Nigeria in 1min: Economic, Business and Financial Headlines - 170521

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Monday, May 17, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @NGRPresident


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COVID-19 Health Updates 

  • 13th of May 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 165,709 cases (New: 7)
  • Discharged: 156,413 
  • Deaths: : 2066 (New: 0)

Source: NCDC Read More


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PROSHARE ECONOMY

416 Movies Produced in Q1 2021 - NBS - The National Bureau of Statistics published Nollywood Movies Production data for Q1 2021. The number of movies produced in Q1 2021 hits 416 compared to 903 in Q4 2020. This indicates a decline of -53.93% quarter on quarter. Source NBS Read More

Very Heavy Debt Burdens for Most States - The external debt of state governments is contracted on non-market terms with official creditors. It has to be approved in advance by federal agencies such as the DMO, and is heavily skewed towards those states favoured for their policy, governance and operational management by the donor community. Source FBNQuest Research Read More

Rising Cement Prices Impeding Government Ability to Provide Needed Infrastructure - A Reuters article says the rising price of cement is increasing the cost of building development. According to the report, the price of a 50 kg (110 lb) bag of cement rose from N2,500 (US$6.25/s) to N3,600 (US$9) around November last year. Source CSL Research Read More

Oil Prices Rebound as Global Oil Glut Drains - 140521 - Oil prices rebounded on Friday after a midweek selloff. Neither the bullish nor bearish narratives are taking hold at the moment, and Brent crude is trading in the upper-$60s. Source Tom Kool of Oilprice Read More

Only 22% Poorest Nigerian Households Have Electricity Access - World Bank - Most poor households in Nigeria are not connected to the country's electricity supply network as only 22 per cent of the poorest of them have access to grid power, the World Bank has said. Source Punch Read More

CBN Begins Gradual Harmonisation of Exchange Rates - The Central Bank of Nigeria (CBN) yesterday began gradual harmonisation of exchange rates with the removal of N379/$1 official rate from its website. The move by the apex bank is one of the first indications of exchange rate harmonisation and tactical devaluation of the naira. Source The Nation Read More


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PROSHARE MARKETS

What To Expect From The Markets This Week - 170521 - The Transmission Company of Nigeria stated that at about 11.01 am, 12th of May 2021, there was a total system collapse of the grid, because of voltage collapse at some parts of the grid. Source Proshare Content Read More

CBN Erases Exchange Rate on Its Website as Naira Falls - The move by the CBN has raised concerns about the devaluation of the currency that has long struggled amidst declining government revenue and foreign exchange. Source Abdulkareem Mojeed of Premium Times Read More

Mutual Funds Industry Records N1.6trillion Total Assets In 2020 - The Mutual Fund Industry made a progressive impact on the economy in 2020, garnering a total asset of N1.6 Trillion, a 50% increment from the previous year. Source Coronation Asset Management Read More

 

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PROSHARE BUSINESS 

dbrownconsulting Announces International Launch of Financial Reporting Solution - A global financial consulting and training firm operating in the UK and Nigeria, dbrownconsulting, has announced that it is set to launch its latest product, Financial Reporting made easy (FRME) on May 19, 2021 from 2pm WAT. Source dbrownconsulting Read More

AfCFTA: Revamping Nigeria's Infrastructure for Global Trade - The African Continental Free Trade Area (AfCFTA) could deliver an additional $500 billion worth of economic growth to Africa, a tremendous opportunity for Nigeria to generate jobs and boost foreign exchange earnings. Source Arbiterz Media Limited Read More

Proposed National Carrier Gets $250m Lifeline - About three years after its unveiling in London, the Federal Government has relived hope of the new national carrier with a funding offer above $250 million. Source The Guardian Read More

Investors to Lift Onne Terminal with $100m - In an important milestone for Nigeria's port industry, Onne Multipurpose Terminal (OMT) has commenced container operations at Onne Port, thereby doubling Eastern Nigeria's modern container handling capacity and providing a catalyst to the region's economic growth. Source The Nation Read More

AfDB, IFAD, Others Commit $17b to Boost Food Security in Africa - A coalition of multilateral development banks and development partners has pledged over US$17 billion in financing, in a bold bid to address rising hunger on the African continent and to improve food security, The Nation has learnt. Source The Nation Read More 

 

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PROSHARE TECHNOLOGY 

State Minister of MiNT set the Blueprint for the Future of Big Data and Analytics in Africa - With Africa and Middle East witnessing a major transition with Big Data and Analytics, expecting $68 billion revenue of growth (up 28% every year until 2025), Tradepass hosted 700+ Big Data enthusiasts virtually at BYTES '21: Africa on 20-21 April, 2021. Source BYTES 21 Read More

NITDA, Kaspersky, DELL and Many Others Addressed the 'New Normal' with Cybersecurity in Africa - CyFrica 2021: LIVE laid out the best practices required for public and private enterprises to understand the threats surrounding the digital landscape and the necessary measures to mitigate the whole issue. Source Tradepass Global Read More

 

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PROSHARE FINANCE

Wills, Trusts And Investments From An Islamic Finance Perspective -Abimbola Ajinibi - A Will is a document that details how asset and property should be distributed. Mr. Abimbola Ajinibi the Vice President of FBN Quest Trustees made this point while speaking on the "The Dynamics of Islamic Wills, Trusts and Opportunities for Investments" during the Islamic Finance Weekly Special with Mrs. Bukola Akinyele-Yisau. Source Bukola Akinyele-Yisau for WebTV Read More

Contributory Pension Returns to Growth Path, Gains N92bn - The Contributory Pension Scheme that lost some funds in recent months has returned to a growth path, gaining N92bn in March. Latest figures obtained by our correspondent from the National Pension Commission revealed this on Friday. Source Punch Read More

 

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PROSHARE MSME

Ecobank Partners Vanguard Economic Forum Series, Convenes MSME Finance Summit - Ecobank Nigeria and Vanguard Economic Forum Series have announced that they are convening an MSME virtual summit to promote and encourage lending support for micro, small and medium enterprises (MSMEs) in the face of changing operating environment in the country. Source Ecobank Nigeria Read More

 

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