Nigeria in 1min: Economic, Business and Financial Headlines - 060121

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Wednesday, January 6, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @followlasg


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COVID-19 Health Updates

  • 5th of January 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 92,705 cases (New: 1354)
  • Discharged:  76,396
  • Deaths: : 1319 (New: 1)

Source: NCDC Read More


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PROSHARE ECONOMY

Oil Surges on OPECplus Restraint- OIR 050121 - Oil prices shot up more than 3% in early trading on Tuesday on news that OPEC+ would push off an expected production increase next month. Risks remain, but investors and traders see more restraint as bullish for oil. Source Tom Kool of Oilprice Read More

NERC Grants No Approval on the Purported 50% Increase in Electricity Tariffs - The attention of the Commission has been drawn to publications in the print and electronic media misinforming electricity consumers that the Commission has approved a 50% increase in electricity tariffs. Source NERC Nigeria Read More

Playing With COVID-19 - Nigerians are playing with COVID-19, and in so doing, they are playing with fire and death. Why are we so blest and yet so suicidal? When the index case of the virus was announced on February 27, 2020, and the government proceeded to adopt lockdown measures at both national and sub-national levels. Source Dr. Reuben Abati Read More

Poor Investments, Low Revenues, Others Threaten Nigeria's 2021 Growth - World Bank - The World Bank has said that Nigeria's growth is expected to resume by 1.1 per cent in 2021 from a contraction of 4.1 per cent in 2020. It also said the global economy would expand by four per cent in the same period. Source Punch Read More

NECA Seeks Effective Fiscal, Trade Policies to Salvage Economy from Imminent Collapse - To salvage the Nigerian economy from total collapse, there must be a mix of fiscal, monetary and trade policies with political will approach to tackle the mounting economic challenges, the Nigeria Employers' Consultative Association (NECA) has said. Source The Guardian Read More


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PROSHARE MARKETS

Market Sentiment Turns Negative as NSEASI Dips by -1.83% - Equities market closed today on a negative note, as NSEASI depreciated by -1.83% to close at 40,396.14 basis points as against +2.18% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +0.31%. Source Proshare Markets Read More

A Small Rise in the FGN's Domestic Debt in Q3 2020 - The FGN's domestic debt stock amounted to NGN15.85trn (USD37.7bn at the recently adjusted NAFEX rate) at end-September, equivalent to 10.0% of 2019 GDP. It increased by NGN390bn over the quarter, and the stock of FGN bonds by NGN410bn. Source FBNQuest Research Read More

 

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PROSHARE BUSINESS

Oil Rises Above $53, OPEC+ Agrees on Output Rollover - The international oil benchmark, Brent crude, surged above $53 per barrel on Tuesday as the Organisation of the Exporting Countries and its allies agreed to hold production steady in the face of new coronavirus lockdowns. Source Punch Read More

NIMASA Boss Outlines Benefits of Badagry Deep Seaport - Director-General of the Nigerian Maritime Administration and Safety Agency, Dr Bashir Jamoh, has said the Badagry Deep Seaport project in Lagos State is a strategic step towards the development of Nigeria as a global maritime hub. Source Punch Read More

ABCON Tasks CBN on Forex Stability in 2021 - The Association of Bureaux De Change Operators of Nigeria (ABCON), on Tuesday, urged the Central Bank of Nigeria (CBN) to continue to stabilise the foreign exchange rates for economic growth. Source Vanguard Read More

U.S. Bankruptcy Filings Hit 35-year Low Thanks to Government Pandemic Aid - U.S. bankruptcy filings for 2020 hit their lowest level since 1986 as a flood of government support programs offset at least temporarily the full brunt of the coronavirus pandemic and a related recession, Epiq AACER reported on Friday. Source Reuters Read More

Saudi Vows Extra Cuts as OPEC+ Agrees Small Rise in Oil Output - Saudi Arabia pledged additional, voluntary oil output cuts of one million barrels per day (bpd) in February and March as part of a deal under which most OPEC+ producers will hold production steady in the face of new coronavirus lockdowns. Source Reuters Read More

 

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PROSHARE TECHNOLOGY   

Federally Chartered Banks and Thrifts may Participate in INVN and use Stablecoins for Payment - The Office of the Comptroller of the Currency (OCC) published a letter clarifying national banks' and federal savings associations' authority to participate in independent node verification networks (INVN) and use stablecoins to conduct payment activities and other bank-permissible functions. Source Office of the Comptroller of the Currency Read More

 

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PROSHARE FINANCE

Nigeria Ranks Fourth in Countries Covered in Islamic Finance Research Papers Globally in 2020 - According to the Islamic Finance Development Report (IFDR) 2020, Nigeria ranked fourth among nations in Islamic finance research papers while Indonesia, Malaysia, UK, UAE, and Pakistan were the top countries in Islamic finance education. Source WebTV Read More 

 

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PROSHARE MSME

Why the FG Should Work with Clusters on MSME Interventions - Ayo-Bankole Akintujoye - The Federal Government has been advised to leverage clusters and hubs in its intervention programmes for micro, small, and medium-sized enterprises (MSMEs) in the country. Mr. Ayo-Bankole Akintujoye, Convener of the Lagos SME Boot camp made this call as a guest on a discussion reviewing the activities of MSMEs in 2020. Source WebTV Read More

 

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