Nigeria in 1min: Economic, Business and Financial Headlines - 080321

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Monday, March 8, 2021 / 5:46 AM / By News Aggregator / Header Image Credit: @NigeriaGov


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COVID-19 Health Updates 

  • 7th of March 2021: Nigeria COVID19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 158,506 cases (New: 269)
  • Discharged:  137,785
  • Deaths: : 1,969 (New: 5)

Source: NCDC Read More

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PROSHARE ECONOMY

The PIB and the Gas Sector - Shaping a New Model - The PIB has several proposals which could alter Nigeria's straggly oil and gas industry. A large part of the new regulation would be borne by the Midstream and Downstream Regulatory Authority which would be created by Section 52 of the Bill. Source Proshare Research Read More

Brent Crude Oil Flirts With $70 After OPECplus Surprise - OIR 020321 - Oil skyrocketed on Thursday after OPEC+ decided to hold off on easing production cuts for another month, surprising the oil market. WTI and Brent shot up more than 4%. During early trading on Friday, Brent surpassed $69 per barrel. Source Tom Kool of Oilprice Read More

The Nigerian Gas Market: The LPG Mind Shift - The liquified petroleum or cooking gas (LPG) market is a mind-shifter and game-changer. Nigeria's gas industry will need to grow quickly, efficiently, and effectively if the local cooking gas market is to move the carbon-reduction needle towards carbon-neutrality. Source Proshare Research Read More

Gas Market Deregulation: The Nuts and Bolts - The Nigerian gas market is broadly deregulated meaning that the price of the commodity is determined by the market or at least should be. The determination of the price of LPG. Source Proshare Research Read More

FG Considers Fresh Taxes on Petroleum Products, Beverages - As the Federal Government declared tax reliefs for businesses due to the economic impact of the COVID-19 pandemic, it is considering new taxes to generate revenue to fund the 2021 Appropriation Act. Source Punch Read More


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PROSHARE MARKETS

The February 2021 Nigerian Capital Market Service Report - Proshare - Nigerian Stock Market closed the month of February 2021 in the red zone as sell pressure sets in to weigh down the sustained bargain hunting witnessed during the previous month of January 2021. Source Research@proshareng.com Read More

What To Expect From The Markets This Week - 080321 - The Transmission Company of Nigeria announced a new peak power generation of 5,801.60 megawatts on March 1 at 9.30 pm which is higher than the previous peak generation by 22MW. Source Proshare Content Read More

CAP Vs PPP Merger: Working Towards A Fairy Tale Marriage and Investor Dividends - CAP Plc saw a dip in its corporate earnings in 2020 as it stumbled into the jaws of slow economic growth and a ravaging global health pandemic. COVID-19 caused a pull-back in construction sector spending between Q1 and Q3 2020 resulting in a marginal rise in revenue but a pre-tax fall in profit by a quarter of the previous year's 2019 numbers. Source Adaeze Nwachukwu and Chioma Echebiri, Proshare Research Read More

Policy on Remittance Flows Administration Aimed at Increasing Transparency - Emefiele - Being a Keynote Address by Godwin I. Emefiele, CON Governor, Central Bank of Nigeria at Fidelity Bank's Inaugural Diaspora Webinar on the Implications and Impact of the New FX Policy on Diaspora Investments. Source CBN Read More

CBN Introduces the Naira 4 Dollar Scheme for Diaspora Remittances - In an effort to sustain the encouraging increase in inflows of diaspora remittances into the country. the Central Bank of Nigeria (CBN) hereby announces the introduction of the "CBN Naira 4 Dollar Scheme', an incentive for senders and recipients of International Money Transfers. Source CBN Read More

 

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PROSHARE BUSINESS

Three Million Meters Obsolete, Seven Million Customers Unmetered - NERC - Over seven million power users have not been metered while three million meters installed in the residents of power users are obsolete, the Nigerian Electricity Regulatory Commission has said. Source Punch Read More

Nigeria Loses $10bn to Illicit Financial Flows - ICPC - The Independent Corrupt Practices and Other Related Offences Commission (ICPC) says Nigeria accounts for 20 per cent or 10 billion dollars (N3.8 trillion) of the estimated 50 billion dollars that Africa loses to Illicit Financial Flows (IFFs). Source Vanguard Read More

Bright Spots in China May Not Ease Emerging-Market Taper Gloom - The prospect of rising inflation and U.S. Treasury yields may damp emerging-market sentiment, even as encouraging Chinese trade data points to a speedier global recovery from last year's lockdown. Source Bloomberg Read More


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PROSHARE TECHNOLOGY   

More than 20,000 U.S. Organizations Compromised Through Microsoft Flaw - More than 20,000 U.S. organizations have been compromised through a back door installed via recently patched flaws in Microsoft Corp's email software, a person familiar with the U.S. government's response said on Friday. Source Reuters Read More 

 

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PROSHARE FINANCE

Nigeria Needs A Broader Regulatory Framework to Support Halal Industry - For the Halal Industry to thrive in Nigeria and contribute to the nation's economic development, a robust regulatory framework is required. "If Halal is to work perfectly in Nigeria, the country must have a regulatory agency. Source WebTV Read More

Insurance Plan for SMEs in Nigeria: Better Safe Than Sorry - Small and medium-sized enterprises (SMEs) tend to cycle outside the insurance loop for reasons ranging from ignorance to cost. Corporate calculations at the lower part of the enterprise ladder appear to be different from calculations nearer the top, resulting in smaller enterprises preferring to take bigger uncovered risk. Source Onyia Chinyere Read More

The Cost of the Protests to the Insurance Industry - During the week, the trade association of insurance companies in Nigeria, Nigeria Insurers Association (NIA) informed the Punch Newspapers that 25 of its members had received 1,661 claims resulting from the protests, which amounted to NGN20.4b and a reserve of NGN13.2b has been made. Source OpEd By Ekerete Ola Gam-Ikon Read More


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