Nigeria in 1min: Economic, Business and Financial Headlines - 290721


Thursday, July 29, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Facebook; Nigerian Economic Summit Group

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COVID-19 Health Updates

  • 28th of July 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 172,263 cases (New: 535)
  • Discharged: 164,886
  • Deaths: : 2,139 (New: 5)

Source: NCDC Read More

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Total Value of Capital Imported into Nigeria in Q2 2021 Declined by 54% QoQ - NBS - The total value of capital importation into Nigeria declined to $875.62m in the second quarter of 2021 from $1,905.89m in the first quarter of 2021. This represents a decrease of -54.06% compared to Q1 2021 and -32.38% decrease compared to the second quarter of 2020. Source by NBS Read More

Of Roads Less Traveled: Assessing the Potential of Economic Migration to Provide Overseas Jobs - Nigeria is both Africa's most populous country and its largest economy. Nigerians are not only creating a vibrant and dynamic society within Nigeria but are also leaving their footprint across the globe in diverse fields ranging from medicine to movies... Source by World Bank Read More

Better Growth Expectations for 2022 per the IMF - This week's update to the World Economic Outlook from the IMF has higher expectations for next year than three months ago. Projected global growth for 2021 is unchanged at 6.0% but the forecast for 2022 has been raised from 4.4% to 4.9%. Source by FBNQuest Research Read More

IMF Revises Nigeria's 2022 Growth Upwards To 2.6% - The International Monetary Fund has revised Nigeria's growth for 2022 to 2.6 per cent from the April 2021 projection of 2.3 per cent as it projected a 4.9 per cent global growth leaving the 2021 growth projections unchanged in its July 2021 World Economic Outlook (WEO). Source LeadershipNG Read More

Experts Blame COVID-19 as States' IGRs Shrink by 22% in Two Years - The aggregate internally generated revenue of the 36 states in the country and the Federal Capital Territory Administration fell by 37bn in two years, data obtained from the National Bureau of Statistics have shown. Source Punch Read More 


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Investors Lose N5.79bn, NSEASI Dips Marginally by -0.03% as Sell Pressure Persists - Equities market closed today on a negative note, as NSEASI depreciated by -0.03% to close at 38,791.03 basis points as against -0.12% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.67%. Source by Proshare MARKETS Read More

17th eTranzact AGM: Shareholders Approve 5.7bn Additional Capital Raising, Holdco Structure - Shareholders at the 17th annual general meeting of eTranzact International Plc approved the additional capital raising of N5.7bn through private placement and the restructuring to a Holding Company, Holdco. Source Ottoabasi Abasiekong for WebTV Read More

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Shareholders Hail Management of Oando Plc for Reaching Settlement with SEC - Months after a plethora of court cases with counter judgments the investment community was greeted on the evening of Monday, July 19, with the news of an amicable settlement to the long-standing dispute between the Securities & Exchange Commission (SEC) and the management of Oando PLC. Source by Oando Plc Research Read More

Power: Egbin Decries N388bn NBET Debt, Idle Capacity - Egbin Power Plc, the biggest power station in Nigeria, has said it is owed N388bn by the Nigerian Bulk Electricity Trading Plc for electricity generated and fed into the national grid. Source Punch Read More

N30bn Maize Lost to Insecurity in 2020, Farmers Claim - To mitigate attacks while cultivating crops on their farmlands, farmers have resolved to work in groups of 100, 200 or 300 persons, it was learnt on Tuesday. Source Punch Read More

NERC to Fine DisCos for Wrongful Disconnections - The Nigerian Electricity Regulatory Commission (NERC) has proposed to fine Electricity Distribution Companies (DisCos) for wrongfully disconnecting the customers from supply. It has proposed that "Any DisCos which disconnects a customer's supply in violation of this regulation commits an offence and is liable upon conviction to pay the customer a penalty". Source The Nation Read More 


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Ecobank Remains Payment Gateway in Africa" - Akinwuntan - According to him, Ecobank is present in all ECOWAS member states, stressing that the bank will continue to leverage its knowledge, footprint, and payment channels to promote trade and economic activities through its unique and large pan-African network that positions it to support businesses at all levels. Source by Ecobank Nigeria Read More

Synopsis of the New CBN Regulatory Regime for Payment Services Banks - On July 8, 2021, the Central Bank of Nigeria ("CBN"), Nigeria's apex financial and monetary regulator, issued a new regulatory regime for Payment Service Banks ("PSBs"), which complements the existing governing framework1. Source by Isa, Oluwatoba, & Jesutooni of Banwo & Ighodalo Read More

PiggyVest's Acquisition of More Activities in the Industry - PiggyVest, a financial technology (FINTECH) platform announced on Tuesday, the acquisition of, a wealth management app launched in 2018 that allows users to save through various features like automated savings, fixed deposits... Source by CSL Research Read More


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ASR Africa Commits 1BN Tertiary Education Grants to University of Benin - The Abdul Samad Rabiu Africa Initiative (ASR Africa) - the brainchild of Abdul Samad Rabiu, Founder and Executive Chairman of BUA Group has today, awarded a N1billion infrastructure grant to the University of Benin (UNIBEN) as part of its 2021 Tertiary Education Grants Scheme. Source by BUA Read More 

PenOp Seeks Review of Lumpsum, Others - The Pension Fund Operators Association of Nigeria (Penop) has sought a review of the lumpsum paid to retirees as part of pension benefits. This was part of the communique of its Third Annual Retreat with the National Assembly Joint Committees for Establishment and Public Service of the Senate and House of Representatives Committee on Pensions. Source The Nation Read More

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Over 200 Graduates Emerge from the Ecobank Group and AUDA-NEPAD MSME Training - The leading pan-African banking group, Ecobank Group (, and the African Union Development Agency New Partnership for Africa's Development (AUDA-NEPAD), held a virtual graduation ceremony for more than 200 alumni of the inaugural Ecobank's MSME Training for Financing Program. Source by Ecobank Read More 

Why should you use an Escrow Service in Nigeria? - The fear of paying for a service or product before receiving is scary. This is one of the risks involved in doing business as a small business owner but with Escrow, you can reduce the risk of fraud when buying or selling. See more benefits of an Escrow Service here

Every Enterprise need Business Insights - Businesses whether big or small can leverage on business insights to make informed decisions to drive growth and profitability. However, many small and medium enterprises (SMEs) do not want to use business intelligence (BI) solutions which have been proven reliable to help aggregate and appropriate business data to give insights.

Visit OZE by FCMB to see how you can leverage on your business' data. 

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