Nigeria in 1min: Economic, Business and Financial Headlines - 101120


Tuesday, November 10, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @NigeriaGov

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COVID-19 Health Updates

  • 9th of November 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 64,184 cases (New: 94)
  • Discharged:  60,069
  • Deaths: : 1,158 (New: 4)

Source: NCDC Read More

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NERC Affirms Pricing as the Biggest Challenge for Nigeria's Power Sector - In an interview with local print media, Punch, the Commissioner Legal, Licensing, & Compliance at the Nigerian Electricity Regulatory Commission (NERC) described the bane of the power sector failure as the pricing of the product. During. Source CSL Research Read More

Nigeria's Debt Worrisome as Pandemic Bites Harder-Analysts Fear Second Wave Decline - Nigeria's dwindling oil revenue and rising debt profile have caused growing concern amongst local economists. According to data from the Debt Management Office (DMO). Nigeria's total debt as of H1 2020 stood at N31.01trn from N12.6trn as of 2015. Nigeria's debt increased by +146.1% in H1 2020 from N12.6trn in 2015. Source Adesola Brokinni and Kehinde Oyinleye Proshare Research Read More

Agusto and Co Unveils its 2020 Consumer Digital Banking Satisfaction Index - Leading Research and Credit Rating Agency, Agusto & Co has launched the third edition of its consumer banking satisfaction index which dissects the level of customer satisfaction towards digital banking channels in Nigeria with Guaranty Trust Bank (GTBank) ranking highest in user experience. Source Agusto & Co Read More 

Naira May Depreciate to 475 Against Dollar, says Rewane - The naira will weaken in the parallel market as oil prices stay at $40-$42 per barrel and likely depreciate to 470-475 against the dollar in November and December, the Managing Director/Chief Executive Officer, Mr Bismarck Rewane, has said. Source Punch Read More

IPPIS: Petrol Scarcity Imminent as PENGASSAN Downs Tools - Nigeria may face the scarcity of petrol in the coming days as oil workers have been ordered to down tools nationwide. Oil workers under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria were ordered by the association to vacate their duty posts. Source Punch Read More

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Ikeja Hotel Plc Q3 2020 Results: Losses Rise as Coronavirus Effects Linger - Ikeja Hotel Plc has had a sordid time as it posted a second consecutive loss in 2020. Its revenue fell by -60.49% while it recorded a loss before tax of N1.39bn in Q3 2020. The loss incurred could be attributed to a decline in revenue from falling room occupancy rates -61.95%, a drop in food & beverages revenue -63.26%, and departments -67.42%. Source Proshare Research Read More

Investors Gain N641.08bn as NSEASI Inches Up by 3.96% to Open the Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +3.96% to close at 32,243.05 basis points as against +0.90% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +20.12%. Source Proshare Markets Read More


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CIIA to Deepen the Investment Market through Innovation and Standards - Akin' Adeniyi - Recently, the Association of Corporate and Individual Investment Advisers (CIIA) elected Mr. Akin' Adeniyi, CIPM  as the President & Chairman of Council of the Association, while a new website was launched to provide more information about the operations and outlook for the association's objectives toward market development. Source Akin' Adeniyi, CIIA Read More

Nigeria Exempts Dangote Cement from Land Border Closure The Nigerian government has allowed Dangote Cement to resume exports across its land borders, raising hopes that Africa's most populous nation may be opening up trade with neighbors after a year-long blockade. Source Bloomberg Read More

Tambuwal Lays Foundation for OCP Africa's $13m Fertilizer Plant Sokoto State Governor, Aminu Tambuwal has reiterated that the state is ready to support investments capable of developing the economic well-being of the people and lift them from poverty. Source THISDAYLIVE Read More

Fauci: U.S. Could Begin Distributing COVID Vaccine by End of Year - Anthony Fauci, director of the U.S. National Institute of Allergy and Infectious Diseases, on Monday greeted news about the vaccine against the deadly coronavirus that Pfizer Inc PFE.N is developing as "a big deal" and said the United States could have vaccine doses ready to administer to people before the end of the year. Source Reuters Read More

EU 'Regrettably' Hits U.S. With Tariffs, Seeks Better Biden Ties - The European Union will impose tariffs on up to $4 billion of U.S. imports in retaliation for U.S. subsidies for Boeing BA.N, but said on Monday it was hopeful of an improvement in trade ties under U.S. President-elect Joe Biden. Source Reuters Read More

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WFIS Africa: World Financial Innovation Series 2020 - Africa is the second largest banking market in the world in terms of growth and profitability. While in most parts of the world, the banking sector is facing poor performance and sluggish growth, the African banking sector is in stark contrast as it is growing rapidly and is profitable at twice the global average. Source Tradepass Global Read More

5G Not Hazardous, to be deployed in 2021 - NCC - The Nigerian Communications Commission says the trial of the fifth-generation mobile network shows that there is no health hazard associated with the use of the technology. The commission in a draft consultation document on Deployment of Fifth Generation Mobile Technology in Nigeria published on Monday stated that the trial was conducted in six cities - Abuja, Lagos, Ibadan, Abeokuta, Kano and Calabar. Source Punch Read More

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Recapitalistion: Insurers Want NAICOM to Waive Dec Deadline - Insurance companies have urged the National Insurance Commission to waive the first phase of its segmented recapitalisation for the insurance and reinsurance companies scheduled to end by December 31, 2020. Source Punch Read More


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NAFDAC Organises Investment Summit for MSMEs - The National Agency for Food and Drug Administration and Control (NAFDAC) has stressed the need for MSMEs to harness the potential of trade and investment for the nation's economic growth and sustainability. Source THISDAYLIVE Read More


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