Nigeria in 1min: Economic, Business and Financial Headlines - 020721

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Friday, July 2, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Facebook; Tony Elumelu


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COVID-19 Health Updates

  • 1st of June 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 167,692 cases (New: 74)
  • Discharged: 164,273
  • Deaths: : 2,121 (New: 1)

Source: NCDC Read More


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PROSHARE ECONOMY

AfDB Participates in Launch of AGRF Forum Platform Linking Africa's SMEs to Investment Opportunity - The African Development Bank's incoming Vice President for Agriculture, Human and Social Development, Dr. Beth Dunford, and Director for Agricultural Finance and Rural Infrastructure Development Atsuko Toda joined development leaders online to launch this year's African Green Revolution Forum (AGRF) Agribusiness Deal Room. Source AfDB Read More

PMI Reading No 99: Back Below Water - Our manufacturing Purchasing Managers' Index (PMI) declined from 51.1 to 48.8 in June, returning to negative territory for the first time since January. It was the first of its kind in Nigeria. Readings for three of the five sub-indices fell in the month, and a fourth was flat. Source FBNQuest Research Read More

Stakeholders At Welcome2Africa Explore Opportunities for Increasing Agri-Financing in Nigeria - With the reality that Agriculture contributes about 24% of Nigeria's Gross Domestic Product (GDP) and remains the major employer of labour in the country, the need for increased investments in the sector has become compelling. Source Ottoabasi Abasiekong for WebTV Read More 

World Bank Financing for COVID-19 Vaccine Rollout Exceeds $4bn for 50 Countries - The World Bank announced today that it is providing over $4 billion for the purchase and deployment of COVID-19 vaccines for 51 developing countries, half of which are in Africa. Source By World Bank Group Read More

External Reserves Slide Further, Lost $905.5m in June - CBN - The country's external reserves maintained a downward trend as it lost $905.5m in June, figures obtained from the Central Bank of Nigeria showed on Thursday. According to the CBN's data on the movement of reserves, the reserves fell to $33.32bn as of the end of June 30 from $34.23bn on May 31. Source Punch Read More

Debt Servicing Gulped N1.8tn in Five Months, Says FG - The Federal Government says it released N973.13bn for the implementation of capital projects contained in the 2021 budget between January and May. It also disclosed that debt servicing gulped N1.8tn within the same timeframe. Source Punch Read More

PIB: Anger as Senate Slashes Host Community Share to 3% of Oil Profit - At long last, the Senate yesterday passed the much-awaited Petroleum Industry Bill (PIB), with 30 per cent of profits accruing from Oil and Gas operations by the Nigeria National Petroleum Corporation (NNPC) now to be set aside for exploration of oil in the frontier basins. Source The Guardian Nigeria Read More


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PROSHARE MARKETS

Investors Lose N4.55bn as NSEASI Dips Marginally by -0.02% Amid Positive Market Breadth - Equities market closed today on a negative note, as NSEASI depreciated by -0.02% to close at 37,898.56 basis points as against +0.71% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.89%.  Source Proshare Markets Read More

Ghana Panics after China Begins Exporting Cocoa Beans - Some Ghanaians are panicking over reports of the Chinese entry into the cocoa industry. The Chinese Academy of Tropical Agricultural Sciences recently reported that the Chinese island of Hainan has exported cocoa beans to Belgium. Source By Elvis Adjetey of Africa Feeds Read More

Coronation Merchant Bank Lists N25bn Bond on NGX - Coronation Merchant Bank Funding SPV Plc has listed its Twenty-Five Billion Naira (N25bn) Bond on Nigerian Exchange (NGX) Limited on Wednesday, 30 June 2021. Source NGX Read More 

 

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Zenith Bank Retains Position as Nigeria's Number One Tier-1 Bank - Zenith Bank Plc has been ranked as the Number One Bank in Nigeria by Tier-1 Capital in the 2021 Top 1000 World Banks Ranking published by The Banker Magazine. For the third consecutive year, the bank retained its position as the number one Tier-1 bank in Nigeria with a Tier-1 Capital of $2.64 billion, emerging as the 454th bank globally and the only Nigerian bank in the top 500. Source Zenith Bank Read More

LCCI Appoints New DG as Yusuf Bows Out - The Lagos Chamber of Commerce and Industry has appointed Dr Chinyere Almona as the new director-general of the chamber, effective July 1, 2021. The LCCI said in a statement on Thursday that Almona's appointment followed the retirement of Dr Muda Yusuf after the expiration of his tenure. Source Punch Read More

OPEC Meets to Review Oil Market Developments - The Joint Technical Committee (JTC) of the Declaration of Cooperation (DoC) of OPEC and non-OPEC oil producing countries held its 53rd Meeting via video conference to review the latest oil market developments and discuss future prospects. This is contained in the statement it issued from Vienna in Austria yesterday. Source The Nation Read More


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PROSHARE FINANCE

7 Tips for Writing A Saving Report - Businesses large and small will occasionally ask their employees to write a report on cost-effectiveness, how the company is faring and how it might save money. This can seem like a daunting process, but it doesn't need to be excessively difficult. Source Sponsored Post Boris Dzhingarov Read More

 

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Ecobank Nigeria To Launch Bespoke Women Empowerment Initiative, Ellevate - All is set for the launch of "Ellevate", a bespoke women empowerment proposition of the Ecobank Group. Ellevate is targeted at empowering women-owned, and women-focused businesses in Nigeria. Source Ecobank Read More

ITFC Extends 20 Million Euros to Burkina Faso's Coris Bank International - The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, continues its ongoing commitment to strengthen private sector development in Burkina Faso through its latest Murabaha financing agreement with Coris Bank International (CBI). Source ITFC Release Read More


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