Nigeria in 1min: Economic, Business and Financial Headlines - 111220


Friday, December 11, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @AfDB_Group

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COVID-19 Health Updates

  • 10th of December 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 71,344 cases (New: 675)
  • Discharged:  65,474
  • Deaths: : 1,190 (New: 6)

Source: NCDC Read More

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Oil Jumps Above $50 on Vaccine Rollout - Brent crude oil price rose above $50 per barrel (bbl) on Thursday for the first time since oil price slumped in early March, as hopes of a faster demand recovery after the release of COVID-19 vaccines underpinned a huge rise in U.S. crude inventories that showed there was still bulk supply available. Source Funsho Idowu, Proshare research Read More

Is PMS Price Deregulation for Real or a Mirage? - The Federal Government recently announced a N5 reduction in the pump price of fuel, effective December 14. This has raised eyebrows on who controls the price of petroleum products... the government, the market, or the unions? Is the market deregulated or not? Source FDC Research Read More

Risks to Nigerian Banks' Asset Quality Loom in 2021 and Beyond - Nigerian bank asset quality is expected to weaken over the next 12 months-18 months, Fitch Ratings says in a new report, What Investors Want to Know: Nigerian Banks. Debt relief measures have prevented a material rise in impaired loans in 2020.Source Fitch Ratings Read More

States' Cash Crunch Worsens, NLC Opposes Borrowing Pension Funds - There were strong indications on Thursday that the financial problems facing state governments had worsened as many states had yet to start the payment of N30,000 minimum wage 11 months after the deadline given by the Nigeria Labour Congress for the conclusion of negotiations. Source Punch Read More

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Investors Lose N232.06bn, NSEASI Dips by -1.27% Amid Increased Sell Pressure - Equities market closed today on a negative note, as NSEASI depreciated by -1.27% to close at 34,577.26 basis points as against -0.04% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +28.82%. Source Proshare Markets Read More


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Oil Rises Above $50, Highest in Nine Months - The international oil benchmark, Brent crude, soared above the $50 per barrel mark on Thursday for the first time since early March, buoyed by hopes of a faster demand recovery as countries start to roll out COVID-19 vaccines. Source Punch Read More

NCAA Adopts New Debt Collection Method for Domestic Airlines - The Director General of the Nigeria Civil Aviation Authority (NCAA), Captain Musa Nuhu has said the agency has adopted new method of debt collection for airlines. Source THISDAYLIVE Read More

Local Content: NCDMB Retains $6.4b of Industry's Yearly Spend - Notwithstanding the challenges in the global oil and gas industry, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, has stated that the agency has retained the $6.4 billion of yearly spend as a result of Local Content Act implementation. Source Guardian Nigeria Read More

Airbnb Valuation Surges Past $100 Billion in Biggest U.S. IPO of 2020 - Shares of Airbnb Inc more than doubled in their stock market debut on Thursday, valuing the home rental firm at just over $100 billion in the biggest U.S. initial public offering (IPO) of 2020 and capping a bumper year in which investors flocked to tech stocks. Source Reuters Read More 


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Fintech Nigeria Social Meet 7.0 Explores Digital Acceleration For 2021 - Fintech Nigeria hosted a Social Meet 7.0 event in Lagos which had in attendance notable speakers across the finance and technology sectors. The event explored the topic "Strategic Readiness for 2021" and was an opportunity for stakeholders and industry players to discuss the developments in the fintech ecosystem, the impact of COVID-19, and what would shape developments in 2021. Source WebTV Read More

Ecobank MD, Others List Opportunities in Digital Financial Inclusion - Managing Director, Ecobank Nigeria, Patrick Akinwuntan has said the biggest growth opportunities in digital financial inclusion lies in the ability to combine the mobile phone, cards, and agency banking services in the most cost effective and convenient way to reach the citizenry on a sustainable basis. Source Ecobank Read More


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Dr. Tausif Malik to Speak on Non-interest Finance and Start-Ups in Nigeria - Dr. Tausif Malik is an Indian American Social Entrepreneur based out of Chicago, USA & Pune, India. He is the creator of the World's 1st & Largest Bitcoin Mining Training Program in association with the Dalit Indian Chamber of Commerce & Industry (DICCI). Source WebTV Read More

CBN Sets N2bn Capital, Others for Payment Firms - The Central Bank of Nigeria has set a minimum capital base for Payment Service Banks and other finance institutions. The CBN disclosed this in a circular released on Thursday titled 'New licence categorisations for the Nigerian payment system' and signed by the Director, Payments System Management Department, Musa Jimoh. Source Punch Read More

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