Nigeria in 1min: Economic, Business and Financial Headlines - 050221


Friday, February 05, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @seyiamakinde

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COVID-19 Health Updates 

  • 4th of February 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 136,030 cases (New: 1340)
  • Discharged:  110,449
  • Deaths: : 1632 (New: 14)

Source: NCDC Read More

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Outlook 2021: Eyeballing Major Economic Indicators in 2020 - Inflation -  Many factors shaped Nigeria's rising inflation in 2020. Some of the driving factors of the rise in inflation include insecurity, structural rigidities, land border closure, and the COVID-19 pandemic which disrupted both global and domestic supply chains. Source Proshare Research Read More

COVID Crisis is Fueling Food Price Rises for World's Poorest - Over the last year, COVID-19 has undone the economic, health and food security of millions, pushing as many as 150 million people into extreme poverty. While the health and economic impacts of the pandemic have been devastating, the rise in hunger has been one of its most tangible symptoms. Source David Malpass of World Bank Read More


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SEC Crowdfunding or Venture Capital Financing. Which One Works? - Perhaps, one of the most important decisions you can make as a Nigerian founder/business owner is that decision around the type of investor from whom to raise money and the type of investment instrument that better reflects the nature of the investor's risk appetite. Source Olubunmi Abayomi-Olukunle Read More

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NCM 2020: NSEASI Performance Review and How Each Company Fared in 2020 - Nigerian Stock Market reversed the negative sentiment witnessed in 2019 at the close of trading in 2020. The NSEASI closed the Year 2020 with a +50.03% gain as against -14.60% losses in 2019 and -17.81% in 2018, respectively. Source Proshare Research Read More

Investors Lose N122.05bn as NSEASI Dips by -0.51%, Closes Below 42,000bpts - Equities market closed today on a negative note, as NSEASI depreciated by -0.51% to close at 41,785.80 basis points as against -0.10% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +3.76%. Source Proshare Markets Read More

Honeywell Flour Mills Plc Rolls up Profit Numbers in Q3 2020 Despite COVID-19 Concerns - Despite COVID-19 fears that stoked investment concerns in Q2 and Q3 2020, Honeywell Flour Mills Plc bucked analyst's expectations with its financial fortunes improving as revenues rose by +41.0% year-on-year (Y-o-Y) despite a general economic meltdown. Source Adesola Borokinni, Proshare Research Read More

Diaspora Remittances in Nigeria: Examining the New CBN Policy (2) - In December 2020, the Central Bank of Nigeria ("CBN") issued series of circulars in furtherance of its new policy on diaspora remittances.1 The older circulars and the CBN policy have been discussed in our earlier article on this subject and can be read here.2 Source Aelex Read More

GameStop, 'Reddit Rally' Stocks Slide More, Yellen Vows Scrutiny - Shares of GameStop Corp and others favored recently by retail investors fell further on Thursday, while U.S. Treasury Secretary Janet Yellen said she needed to "understand deeply" the trading frenzy that has gripped Wall Street. Source Reuters Read More


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Q and A from the Proshare 2020 Review and 2021 Outlook Reports Launch - On January 28, 2021, the Proshare 2020 Review Report titled "The Nigerian Capital Market Report 2020: Leveraging a Crisis" and the 2021 Economic Outlook Report titled "Goodbye 2020, Hello 2021, Understanding the Mega Trends of a Crucial Year for an Economy" were launched to give policy makers, companies, households and the investing public insights into the happenings in the Nigerian Capital Market, performance of key sectors and the trends likely to shape events in 2021. Source Proshare Research Read More

The Economics of Influence: How Social Media Influencers Earn Millions of Dollars Every Year - The influencer marketing industry has been on a tear in the last few years and it is expected to continue its upward trajectory over the next few years to come. According to MarketsandMarkets, an American research firm, the global influencer marketing platform market size alone is expected to grow from USD 5.5 billion in 2019 to USD 22.3 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 32.4%. Source Plaqad Read More

Reps Grill DPR, Summon NNPC, CBN Over $20bn Oil Theft - The House of Representatives has continued its investigation of diverted and stolen crude oil in Nigeria valued at $20m, with its Ad Hoc Committee on Oil Theft grilling top officials of the Department of Petroleum Resources. Source Punch Read More

FG Moves for Full Implementation of ECOWAS Brown Card - The Federal Government has moved for the full implementation of the ECOWAS Brown Card Insurance Scheme to guarantee prompt compensation to victims of road accident within the ECOWAS member states. Source Punch Read More

Nigeria Records $5.1bn Portfolio Investments in Nine Months - Nigeria recorded $5.1bn portfolio investments in the first nine months of 2020. Figures obtained from the National Bureau of Statistics revealed that while there was a significant investment of $4.3bn investments in the first quarter, investments in the second and third quarters reduced to $385.32m and $407.25m respectively. Source Punch Read More

Kyari: African Leaders Must Leverage Technology for Energy Sufficiency - The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has urged African leaders to leverage emerging technologies and innovation to curtail the energy poverty in the continent. Source THISDAYLIVE Read More

NLNG Generated $108 Billion in 21 years - The Nigeria Liquidified Natural Gas (NLNG) said it has generated about $108 billion since it started operation about 21 years ago. It also explained it had given out about $35 billion in dividends to share. Source The Nation Read More

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Facebook Marketplace Rolls Out in Nigeria - Facebook today announced the launch of Marketplace in Nigeria, a convenient destination where people can discover, buy and sell items from others in their local communities. Source Facebook Read More

Nigeria's Mobile Internet Subscription Drops by 563,837 - Nigeria's mobile internet subscribers decreased by 563,837 in December, with the total number of Internet users dropping to 153.87 million from 154.43 million in November 2020. Source Punch Read More


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Oando Foundation Commemorates 10 Years of Bridging the Gap in Basic Education - Oando Foundation (referred to as "the Foundation"), an independent charity founded in 2011 to support the Nigerian Government in achieving its Universal Basic Education goals, is pleased to announce the commemoration of its tenth (10th) year anniversary on February 4, 2021. Source Oando Read More

Bashar Al Natoor to Speak on Assessment of Islamic Finance Growth in Nigeria and Africa - Mr. Bashar Al Natoor is Fitch Rating's Global Head of Islamic Finance. He is responsible for bringing together all Islamic Finance activities across Fitch Rating's Sovereign, Financial Institutions, Corporate, Structured Finance, Infrastructure and Insurance teams, uniting analytical and industry expertise into a dedicated Islamic Finance group. Source WebTV Read More


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