Nigeria in 1min: Economic, Business and Financial Headlines - 120321


Friday, March 12, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @jidesanwoolu

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COVID-19 Health Updates 

  • 11th of March 2021: Nigeria COVID19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 159,933 cases (New: 287)
  • Discharged:  142,404
  • Deaths: : 2001 (New: 8)

Source: NCDC Read More

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Global Oil Demand to Recover in 2021 - According to OPEC's recently released Monthly Oil Market Report (MOMR) for Feb-2021, global oil demand is estimated to have declined by 9.7% y/y (or by 9.7mb/d) to 90.3mb/d in FY-2020 from 99.9mb/d in FY-2019. Source United Capital Research Read More

Global Economic Outlook: Public Spending after COVID - The COVID pandemic has almost universally expanded the role of the state around the globe. Despite the high borrowing needed to fund a response, low interest rates have magnified the scale of sustainable borrowing by governments around the world. Source KPMG Read More

'Nigeria Loses $235b to Non-Passage of PIB' - Deputy Senate President, Senator Ovie Omo-Agege said yesterday that Nigeria had lost about $235 billion to the non-passage of the Petroleum Industry Bill (PIB) by successive administrations. Source The Nation Read More

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DSR Plc 2020 FY Result: Squeezing Sweet Earnings in the Face of Windy Economy - Dangote Sugar Refinery Plc (DSR) saw its profit before tax in 2020 rise by +52.98% despite a combination of adverse factors ranging from the global coronavirus pandemic to the EndSARS protests and the fall in international oil prices in Q1 and Q2 2020. Source Adesola Borokinni, Proshare Research Read More

UBA FY2020 Result: Defying A Pandemic, Double-Digit Earnings Vs A Dividend Bust - UBA Plc faced a crunchy year in 2020 as a COVID-19-induced economic downturn across African markets had mixed consequences for the bank's continental operations. While most of the bank's revenue came from its Nigerian activities its profit came from its other African operations. Source Adaeze Nwachukwu, Proshare Research Read More

Investors Lose N122.47bn as NSEASI Dips by -0.60% Amid Positive Market Breadth - Equities market closed today on a negative note, as NSEASI depreciated by -0.60% to close at 38,697.17 basis points as against +0.63% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.91%. Source Proshare Markets Read More

NTB Auction: DMO Raises 1-Year Rate by 100bps, Its Seventh Consecutive Increase - The Bond Market had a relatively quiet session, with some slight demand at short to- mid-end of the curve, with little volumes passed. Most of the day's interests were seen on off-the-run bonds like the FGN Sukuk 2024s. Source Zedcrest Capital Read More


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Ecobank Partners NEXIM Bank, Unveils Trade Opportunities for Exporters - Ecobank, in partnership with the Nigerian Export Import Bank (NEXIM) is hosting a breakfast meeting with exporters tomorrow (Thursday) by 11am. The focus of the meeting according to Chijioke Uzoukwu, Head of Trade, Ecobank Nigeria would be on export credit insurance, SME export development and other related export matters. Source Ecobank Read More

BUA Cement Plc Bags Okpella Recognition Award - BUA Cement Plc, a subsidiary of BUA Group has received an award of recognition from Okpella Graduates Association (OGA) in Okpella Community, Etsako West Local Government Area of Edo State for fulfilling its role in the Community Development Agreement signed between the organization and the community. Source BUA Cement Read More

ABCON moves against forex speculators, black market dealers - The Central Bank of Nigeria's licenced Bureaux De Change operators have said they are taking steps against foreign exchange speculators and black-market dealers who are distorting the naira exchange rate against the dollar and other global currencies. Source Punch Read More

Nigeria's Raw Materials Imports Rise to N2.32tn - Imports of raw materials into Nigeria rose to N2.32tn last year amid the COVID-19 pandemic from N1.34tn in 2019, according to data from the Nigerian Bureau of Statistics. The NBS said in its latest Foreign Trade Statistics report that the value of total trade in raw material stood at N762.6bn in the fourth quarter of 2020. Source Punch Read More

Eastern Rail Corridor to Link 14 States, Says FG - The federal government yesterday shed more light on the benefits of the Eastern Rail Corridor which groundbreaking President Muhammadu Buhari performed virtually on Tuesday, saying it will stimulate economic activities in 14 states it covers. Source THISDAYLIVE Read More

Brent Crude Eases But Stays Near $70 as Demand Optimism Lends Support - Brent crude prices eased on Friday but hovered near $70 a barrel as production cuts by major oil producers constrained supply, with optimism about a recovery in demand for the resource in the second half of the year also lending support. Source Reuters Read More

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Banks Owe Telcos N42bn for USSD Services, Says NCC - Deposit Money Banks owe telecommunications companies N42bn for services provided by the mobile network operators through the Unstructured Supplementary Service Data, the Nigerian Communications Commission announced on Thursday. Source Punch Read More


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