Nigeria in 1min: Economic, Business and Financial Headlines - 050521

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Wednesday, May 05, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @FinMinNigeria


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COVID-19 Health Updates 

  • 5th of May 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 165,199 cases (New: 34)
  • Discharged: 155,381 
  • Deaths: : 2063 (New: 0)

Source: NCDC Read More

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PROSHARE ECONOMY

PMI Reading No 97: A Welcome Uptick - Our manufacturing Purchasing Managers' Index (PMI) recovered from 51.4 to 53.0 in April. It was the first of its kind in Nigeria. Readings for four of the five sub-indices improved in the month. Our partner, NOI Polls, collects the data. Source FBNQuest Read More 

Transparency and Foreign Direct Investment - Last week the Central Bank of Nigeria removed the directors of First Bank of Nigeria, but reinstated its managing director, in a move that grabbed headlines. It raises the issue of corporate governance and of governance overall in Nigeria. What is the cost of poor governance and what are the benefits of good governance? Source Coronation Research Read More 

FG to cut Personnel cost, merge MDAs - The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, gave this indication at the on-going 'National Policy Dialogue on Corruption and Cost of Governance in Nigeria' held in Abuja, yesterday. Source Vanguard Read More


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PROSHARE MARKETS

The April 2021 Nigerian Capital Market Service Report - Proshare - Nigerian Stock Market closed the month of April 2021 in the green zone as market witnessed renewed bargain hunting as against negative posture recorded in the previous month of March 2021. Source Proshare Research Read More 

Nigerian Naira Remains Fair Stable, But Downside Risk Abounds - Naira has remained stable over the past few weeks supported by the gains from higher crude prices (+3.40%MtD to US$68.32 bbl. as of the end of April). The impact of the higher crude prices can also be seen in the external reserves (+0.34%MtD to USD34.94bn), representing five months import cover. Source CSL Research Read More 

Average Yield Remained Unchanged at 4.74% WoW Amidst Quiet Trading Sessions - Last week, trading in the Nigerian Treasury Bills ("NT-Bills") secondary market was relatively quiet as liquidity levels remained tight (N274.3bn short as at Monday, 26th April, 2021) and as investors stayed on side-lines, awaiting the Primary market Auction ("PMA") that held on Wednesday, 28th April, 2021. Source Afrinvest Read More 

Investors Lose N17.04bn as NSEASI Dips by -0.08% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.08% to close at 39,801.78 basis points as against +0.95% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.16%. Source Proshare Research Read More

 

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PROSHARE BUSINESS  

Modular Refineries: Revoke, Re-Issue Licences, Reps Urge NNPC - The House of Representatives has urged the Nigerian National Petroleum Corporation to review the status of the licences issued to indigenous companies to run modular refineries. It asked the corporation to revoke and re-issue them to competent and reliable operators. Source Punch Read More 

AfDB, IFAD partner To Strengthen Food Security In Africa - The African Development Bank(AfDB) and the International Fund for Agricultural Development (IFAD), the Forum for Agricultural Research in Africa (FARA) and the CGIAR System Organisation have formed an alliance to address rising hunger on the continent. Source Guardian Read More 

Fed Govt Directs NEXIM Bank To Increase Funding To Critical Sectors - The Federal Government has mandated the Nigeria Export-Import Bank (NEXIM) to increase its funding to critical sectors. Minister of Finance Budget and National Planning Mrs Zainab Ahmed gave the directive in Abuja while inaugurating the two new non-executive directors of NEXIM – Mallam Kabiru Hassan and Mr. Ede O. Dafinone. Source TheNation Read More

 

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PROSHARE TECHNOLOGY   

Nigerian FinTechs Raised $439m in 2020 - The research in this report shows that the Nigerian FinTech industry is nascent compared to FinTech ecosystems globally. However, it is maturing at an exponential pace. This is reflected in the profile of the firms, the breadth of coverage, the increasing level of global connection and rising levels of profitability. Source EY and FintechNGR Read More 

Google Launches 40,000 Scholarships For Developers - Google has announced the launch of 40,000 new developer scholarships in partnership with Pluralsight and Andela for Africans. The company said it was offering the scholarships for Android, Web, and Google Cloud developers to beginner and intermediate developers spread across mobile and cloud development tracks and resident in Africa. Source Punch Read More

 

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PROSHARE FINANCE 

Pension Operators Seek Alternative Investments As Assets Decline - The Pension Fund Operators Association of Nigeria has said it is seeking other alternative investment options aside from the government bonds and treasury bills to increase returns on investment. The Chief Executive Officer, PenOp, Oguche Agudah, said this during a virtual training organised by a reporters' association. Source Punch Read More

 

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