Nigeria in 1min: Economic, Business and Financial Headlines - 120221


Friday, February 12, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Ecographics

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COVID-19 Health Updates 

  • 11th of February 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 143,516 cases (New: 938)
  • Discharged:  118,012
  • Deaths: : 1,710 (New: 8)

Source: NCDC Read More

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FAAC Disburses N601.11bn in December 2020 - NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N601.11bn to the three tiers of government in December 2020 from the revenue generated in November 2020. Source NBS Read More

High Year-end Spending Drove Inflation Upward - The year started off with mixed economic data. On one hand, U.S. job figures remained weak as pandemic-related restrictions inhibited economic activity. On the other hand, US GDP growth for Q4, 2020 was very impressive, raising hopes for a sustained recovery. Source Comercio Partners Asset Mgt Read More

Outlook 2021: The Year 2020 in Retrospect - A Bleak Year for Households - Households are the bedrock of every economy, or at least they should be. Nevertheless, households in Nigeria are having a terrible time keeping heads above rising socio- economic waters. Source Proshare Research Read More

GDP Rebasing: FG Enumerates 1.4 Million Establishments Nationwide - The Federal Government on Thursday said it had so far enumerated over 1.4 million establishments as part of the process to rebase Nigeria's Gross Domestic Product. Statistician-General of the Federation/Chief Executive Officer, National Bureau of Statistics, Yemi Kale, disclosed this at a press briefing on the ongoing National Survey of Establishment. Source Punch Read More

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NCM 2020: Sectoral Market Capitalisations: Oil and Gas Records -20,62% Decline in 2020 - The Industrial Goods sector recorded 138.21% growth in market capitalisation in 2020 to emerge as the sector with the highest growth rate. The ICT sector came second with a +103.46% growth rate recorded in 2020. Source Proshare Research Read More

Investors Gain N166.51bn as NSEASI Inches Up by 0.78% Amid Negative Market Breadth - Equities market closed today on a positive note, as NSEASI appreciated by +0.78% to close at 41,014.30 basis points as against -1.96% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +1.85%. Source Proshare Markets Read More

Fidelity Bank FY2020 Results: Marginal Fall in Profit Amidst a Pandemic - The latest unaudited result posted by Fidelity bank for FY2020 shows a marginal decline across most financial indices, this was based on harsh economic outcomes caused by COVID-19-induced disruptions to the business environment. However, total loans and deposits grew leading to a growth in the bank's balance sheet. Source Adaeze Nwachukwu, Proshare Research Read More

ALERT: 15.93% of OMOMORBNK's Outstanding Shares Traded on NSE Today - At the close of trading today, a total volume of 796.45mln units of shares of Omoluabi Mortgage Bank Plc (Now Living Trust Mortgage Bank Plc) valued at N493.81mln were traded. Source Proshare Research Read More

How the Capital Market can Support FGN in Financing 2021 Budget Deficit - As the Nigerian Federal Government grapples with a budget deficit of over N5trn, Professor Uche Uwaleke, an economics lecturer at the Nasarawa State University, Keffi, Abuja, believes the country's capital market could be used to plug budgetary holes. Uwaleke was one of the speakers at the Chartered Institute of Stockbrokers (CIS) 2020 economic review, and 2021 economic outlook. Source WebTV Read More


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Delivering Great Customer Experience During and After COVID-19 - As the sage has said, everything that has a beginning has an end. We should, therefore, agree that, sooner or later, the COVID-19 scourge should be over. While vaccines are being deployed, slowly in many parts of Africa, and rapidly in some parts of the advanced world. Source OpEd by Prof. Robert Ebo Hinson Read More

Banks' Lending Rates Discouraging Productivity, Say Manufacturers - Most manufacturers have said the commercial banks' lending rates are discouraging productivity in the nation's manufacturing sector, the Manufacturers Association of Nigeria has said. Source Punch Read More

Nigeria Targeting 30% Electricity from Renewables by 2030 - Osinbajo - Vice-President Yemi Osinbajo on Thursday has said Nigeria plans to have 30 percent of its electricity supply from renewables by 2030. According to a statement by his Senior Special Assistant on Media and Publicity, Laolu Akande, the Vice-President said this in his message delivered virtually at the inauguration of a 1.12 MW Captive Solar Hybrid Power Plant at the Abubakar Tafawa Balewa University, Bauchi. Source Punch Read More

NIRSAL Grows Balance Sheet to N140b, aggregates 3,000 Cooperatives - The Managing Director/Chief Executive Officer of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc), Mr. Aliyu Abdulhameed on Thursday said the company has grown its balance sheet to NGN140billion. Source The Nation Read More

EU Says it is Ready to Work with Biden Administration to Settle Trade Disputes - The European Union on Thursday acknowledged a move by the new U.S. government to refrain from imposing additional tariffs on EU goods in a long-running dispute over aircraft tariffs, and said it was ready to work to resolve trade disputes. Source Reuters Read More

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Visa and GIG Logistics Partner to enable eCommerce Delivery - Visa today announced a partnership with logistics provider, GIG Logistics (GIGL), to introduce special eCommerce Tariff for Small Businesses in Nigeria. The collaboration allows merchants who have signed up on the Visa Small Business Hub access to a discounted tariff plan for their logistics needs with the foremost logistics provider. Source Visa Read More 

NIN Mandatory for Bank Accounts, Voter Registration, says FG - The National Identity Number is mandatory for transactions such as the opening of bank accounts, payment of taxes, voter registration, the Federal Government said on Thursday. Minister of Communications and Digital Economy, Isa Pantami, said this in Abuja while hosting the newly elected National Executive Council of the Association Telecommunications Companies of Nigeria. Source Punch Read More

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Akeem Oyewale to Speak on Islamic Financial Literacy Education in Nigeria - Mr. Akeem Oyewale is the Chief Executive Officer of Marble Capital Limited, a leading ethical investment firm in Nigeria. With over 23 years of experience as a Capital Markets and Investment Banking Executive, Akeem was previously the Chief Executive Officer of Stanbic IBTC Nominees Limited and the Head of Investor Services at Stanbic IBTC Bank. Source WebTV Read More 

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"Unwavering in our 60 year commitment to Nigeria through CSR, we activated a comprehensive response and mobilized a formidable team to support and collaborate with Nigeria in the fight against the COVID-19 Pandemic" - FMN. Learn more HERE

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