Nigeria in 1min: Economic, Business and Financial Headlines - 150221

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Monday, February 15, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @cenbank


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COVID-19 Health Updates 

  • 14th of February 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 146,184 cases (New: 520)
  • Discharged:  120,838
  • Deaths: : 1,752 (New: 5)

Source: NCDC Read More

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PROSHARE ECONOMY

Outlook 2021: Inside a Perfect Storm: Monetary and Fiscal Sword Fencing -Monetary Policy - Nigeria's quadrilemma of a contraction in GDP of -3.62%, high inflation rate 14.89%, unemployment rate +27.1%, and exchange rate challenges have limited CBN's monetary policy impact in triggering a quick rebound in economic growth. Source Proshare Research Read More

Outlook 2021: A Review of Monetary and Fiscal Policies Introduced in Nigeria in 2020 - The Act makes significant changes to the way companies are run in Nigeria which are a timely and appropriate response to the peculiar circumstances occasioned by the COVID-19 pandemic in Nigeria. These shall be discussed subsequently. Source Proshare Research Read More

Finance Act, 2020: Impact Analysis - His Excellency, President Muhammadu Buhari, on 31 December 2020, signed the Finance Act, 2020 ("the Act") into law. The Act introduces changes to the Companies Income Tax Act, Personal Income Tax Act, Custom and Excise Tariff Etc. (Consolidation) Act, Value Added Tax Act, Capital Gains Tax Act. Source Wole Obayomi Read More

How Much Higher Can Oil Prices Go? - OIR 120221 - Brent held above $61 per barrel in early trading on Friday, despite some headwinds from a slight strengthening of the dollar. Analysts are now split on whether or not the rally has gone too far or has more room to run. Source Tom Kool of Oilprice Read More

Access Bank's EIU Forecasts Headline Inflation for January 2021 to Rise to 16.64% - Access Bank's Economic Intelligence Unit forecasts headline inflation for January 2021 to rise to 16.64% from 15.75% recorded in December 2020. This will mark the 17th consecutive month of ascending inflation. Source Access Bank Economic Intelligence Group Read More

 

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PROSHARE TECHNOLOGY

SEC Puts on Hold the Assessment of Persons Affected by CBN Directive on Cryptos - The Securities and Exchange Commission (SEC) has received several comments and inquiries from the public on a perceived policy conflict between the SEC Statement on Digital Assets and their Classification and Treatment of September 11, 2020 and the Central Bank of Nigeria (CBN) Circular of February 5, 2021. We see no such contradictions or inconsistencies. Source SEC Nigeria Read More

 

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PROSHARE MARKETS

NCM 2020: Consumer Goods Sector - NESTLE Tops on EPS as DANGSUGAR Tops on PAT Margin - Consumer sentiment was greatly impacted by the COVID-19 pandemic with Fast Moving Consumer Goods (FMCGs) facing significantly reduced consumption as well as disrupted supply chains due to the lockdown of major cities in the country. Source Proshare Research Read More

NCM 2020: Oil and Gas Sector - TOTAL Tops on PE Ratio as JAPAULOIL Tops on PAT Margin - The Oil and Gas sector is one of the most active sectors among the NSE Sectors. A cursory review of the EPS ratio of the Oil and Gas sector reveals that MOBIL tops based on EPS and closely followed by CONOIL and TOTAL while SEPLAT leads otherwise with negative EPS. Source Proshare Research Read More

What to Expect From The Markets This Week - 150221 - Dr. Yemi Kemi the Statistician-General of the Federation noted that it had completed the enumeration of establishment in December 2020. Over 1.4m establishments were enumerated as part of the process to rebase Nigeria's Gross Domestic Product. Source Proshare Content Read More

Clear Crypto Rules Urgently Needed as Major Companies Embrace Asset: SEC Official - A clear cryptocurrency regulatory regime is urgently needed as major companies like Tesla Inc, BNY Mellon Corp and Mastercard Inc embrace the alternative asset class, a top Securities and Exchange Commission (SEC) official said. Source Reuters Read More

Robinhood CEO admits communications shortcomings, ahead of House testimony - Robinhood, the trading app popular with young investors, could have better explained why it restricted the buying of heavily shorted stocks caught up in the social media-fueled trading frenzy around GameStop Corp, said the company's chief executive officer. Source Reuters Read More

 

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PROSHARE BUSINESS

Firstmonie Wallet Launches Valentines Day Promo, Gives Customers Free Data and Airtime - You've got Firstmonie Wallet on your phone? Did I hear you say Yes... then, count yourself lucky because your first daily recharge and data subscription between 13 - 15 February will give you the opportunity to speak more to your loved ones, or spend more time on your favourite social media channel. Source FirstBank Read More

BPE Woos Investors for LITFC, Three Others - In a move to woo investors, the Bureau of Public Enterprises (BPE) is billed to hold an international investors' webinar designed to showcase investment opportunities in four enterprises slated for concession. Source THISDAYLIVE Read More

Households get N44.62bn COVID-19 Intervention Funds - Households got N44.62bn intervention funds to alleviate hardships from COVID-19 as of the end of November according to figures obtained from the Central Bank of Nigeria. The CBN disclosed that the figure rose from N35.43bn as of July, according to its monthly economic report. Source Punch Read More

Bayelsa Oil Park to Be Completed 2022 - NCDMB - The Nigerian Content Development and Monitoring Board has said the oil and gas park being developed at Emeyal 1, Bayelsa State, will be completed in the fourth quarter of 2022. Source Punch Read More

Oil Rally May Brighten Nigeria's outlook, says OPEC - The rise in global oil prices could brighten Nigeria's outlook this year, the Organisation of the Petroleum Exporting Countries said in a new report. The international oil benchmark, Brent crude, reached the $60 per barrel mark for the first time in over 12 months. Source Punch Read More

CBN, AFC, NSIA to Fund N1tn Infrastructure Firm - FG - The President, Major General Muhammadu Buhari (retd.), has approved the establishment of a company, Infra-Co, saddled with the responsibility of tackling the nation's infrastructure deficit. The Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, disclosed this in a statement on Friday. Source Punch Read More

 

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PROSHARE FINANCE

African Countries Look Beyond West for Vaccines - African countries are looking beyond the west in the global vaccine race dominated by Europe and the US, with policymakers across the continent seeking jabs from the likes of Russia and China. Source FDC Ltd Read More

Our Youths, Insurance, and the Future - Engaging the youths in Nigeria is not for the faint-hearted and financial services providers do not know something that non-financial services providers do not know, and this is because the youths treat every service provider they come across with a SENSE OF VALUE. Source OpEd By Ekerete Ola Gam-Ikon Read More

Weddings: From the Dandy 1960s to the Snazzy 2020's - Understanding the New Normal - Nigerian weddings have seen a massive transformation in the last few decades turning into a multimillion-dollar business which has resulted a thriving economic sub-culture. The popularity of weddings in Nigeria has created slew of new value propositions and income streams that have supported sustainable enterprises and jobs. Source Chinyere Onyia Read More

 

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