Nigeria in 1min: Economic, Business and Financial Headlines - 160921

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Thursday, September 16, 2021 / 6:12 AM / By News Aggregator / Header Image Credit: Facebook; Babajide Sanwo-Olu

 

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COVID-19 Health Updates

  • 15th of September 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 200,356 cases (New: 299)
  • Discharged: 188,917
  • Deaths: 2,640 (New: 3)

Source: NCDC Read More

 

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PROSHARE ECONOMY

Headline Inflation Increases by 17.01% YoY in August 2021, 0.37% Lower Than July 2021 Rate - NBS - The consumer price index, (CPI) which measures inflation increased by 17.01 percent (year-on-year) in August 2021. This is 0.37 percent points lower than the rate recorded in July 2021 (17.38) percent. Source NBS Read More

Q2 2021 Nollywood Data: A Post-Pandemic View - The Nigerian film industry (Nollywood) is a significant part of the arts, entertainment and recreation sector of the economy which, as shown in the chart also, contracted for four consecutive quarters (Q2 '20 through Q1 '21) before making a small recovery of 1.2% y/y in Q2'21 as restrictions on cinemas and filming locations eased. Source FBNQuest Research Read More

The VAT Debate Continues; Rivers State Govt Files An Appeal at the Supreme Court - Based on media reports, the Rivers State government has filed an appeal at the Supreme Court to challenge the ruling of the Court of Appeal in the Value Added Tax (VAT) dispute between the state and the Federal Inland Revenue Service (FIRS). Source CSL Research Read More

Examining The Contentious Issues Arising from The Federal High Court (FIRS) Practice Directions - On May 31, 2021, the Federal High Court (the "Court") issued a Practice Direction titled the: Federal High Court of Nigeria (Federal Inland Revenue Service) Practice Directions, 2021 (the "Practice Directions") with June 1, 2021, as the effective date. Source Chinedum, Oluwatoba, & Jesutooni of Banwo & Ighodalo Read More

Salami: With Debt Service-to-Revenue at 98%, Nigeria's Borrowing Unsustainable - Nigeria's current public debt stock is unsustainable even though the country's debt-to-Gross Domestic Product (GDP) ratio at 35 per cent seems comfortable, Chairman of President Muhammadu Buhari's Economic Advisory Council (EAC), Dr. Doyin Salami, has said. Salami also lamented that with debt service-to-revenue ratio at 97.7 per cent (January to May 2021), the country's public debt profile was unmaintainable. Source Thisday Read More

Malami Writes Governors, Says no Recoveries Made on Stamp Duty Since 2016 - Abubakar Malami, attorney-general of the federation (AGF) says the federal government is yet to recover stamp duty funds made from January 15, 2016, to June 30, 2020. Source TheCable Read More

FEC Approves N38.4bn for Roads in Benue, Four Other States - The Federal Executive Council presided over by the President, Major General Muhammadu Buhari (retd.) has approved N38.4 billion for the completion of road projects in five states. The road projects which were inherited from past administrations are located in Anambra, Bayelsa, Benue, Imo, and Nasarawa. Source Punch Read More


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PROSHARE MARKETS

Investors Gain N24.92bn as NSEASI Inches Up Further by 0.12%, YTD Return Hits -3.23% - Equities market closed today on a positive note, as NSEASI appreciated by +0.12% to close at 38,968.34 basis points as against +0.01% gain recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.23%. Source Proshare Markets Read More

Highlights of the Q2 2021 Earnings Season: Focus on Banks - In H1 2021, the average PBT and PAT growth for our universe of banks was c.7% and 9% y/y, respectively. Following fair value adjustments to debt securities passed through other comprehensive income (OCI), total comprehensive income for our universe of banks plummeted by c -50% y/y. Source FBNQuest Research Read More

FMDQ Group and FSD Africa Sign MoU with Lagos State Government - Tuesday, September 14, 2021, witnessed a landmark event in the Nigerian capital markets, in a signing ceremony to commemorate the execution of a MoU between the Lagos State Government and the Implementing Partners of the Nigerian Green Bond Market Development Programme FMDQ Holdings PLC and Financial Sector Deepening Africa. Source FMDQ Read More

 

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PROSHARE BUSINESS

Why Employees feels Disconnected from the Business - More than ever before, employees are losing connection with their organisations and leaders. According to research conducted by an American-based research institute, Workforce Institute (2021), 52% of 2,000 surveyed employees actively search for new jobs, while 46% feel disconnected from their company. Source Adolrah Boyejo, Analyst, Phillips Consulting Read More

DLM Capital Group Attributes Global Finance Award to Teamwork, Dedication - Leading Developmental Investment Bank, DLM Capital Group, has been awarded the 'Best Development Finance Company Nigeria 2021' by Global Banking and Finance Review magazine. Source DLM Capital Group Read More

Customers Stand a Chance of Winning N1 million in the Stanbic IBTC Savings Promo Campaign - Prospective and existing customers of Stanbic IBTC Bank PLC stand a chance of winning up to N1 million (one million naira) in the Stanbic IBTC Reward4Saving Promo which is currently running. Source Stanbic IBTC Bank Read More

World Bank: Reduce Global Emissions, Support Green or Face 86m African Internal Climate Migration by 2050 - The World Bank in its updated Groundswell report has revealed that Sub-Saharan Africa could experience as many as 86 million internal climate migrants by 2050. Source THISDAYLIVE Read More

E-commerce Spending in Nigeria Estimated At $13b Per Annum - Trade Ministry - The ministry of industry, trade and investment said current e-commerce spending in Nigeria is estimated at about $13 billion per annum and projected to rise to $75 billion in revenues by 2025. Source LeadershipNG Read More


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PROSHARE TECHNOLOGY   

How To Pick the Perfect Exchange Platform to Buy DOGE? - The global economy has embraced blockchain technology, and New Zealand is no exception to this trend. As cryptocurrencies like Dogecoin promise high returns, New Zealanders are looking for options to invest in this high-valued cryptocurrency. Sponsored Post by Julian Carter Read More

E-payment Transactions Rise by 85.52% in One Year - Nigeria's electronic payment transactions increased by 85.52 per cent year-on-year to N171.99tn in August 2021, data obtained from the Nigeria Inter-Bank Settlement System have shown. Source Punch Read More


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