Nigeria in 1min: Economic, Business and Financial Headlines - 060721

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Tuesday, July 6, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: @seyiamakinde


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COVID-19 Health Updates

  • 5th of July 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 167,909 cases (New: 50)
  • Discharged: 164,400
  • Deaths: : 2,122 (New: 1)

Source: NCDC Read More

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PROSHARE ECONOMY

PIB: Dangote Refinery, Others to Buy Crude in Naira - Holders of refining licences in the country can pay for domestic crude oil supply in naira, according to the Petroleum Industry Bill passed by the National Assembly on Thursday. Source By Femi Asu of Punch Newspaper Read More

Six Areas Nigeria Must Address to Achieve Inclusive Economic Growth - Nigeria's quest for achieving inclusive economic growth for a population estimated at over 180m hinges on six critical areas receiving top priority. These are education, infrastructure, an enabling environment for employment opportunities, development-driven poverty alleviation approach, subsidizing productive activities and fiscal & monetary policy alignment. Source By Ottoabasi Abasiekong for WebTV Read More

FIRS Extends the Filing Deadline for Income Tax Returns by One Month - The Federal Inland Revenue Service (FIRS) has issued a public notice (the Public Notice) to extend by one month, the deadline for filing the income tax returns of companies whose returns were due on 30 June 2021; the new due date of filing such income tax returns is now 31 July 2021. Source By Deloitte Read More

Fitch Revises Outlook on Access Bank to Stable from Negative; Affirms at ''B'' - Fitch Ratings has revised the Outlook on Nigeria-based Access Bank Plc's Long-Term Issuer Default Rating (IDR) to Stable from Negative, and affirmed the rating at 'B'. The Viability Rating (VR) has been affirmed at 'b'. Source By Fitch Ratings Read More

AfCFTA'll Not Lead to Dumping in Nigeria, #Adebayo - The African Continental Free Trade Agreement (AfCFTA) would not allow products without identification of origin for exportation. The Minister for Industry, Trade and Investment, Mr Niyi Adebayo, who stated this during a two-day tour to Delta State, assured that Nigeria would not be a dumping ground for unidentified products from other African countries when AfCFTA is activated. Source Punch Read More

We've Refunded N700bn to States for Infrastructure - FG - The Federal Government says it has refunded over N700bn to state governments for the development of federal infrastructure across all states of the federation. The Federal Government said it made the refunds to the states over the past six years. Source Punch Read More

No Going Back on Sale of Five NIPPs, Says BPE - The Federal Government has assured prospective power investors that the five National Integrated Power Plants (NIPPs) put up for sale will go on as planned because the President Muhammadu Buhari's administration is determined to resuscitate the power plants. Source The Nation Read More


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PROSHARE MARKETS

Investors Gain N4.17bn as NSEASI Inches Up Marginally by 0.02% to Open the Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.02% to close at 38,220.01 basis points as against +0.83% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.09%. Source By Proshare MARKETS Read More

FMDQ Foreign Exchange (FX) Market Analysis Report for Week-Ended July 2, 2021 - Below is the commentary on the Foreign Exchange (FX) market with data for the week-ended July 2, 2021. The table following the commentary compares Spot FX weekly turnover for trades between banks (FMDQ Dealing Member (Banks) [DMBs]/Authorised Dealers) and their clients for the week ended June 25 & July 2, 2021. Source By FMDQ Read More

NT-Bills Secondary Market Turns Bullish as Average Yield Declined 32bps to 6.6% WoW - Last week, the Nigerian Treasury Bills ("NT-Bills") secondary market took a bullish turn, supported by the liquidity boost on Wednesday (N201.3bn long) and as market players sought to fill lost Primary Market Auction ("PMA") bids. Source By Afrinvest Research Read More

 

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PROSHARE BUSINESS

Leveraging Risk Intelligence as a New Competitive Tool - Coronation Merchant Bank - The business environment has witnessed a major shift heightened by the COVID-19 pandemic which has compelled organizations to be more dependent on technology. With most businesses moving to the cloud and going digital, risk management approaches cannot remain the same. Source By Coronation Merchant Bank Read More

Chinwe Egwim Appointed Chief Economist, Coronation Merchant Bank - Leading financial institution, Coronation Merchant Bank Limited, has announced the appointment of Chinwe Egwim as the Chief Economist of the Bank as of June 28, 2020. Source By Coronation Merchant Bank Read More 

PIB Passage Excites NACCIMA - The newly elected National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Mr. Ide Udeagbala has expressed hope that the recent passage of the Petroleum Industry Bill (PIB) if signed into law by the President will orchestrate the much-awaited reform in the sector. Source THISDAYLIVE Read More

NNPC, Partners Achieve 30% Oil Production Cost Reduction - The Nigerian National Petroleum Corporation (NNPC) in collaboration with other oil exploration and production companies operating in Nigeria have brought down the cost of oil production in the country by 30 per cent. Source THISDAYLIVE Read More

OPEC+ Impasse Deepens Amid Rare Saudi, UAE Spat - Saudi Arabia is engaged in a rare public spat with its Emirati allies over a critical oil output deal, escalating tensions ahead of another meeting of the OPEC+ alliance on Monday. Source The Guardian Nigeria Read More

Naira Devaluation Will Push Petrol Subsidy to N7.1b Per Day - The devaluation of the naira from N379/$ to N411/$ will push the daily subsidy on petrol to N7.1 billion as it will raise the product's landing cost. According to an economic report released at the weekend, Managing Director, Financial Derivatives Company (FDC) Limited, Mr Bismarck Rewane, said the landing cost of petrol has increased by 61.6 per cent to N231.98 per litre from an average of N143.6 per litre in December last year. Source The Nation Read More


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PROSHARE TECHNOLOGY

Partnership between Banks and Fintech is Critical to Accelerate the Digital Banking Transformation - In a webinar discussion hosted by TagPay (www.TagPay.fr/en)  and moderated by Omar Ben Yedder from African Banker; Yves Eonnet (TagPay), Djiba Diallo (Ecobank Group), Obinna Ukwuani (Bank of Kigali) and Carl Manlan (VISA), discussed how the digitalisation of banks is a huge opportunity across Africa and partnerships with fintech would address the challenges of financial inclusion and the rapid scaling up that is needed across the continent. Source By TagPay Read More

 

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PROSHARE FINANCE

ITFC Signs a 10m Euro Murabaha Financing Agreement with BBGCI - The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IsDB), granted a Euro 10m Murabaha financing to Bridge Bank Group, Cote d'Ivoire (BBGCI). Source By ITFC Press Release Read More

Be Future Ready with Stanbic IBTC Insurance - The past, the present and the future are all connections in the flow of time. An adage says: "yesterday's the past, tomorrow's the future, but today is a gift. That's why it's called the present." Remember the past, plan, and live for today because the past exists only in our memories, the future only in our plans". Source By Sponsored Post by Stanbic IBTC Insurance Read More

IFSB and SEC Nigeria Seminar Explores Investor Protection and Transparency - The Islamic Financial Services Board (IFSB) and the Securities and Exchange Commission (SEC) Nigeria successfully hosted a joint seminar themed "COVID-19: Investor Protection and Transparency in The Islamic Capital Market". Source By IFSB Press Release Read More 


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