Nigeria in 1min: Economic, Business and Financial Headlines - 090221

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Tuesday, February 09, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @FMoCDENigeria


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COVID-19 Health Updates 

  • 8th of February 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 140,391 cases (New: 643)
  • Discharged:  114,635
  • Deaths: : 1,673 (New: 6)
Source: NCDC Read More

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PROSHARE ECONOMY

Five Questions About Nigeria's Road to Recovery - The COVID-19 pandemic has placed Nigeria at a critical juncture. The country entered the crisis with falling per capita income, high inflation, and governance challenges. Policy adjustments and reforms designed to shift the country from its dependence on oil and to diversify the economy toward private sector-led growth will set Nigeria on a more sustainable path to recovery. Source Ari Aisen, Jesmin Rahman and Jiaxiong Yao, IMF African Dept Read More

Revised Trade Policy Vital to Attracting Investments into Nigeria - Wilson Erumebor - Nigeria's chances of becoming a leading global investment destination hinge on a strategic and revised trade policy. Mr. Wilson Erumebor, senior economist, Nigeria Economic Summit Group (NESG) made this point while speaking on "Nigeria and the Quest to Achieve Investment-led Growth". Source WebTV Read More

Outlook 2021: Eyeballing Major Economic Indicators in 2020 - Trade Balance - Nigeria's merchandise trade balance as of Q3 2020 stood at N8.37trn. The trade balance increased by +34.15% when compared with the previous quarter (Q2 2020) while it declined by -8.85% when compared with Q3 2019. Source Proshare Research Read More


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PROSHARE MARKETS

Investors Lose N74.40bn as NSEASI Dips by -0.34% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.34% to close at 41,566.86 basis points as against -0.18% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +3.22%. Source Proshare Markets Read More

AFEX Indices Outperforms other Markets in the Nigerian Capital Markets - In the last one year, returns on investment on the ACI appreciated by 113%, beating Nigeria's inflation rate of 15.75% y/y. Similarly, the index outperformed the AEI which returned 53.37% and the Nigerian All Share Index which returned 57.86% respectively amid the ravaging effect of the COVID-19 pandemic in 2020 which saw the economy dip into a second recession in the last 5 years. Source Kainosedge Consulting for AFEX Commodities Exchange Read More

NCM 2020: Growth of Securities Listed on NSE - Total Securities Listed Increased by 0.55% - The total number of securities listed on NSE increased by +0.55% from 361 securities in 2019 to 363 securities at the end of Q3 2020. Corporate Bonds recorded the highest growth among the securities listed. It grew by 34.62% while Exchange Traded Funds also increased by 20.00% to follow closely. Source Proshare Research Read More

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PROSHARE BUSINESS

Oil Price Hits $60, Highest in Over 12 Months - The international oil benchmark, Brent crude, extended its rebound on Monday, hitting the $60 per barrel mark for the first since the extent of the COVID-19 pandemic became clear. Source Punch Read More

17.03 Billion Litres of Fuel Consumed in 13 Months - NNPC - The Nigerian National Petroleum Corporation said on Sunday that the total sale of petroleum products for the period November 2019 to November 2020 stood at 17.031 billion litres, with petrol accounting for 16.911 billion litres or 99.29 per cent. Source Punch Read More

Firm Earmarks $2.9bn For Seaport Project - Mercury Maritime Concession Company, a marine-related service supporting firm, has secured a provisional approval to construct Escravos Seaport Industrial Complex, ESIC-1 in Delta State. Source Punch Read More

NCC, Others to Strengthen Collaboration with FIRS - The inter-agency committee set up by the Minister of Communications and Digital Economy, Dr. Isa Ibrahim Pantami, recently held an interactive session with the Federal Inland Revenue Service (FIRS) in Abuja, where they discussed areas of collaboration in relation to the Finance Act 2020. Source THISDAYLIVE Read More

Cryptocurrency: Bureaux de Change Operators Back CBN's Ban - The Association of Bureaux De Change Operators of Nigeria (ABCON) has given its backing to the Central Bank of Nigeria's (CBN) policy mandating banks to close accounts belonging to cryptocurrency traders. Source The Nation Read More

Wall Street Hits All-Time Closing Highs on Stimulus Euphoria, Vaccine Rollout - Wall Street set record closing highs on Monday as stimulus prospects and ongoing vaccine deployment boosted investor optimism over the pace of economic recovery from the pandemic recession. Source Reuters Read More 

 

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PROSHARE TECHNOLOGY   

FirstBank Hits Over 86,000 FirstMonie Agents, Empowers More Nigerians - In furtherance of the need to promote the business activities of its foremost agent banking platform - Firstmonie Agents - Nigeria's leading financial inclusion services provider, First Bank of Nigeria Limited, has announced the provision of loan facilities - up to one million naira - to its banking agents. Source Firstbank Read More

A Tesla for a Bitcoin: Musk Drives Price to Moon with $1.5 Billion Purchase - Bitcoin took another large stride toward mainstream acceptance on Monday after billionaire Elon Musk's electric vehicle company Tesla Inc revealed it had bought $1.5 billion of the cryptocurrency and would soon accept it as a form of payment for cars - sending the cryptocurrency shooting higher. Source Reuters Read More

Pantami plans to replace BVN with NIN, says NIMC database is the primary one in the country - The Federal Government plans to replace the Bank Verification Number (BVN) and other data collected by data collecting institutions with the National Identity Number (NIN), the Minister of Communications and Digital Economy, Dr Isa Ali Ibrahim Pantami has said. Source NewsWireNGR Read More

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"Unwavering in our 60 year commitment to Nigeria through CSR, we activated a comprehensive response and mobilized a formidable team to support and collaborate with Nigeria in the fight against the COVID-19 Pandemic" - FMN. Learn more HERE

 

PROSHARE FINANCE

Pension assets rise by 25.3% - Data released by the National Pension Commission (Pencom) showed that pension fund assets increased by N2.48 trillion or 25.28 per cent in 2020 from the year's opening figure of N9.81 trillion to N12.29 trillion by December 31, 2020. Source The Nation Read More


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