Nigeria in 1min: Economic, Business and Financial Headlines - 111021

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Monday, October 11, 2021 / 5:53 AM / By News Aggregator / Header Image Credit: Facebook; Jide Sanwoolu

 

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 COVID-19 Health Updates

  • 10th of September 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 207,694 cases (New: 78)
  • Discharged: 195,274
  • Deaths: 2,747 (New: 5)

Source: NCDC Read More

 

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PROSHARE ECONOMY

The Naira Pendulum - Few Options and Hard Choices - LBS Executive Breakfast Session - Since July 2021, the oscillation of the naira in the forex market has confounded investors and analysts. What was more amazing is the plunge of the naira at a time of cheery economic news on GDP growth (5.01%) and sliding inflation (17.01%). Source FDC Ltd Read More

Prepare for a Prolonged Period of High Energy Prices - OIR 081021 - The global energy crunch has been gaining momentum over this week with pricing fundamentals increasingly pointing towards a much more prolonged period of high gas and coal prices as electricity generation became a price concern across the Atlantic Basin and Asia. Source Tom Kool of Oilprice Read More

FG Allocates N5.9tn to Education, Health, Defence, Infrastructure - The Federal Government has allocated the sum of N5.93tn to critical sectors of the economy including defence, health, education and infrastructure. Source Punch Read More

Debt Servicing Cost Rises to N2.9tn, Gulps 74% of Revenue - FG - The Federal Government has said that it spent N2.89tn on debt servicing between January and August. The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this during the public presentation and breakdown of the highlights of the 2022 appropriation bill held in Abuja on Friday. Source Punch Read More

NUPENG Suspends Planned Strike to 'Allow Government Address Grievances' - The National Union of Petroleum and Natural Gas Workers (NUPENG) has suspended its planned strike. Tayo Aboyeji, the south-west zonal chairman of NUPENG, disclosed this on Sunday in an interview with NAN. Source TheCable Read More

FG to Sanction MDAs That Fail Revenue Targets - The Federal Government, through the Minister of Finance, Budget and National Planning, Zainab Ahmed, has affirmed that it is working on a plan to sanction ministries, departments and agencies if they fail to meet their revenue targets. Source Punch Read More


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PROSHARE MARKETS

What To Expect From The Markets This Week - 111021 - President Muhammadu Buhari presented the 2022 proposed budget to a joint session of the National Assembly on Thursday. The 16.39tr budget is based on a projected crude oil price of $57/barrel, crude oil production of 1.88mbpd (including condensate of 300,000-400,000bpd), an exchange rate of N410.15/$. Source Proshare Content Read More

Thoughts and Reflections on the Forex Crisis - Past governments in Nigeria have sought to respond to the country's balance of payments challenge by creating a legal parallel (or dual) foreign exchange market to avoid the short-term effects of a depreciation of the Naira on domestic prices while retaining some degree of control over capital outflows and international reserves. OpEd by Tosin Ige, Proshare Research Read More

DataPro and AIHN to host Webinar on Credit Rating Imperatives for Issuers and Investors - DataPro in conjunction with the Association of Issuing Houses of Nigeria (AIHN) is set to host a Live Webinar to bring to the fore the important role Credit Rating Agencies play in Economic Recovery efforts as we all embrace the New Normal post-Covid interventionist policies of the Government. Source DataPro Read More 

 

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PROSHARE BUSINESS

Eleven Eleven Twelve Foundation Webinar Explores the Value of Renewable Energy for Africa - The Eleven Eleven Twelve Foundation recently hosted the fourth edition of its Green Webinar Series, which had as keynote speaker Sarah Mulwa an energy and environment Consultant, and the founder of the 'Now For Them Trust'. Source Oluwakemi Enitan Falayo for WebTV Read More

When Your Cash Cows are not Fat Cows: Ways to Build Business Resilience in Turbulent Periods - According to the Boston Consulting Group (BCG) matrix, a business may be a cash cow or a dog depending on its performance on the market growth stage and market share. A business represents a cash cow when it has become a market leader with low market growth. OpEd by Tosin Ige, Proshare Research Read More

Wema Bank Reaffirms Commitment to Customer Service at HNI Event - Wema Bank recently hosted High Net-worth Individuals (HNIs) in Northern Nigeria and reaffirmed service satisfaction to this customer class. At the meeting held at Transcorp Hilton, Abuja, the bank appreciated its high-net-worth customers for their loyalty. It reiterated its commitment to customer satisfaction. Source Wema Bank Read More 

Deficit: Explore Concessions, PPP, NACCIMA Tell FG - The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture has said it is worried by the plan of the Federal Government to increase borrowing to finance its proposed of N16.39tn for 2022. Source Punch Read More

AfCFTA: Central Bank Assures e-Naira Would Increase Cross-border Trade, Tax Efficiency - In the wake of the implementation of the African continental free trade area (AfCFTA), the Central Bank of Nigeria (CBN) has stated that another component and incentive of the E-naira, which is slated to launch soon, would be its ability to enhance tax efficiency as well as improve cross-border trade. Source THISDAYLIVE Read More


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PROSHARE FINANCE

How Takaful Can Deepen Insurance Penetration in Nigeria - Takaful has the potential to deepen insurance in Nigeria through personal life products that are tailor-made for households and MSMEs. Mr. Zubairu Sulaiman, The Head of, Takaful Unit, National Insurance Commission, NAICOM, made this point while speaking on "Takaful and the Growth of Nigeria's Insurance Industry". Source Bukola Akinyele-Yisau for WebTV Read More 


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