from reduction in imports. Source Punch Read More 

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