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Nigeria in 1min: Economic, Business and Financial Headlines - 140122

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Friday, January 14, 2022 / 5:46 AM / By News Aggregator / Header Image Credit: Dr. Dapo Abiodun - MFR

COVID-19 Health Updates

13th of January 2022: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
Confirmed: 250,009 cases (New: 423)
Discharged: 221,203
Deaths: 3,092 (New: 0)

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ICT and Agric Amongst Sectors that will Drive Economic Growth in Nigeria in 2022 - Bismarck Rewane - Agriculture, Information and Communication Technology, Transport, Trade, Financial Services, Construction, and Manufacturing have been identified as key sectors that will drive Nigeria's 3% projected economic growth in 2022. Source Ottoabasi Abasiekong for WebTV Read More

Ministry, Police, Seven Others Spent N49.5bn without NASS Approval - Auditor - The Office of the Auditor General of the Federation has disclosed that nine Ministries, Departments and Agencies of the Federal Government spent about N49.5bn above their approved budgets between 2018 and 2019. Source Punch Read More

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Investors Lose N2.20bn as NGXASI Dips Marginally by 0.01% Amid Positive Market Breadth - Equities market closed on a negative note, as NGXASI depreciated by -0.01% to close at 44,604.74 basis points as against +1.71% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +4.42%. Source Proshare Markets Read More

Ghana Debt Moves Deeper Into Distress as Investors Lose Patience - The West African nation's dollar bonds have slumped 10% in 10 days, moving deeper into distressed territory as investors judge that re-financing debt in the Eurobond market won't be an option when the Federal Reserve hikes rates and budget targets remain elusive. Source Bloomberg Read More

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Emefiele: Pan-African Payment Platform will Reduce Use of Dollars, Pounds in Continent's Trade - Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the pan-African payment and settlement system (PAPSS) will simplify cross-border transactions and reduce third currencies for intra-African trade. Source TheCable Read More

US Supreme Court Blocks COVID Vaccine Mandate for Businesses - The United States Supreme Court has blocked Joe Biden's effort to require employees at large businesses to be vaccinated against COVID-19 or undergo weekly testing, a measure the US president has described as "common-sense". Source Aljazeera Read More

NLNG Suspends Cooking Gas Export, Channels 100% to Domestic Market - The Nigeria LNG Limited announced on Thursday that its board of directors had approved the supply of 100 per cent of the Liquefied Petroleum Gas (butane and propane) produced by the company to the Nigerian market. Source Punch Read More

Vehicle Importers Incur N300m Daily Demurrage from VReg Downtime - Clearing agents and freight forwarders operating at the Tin-Can Island Ports Complex, Apapa have lamented rising daily costs they incur from demurrages arising from over 3, 000 imported vehicles trapped at the port as a result of the breakdown of the National Vehicle Registration (VReg) platform created by the Federal Ministry of Finance (FMOF) for imported vehicles. Source Gurdian Nigeria Read More

Government Response to Omicron Threatens Emerging Recovery - The International Air Transport Association (IATA) announced that the recovery in air travel continued in October 2021 with broad-based improvements in both domestic and international markets. It also warned that the imposition of travel bans by governments, against the advice of the WHO, could threaten the sector's recovery. Source IATA Read More

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FG Lifts Suspension on Twitter Operations - President Muhammadu Buhari has approved the lifting of the suspension on the Twitter operations in Nigeria. The lifting will be effective from midnight January 13, 2022, according to a statement from the National Information Technology Development Agency (NITDA). Source Aderemi Ojekunle of TheCable Read More

Amazon Brand Startup Thrasio Launches $500 Million India Push - The Walpole, Massachusetts-based startup said it acquired consumer goods company Lifelong Online to commence the push, without disclosing the value. Lifelong's product categories include kitchen, home, lifestyle and health care, Thrasio said in a statement Friday. Source Bloomberg Read More

Facebook Owner to 'Assess Feasibility' of Human Rights Review on Ethiopia Practices - Facebook owner Meta Platforms (FB.O) said on Thursday it would "assess the feasibility" of commissioning an independent human rights assessment into its work in Ethiopia, after its oversight board recommended a review of how Facebook and Instagram have been used to spread content that heightens the risk of violence there. Source Reuters Read More

Facebook Faces $3.2 bln UK Class Action Over Market Dominance - Social media giant Facebook (FB.O), now known as Meta Platforms, faces a 2.3 billion pound plus ($3.2 billion plus) class action in Britain over allegations it abused its market dominance by exploiting the personal data of 44 million users. Source Reuters Read More

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Ecobank Nigeria Partners Learntor; Supports Youths Training in Bespoke Digital Technology - Ecobank Nigeria in partnership with Learntor, a comprehensive Agile Digital Transformational training and consultancy company has provided intensive Digital Technology training for select youths being part of the bank's youth development initiative. Source Ecobank Read More