Nigeria in 1min: Economic, Business and Financial Headlines - 121021

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Tuesday, October 12, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Aso Rock Villa

 

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 COVID-19 Health Updates

  • 11th of September 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 207,978 cases (New: 284)
  • Discharged: 195,626
  • Deaths: 2,756 (New: 9)

Source: NCDC Read More

 

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PROSHARE ECONOMY

2022 Budget Proposal: Fiscal Deficit Rising on Account of Defence Spending - Reactions continue to trail the release of the 2022 Budget Proposal titled: "Budget of Economic Growth and Sustainability," presented on Thursday by President Muhammad Buhari to the National assembly in a relatively brief session. Source AbdulQudus Isiaka, Proshare Research Read More

NBCC Forum: Experts Examine PIA and the Opportunities for Nigeria's Economic Growth - The Nigeria-British Chamber of Commerce (NBCC) as part of its advocacy role in economic policy, trade and development hosted a webinar that discussed the "The Petroleum Industry Act (PIA): A Reset, Setback, or Status Quo?". Source Oluwatamilore Adeniran Read More

2022 Budget: FG Earmarks N134bn for National Assembly - Highest Since 2016 - The federal government has budgeted N134 billion for the national assembly in the 2022 appropriation bill. The amount is the highest annual allocation ever proposed by the executive for the national assembly since the present administration came into power in 2015. Source TheCable Read More

LCCI Faults 57% Revenue for Recurrent Expenditure - The Lagos Chamber of Commerce & Industry (LCCI) has rejected plans by the Federal Government to make provision of N4.79 trillion (inclusive of N750.04 billion for Government-Owned Enterprises (GOEs) for personnel and pension costs, an increase of N534.40 billion over the 2021 figure. Source The Nation Read More

NACCIMA Disagrees with FG Over 2022 Budget Assumptions - Though the restoration of the January-December budgetary cycle seems to have excited the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) the Chamber has, however, disagreed with some fundamentals of the budget which includes increased deficit and the borrowing as a funding strategy. Source Vanguard Read More

World Bank Chief Calls for 'Comprehensive' Debt Relief for Poor Countries - Debt loads in low-income countries surged 12 percent to a record $860 billion in 2020 amid the pandemic, prompting World Bank President David Malpass on Monday to call for a "comprehensive plan" to deal with the issue. Source The Guardian NG Read More


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PROSHARE MARKETS

Investors Lose N80.44bn as NSEASI Dips by -0.38% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.38% to close at 40,714.00 basis points as against +0.10% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +1.10%.  Source Proshare Markets Read More

Prolong Early Harvest Induced Price Decline in Grains - AFEX Commodities Weekly Report 111021 - Last week ended with grain prices declining further for the fourth consecutive week in the open market. The Exchange witnessed low activities during the period with trades executed only on Cocoa, Cashew, and Soybean respectively. Source Kainosedge Consulting for AFEX Commodities Exchange Read More

NAFEX Rate Appreciated by 0.04% WoW to N412.98 from N413.14 - In the FX Spot and Derivatives markets, the total turnover for the week-ended October 8, 2021, was $996.44 million, representing a decrease of 28.44% ($396.02 million) from $1,392.46 million reported for the week-ended September 30, 2021. Source FMDQ Read More

Secondary Market Maintains Bullish Run as Average Yield Declines 9bps WoW to 5.27% - The Nigerian Treasury Bills ("NT-Bills") secondary market maintained a bullish run last week as liquidity levels were elevated at N124.3bn at the beginning of the week. Investors cherry-picked instruments with relatively attractive yields in the market. Source Afrinvest Research Read More 

 

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PROSHARE BUSINESS

How NIPC Uses the 'RIBS' Approach to Boost Nigerian Investments - The 'RIBS' philosophy, which involves "Responsible, Inclusive, Balanced and Sustainable," investments would continue to play a significant role in the Nigeria Investment Promotion Commission (NIPC). Source Ottoabasi Abasiekong for WebTV Read More 

NEPC, Firm Partner to Boost Non-Oil Exports to US - The Nigerian Export Promotion Council has partnered with Export and Sell Nigeria Limited to boost the exports of non-oil products from the country to the United States. Source Punch Read More


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PROSHARE TECHNOLOGY

Digital Naira (eNaira): Staking out the Gains, Holding up the Pains - Proshare Research - Over the last three quarters of 2021, global Central Banks have been pressed to form a counterbalance to the gradual loss of monetary control in their domestic economies as blockchain-based cryptocurrencies went on the ascendency as a means of payment and settlement. Source AbdulQudus Isiaka, Proshare Research Read More

How the Future Could Shape Your Life; A Glimpse into Tomorrow - The next decade is shaping an era of technological and intellectual innovation closely resembling the world of science fiction. The future of the global economy will be shaped by the 5th industrial revolution (5IR), technological advancements, the evolution of money, demographic changes, and the green revolution. Source Iyioluwabomi Onakoya, Proshare Research Read More

HP Launches New Windows 11 Devices Designed to Bring People Closer to Others and Things They Love - Today, HP Inc. introduced its newest devices, displays and accessories, designed for people who want technology that enables them to seamlessly switch between productivity, creativity, entertainment, and collaboration - regardless of location. Source HP Read More

Appzone Relaunches BankOne, Digital Core Banking Solution for Africa's Fintechs and Neobanks - Appzone, the Pan-African fintech software provider building proprietary solutions for the continent's banking and payments industries, has announced the Pan-African launch of BankOne, its digital core banking solution now re-engineered to serve the continent's leading Fintechs, neobanks and challenger banks. Source Appzone Read More


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PROSHARE FINANCE

Insurance September 5.0: Stakeholders Call for Tech Disruption of Credit Insurance in Nigeria - At the 2021 edition of the Insurance September meeting, stakeholders agreed that technology disruption would revolutionize credit insurance in Nigeria with a far-reaching impact. Source Oluwakemi Enitan Falayo for WebTV Read More

Nnamdi Azikiwe University Gets ASR Africa N1BN Education Grant - The Abdul Samad Rabiu Africa Initiative, (ASR Africa) - the brainchild of Abdul Samad Rabiu, Founder and Executive Chairman of BUA Group has provided a grant of One (1) billion Naira Tertiary Education Infrastructure Grant to the Nnamdi Azikiwe University in Anambra State for the construction of a student complex in the institution. Source BUA Group Read More

How to Give Cheerfully and Still Achieve Financial Freedom - The number one reason why you exist on the planet is not just to survive but to achieve a worthwhile goal. This goal can be your mission, your purpose, or your assignment for which financial freedom is part of it. Source Grace Agada Read More 


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