Nigeria in 1min: Economic, Business and Financial Headlines - 100321

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Wednesday, March 10, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @NigeriaGov

 

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COVID-19 Health Updates 

  • 9th of March 2021: Nigeria COVID19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 159,252 cases (New: 346)
  • Discharged:  139,056
  • Deaths: : 1,988 (New: 6)

Source: NCDC Read More

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PROSHARE ECONOMY

How Countries Are Helping Small Businesses Survive COVID-19 - The economic downturn caused by the pandemic has taken a painful toll on small businesses. Scores of retail businesses have permanently closed in cities around the world since the Great Lockdown in the spring of 2020. Source Kazuko Shirono, Esha Chhabra and Jessica Fan, IMFBlog Read More

The Case for an Investor-Friendly Gas Market - The benefits of an investor-friendly gas environment are clear. The advantages range from the increased flow of foreign direct investment (FDI) to an increase in employment and revenue generation. Source Proshare Research Read More

N250bn Required Annually to Manage Highways - FERMA - The Managing Director/Chief Executive Officer, Federal Roads Maintenance Agency, Mr Nuruddeen Rafindadi, said on Tuesday that the agency would need between N200bn and N250bn annually to keep the federal highway network in manageable condition. Source Punch Read More


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PROSHARE MARKETS

ARDOVA Plc Audited 2020 FY Report: Repositioning in A Pandemic, The Hard Trek - Ardova plc, formerly Forte Oil Plc, experienced significant changes in its operational and business performance in 2020 following the Covid-19 pandemic and the consequential low demand for oil globally. The group had in 2019 set out on a repositioning agenda by divesting from subsidiary businesses and accruing interest on subsidy claims. Its 2019 FY report came out with a cleaner balance sheet and a stronger asset base. However, the 2020 FY report showed some distortions in the growth of the group. Source Proshare Market Read More

UBA Declares N114bn PAT in 2020 Audited Results, Proposes 35k Final Dividend; (SP:N8.00k) - United Bank for Africa Plc, banking company in Financial Services sector announced 11% Gross Earnings growth in Q4'20 Results. Source By NSE Read More

Naira 4 Dollar Scheme: A Welcome CBN Experiment with Remittances - The CBN's launch at the weekend of its "Naira 4 dollar scheme" to boost the inflow of workers' remittances has prompted parallels with Bangladesh and Pakistan. In Nigeria's case and heavily driven by the COVID-19 virus, remittances in Q3 '20 were running 33% below the year-earlier period. Source FBNQuest Research Read More

Deepening Investor Education Will Encourage Retail Investor Participation in Equities - Regulatory steps geared towards deepening investor education across the nation will increase retail investors' participation in the Nigerian equities market. Source WebTV Read More

Nasdaq Surges as Tech Stocks Roar Back - U.S. stocks rallied on Tuesday, with the Nasdaq gaining about 4% to recoup heavy losses from the previous session as U.S. bond yields retreated and investors scooped up battered technology stocks. Source Reuters Read More


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PROSHARE BUSINESS

Oil Falls After Hitting $70, OPEC+ Output Plunges - The international oil benchmark, Brent crude, dropped on Monday after climbing above the $70 per barrel mark for the first time in over 14 months. Brent, against which Nigeria's oil priced, fell by $1.30 to $68.06 per barrel as of 8:08pm Nigerian time on Monday, down from over $70 per barrel in the morning. Source Punch Read More

Saudi Arabia Plans $5bn Hydrogen Plant - As governments and industries seek less-polluting alternatives to hydrocarbons, the world's biggest crude exporter, Saudi Arabia, has said it is building a $5 billion plant powered entirely by sun and wind. Source THISDAYLIVE Read More

OAGF, JTB Partner on PAYE Tax Remittances - The Office of the Accountant-General of the Federation (OAGF) and the Joint Tax Board (JTB) are collaborating to reconcile irregularities observed in the monthly PAYE tax remittances. Source The Nation Read More

Chevron Vows to Slow Carbon Emissions, Raise Oil Output with Modest Spending - Chevron Corp on Tuesday outlined a plan to expand oil and gas production through 2025, but without spending significantly more, and pledged to limit the pace of growth of its carbon emissions. Source Reuters Read More

 

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PROSHARE TECHNOLOGY

UBA Gives Customers More Control, Convenience with New Mobile App - Pan African financial institution, United Bank for Africa (UBA), Plc is set to change the face of digital banking services with its new mobile banking app aimed at delivering first-rate services to customers. Source UBA Read More

Innovators Engage Investors At Fintech Nigeria StartUp Funding Webinar - The Fintech Association of Nigeria (FintechNGR) recently held its monthly webinar themed, "StartUp Funding Webinar: Innovators meet Investors, Who part with a Deal?" The association sought to educate participants on how to move from having an idea to moderating execution and obtaining funding. Source FintechNGR Read More

M36 Redefines Digital Investing in Nigeria - M36, a new digital platform designed to deliver a wide range of investment products directly to individuals, has been launched in Nigeria. Through a user-friendly app, M36, notes that it offers investment options not typically available on self-service digital platforms including foreign currency transactions, commercial papers (CPs), local and foreign-denominated bonds, treasury bills (TBs), and other fixed-income products. Source M36 Read More

Coinbase Reportedly Hits Pre-IPO Valuation of $100billion in Private Auction - Prominent Bitcoin (BTC) and cryptocurrency exchange Coinbase could be headed for an IPO valuation of $100 billion, after shares reportedly sold for up to $375 each in a private auction. Source Greg Thomson of Cointelegraph Read More

 

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PROSHARE FINANCE

COVID-19: CBN Presents N253.4m Grant to Check Pandemic - The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele says that a vibrant and innovative healthcare system is vital for the country's national security, hence the need to encourage research and innovation in the treatment of health conditions for the Nigerian citizens. Source CBN Read More 

 

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