Nigeria in 1min: Economic, Business and Financial Headlines - 161121


Tuesday, November 16, 2021 / 5:48 AM / By News Aggregator / Header Image Credit: Facebook; Babajide Sanwo-Olu


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 COVID-19 Health Updates

  • 15th of November 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 213,117 cases (New: 30)
  • Discharged: 205,770
  • Deaths: 2,968 (New: 0)

Source: NCDC Read More


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Inflation to Decline Again in October 2021 to 16.31% - The October inflation data is scheduled for release on November 15. Based on our time series model, we are projecting a further decline in headline inflation to 16.31% from 16.63% in September. If our projections turnout to be accurate, it implies that inflation will be declining for the 7th consecutive month and will be at its lowest level in 2021. Source FDC Read More

NERC Raises Meter Price on Macroeconomic Pressures - Based on news reports, electricity consumers in the country will, effective today, November 15, pay an additional 31% and 32% on the costs of both single-phase and three-phase meters, respectively. Source CSL Research Read More

Singaporean, French Firms, Bi-Courtney, 10 Others Jostle for Nigeria's Four Int'l Airports - A total of 13 airport consortia, comprising local and foreign companies, have submitted bids to be prequalified for the planned concession of four Nigerian international airports, The PUNCH has learnt. Source Punch Read More

Fuel Scarcity Looms as NUPENG Issues 14-day Nationwide Strike Notice - Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, Monday issued a 14-day nationwide strike notice, accusing Chevron Nigeria Limited, CNL, Nigeria Agip Oil Company, NAOC, National Petroleum Development Company, NPDC, among others, of unfair Labour practices including the indiscriminate sack of members without payment of their benefits. Source Vanguard Read More

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Unity Bank's 9M 2021 Result; Growing Income while Waiting for Capital - Unity Bank Plc has been dogged by the challenge of negative shareholders' funds since 2017 but discrete private investigations seem to suggest that things are turning around. In comments made by Proshare on the Bank's 2020 result and the impact of negative shareholder's funds on the bank's 9 months results. Source Proshare Research Read More

Investors Lose N11.83bn as NGXASI Dips by -0.05% to Open The Week Negative - Equities market closed on a negative note, as NGXASI depreciated by -0.05% to close at 43,230.34 basis points as against -0.68% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +7.35%. Source Proshare Markets Read More

Equities for a Superior Return - A Coronation Research Report - Coronation Research releases a new report 'Equities for a superior return'. This report written by Guy Czartoryski and Adebayo Adebanjo challenges the widely-held opinions about Nigerian investments, in particular views about the equity market. Source Coronation Asset Management Read More

NAFEX Rate Closes Flat WoW - In the FX Spot and Derivatives markets, the total turnover for the week-ended November 12, 2021, was $750.79 million, representing a decrease of 11.91% ($101.50 million) from $852.29 million reported for the week-ended November 5, 2021. Source FMDQ Read More

Secondary Market Maintains Bullish Run as Average Yield Declines 14bps WoW to 5.19% - Last week, the Nigerian Treasury Bills ("NT-Bills") market maintained its bullish run, with yields contracting -14bp W-o-W from 5.33% to 5.19%, as investors' unmet bids trickled in from the primary market auction, with all tenors experiencing buying interest. Source Afrinvest Research Read More

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Understanding the Pan-African Payment and Settlement System of the AfreximBank - Ade Adefeko - On the 28th of September, 2021, the Afreximbank in conjunction with the African Continental Free Trade Area (AfCFTA) secretariat officially made the Pan-African Payment and Settlement System (PAPSS) available to be used by African businesses doing business on the continent. Source Ade Adefeko Read More

Dangote Cement Plc Announces the Demise of Non-Executive Director Alhaji Sani Dangote - Dangote Cement Plc regrets to announce the demise of our Non-Executive Director, Alhaji Sani Dangote, on 14th November 2021. Alhaji Dangote was a businessman with more than 30 years' experience in various sectors of the Nigerian economy including manufacturing, agriculture and oil services. Source NGX Read More

Comercio Partners Bags Two Awards at The BAFI Awards 2021 - Comercio Partners Limited, a leading Investment Bank in Nigeria, in recognition of its principal investing prowess in identifying, financing, and growing promising ventures with the potential to transform their sectors, spark new business models, and extract value for investors. Source Comercio Partners Read More

AfDB to Address Climate Change, Promote Green Growth - The African Development Bank Group has launched its climate change and green growth framework, to strengthen the bank's ambition and vision to address climate change and promote green growth. Source Punch Read More

Manufacturers Lose 50% Half-Year Profit to Operating, Forex Costs - The harsh operating environment aggravated by COVID-19 disruptions and foreign exchange liquidity crisis has caused the fortunes of local manufacturing firms to plunge by 50 percent in the first half (H1) of 2021. Source Guardian Nigeria Read More

Morocco To Build New Infrastructure for Nigeria's Gas Delivery Project - The government of Morocco is considering setting up a downstream division of state-owned ONHYM to manage domestic natural gas infrastructure, including a project to deliver gas by pipeline from Nigeria to Morocco through 13 countries. Source LeadershipNG Read More

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Airtel Mobile, a subsidiary of Airtel Africa Granted Approval in Principle to Operate in Nigeria - Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today announces that its subsidiary Airtel Mobile Commerce Nigeria Ltd has been granted approval in principle by the Central Bank of Nigeria to operate as a super-agent in Nigeria. Source NGX Read More

Synopsis of the CBN Regulatory Guideline on the E-Naira - The eNaira is the digital form of the Fiat currency (Naira) issued by the CBN, and it will be exchangeable with the digital currencies of other Central Banks (CBDC). Like the physical/paper Naira, the eNaira is a legal tender and forms part of the currency-in-circulation. Source Isa, Oluwatoba, & Jesutooni of Banwo & Ighodalo Read More

Cyber Spying: NCC Raises Alarm Over Iranian Hackers Targeting Telcos, Ministries - The Nigerian Communications Commission (NCC) has alerted Nigerians over the existence of an Iranian hacking group called 'Lyceum' - which orchestrates cyber spying in the African telecoms space. Source TheCable Read More

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DrugStoc Secures $4.4M in Series A Funding to Expand Access to Quality Pharmaceuticals in Africa - Healthtech startup, DrugStoc has raised USD 4.4 million in Series A funding to expand access to quality medicines while providing sustainable supply chain financing for healthcare providers in Sub-Saharan Africa. Source DrugStoc Read More

5.1 million Retirement Accounts' Documentation Incomplete - PenCom - The National Pension Commission has said 5.1 million retirement savings accounts with Pension Fund Administrators had incomplete documentation as of the end of 2020 financial period. Source Punch Read More

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FSDH Group Set to Host Business and Professional Women at the Women in Business Inaugural Event - We are counting down to the inaugural edition of the FSDH Women in Business Event themed "The Future-Focused Female- An initiative created to build a community of empowered women in Nigeria. The event will be held in commemoration with the Global Women Entrepreneurship Day on the 19th of November 2021. Source FSDH Group Read More 


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