Nigeria in 1min: Economic, Business and Financial Headlines - 160221


Tuesday, February 16, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Tolu Ogunlesi

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COVID-19 Health Updates 

  • 15th of February 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 146,928 cases (New: 574)
  • Discharged:  123,009
  • Deaths: : 1,761 (New: 8)

Source: NCDC Read More

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Outlook 2021: How Sectors of the Economy Fared in 2020 - Manufacturing Sector - The COVID-19 pandemic which brought about lockdowns and restrictions had a significant impact on the Nigerian manufacturing sector. The health pandemic exposed the structural deficiencies and efficiencies of the Nigerian economy which is import-dependent. Source Proshare Research Read More

CBN Directs Banks to Accept MRCTD and Refugee ID Card as Means of Identification for Refugees - The attention of the Central Bank of Nigeria has been drawn to challenges encountered by Refugees and Asylum seekers in Nigeria with regards to means of identification with respect to the conduct of financial transactions. Source CBN Read More

Exporting Services Will Provide Immense Economic Value for Nigeria - Andrew Nevin - Leveraging digital technology to boost the services industry like outsourcing will provide immense opportunities for addressing unemployment and achieving a more productive Nigerian economy. Source WebTV Read More

FG Looks to Public-Private Partnerships in Tackling Infrastructure Deficit - Last week, President Muhammadu Buhari approved the establishment of a Public Private Partnership Styled Infrastructure company named Infra-Co with an initial seed capital of N1tn expected to grow to N15tn in assets and capital over time. Source CSL Research Read More 


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NCM 2020: Industrial Goods Sector - DANGCEM Tops on EPS as BUACEMENT Tops on PE Ratio - The industrial goods sector was not exempted from the negative impact of the COVID-19 pandemic in 2020 as the sector experienced supply chain disruptions evident in delays in ongoing and planned expansionary construction and manufacturing projects, increase in already high selling and distribution cost. Source Proshare Research Read More

Investors Gain N68.96bn as NSEASI Inches Up by 0.33% to Open the Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.33% to close at 40,571.67 basis points as against -1.40% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +0.75%. Source Proshare Markets Read More

NT-Bills Secondary Market Sustains Bearish Run as Average Yield Expands 45bps to 1.5% WoW - Last week, the Nigerian Treasury Bills ("NT-Bills") secondary market sustained its bearish run as investors traded cautiously ahead of the Primary Market Auction ("PMA") that held on Wednesday. Consequently, average yields expanded by 45bps W-o-W to 1.5% from 1.0% the previous week. Source Afrinvest Research Read More 


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Dr. Ngozi Okonjo-Iweala, New WTO DG: The Uneven Road to Co-Opetition - The new WTO boss will receive a deluge of best wishes and Proshare Nigeria will be among the teeming number of well-wishers, but with this said, Proshare is not unmindful of the fact that the world's trade boss will have a gruelling time at the helm of the global trade ship. Source Teslim Shitta-Bey, Chief Economist / Managing Editor, Proshare Read More

Ecobank Holds Stakeholder Engagement Webinar, Launches Religious, Education Products - Ecobank Nigeria has concluded arrangement to host a webinar to provide insightful information on how banks can effectively help educational institutions and faith-based organisations through digital banking offerings. The webinar which is part of Ecobank Digital Series scheduled to hold on Tuesday, February 16, 2021, is titled "Digital Enablement of education and faith: Winning tools for new normal lifestyle". Source Ecobank Read More 

Gas Supply Increase Raised Power Generation by 3,358MW - NNPC - The Nigerian National Petroleum Corporation in its latest monthly operations report said the increase in gas supply to 789 million standard cubic feet, which was delivered to gas-fired power plants, led to the generation of 3,358 megawatts of electricity. Source Punch Read More

500,000 Families Earned $500m Cashew Export, Says FG - The Federal Government on Sunday put the country's earnings from the export of cashew at $500m and stated that this was supporting about 500,000 families across the country. Minister of Agriculture and Rural Development, Sabo Nanono, disclosed this in Abuja when he signed a Memorandum of Understanding with the United States Department of Agriculture West Africa PRO-Cashew Project. Source Punch Read More

Rice, Flour, Sugar, Cement Top Free Trade Exemption List - Despite Nigeria's comparative advantage and self-sufficiency status in the production of certain products, cement, flour, rice, sugar and 180 other products would not be liberalised under the African Continental Free Trade Area (AfCFTA), even though doing otherwise would help the country tame its rising inflation, The Guardian learnt. Source The Guardian Nigeria Read More

Africa Accounts for Only 6% Global Energy, Says AfDB - The African Development Bank (AfDB) says Africa accounted for only six per cent of global energy demand, a little more than three per cent of electricity demand. Source Vanguard Read More

Global Shares Hit Fresh Peak, Oil Up on Middle East Tensions - Global shares rose for the 11th day in a row to reach a fresh peak on optimism about the rollout of COVID-19 vaccines and new fiscal aid from Washington, while tensions in the Middle East drove oil to a 13-month high. Source Reuters Read More

Bill Gates Warns That Manufacturing Could Challenge Climate Goals - Bill Gates exudes optimism in discussing the world's ability to tackle climate change - until he hits on manufacturing. About that, he is worried. Source Reuters Read More

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Dangote Foundation Disburses N3.9bn to Women, Youths in 11 States Across Nigeria - The Aliko Dangote Foundation (ADF) has disbursed the sum of N3.924 billion to 392,490 women and youths across Kano, Jigawa, Kogi, Adamawa, Borno, Yobe, Lagos, Niger, Nasarawa, Sokoto and Katsina state as part of its microgrant programme, the company has said in a recent press release. Source Dangote Foundation Read More 

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