Nigeria in 1min: Economic, Business and Financial Headlines - 260721


Monday, July 26, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: @NigeriaBasket


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COVID-19 Health Updates

  • 25th of July 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 171,111 cases (New: 216)
  • Discharged: 164,799
  • Deaths: : 2,132 (New: 2)

Source: NCDC Read More

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Fitch Affirms African Development Bank at 'AAA'; Outlook Stable - Fitch Ratings has affirmed African Development Bank's (AfDB) Long-Term Issuer Default Rating (IDR) at 'AAA' with a Stable Outlook. AfDB's 'AAA' Long-Term IDR is driven by the extraordinary support it receives from its shareholders, which Fitch assesses at 'aaa'. Source Fitch Read More

Nigeria's Near-Term Inflation Outlook Still Looks Bleak - Analysts have expressed doubts about the sustainability of the fall in Nigeria's year-on-year headline inflation rate over the next five months (despite the recent decline from 17.93% in May to 17.75% in June 2021). Source Op-ed by Prof Uche Uwaleke Read More

Oil Prices Recover from A Very Manic Monday - OIR 230721 - The news of OPEC+ bringing back withheld production in August 2021, following through with 400kbpd monthly increments over the remainder of this year, triggered a spectacular tumble in oil prices earlier this week. Source Tom Kool of Oilprice Read More

Outlooks for Financial Institutions Ratings Continue to Stabilise - The number of negative Outlooks and Watches on global financial institutions' (FIs) ratings continued to decline in 2Q21, signalling that pressure from the pandemic is receding, Fitch Ratings says in a new report. Source Fitch Ratings Read More

Petroleum Industry Bill, 2021 - A Game Changer? - The National Assembly has finally passed the Petroleum Industry Bill (PIB), 2021. The key objective of the PIB is to overhaul and transform the Nigerian oil gas industry. The Bill is now awaiting the assent by the President. Source  by Wole Obayomi Read More

FG to Service Debt with N14.6tn in Three Years - The Federal Government plans to spend a total sum of N14.6tn on debt servicing between 2022 and 2024, an analysis of official data have shown. Projections in the Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2022 to 2024 show that the government intends to spend N3.6tn on debt servicing in 2022, N4.9tn in 2023 and N6.1tn in the 2024 fiscal year, amounting to N14.7tn. Source Punch Read More


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What To Expect from The Markets This Week - 260721 - In its recent report titled: 'Of Roads Less Travelled: Assessing the Potential for Migration to Provide Overseas Jobs for Nigeria's Youth', the World Bank noted that Nigeria is experiencing its worst unemployment crisis as the unemployment rate rose five-fold, from 6.4% in 2010 to 33.3% in 2020. Source Proshare Content Read More

Zenith Bank Plc Approves Q2 2021 Audited Results and Payment of Interim Dividend - Please be informed that the Board of Directors of Zenith Bank Plc at its meeting of Friday, July 23, 2021, considered and approved the 2021 Half Year Audited Results of the Group and the payment of an interim dividend, subject to the approval of the Central Bank of Nigeria (CBN). Source NGX Read More


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Dr. Yemi Kale: The Man and the Hour - Dr. Oyeyemi Kale, Statistician-General of the Federation (SGF), is a rare personality, a man of multiple emotional and intellectual universes, and a scion of excellence. He is a champion of the workspace with a work culture only the most ardent and rigorous can match. by Editorial Board / Proshare Research Read More

Nigerian Banks are Safe - CBN - The Central Bank of Nigeria has reiterated the resilience, safety and soundness of Nigerian Deposit Money Banks and other financial institutions under its supervision. Source Punch Read More

'Selection of Dangote, BUA, Flour Mills for Sugar Importation in Line with our Master Plan' - Recently the Central Bank of Nigeria (CBN) announced that sugar importation should be restricted to Dangote, BUA, and Golden Sugar. Many people feel this is empowering a few big players who can fix prices, What is your take?. Source THISDAYLIVE Read More

Nigeria's Auto Industry Loses $10bn Yearly to Petrochemical, Steel Deficits - Government's failure to revive steel companies and equally develop indigenous petrochemical plants have stalled the local automotive development agenda, leading to loss of $10 billion yearly to large scale importation of fully-built motor vehicles and allied components used for local assembling. Source The Guardian Nigeria Read More

Oil Prices Aiming for Stability As Demand Recovers - Oil prices stabilised yesterday and poised to end the week largely steady after rebounding from a sharp drop earlier in the week, underpinned by expectations that supply will remain tight as demand recovers. Brent crude futures fell 23 cents, or 0.3 per cent, to $73.56 a barrel after jumping 2.2 per cent on Thursday. For the week, Brent was set to end flat. Source LeadershipNG Read More

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Top Five Microcap Crypto Projects in 2021 - The worldwide acceptance of cryptocurrencies has resulted in the creation of many crypto-driven projects. Without a doubt, the most prominent crypto project is the Bitcoin project. However, many other crypto projects have enjoyed huge success and attracted a large number of users. Source Sponsored Post by Max Decker Read More

The Changing Face of Finance, A New System Beckons - There are currently over 4000 (four thousand) cryptocurrencies in circulation[1] and about 51,200,000 (fifty-one million, two hundred thousand) active traders of cryptocurrency around the world. Source by Olubusola and Oluwapelumi of AELEX Read More

CBN Targets October 1 for Digital Currency Launch - The Central Bank of Nigeria (CBN) yesterday disclosed that its much-anticipated digital currency will be launched on October 1. CBN Director, IT Department, Mrs. Rakiya Mohammed, revealed this during a private webinar, explaining that the banking sector regulator had been conducting research towards the launch of digital currencies since 2017. Source by James Emejo of ThisDay Newspaper Read More

Nigeria, Others Record Increase in Financial Malware - Report - Nigeria witnessed a 32 per cent increase in the financial/banking malware in the second quarter of 2021 when compared to the figures for Q1 2021, according to a report. In the report, Kaspersky identified ransomware, and crypto-miner malware as other top malware families affecting Nigeria, South Africa, and Kenya. Source Punch Read More

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NIFIAN Explores Risk and Return Sharing Concepts in Nigeria's Non-Interest Finance Market - The Non-Interest Financial Institution Associations of Nigeria (NIFIAN) recently hosted its 2nd webinar which focused on the theme "Understanding Risk and Return Sharing Concept in Non-interest Finance". Source Bukola Akinyele-Yisau for WebTV Read More

SEC Set to Support the Development of Nigeria's Non-Interest Capital Market - The Securities and Exchange Commission (SEC) Nigeria is resolute in developing a Non-Interest Capital Market. In a recent presentation at the maiden WebTV Islamic Finance Webinar, Mr. Abdulkadir Abbas, Head of Department, Securities, and Investment Services SEC Nigeria. Source Bukola Akinyele-Yisau for WebTV Read More


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Ecobank Group and Microsoft Upskill Africa's SMEs to Succeed in a Digital Economy - The leading pan-African banking group, Ecobank Group (, in partnership with Microsoft, LinkedIn, GitHub and Ecobank Academy is set to provide training to equip Small and Medium-sized Enterprises (SMEs) across sub-Saharan Africa. Source Ecobank Group Read More


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