Nigeria in 1min: Economic, Business and Financial Headlines - 290621


Tuesday, June 29, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Facebook; @followlasg


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COVID-19 Health Updates

  • 28th of June 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 167,532 cases (New: 65)
  • Discharged: 163,984
  • Deaths: : 2,119 (New: 0)

Source: NCDC Read More

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Cost Reflective Electricity Pricing on the Horizon - According to the Tracking SDG7 access to electricity report, around 45% of Nigeria's population (or 89.6 million people) lack access to electricity, making Nigeria the world's largest energy access deficit nation. Source FBNQuest Research Read More

What Does an Electrical Relay Do? - Relays are electric switches that convert small electrical stimuli into larger currents with the help of electromagnetism. This is done by converting electrical inputs while activating the electromagnets, which further breaks the existing circuits. Source Anil Baswal Read More 

RMAFC Begins Review of Revenue Sharing Formula - The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission, Elias Mbam, has revealed that the commission has completed plans to begin the review of revenue allocation formula. Source Punch Read More

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Investors Lose N34.33bn as NSEASI Dips by -0.19% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.19% to close at 37,585.25 basis points as against -0.78% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.67%. Source Proshare Markets Read More

NGX Rebrands Market Indices - Nigerian Exchange Limited ("NGX" or "The Exchange") is pleased to announce the rebranding of all its existing indices by changing the prefix from NSE to NGX. The transition, which is effective Monday, 28 June 2021, leverages on the new brand identity of the Exchange. Source NGX Read More

Tepid Performance Persists as Average Yield on NT-Bills Closes Flat at 6.50% WoW - Last week, activities in the Nigerian Treasury Bills ("NT-Bills") secondary market started off on a calm note with low volumes of trades witnessed across the curve. This was on the back of tightened liquidity which was at N105.3bn short as at Wednesday (from N21.3bn negative on Monday). Source Afrinvest Research Read More

Foreign Exchange (FX) Market Analysis for Week-Ended June 25, 2021 - Below is the commentary on the Foreign Exchange (FX) market with data for the week-ended June 25, 2021. The table following the commentary compares Spot FX weekly turnover for trades between banks (FMDQ Dealing Member (Banks) [DMBs]/Authorised Dealers) and their clients for the week ended June 18 & June 25, 2021. Source FMDQ Read More

Access Bank Results Review: Stellar Q1 '21 Results Underpinned by Robust Revenue Growth - Access Bank's Q1 '21 pre-provision profits grew 13% y/y, underpinned by a 30% y/y growth in funding income. The funding income growth was mainly driven by a -17% y/y reduction in interest expense. Source FBNQuest Research Read More

Domestic and Foreign Portfolio Participation in Equity Trading - May 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 May 2021, total transactions at the nation's bourse decreased by 39.23% from N159.93billion. Source NGX Read More 


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Dangote Makes Nigeria Third-Highest Country in Terms of Urea Capacity Additions - With the coming on stream of Dangote Fertiliser Limited, global urea capacity is poised to see considerable growth over the upcoming years, potentially increasing from 222.96 million tonnes per annum (mtpa) in 2020 to 305.92 mtpa in 2030, registering a total growth of 37%, according to a GlobalData report. Source Dangote Read More

FBNQuest Wins Award for Equity Deal of the Year at the 2021 African Banker Awards - FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, emerged as the winner of the Equity Deal of the Year category at the 2021 African Banker Awards. Source FBNQuest Read More

IoD Nigeria Elects New President and Chairman of Council - Dr. (Mrs.) Ije Jidenma, F.IoD has been elected the 17th President & Chairman of the Governing Council of the Institute of Directors, Nigeria. Her election took place during the 37th Annual General Meeting of the Institute, held on Thursday, June 24, 2021 at the Institute's Secretariat, 28 Cameron Road, Ikoyi, Lagos. Source IoD Nigeria Read More

CIBN Partners Osun State in Capacity Building for Finance Personnel - The Chartered Institute of Bankers of Nigeria (CIBN) has called for partnership with Osun State Government to enhance the capacity building of their personnel in the area of banking and finance in the relevant ministries of the state government. Source CIBN Read More 

Petrol Landing Cost Hits N232, Subsidy Rises to N5.58bn Daily - The landing cost of Premium Motor Spirit being imported into Nigeria surged by more than 60 per cent between December 2020 and mid-June this year, although the pump price of the product remained unchanged, 'FEMI ASU reports. Source Punch Read More

Mass Metering First Phase to Gulp N60bn, Says FG - The Central Bank of Nigeria is providing N60bn for one million electricity meters that are meant for free distribution to unmetered power users across the country, the Federal Government has said. Source Punch Read More

Fashola Calls on Estate Surveyors to Embrace Digital Innovation - Minister of Works and Housing, Babatunde Raji Fashola has called on estate surveyors and valuers to explore digital technology innovation to promote professionalism and unlock infrastructure deficit to achieve growth and development in the country. Source The Nation Read More

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'25m Nigerians Unconnected to Telecoms Services' - About 20 years after the liberalisation of the telecoms sector, no fewer than 25 million, out of the 200 million Nigerians, are still not connected to telecoms services. The Nigerian Communications Commission (NCC), however, said it has brought down the figure of underserved and unserved from 217 access gaps clusters to 114. Source The Nation Read More

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The Incoming Wealth Shift - History has been a remarkably trustworthy guide to the patterns of wealth movement. Over time, the concentration of wealth has always been within the facilitators of industry. Source Coronation Research Read More

Addressing COVID-19 While Building Long-Term Capacity - The African pharmaceutical market's estimated worth is between US $40 - $65 billion, but it remains largely untapped, with a heavy reliance on imports. The market is expected to grow in response to the novel coronavirus (COVID-19) pandemic. Source Nextbillion Read More

7th African Islamic Banking and Finance Summit to be Held in Tanzania on the 9th-10th July 2021 - AlHuda Centre of Islamic Banking and Economics (CIBE) is honored to organize the 7th African Islamic Finance Summit in Tanzania. Similar events have been held successfully for many years in Tanzania for the betterment of the socio-economic conditions of the rural and urban areas of the country. Source AlHuda Press Release Read More

ASR Africa Awards $3million Education Infrastructure Grant to Ghana - The Ghanaian Government, through its Ministry of Education, has been awarded a $3million education infrastructure support grant from the Abdul Samad Rabiu Africa Initiative (ASR Africa). Source BUA Read More

How to Attain Wealth and Transition from the Middle Class to the Upper Class - Wealth and climbing to the top of the wealth mountain is free and open to anyone who want to climb. Yet, wealth is not cheap. To get the wealth of your dreams you have to climb up to get it. Source Grace Agada Read More

Servicom Will Boost Pension Administration, Says Ahmed - The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has said the implementation of the SERVICOM Charter will lead to better and efficient pension administration in the country. Source THISDAYLIVE Read More

NDIC to Pay Claims of 14 Liquidated Banks' Depositors, Shareholders - The Nigeria Deposit Insurance Corporation (NDIC), yesterday, said it would commence payment of liquidation dividends to uninsured depositors, creditors and shareholders of 14 liquidated banks. Source The Guardian Nigeria Read More

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