Nigeria in 1min: Economic, Business and Financial Headlines - 051020

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Monday, October 5, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Ecographics

 

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COVID-19 Health Updates

  • 4th of October 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 59,345 cases (New: 58)
  • Discharged:  50,768
  • Deaths: : 1,113 (New: 0)

Source: NCDC Read More


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PROSHARE ECONOMY 

NESG v CBN: Beyond the Battleground - The Need for Facts, Perspective and Resolution - Officials at the Central Bank of Nigeria (CBN) are cerebral, nationalistic, and focused. But they are equally prickly, defensive, and impatient with alternative views. The recent public brickbat between Nigeria's banking sector regulator and the country's premier private-sector economic think tank. Source Proshare Research Read More

NESG v CBN: Issues Deconstructed: In Praise of Contexts - Taking a cue from the arguments between the CBN and NESG on the direction of the Nigerian economy, it appears clear that in the last five years, Nigeria's economy has bobbed and weaved between recession and modest growth as a result of external economic shocks from falling crude oil prices. Source Proshare Research Read More

All Region TOT Decreased by -0.79% in Q2 2020 Due to Weaker Trade with Europe, Africa and Asia - The terms of trade (TOT) represent the ratio between a country's export prices and its import prices. The ratio is calculated by dividing the price of the exports by the price of the imports, usually in percentage terms. Source NBS Read More

FG, Others Share N5.3trn in 8 Months - The Federal Government, 36 states and the 774 local governments of the federation as well revenue generating agencies of the Federal Government shared a total of N5.3 trillion as statutory allocation in eight months, from January to August 2020. Source Vanguard Read More


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PROSHARE REGULATORS

NAICOM Introduces Digital Portal to Boost Insurance Growth - The Commissioner for Insurance, Mr Sunday Thomas, has announced the introduction of a portal by the National Insurance Commission to drive insurance growth in the country and create easy access to insurance information. Source Punch Read More

 

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PROSHARE MARKETS

What To Expect From The Markets This Week - 051020 - The Federal Executive Council (FEC) recently approved the NGN13.08 trillion budget proposal for the 2021 fiscal year, representing a 24.6% increase from the 2020 revised budget. With projected revenue of NGN8.60 trillion. Source Proshare Content Read More

ALERT: 28.78% of Total Market Volume Traded on ZENITHBANK Shares Today - At the close of trading today, a total volume of 132.33mln units of shares of Zenith Bank Plc valued at N2.38bn were traded. Source Proshare Research Read More

ACI Retained its Performance - AFEX Commodities Weekly Report 240920 - The AFEX Commodities Index composite retained its performance as that of the previous week, closing at 271.02 points since there was no change in the sub-indices; Maize, soybeans and paddy rice. Source Kainosedge Consulting for AFEX Commodities Exchange Read More

Global Stocks Rise as Signs of Trump's Improving Health Calm Markets - Stock markets rose on Monday on hopes that President Donald Trump could be discharged from hospital later in the day, easing some of the political uncertainty that shook global bourses in the previous session. Source Reuters Read More


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PROSHARE BUSINESS 

Africa Could Gain $89bn Annually by Curbing Illicit Financial Flows - Every year, an estimated $88.6 billion, equivalent to 3.7% of Africa's GDP, leaves the continent as illicit capital flight, according to UNCTAD's Economic Development in Africa Report 2020.Source UNCTAD Read More

Oil Firms' Debts Near N5tn Amid Price Collapse - The debts owed by oil and gas companies to Nigerian banks rose by N90bn in the second quarter of this year to nearly N5tn as many operators struggle to stay afloat in the face of depressed prices and demand. Source Punch Read More

PIB Proposes 2.5% Fund for Host Communities - The Petroleum Industry Bill (PIB) has proposed that the host communities will receive 2.5 per cent fund on the basis of the oil companies' actual operating expenditure for the preceding year. Source THISDAYLIVE Read More

AFCFTA: Rules of Origin Negotiations at Concluding Stages - The Acting Director General of the Nigerian office of Trade Negotiations, Liman Victor Liman has said that his office has negotiated and almost concluded the rules of origin to pave way for Nigeria's ratification of the African Continental Free Trade Agreement (AfCFTA). Source THISDAYLIVE Read More


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PROSHARE TECHNOLOGY

The Rise of Digital During and After COVID - In one of our earlier columns, we noted, citing its central bank, that the volume of digital payments in Ghana increased by 81 per cent in Q1 2020. The lockdown in response to COVID-19 was the main factor although we should also mention the judicious waiving of fees on mobile money transfers. Source FBNQuest Research Read More

Mobile Industry Adds $184 Billion to Economy As 5g Adoption Gathers Momentum - From the $155 billion it added to the sub-Saharan Africa (SSA) economies in 2019, the mobile industry is expected to increase this to $184 billion by 2024. This is according to the Global System for Mobile telecommunications Association (GSMA) SSA Economy report, presented Tuesday at the ongoing GSM Thrive Africa conference. Source The Guardian Nigeria Read More


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PROSHARE FINANCE 

AfDB Partners with Nigerian Government and Microsoft to Launch Digital e-Learning Platform - The African Development Bank, the government of Nigeria and Microsoft (link is external) on Monday launched the Digital Nigeria eLearning Platform (link is external), to provide marketable digital skills to the country's youth. Source AfDB Read More


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