Nigeria in 1min: Economic, Business and Financial Headlines - 100821


Tuesday, August 10, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: wto

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COVID-19 Health Updates

  • 9th of August 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 178,508 cases (New: 422)
  • Discharged: 165,982
  • Deaths: : 2,192 (New: 5)

Source: NCDC Read More

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Anchors Borrowers Programme Credit Facility: Farmers Call for Loan Repayment Extension - Amidst the growing insecurity in the country, farmers have called on the Federal Government to intercede on their behalf to the Central Bank of Nigeria (CBN) to extend the loan repayment period for the Anchors Borrowers' Programme (ABP). Source by CSL Research Read More

GCR Assigns Investment Grade Ratings to Greenwich Merchant Bank Limited - Greenwich Merchant Bank Limited has been rated BBB- (NG) Long Term, and A3 (NG) Short Term with a stable outlook by global credit rating agency, GCR Ratings. The assigned rating is premised on Greenwich Merchant Bank's strong capitalisation, robust liquidity, and sound risk position as noted in the accompanying statement from GCR. Source by Greenwich Merchant Bank Limited Read More

Complete List: Finally, Major Shake-up in NNPC Ahead of PIB Signing Into Law - The NNPC has finally effected a sweeping reorganisation of the oil giant and its subsidiaries as previously reported exclusively by this newspaper over a month ago. The changes were formally effected Monday evening. Source The Will Nigeria Read More

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Investors Loss N126.86bn as NSEASI Dips by -0.63% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.63% to close at 38,567.26 basis points as against +0.02% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.23% Source by Proshare MARKETS Read More

Farmforte Subsidiary, Forest Capital, Completes Acquisition of Kayvee Microfinance Bank - Capital ("Forest"), the investment subsidiary of Farmforte Limited ("Farmforte", or the "Company"), has acquired Kayvee Microfinance Bank as part of its strategic imperative to create greater synergy between socio-economic empowerment, agriculture, and the finance sector. Source by Farmforte Limited Read More

Bullish Run Sustained as Average Yield Falls 27bps WoW - Last week, the Nigerian Treasury Bills ("NT-Bills") secondary market witnessed an improvement in activity levels on the back of stable liquidity levels (which stood at N285.4bn long as at Monday, 02-Aug-21) as average yield across all tenors fell 27bps W-o-W to close at 5.62% from 5.90% the previous week. Source by Afrinvest Research Read More

Expect Increasing FX Rates Convergence in Coming Months - The Debt Management Office (DMO) announced the appointment of transaction advisers for the issuance of Eurobonds as part of the new external borrowing of $6.2 billion provided in the 2021 Appropriation Act. Source by CardinalStone Research Read More

AXA Mansard Insurance Plc Delivers Strong Performance with 22% YoY Growth in Gross Written Premium in H1 2021 - AXA Mansard Insurance plc, a member of the AXA Group, announces its financial results for the half-year ended June 30, 2021. Gross Written Premium of N37.18bn, up 22% from N30.54bn in June 2020, Net Premium Income of N17.42bn, up 11% from N15.67bn in June 2020. Source by CSL Research Read More

Naira Appreciated by 0.23% WoW in the Parallel Market at an Average Exchange Rate of N510.80 - In the FX Spot and Derivatives markets, the total turnover for the week-ended August 6, 2021, was $677.44 million, representing a decrease of 24.93% ($225.01 million) from $902.45 million reported for the week-ended July 30, 2021. Source by FMDQ Read More

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CEO Remuneration 2021 Report: Understanding the COVID-19 Work-Life Balance - Key Findings - The pandemic forced the adoption of new ways of working, Proshare surveyed to find out on a personal level how the "new normal" has affected work-life balance. We asked several people who are experts and professionals in different fields, to see how the COVID-19 pandemic has disrupted the "normal" when it comes to working. Source Proshare Research Read More

Nigeria's WEMA Bank Expands Long-term Business Agreement with Network International - WEMA Bank Plc., one of Nigeria's oldest financial institutions, has renewed and expanded its long-term business agreement with Network International (, the leading enabler of digital commerce across Africa and the Middle East. Source Wema Bank Read More

FG Targeting 50 Billion-Barrel Oil Reserves - DPR - The target of the Federal Government is to increase Nigeria's oil reserves from 36.91 billion barrels to 50 billion barrels in the short to medium term, the Department of Petroleum Resources announced on Monday. Source Punch Read More

Power Failure, COVID-19, Others Stall N88.76bn Oil Production - Power failure, COVID-19 outbreak and production shut-in at various crude oil terminals prevented the production of 3.31 million barrels of oil valued at about N88.76bn in one month. Source Punch Read More

NEPZA, Delta Move to Revive Koko Port FTZ - The Nigeria Export Processing Zones Authority on Sunday disclosed that discussions were ongoing with the Delta State Government to revamp the defunct Koko Port Free Trade Zone to attract investments and boost economic activities in the state. Source Punch Read More

CBN: Digital Currency Would Be Critical National Infrastructure - The Central Bank of Nigeria (CBN) has said its proposed digital currency, known as e-Naira, will be treated as a critical national infrastructure to protect it from operational and cyber-security risks. Source THISDAYLIVE Read More

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Broadband: States Need to Broader Drive Penetration in Nigeria - As Nigeria seeks to build a vibrant digital economy, a leading technology analyst has called for a state-level approach to driving broadband penetration. Source by Ottoabasi Abasiekong for WebTV Read More

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Lessons from Tokyo 2020: Insurance Perspectives of the Olympics - The modern 124-year Olympics has come and gone but left us with too many lessons to draw from as we continue to live above the coronavirus pandemic, which caused the Games to be postponed for the first time for the first time in its modern history. Source by OpEd by Ekerete Ola Gam-Ikon Read More

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Wema Bank Launches Business School to Improve SMEs' Skills and Competence - Ensuring that small businesses continue to create jobs and serve as the bedrock of the economy has encouraged Wema Bank Plc to launch an SME Business School. Source by Wema Bank Read More

SME Owners: How to Manage your Staff Salaries Better - How you compensate your staff goes a long way at determining their motivational level, which in turn affects your business' productivity. When you pay your workers on time, they are inspired to do more. Source by Advans Read More

MSME Support Key Element of Buhari's Administration, Says Osinbajo - A pivotal element of the Buhari administration's economic direction is providing support to Micro, Small & Medium Enterprises (MSMEs) to raise hope, create jobs and opportunities that will produce growth and development in the country. Source The Nation Read More

AfDB to Support Tech-Based MSMEs with $500m - Osinbajo - Vice President Yemi Osinbajo says the African Development Bank (AfDB) has agreed to support Micro Small and Medium Enterprises (MSMEs), especially technology-based ones with 500 million dollars in Nigeria. Source The Guardian Nigeria Read More

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