Nigeria in 1min: Economic, Business and Financial Headlines - 080921

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Wednesday, September 8, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: WebTV


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COVID-19 Health Updates

  • 7th of September 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 196,487 cases (New: 597)
  • Discharged: 185,159
  • Deaths: 2,573 (New: 17)

Source: NCDC Read More


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PROSHARE ECONOMY

Headline Inflation Will Slide Again in August 2021 to 16.8% - Nigeria's headline inflation is projected to moderate further to 16.8% in August from 17.38% in July. If this projection materializes, it will be the 5th consecutive monthly decline and the lowest headline inflation level this year. Source FDC Ltd Read More

Rivers State Government Orders Implementation of State VAT Law - The Rivers State Governor, His Excellency, Barrister Nyesom Wike, yesterday, 6 September 2021 directed the Rivers State Internal Revenue Service to commence the implementation and enforcement of the Rivers State Value Added Tax (VAT) Law. Source Wole Obayomi Read More

Experts to Discuss PIA: Implications for Businesses, Local Communities, and Sustainable Development - The President of Nigeria signed into law the Petroleum Industry Act (PIA) on the 16th of August 2021, following several attempts by successive governments at passing the bill for creating the necessary reforms in the sector. Source ThistlePraxis Consulting Read More

Oil Prices Slide Despite Supply Disruption - OIR 070921 - Saudi Arabia's drastic cuts to its October 2021 OSPs have sparked fears of a potential slower-than-anticipated demand recovery in Asia as OPEC+ continues to gradually bring part of its idled production back online. Source Tom Kool of Oilprice Read More

 

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PROSHARE MARKETS

NSEASI Closes Flat Amid Negative Market Breadth - Equities market closed today on a flat note, as NSEASI closed at 39,251.29 basis points as against -0.02% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.53%. Source Proshare Markets Read More

Interest Rates and Banks' Margins - Naira-denominated interest rates have been trending downwards for just over three months, with 1-year T-bill yields touching 6.68% at the end of last week. Our focus is on what this means for banks and how they perform. Source Coronation Research Read More

NNPC To Issue IPO In 2024 - The proposed successor company of the Nigerian National Petroleum Corporation (NNPC), which would be known as NNPC Limited, may not be ready for an Initial Public Offer (IPO) till 2024. Source LeadershipNG Read More

 

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PROSHARE BUSINESS

Ponzi Schemes: Plugging the Ills of Unregistered Fund Managers in Nigeria - Ponzi schemes, also known as pyramid investments, are a form of financial fraud that lures investors with the promise of high returns but often ends up giving no returns at all, with a possible loss of investors' total capital. Source CIIA Read More

FCMB Emerge as the Best SME Bank in Africa and Nigeria - Nigeria's leading lender, First City Monument Bank (FCMB), has emerged as Best SME Bank in Africa and Best SME Bank in Nigeria at the Asian Banker Middle East and Africa Regional Awards on the 27th of August 2021. Source FCMB Read More 

Bitcoin, Others Pose Danger to Global Economy - EFCC Boss - The Chairman, Economic and Financial Crimes Commission, Abdulrasheed Bawa, has said Bitcoin and other cryptocurrencies portend huge risks to the world economy. Source Punch Read More

Climate Change Hitting OPEC Hard, Barkindo Laments - The Secretary-General of the Organization of the Petroleum Exporting Countries, Mohammad Barkindo, said on Monday that members of the cartel are recipients of some of the worst impacts of climate change. Source Punch Read More

South Africa Economy Grows for Fourth Consecutive Quarter - South Africa recorded a fourth consecutive quarter of economic growth between April and June, the national statistics agency said Tuesday, while warning the current quarter could be less rosy because of violent looting in July. Source Punch Read More


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PROSHARE TECHNOLOGY   

July 2021 NCC Data: Still a Stretch to Achieving Broadband Goal - Data from the Nigerian Communications Commissions (NCC) show a steady decline in broadband internet subscriptions since November '20. Mobile internet connections account for over 99% of Nigeria's broadband base, according to the NCC. Source FBNQuest Research Read More 

No Future for BDCs as e-Naira Arrives And Central Bank of Nigeria Goes Retail - The Director, Information Technology Department, Central Bank of Nigeria (CBN), Mrs. Rakiyat Mohammed, stated at the banker's committee meeting that the apex bank will be launching a Central Bank Digital Currency (CBDC) before the end of 2021. Source Tekedia Read More


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PROSHARE FINANCE

Can Nigeria Lead Africa's Insurance Industry? - What it takes to lead can seem arduous and ephemeral depending on where you stand but when the time comes for you to take the responsibility, you will find the strength you eventually need to get the job done. Source OpEd By Ekerete Ola Gam-Ikon Read More

VAT Judgement: 'Maintain Status Quo, Don't Panic' - FIRS Tells Taxpayers - The Federal Inland Revenue Service (FIRS) has asked taxpayers not to panic over the recent court ruling by the federal high court sitting in Port Harcourt. The court, on Monday, dismissed FIRS' motion for stay of execution of the earlier judgment directing Rivers state to take charge of value-added tax (VAT) collection. Source TheCable Read More


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PROSHARE MSME

Stakeholders at Maiden Ibadan SME Bootcamp Call for Improved Capacity and Entrepreneurial Character - Stakeholders at the maiden edition of the Ibadan SME Bootcamp harped on the need for Nigerian entrepreneurs to develop capacity and character to achieve sustainability and scale their business. Source Ottoabasi Abasiekong for WebTV Read More 

 

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