Nigeria in 1min: Economic, Business and Financial Headlines - 110821


Wednesday, August 11, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Facebook; Federal Ministry of Youth & Sports Development, Nigeria

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COVID-19 Health Updates

  • 10th of August 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 179,118 cases (New: 610)
  • Discharged: 166,131
  • Deaths: : 2,194 (New: 2)

Source: NCDC Read More

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N512.25bn Generated as VAT in Q2 2021, Increases by 3.20% QoQ - NBS - Sectoral distribution of Value Added Tax (VAT) data for Q2 2021 reflected that the sum of N512.25bn was generated as VAT in Q2 2021 as against N496.39bn generated in Q1 2021 and N327.20bn generated in Q2 2020 representing 3.20% increase Quarter-on-Quarter and 56.56% increase Year-on-Year. Source NBS Read More

How MTN Nigeria Paid Over N2trn in Taxes and Levies in 20 Years - On January 8, 2020, the Attorney-General of the Federation and the Minister of Justice, Abubakar Malami, sent a letter to MTN in which he said that following careful review and due consultation with relevant statutory agencies, his office would be withdrawing a $2 billion tax demand against the telecoms company. Source MTN Nigeria Read More

Oil Prices Bounce Back as Demand Recovers - OIR 100821 - Oil prices rebounded from last week's losses as the market seemed to shrug off fears of Chinese lockdowns, with demand strength across the Atlantic overshadowing COVID-related concerns. Source Michael Kern of Read More

Why You Need to Study Total Equity Returns - Wise investors in the Nigerian equity market count the dividend yields of the stocks they hold. These days, and with T-bill yields and bond yields trending downwards (and far below the level of inflation) there are some stocks with yields as strong as fixed income. Source Coronation Research Read More

World Bank Lists Nigeria, Nine Others High-Debt Risk Nations - The World Bank has stated that Nigeria is among a list of top 10 countries with high debt risk exposure. It stated this in the financial statement for International Development Association, which was among the World Bank FY21 audited financial statements released on Monday. Source Punch Read More

Nigeria Can Earn $20bn Annually from Oil Palm Production - Obaseki - The Edo State Governor, Mr. Godwin Obaseki, has reiterated the need for Nigeria to diversify its economy from crude oil, noting that the nation can earn $20bn annually from the cultivation and production of oil palm. Source Punch Read More

2nd Niger Bridge Construction Excites FG, Fashola Hints 2022 Inauguration - The Federal Government will commission the 2nd Niger next year, the Minister of Works and Housing, Babatunde Fashola, has said. Fashola said this on Tuesday during an inspection visit of the Anambra State axis of the bridge. Source Punch Read More 

LCCI: Nigeria's Debt-Service-to-Revenue Peaks at 98% - The Director-General, Lagos Chamber of Commerce & Industry (LCCI), Dr. Chinyere Almona has lamented the country's huge debt situation consuming a significant share of the revenue. Quoting the budget implementation report, she said the debt service-to-revenue ratio for between January and May, this year stood at about 98 per cent up from 83 per cent recorded last year. Source The Nation Read More

FG Initiates National Multidimensional Poverty Index Survey - The federal government has announced the kickoff of the Multidimensional Poverty Index (MPI) Survey. The MPI Survey was virtually launched yesterday by the Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq. Source THISDAYLIVE Read More

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Investors Gain N317.48bn as NSEASI Inches Up by 1.58%, Erases Previous Day Loss - Equities market closed today on a positive note, as NSEASI appreciated by +1.58% to close at 39,176.62 basis points as against -0.63% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.72%.  Source Proshare Markets Read More


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CEO Remuneration 2021 Report: Work and the Productivity Promise - The work environment may not see glacial changes in many sectors, but some sectors will operate under completely new realities. The COVID-19 pandemic has forced many corporate executives and workers to rethink the purpose and method of work. Source Proshare Research Read More

7 Key Takeaways from The CEO Remuneration 2021 Report: COVID to Collaboration - Proshare, Nigeria's leading financial information hub recently published the fourth edition of the CEO Remuneration Report which explored the theme: CEO Remuneration Report 2021: Covid to Collaboration". Source Ottoabasi Abasiekong for WebTV Read More

International Youth Day: Ecobank to Celebrate Nigerian Youths with a Symposium - Ecobank Nigeria says it is creating a special platform to celebrate Nigerian youths as part of activities to commemorate International Youth Day which holds annually on 12th August. Source Ecobank Read More

NIPC CEO Yewande Sadiku Neither Detained Nor Arrested by EFCC - NIPC - The attention of the Management of Nigerian Investment Promotion Commission has been drawn to some media reports that the Executive Secretary/CEO Ms Yewande Sadiku was arrested and detained by Economic and Financial Crimes Commission (EFCC) on Monday 09 August 2021. Source NIPC Read More

Osinbajo Canvasses Agric-tech Collaboration between Nigeria, Vietnam - Vice-President Yemi Osinbajo has stated that Nigeria and Vietnam will immensely benefit if they collaborate to explore the existing opportunities in agriculture and technology among the two countries. Source THISDAYLIVE Read More

NACC Seeks Stronger Ties between Nigeria, U.S. - The Nigerian-American Chamber of Commerce (NACC) is seeking stronger relationships and empowerment from the commercial section of the United States Embassy through its consulate in Lagos, Nigeria. Source The Guardian Nigeria Read More


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Huawei, Mastercard, Oracle, and More to Lead the World Financial Innovation Series (WFIS) in Africa - Amidst the phenomenal disruptions happening in Africa within the BFSI sector in terms of Fintech, Mobile Money and Digital Banking, corporate giants like Huawei and Oracle have decided to take the center stage at the most premier BFSI virtual summit in Africa on 10-11 August, 2021. Source Tradepass Read More


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Building a Brighter Future Through Insurance - Andrew is a busy 44-year-old professional in the finance sector. His wife, a freelance make-up artist insists on a weekend getaway at a resort somewhere along Lagos-Epe Expressway. Source Olusegun Omosehin Read More

Deloitte Launches Effort to Address Health Care Equity in Africa, Starting with COVID-19 Response - Deloitte has announced the launch of the Deloitte Africa Health Equity Institute (DAHEI), which uses data and analytics, research as well as strategic partnerships with government and health care organisations to advance health care equity in Africa. Source Deliotte Read More

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