Nigeria in 1min: Economic, Business and Financial Headlines - 120122

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Wednesday, January 12, 2022 / 6:00 AM / By News Aggregator / Header Image Credit: Aso Rock Villa

 

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 COVID-19 Health Updates

  • 11th of January 2022: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 249,154 cases (New: 422) 
  • Discharged: 220,195
  • Deaths: 3,086 (New: 1)

 

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PROSHARE ECONOMY

Nigeria Acquires $210m Loan from African Development Bank - Nigeria recently received funds from The Board of Directors of the African Development Bank (AfDB) for improving the different agro-industrial processing zones of the country. Sponsored post by Bishal Biswas Read More 

Oil Bulls Begin the Year with a Bang - OIR 110122 - The limited impact of Omicron on markets compared to all previous COVID variants has been the main bullish factor for oil prices in 2022, with demand continuously proving skeptics wrong. Source Tom Kool of Oilprice Read More

2,248MW of Power Stranded Monthly in 2021 Despite Blackouts - Gencos - Despite the blackout witnessed in many parts of Nigeria last year, a monthly average of 2,248.5 megawatts of electricity was stranded and unutilised in the same year, industry data from power generation companies showed. Source Punch Read More

Widen Tax Net, Rising Debt Worrisome, LCCI Tells FG - The   Lagos Chamber of Commerce and Industry has advised the Federal Government to widen its tax net in order to increase its revenue and ease the burden on the country's predominantly oil-based economy. Source Punch Read More

Global Growth to Slow Through 2023, Says World Bank Boss - World Bank Group President David Malpass has warned that the global economy will grow at a slow pace through 2023 amid fresh threats from COVID-19 variants. Source THISDAYLIVE Read More


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PROSHARE MARKETS

Investors Lose N20.38bn as NGXASI Dips by 0.09%, Halts Positive Posture - Equities market closed on a negative note, as NGXASI depreciated by -0.09% to close at 43,859.30 basis points as against +0.10% % appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +2.68%. Source Proshare Markets Read More

Beware the January Rally - How reliable is an equity market rally in January? Rallies in January are quite common in Nigeria. Over the past 12 years, there have been eight. The last two years, 2020 and 2021, are cases in point. Source Coronation Research Read More

Grains Record 3-Week Upward Trend On-Demand Pressure - AFEX Commodities Weekly Report 070122 - It was a "green" week for grain commodities as demand pressures witnessed prices maintain a 3-week upward trend in the open market. Similar performance was seen on the Exchange with paddy rice topping the gainer's chart, returning 20.61% to investors on a w/w basis. Source Kainosedge Consulting for AFEX Commodities Exchange Read More

Futures Rise Ahead of Fed Chair Powell's Testimony - U.S. stock index futures rose on Tuesday as investors picked up beaten-down stocks ahead of Federal Reserve Chair Jerome Powell's testimony that may offer fresh insight on policy tightening and the central bank's plans to tackle inflation. Source Reuters Read More 

 

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PROSHARE BUSINESS

Africa's Pay-TV Subscribers to Grow by 18m in the Next 5 Years - According to the most recent African pay-TV forecast from Digital TV Research, which aims to deliver cutting-edge business data for the television industry, Africa's pay-TV subscriber base will rise by 18 million subscribers over the next five years, reaching 57 million by 2027. Source Broadcast Media Read More 

ABCON Makes Case for BDCs to Compete for $20bn FX Inflow - Association of Bureaux De Change Operators of Nigeria (ABCON) has called on the Central Bank of Nigeria (CBN) to remove restrictive controls that makes it difficult for Bureaux De Change (BDCs) to compete for the $20 billion inflow in the unofficial forex market. Source Guardian Nigeria Read More


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PROSHARE TECHNOLOGY   

FG Spends N152bn on Digitization - Pantami - The Minister of Communications and Digital Economy, Prof. Is a Ali Pantami disclosed this on Tuesday at the closing if 2021 Service Wife capacity building  programme on e-Government at e-Government Training Centre, Abuja. Source Vanguard Read More

Apple Submits Plans to Allow Alternative Payment Systems in S.Korea - Regulator - South Korea's telecommunications regulator said on Tuesday Apple Inc (AAPL.O) had submitted plans to allow third-party payment systems on its App Store to comply with a law banning major app store operators from forcing software developers to use their payments systems. Source Reuters Read More

U.S. Gets 'Second Time Lucky' in Reviving Facebook Monopoly Case - Meta Platforms Inc.'s Facebook must face the U.S. government's monopoly lawsuit alleging that the company abused its dominance and should be broken up, a judge ruled. Source Bloomberg Read More

Singapore Officials Quizzed About Crypto Scams Urge Caution - Singapore officials warned people chasing digital investment opportunities like non-fungible tokens and metaverse assets to exercise caution and participate "responsibly" - a recommendation that mirrors the city-state's own balancing act as it promises to embrace crypto, but in a measured way. Source Bloomberg Read More 

 

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PROSHARE FINANCE

How To Improve the Education System of Nigeria for The Future? - According to reports by UNESCO, the current literacy rate of Nigerians that are above 15 years is 62%. This report indicates that most Nigerians are able to learn and speak. Sponsored post by Bishal Biswas Read More 

 

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