Nigeria in 1min: Economic, Business and Financial Headlines - 150921


Wednesday, September 15, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Instagram; cibnigeria


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COVID-19 Health Updates

  • 14th of September 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 200,057 cases (New: 519)
  • Discharged: 188,719
  • Deaths: 2,637 (New: 18)

Source: NCDC Read More


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Nigeria to End Year 2021 With an Annual GDP Growth of Between 2.5% - 3.0% - CBN Governor - Being Address by the CBN Governor, Godwin Emefiele, at the 14th Annual CIBN Banking and Finance Conference Abuja Nigeria Held 14th September 2021. Source Godwin Emefiele Read More

NNPC 2020 Annual Report: Impairment Backed Profitability: A Lot More Needed - The Nigerian National Petroleum Corporation (NNPC) released its audited financial statement for the year ended 2020. For the first time since its establishment in 1977, the corporation disclosed a profit for the year. Source United Capital Research Read More

Nigerian Banks: H1 2021 Scorecard - Last week, the final set of H1 2021 earnings among the six banks we cover were released following a lengthy approval process by the regulator. Overall, the results across the banks were mixed, with exactly half of the banks recording growth in Net profit. Source Coronation Research Read More

Fitch Affirms Lagos State at 'B'; Upgrades National Rating; Outlooks Stable - Fitch Ratings has affirmed Lagos State's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B' with Stable Outlook and Short-Term Foreign-Currency IDR at 'B'. The National Long-Term Rating has been upgraded to 'AAA(nga)' from 'AA+(nga)' with a Stable Outlook. Source Fitch Ratings Read More

CBN Categorically Denies and Strongly Condemns Peddlers of Rumor on Domiciliary Account Holdings - The attention of the Central Bank of Nigeria (CBN) has been drawn to a fake circulation, in social media circles, of a circular with a fake CBN logo curiously dated "13 September 2021". Source CBN Read More

Shell's Sale of Nigerian Assets Faces Dollar-Crunch Challenge - Nigeria's lenders likely don't have enough dollars to fund clients seeking to acquire oil assets put on sale by the local unit of Royal Dutch Shell Plc, the country's biggest lender said. Source Emele Onu, Bloomberg Read More

President Seeks Senate Approval for $4.179bn, 710m Pounds External Loans - President Muhammadu Buhari has formally sent a letter to the Senate seeking its consideration and approval of $4.179 billion ($4.054 billion and $125 million) as well as 710 million Pounds external loans to fund projects captured under the 2018-2021 borrowing plan. Source THISDAYLIVE Read More

Ogun to Join Rivers, Lagos on VAT Collection as Bill Scales Second Reading - A bill seeking to establish a law to impose and charge value-added tax (VAT) on certain goods and services in Ogun state has scaled the second reading at the state house of assembly. Source TheCable Read More

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Investors Gain N2.55bn as NSEASI Inches Up Marginally by 0.01% Amid Negative Market Breadth - Equities market closed today on a positive note, as NSEASI appreciated by +0.01% to close at 38,920.50 basis points as against -0.02% loss recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.35%. Source Proshare Markets Read More

UBA Plc Reports N60.6bn PAT in Q2 2021 Audited Results, Proposes 20K Interim Dividend; (SP:N7.65k) - United Bank for Africa Plc released its Q2 2021 Audited results for the period ended June 30th, 2021. Gross Earnings grew by 5% to N316bn from N301bn in the previous quarter. Profit before tax grew by 33% to N76bn. Source NGX Read More

Parallel Market Rate at an All-time High of N550 - In recent weeks, severe pressure has been mounting on the exchange rate at the parallel market following the Central Bank of Nigeria's (CBN) policy stance to discontinue the supply of FX to Bureau De Change Operators (BDCs). Source CSL Research Read More


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Nigeria Sovereign Wealth Fund Cuts USA's Treasury Exposure - The Nigeria Sovereign Investment Authority, NSIA, yesterday, indicated it has cut its United State of America's treasury (bond) exposure to less than 20 per cent following concern over soaring yields and expensive valuations for some of the world's largest firms. Source Vanguard Read More

Uncertainty Trails Nigeria's Production Despite OPEC Projection - Nigeria's capacity to improve its crude oil production despite a higher price regime, remains undermined by deteriorating production capacity and technical disruptions, even as the Organisation of Petroleum Exporting Countries (OPEC) adjusts global demand potential. Source The Guardian NG Read More

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