Nigeria in 1min: Economic, Business and Financial Headlines - 240821


Tuesday, August 24, 2020 / 5:56 AM / By News Aggregator / Header Image Credit: Twitter; @seyiamakinde

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COVID-19 Health Updates

  • 23rd of August 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 187,588 cases (New: 565)
  • Discharged: 168,818
  • Deaths: 2,276 (New: 8)

Source: NCDC Read More


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FirstBank's Sponsored "First Class Material" Continues to Empower the Nigerian Youth - First Bank of Nigeria Limited, Nigeria's premier and leading financial services provider has again reinforced its commitment to Youth Empowerment and Entrepreneurship through its sponsorship of the docuseries "First-Class Material" from the stables of Linda Ikeji TV. Source FirstBank Nigeria Read More

The Petroleum Industry Act Needs Whistleblowing Mechanism to Ensure Transparency - The Petroleum Industry Act is a welcome development to the Nigerian oil and gas industry. Still, it would be more effective if a "whistleblowing mechanism" was entrenched to ensure transparency and accountability in the sector. Source Ottoabasi Abasiekong for WebTV Read More

Electricity Grid Collapses for Second Time in One Month - The national power grid has collapsed for the second time in less than a month, worsening the blackout being experienced by households and businesses in parts of Nigeria. Source Punch Read More

Reps Dismiss Customs' 1.3trn Revenue Projection for 2022 - The House of Representatives' Committee on Finance has dismissed a revenue of N1.3 trillion being projected by the Nigeria Customs Service for 2022 fiscal year, vowing to raise the target. Source Punch Read More

Nigerians in Diaspora Remit $65.34bn in Three Years - The Nigerian Diaspora population remitted $65.34bn in three years to boost economic activities in the country, data obtained from the World Bank have shown. According to the World Bank data, in 2018, the Nigerian Diaspora remittance was $24.31bn; in 2019, it dropped to $23.81bn; and in 2020, it fell to $17.21bn. Source Punch Read More

IMF's Largest SDR Allocation in History Takes Effect - The International Monetary Fund (IMF) announced on Monday that its new allocation of Special Drawing Rights (SDRs) was equivalent to 650 billion U.S. dollars. The largest in the IMF's history, comes into effect, in an effort to help countries recover from the COVID-19 pandemic. Source THISDAYLIVE Read More

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Investors Lose N25.21bn as NSEASI Dips by -0.12% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.12% to close at 39,434.69 basis points as against -0.47% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.08%. Source Proshare Markets Read More

Bullish Trend Persists as Average Yield Dipped 8bps WoW to 4.69% - Last week, the Nigerian Treasury Bills ("NT-Bills") secondary market sustained a bullish run amidst pressured liquidity levels (which fell to N72.3bn short on Friday), due to persistent demand on the long-dated maturities (as average yields contracted 56bps W-o-W). Source Afrinvest Research Read More

Naira Depreciated at the Parallel Market by -1.02% WoW to N515.80 from N510.60 - In the FX Spot and Derivatives markets, the total turnover for the week-ended August 20, 2021, was $539.47 million, representing a decrease of 22.11% ($153.13 million) from $692.60 million reported for the week-ended August 13, 2021. Source FMDQ Read More


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AMCON Gives Court Undertaking on NICON; Publishes Record of Court Proceedings - The Assets Management Corporation of Nigeria (AMCON) has given a Federal High Court in Abuja an undertaking on NICON. This was contained in a newspaper advertisement published in ThisDay on August 23, 2021. Source Proshare Research Read More

NARTO, Dangote Refinery Collaborate on Efficient Products Distribution - Road Transport owners across Nigeria have expressed optimism that the 650,000 barrels-per-day Dangote Petroleum Refinery would deepen the downstream sector and positively impact their businesses. Source Dangote Read More

Fidelity Bank's Chairman to lead Bank Directors Association of Nigeria (BDAN) - Following the successful completion of Mrs. Osaretin Demuren's tenure, Mr. Mustafa Chike-Obi, Chairman, Fidelity Bank Plc, has been appointed to take over as President of Bank Directors Association of Nigeria (BDAN) from Monday, August 23, 2021. Source Fidelity Bank Read More

Private Sector Invests $8bn In Local Fertiliser Production - The private sector has invested $8bn in local fertiliser production in Nigeria since 2016. These investments were made by companies like Dangote Industries Limited, Indorama Eleme Petrochemicals Limited, Notore Chemical Industries and various blending plants in the country since 2016. Source LeadershipNG Read More

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PayPal to Let UK Users Buy, Sell Crypto on Platform - PayPal on Monday said it will this week begin to allow users in Britain to buy, hold and sell cryptocurrency through the online payment platform for the first time. The expansion into the hot digital money trend follows similar moves by the payments giant in the United States earlier this year. Source Punch Read More

Telecoms Firms Post N2.268tr Revenue - All the mobile network operators (MNOs) posted a total revenue of N2.268trillion as at last December as against N2.019trillion recorded in the preceding year, according to the latest report of the Nigerian Communications Commission (NCC). Source The Nation Read More 


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ASR Africa Partners Africa ER, Others on Life Skills for Basketball Players - The Abdul Samad Rabiu Africa Initiative - The brainchild of Abdul Samad Rabiu, the Founder/Executive Chairman of BUA Group recently partnered with Africa ER, a medical team of first aid experts and trainers to equip basketball players in Nigeria on life skills at a training held in Abuja last week. Source BUA Group Read More

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