Nigeria in 1min: Economic, Business and Financial Headlines - 170122

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Monday, January 17, 2022 / 5:52 AM / By News Aggregator / Header Image Credit: Government of Nigeria

 

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 COVID-19 Health Updates

  • 16th of January 2022: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 250,929 cases (New: 301) 
  • Discharged: 224,052
  • Deaths: 3,103 (New: 11)

 

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PROSHARE ECONOMY

Top 10 Changes to Finance Act 2021 - Capital gains tax at 10% is chargeable on the disposal of shares worth N100m or above in any 12 consecutive months except to the extent that such proceed is reinvested in the shares of any Nigerian company. Source Taiwo Oyedele of PwC Nigeria Read More

China's Attempt to Kill the Oil Rally is Bound to Fail- OIR 140122 - It may seem somewhat counterintuitive for the oil market to shake off news regarding a potential Chinese SPR release, but that is exactly what has happened this week. With the mood still firmly bullish on the back of a weakening dollar, Libyan supply issues. Source Tom Kool of Oilprice.com Read More

Nigerian Oil and Gas Sector Outlook - Set to Take Another Step Forward in 2022 - We expect the oil and gas sector to leap forward in 2022, aided by progress across the upstream, midstream, and downstream sub-sectors. In the upstream, oil production is likely to be positively impacted by increased drilling activities and sturdy oil prices. Source CardinalStone Research Read More 

Fuel Subsidy Crisis: States Kick as NNPC Continues Deductions, FAAC Meets Wed - There are strong indications that state and federal governments are again on a collision course as the Federation Account Allocation Committee holds its first meeting in 2022 on Wednesday. Source Punch Read More

BudgIT: We've Uncovered 460 Duplicated Projects Worth N378.9bn in 2022 Budget - BudgIT, a civic-tech non-profit organisation, says 460 projects amounting to N378.9 billion were duplicated in the 2022 budget. Iyanu Fatoba, communications associate at BudgIT, disclosed this in a statement. Source TheCable Read More


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What to Expect from the Markets This Week - 170122 - The World Bank in its latest Global Economic Prospects report released on Tuesday, projects a 2.5% economic growth for Nigeria in 2022, and 2.8% in 2023. This 2022 forecast is an upward review from the estimated 2.4% growth projected earlier. Source Proshare Content Read More

The Nigerian Government and Prioritization of the Capital Market - Yemi Osinbajo - Being remarks by His Excellency, Prof. Yemi Osinbajo, SAN, GCON, the Vice President of the Federal Republic of Nigeria at the Nigerian Exchange Group Capital Markets Conference 2021 held at the Transcorp Hotels on the 30th of November, 2021. Source Prof. Yemi Osinbajo Read More

Nigerian Cement Sector Outlook - The Competitive Landscape Maybe Tighter in 2022 - The domestic cement sector looks set to extend its positive demand traction into 2022. Precisely, we see legroom for a 6.0% YoY growth in cement volumes, aided by a projected rise in overall budget implementation. Source CardinalStone Research Read More 

 

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PROSHARE BUSINESS

PAPSS Would Drive Instant Payments Across Africa in Local Currency - The PAPSS was officially launched as a pan-African payment and settlement platform for commercial use on Thursday 13 January 2022 in Ghana following the operational roll-out of the platform on Tuesday 28 September 2021. Source Tosin Ige, Proshare Research Read More

Foreign Inflows Fall by 32%, UK, S'Africa, Others Slash Nigeria Investments - The Central Bank of Nigeria has disclosed that capital importation into the country fell by 32 per cent to $500m in October 2021, from $660m recorded in September. Source Punch Read More

Amid Pervasive Darkness, 26,976MW of Electricity Stranded, Unutilised - Facts sheet from the electricity generation companies revealed that while the average available power generation capacity for the 12-month period in 2021 was 6,336.52MW, the actual average generation put on the national grid for utilisation during the period was 4,118.98MW. Source Guardian Nigeria Read More

Nigeria Exports 17.9MMT Of LNG In 2021, Tops Africa's Chart - Nigeria topped African exporters in Liquefied Natural Gas, (LNG), in 2021 with 17.9 million metric tons MMt, says a report published by leading information provider IHS Markit. Algeria, followed closely with 12.3 MMt and Egypt with 6.9 MMt. Source LeadershipNG Read More

Tanzania, Burundi Sign $900 Million Railway Deal to Boost Trade - The two sides signed a memorandum of understanding to construct a 282-kilometer (175-mile) line from the western Tanzanian town of Uvinza to Burundi's capital Gitega. Source Bloomberg Read More

China's Q4 GDP Beats Forecasts but Momentum Cooling - China's economic growth was faster than expected in the final quarter of 2021 but still its weakest pace in one-and-half years, with the central bank cutting loan rates to cushion slowing momentum in the world's second-largest economy. Source USNews Read More

Is Ghana Broke? - Well, "broke" is not a policy word, so it is hard to join the raging debate about the brokeness or otherwise of Ghana if one is more biased towards policy activism. Source Bright Simmons Read More


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PROSHARE TECHNOLOGY   

5G Deployment: A New Phase for Telecoms - Today's chart, drawn from the Nigerian Communications Commission (NCC) data, shows that active mobile lines and internet connections grew m/m by 0.6% and 0.1% to 193.2 million and 140.1 million respectively in November '21. Source FBNQuest Research Read More

Nigeria to Become Africa's Highest 5G Subscriber by the End of 2022 - Nigeria's Minister of Communications and Digital Economy, Isa Pantami, announced that the Federal Government had adopted the national policy for the fifth-generation network, which will boost new technology and the country's digital economy at large. Source Broadcast Media Read More

Digital Revolution Continues to Aid Youth Empowerment, Says NCC - The Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta has disclosed that the digital revolution has continued to aid youth empowerment in the country. Source Guardian Nigeria Read More

IBM Launches New Cloud, AI Services in Bid to Modernize Business - International Business Machines Corp. is rolling out a new product that will help businesses automate tasks, capitalizing on the rise of chat bots and virtual assistants during the pandemic and taking another step in its pivot toward cloud services and artificial intelligence. Source Bloomberg Read More

 

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PROSHARE FINANCE

Achieving Higher Capacity is the Biggest Motivation for Providing Micro-Funding to Women - The biggest motivation for providing micro-funding for women is to encourage them to scale capacity to lift them from poverty. Mrs. Faoziyah Giwa, Assistant Director, Cooperatives, Ministry of Commerce, Industry and Cooperatives, Lagos gave this explanation, while giving her views on "Islamic Microfinance: Opportunities for Women Entrepreneurs". Source Bukola Akinyele-Yisau for WebTV Read More


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