Nigeria in 1min: Economic, Business and Financial Headlines - 051120


Thursday, November 5, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @followlasg

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COVID-19 Health Updates

  • 4th of November 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 63,328 cases (New: 155)
  • Discharged:  59,675
  • Deaths: : 1,155 (New: 4)

Source: NCDC Read More

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No Rapid Growth With these Power Shortages - Power shortages remain a prominent infrastructure gap in Nigeria. Substantial expansion in quantity, quality and access to infrastructure services, especially electricity, is fundamental to rapid and sustained economic growth, as well as poverty reduction. Source FBNQuest Research Read More


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Investors Gain N4.39bn as NSEASI Inches Up Marginally by 0.03% Amid Negative Market Turnover - Equities market closed today on a positive note, as NSEASI appreciated by +0.03% to close at 30,741.88 basis points as against +0.83% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +14.53%. Source Proshare Markets Read More

GTBank Obtains Approval-In-Principle from CBN and SEC to Restructure to a Finanacial HoldCo - Guaranty Trust Bank Plc (GTBank or the Bank) is pleased to announce that it has obtained the approval-in-principle of the Central Bank of Nigeria (the CBN) to commence the formal process of the reorganisation of the Bank to a financial holding company (the Restructuring). Source NSE Read More

S&P 500 Futures Rise as U.S. Election Suggests Less Regulatory Risk - U.S. stock market futures were marginally higher late on Wednesday as the presidential election race remained cloudy and the likelihood of gridlock in Congress made investors optimistic that major policy changes would be difficult to enact. Source Reuters Read More

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Nigeria, OPEC Peers to Lose $272bn In Oil Revenue - Nigeria and other members of the Organisation of the Petroleum Exporting Countries will see their combined net oil export revenue fall this year to its lowest level since 2002, according to the United States Energy Information Administration. Source Punch Read More

MAN Commends CBN on N100bn Healthcare Intervention Fund - The President of the Manufacturers Association of Nigeria (MAN), Mr. Mansur Ahmed, has commended the Central Bank of Nigeria (CBN) for creating a N100 billion intervention fund for the pharmaceutical industries in the country. Source THISDAYLIVE Read More 


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Ecobank Advocates More Collaboration between Fintech, Banks, and Telcos - The Managing Director, Ecobank Nigeria, Patrick Akinwuntan says more collaboration is needed between Fintech, banks, and telecommunications companies to spur markets in health, agriculture, education, transportation, fashion and creative industry, commodities, and capital markets. Source Ecobank Read More

Why Small Businesses Need a Digital Presence - Out of 37million micro, small and medium scale enterprises (MSMEs) in Nigeria only a few have registered websites says a report by Small and Medium Enterprises Development Association of Nigeria (SMEDAN). The problem is the wrong notion that digital platforms are meant for large organizations only, while others argue that they do not have the expertise and finance required to manage such platforms. Source FCMB Business Zone Read More


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AFEX Rings the Bell for Financial Literacy - AFEX Commodities Exchange Limited (AFEX), Nigeria's first private sector commodities exchange firm, joined the Securities and Exchange Commission (SEC) to Ring the Bell for Financial Literacy at an event held at the Exchange office on the 3rd of November 2020. Source AFEX Read More

Implications of the Voluntariness of Residents' Associations on the Payment of Dues and Levies - It is a common practice in Nigeria, especially in Lagos, for developers of residential estates to compel purchasers in the completed estate, by virtue of their purchase, to become members of an 'estate association'. This association oversees the provision of shared services such as security, waste management, streetlights, etc. in the estate. Source Abdulmajeed Abolaji, Aelex Read More


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