Nigeria in 1min: Economic, Business and Financial Headlines - 020321


Tuesday, March 2, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: WTO

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COVID-19 Health Updates 

  • 1st of March 2021: Nigeria COVID19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 156,017 cases (New: 360)
  • Discharged:  133,904
  • Deaths: : 1,915 (New: 8)

Source: NCDC Read More

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Dangote Refinery: A Panacea to Nigeria's Petrol Import? - Last week, the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, during an inspection tour of the US$15bn Dangote Refinery, Petrochemicals Complex Fertiliser Plant and Subsea Gas Pipeline project that is nearing completion in Lagos state noted that the plant will save the country's foreign exchange as the importation of petroleum products will stop. Source CSL Research Read More

An Enabling Environment is Key to the Growth of Nigeria's Creative Industry - An enabling environment is a key to the growth and development of the thriving creative industry in Nigeria. Mr. Atunyota Akpobome, also known by his stage name Alibaba, made this point while speaking on the "Opportunities for Unlocking the Growth of the Arts and Entertainment Industry In Nigeria". Source WebTV Read More

External Reserves Drop by $1.1bn in One Month - External reserves dropped by $1.1bn in February, according to statistics obtained from the Central Bank of Nigeria on Monday. The reserves which stood at $36.19bn as of February 1 fell to $35.09bn as of February 26. Source Punch Read More

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Investors Gain N68.93bn as NSEASI Inches Up by 0.33% to Close the Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.33% to close at 39,931.63 basis points as against -0.74% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.84%. Source Proshare Markets Read More

ALERT: 1% of WEMABANK's Outstanding Shares Traded on NSE Today - At the close of trading today, a total volume of 369.68mln units of shares of Wema Bank Plc valued at N240.32mln were traded. This represents 67.96% of the total market volumes of 543.99mln while the value of WEMABANK shares traded represents 12.73% of the total market value traded which was put at N1.89bn. Source Proshare Research Read More

MTNN Declares N205bn PAT in 2020 Audited Results; Proposes N5.90K Final Dividend; (SP:N174.00k) - MTN Nigeria Communications Plc released its 2020 Audited results for the period ended December 31st, 2020. Revenue grew by 15% to N1.3tn from N1.2tn in the previous quarter. Profit before tax grew by 2.6% to N299bn. Source NSE Read More

AFEX Export Index Experience Positive Performance as @ 260221 - The AFEX Commodities Index (ACI) ended its 8week bullish trend, closing the reporting week with a 2.03% decline (W-o-W). This is attributable to the decline in the prices of most of the commodities covered by the index particularly; soybean, paddy rice and sorghum. Source Kainosedge Consulting for AFEX Commodities Exchange Read More

Zoom Shares Rise on Strong Current-Quarter Forecast, Upbeat Results - Zoom Video Communications Inc forecast current-quarter revenue above expectations, as the company expects millions of people to continue using its video-conferencing platform to work remotely and attend online classes, sending its shares up 10%. Source Reuters Read More

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Dangote Grooms Nigerian Engineers to Manage Refinery Complex on Completion - The Management of Dangote Oil Refinery is preparing young Nigerian graduates to take over the management of its 650,000 barrels per day single train refinery when it becomes operational in 2022. Source Dangote Read More

No Wind-up Court Order on StarTimes - Following articles published by some Nigerian media over an alleged dispute between StarTimes and beIN Media Group, StarTimes wants to clarify the following points: StarTimes has not been subjected to any court order, in Nigeria or anywhere else, in relation to a dispute with beIN Media Group. Source Startimes Nigeria Read More

DPR: Moribund Facilities Limiting Domestic Refining - The Department of Petroleum Resources (DPR), has said moribund oil and gas facilities across the country would limit domestic refining capacity and hinder projected benefits and revenues. Source THISDAYLIVE Read More

CBN Defended Naira with $10.3b in Six Months - The Central Bank of Nigeria (CBN) defended the naira in six months with $10.3 billion intervention in the inter-bank foreign exchange market, its half-year report has shown. Source The Nation Read More

S&P 500 Surges in Strongest One-Day Rise Since June - The S&P 500 surged on Monday in its strongest one-day gain since June as bond markets calmed after a month-long selloff, while another COVID-19 vaccine getting U.S. approval and fiscal stimulus bolstered expectations of a swift economic recovery. Source Reuters Read More

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Monthly Instant Payments, PoS Deals Drop to N19tn - The value of transactions via digital payment platforms - Nigeria Interbank Settlement System Instant Payment System and Point of Sales terminals - dropped to N18.99tn in January 2021. Source Punch Read More

NITDA Seeks Review of 2007 Act - The Director General of the National Information Technology Development Agency, Kashifu Abdullahi, has presented a proposal for the realignment of 'NITDA Act 2007' with the tenets and ideals of Digital Economy Policy of the current administration. Source Punch Read More

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NSE X-Academy, CISI UK to Organize Virtual Training on the Fundamentals of Islamic Finance - The Nigerian Stock Exchange in Partnership with the Chartered Institute for Securities and Investment United Kingdom, will be holding a live virtual training on the "Fundamentals of Islamic Finance" from the 25th to 26th of March 2021 at 10:00am Nigeria time daily. Source NSE Read More

Stakeholders Endorse Ecobank Stewardship Pack and School Bundle - Stakeholders in faith-based organisations and education sector have endorsed the two new products recently introduced into the financial market by Ecobank Nigeria, saying they can provide solutions to their needs. Source Ecobank Nigeria Read More


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