Nigeria in 1min: Economic, Business and Financial Headlines - 170621


Thursday, June 17, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: NBCC


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COVID-19 Health Updates

  • 16th of June 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 167,103 cases (New: 8)
  • Discharged: 163,528
  • Deaths: : 2,117 (New: 0)

Source: NCDC Read More

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Average Prices of PMS, AGO, HHK and Cooking Gas - May 2021 - Average price paid by consumers for premium motor spirit (petrol) increased by 29.61% year-on-year and month-on-month by 1.01% to N168.06 in May 2021 from N166.38 in April 2021. Source NBS Read More

Nigerians Refuse to Hold Breadth as Inflation Rises by 17.93% - Nigerians are not holding there breadth as Nigeria's May 2021 inflation numbers suggest that the domestic consumer price index (CPI) has risen at a slower pace. The headline inflation number released by the National Bureau of Statistics (NBS) shows that inflation for the month of May 2021 settled at 17.93%, this was 0.19% lower than the 18.12% of the previous month of April. Source TheAnalyst, Proshare Research Read More

Bitcoin and Nigeria - Bitcoin has taken the world by storm over the past year, but Nigerians were alert to the opportunities early on, and data suggests that they are among the most active Bitcoin traders in the world. At the same time, numerous central banks take a dim view of cryptocurrencies and would like to control them. What is the way forward? Source Coronation Research Read More

World Bank: 7m Nigerians Pushed Below Poverty Line in 2020 - The World Bank, in its latest Nigeria development update released yesterday, noted that that inflationary pressure in Nigeria has pushed about seven million Nigerians below the poverty line in 2020 alone. Source CSL Research Read More

How Nigeria's Gas-Related Power Shortages Can be Avoided - On 28 May 2021, Nigeria's national power generation dropped to 3,059 MW and for the subsequent seven days remained below 4,000 MW, six percent below-average production. Low pressure on the Escravos-Lagos Pipeline System (ELPS) left several gas turbine power plants with an insufficient gas supply, leading to plant shutdowns and widespread power blackouts. Source Op-ed by Yusuff Wale Read More

Welcome2Africa Set to Host the Inaugural Agri Investments and Capital Market Forum 2021 - Welcome2Africa International (W2A), in collaboration with the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending PLC (NIRSAL), is pleased to launch the inaugural Agri Investment and Capital Markets 2021 forum, slated to hold by 8am-4pm, on the 30th of June 2021 at Four Points by Sheraton Hotel, Victoria Island, Lagos. Source Welcome2Africa Read More

'Cutting Governance Cost'll Not Solve Revenue Problems' - The Director General of the Budget Office of the Federation, Ben Akabueze, on Tuesday said cutting budget allocations to Federal Government agencies would not have a significant impact on Nigeria's revenue. Source Punch Read More

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Investors Gain N29.92bn as NSEASI Inches Up by 0.15%, Halts Negative Posture - Equities market closed today on a positive note, as NSEASI appreciated by +0.16% to close at 38,564.70 basis points as against -1.66% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.24%. Sourcce Proshare Markets Read More

Standard Chartered Acts as Lead Manager in the ETI US$350m Tier 2 Sustainability Notes - Standard Chartered Bank, alongside three other banks, acted as Joint Lead Manager (B&D bank) in addition to being the Sole Sustainability Structuring Agent for Ecobank Transnational Incorporated ("ETI") on its US$350m Tier 2 Sustainability Notes Issuance. Source Standard Chartered Bank Read More

ARDOVA To Acquire 100% of Enyo Retail Supply - Ardova Plc announces that the Company has reached an agreement with Enyo Retail and Supply Holding Limited ("ERSHL") to acquire a 100% equity stake in Enyo Retail and Supply Limited ("Enyo"). Source NGX Read More

Naira Weakens to Four-Year Low as Nigeria's Dollar Push Fails - Nigeria's currency weakened to a four-year low in the parallel market after the central bank's efforts to coax banks to sell more dollars to customers failed to bridge the widening gap between the official and street rates. Source By Emele Onu of Bloomberg Read More

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Dangote Women Empowerment Program Reaches N4.3billion in Disbursement - The Aliko Dangote Foundation (ADF) has doled out a whooping N4.2billion as part of its unconditional Micro Grant Programme for empowering women in the rural areas across the country. Source Dangote Read More

Ecobank Partners Linda Ikeji's Selfmade Woman Conference - The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has said the decision to partner with the media entrepreneur and blogger, Linda Ikeji to host the latest edition of her yearly popular empowerment programme, 'Selfmade Woman Conference (SMWC) 2021'. Source Ecobank Read More

Experts Worry as Rice Imports Increase by 200MT - Agricultural experts have expressed concern over the increase in rice imports into the country despite interventions in the value chain by the Central Bank of Nigeria through its Anchor Borrowers Programme. Source Punch Read More

AfDB Launches $463.9m Kangaroo Social Bond - The African Development Bank (AfDB) has launched S$463.9 million (A$600million) 5.5-year Kangaroo bond, marking its return to the Australian dollar bond market. A statement said the transaction was led by Nomura and RBC Capital Markets. It is the institution's first benchmark Kangaroo since early 2018 and its first in the mid-curve since 2015. It is also the largest AUD trade ever issued by the bank. Source The Nation Read More

OPS Berates CBN Over Businesses' Poor Access to N1tr Intervention Funds - The Organised Private Sector of Nigeria (OPSN) has berated the Central Bank of Nigeria (CBN) on bureaucratic bottlenecks hindering businesses from accessing the over N1 trillion COVID-19 intervention funds instituted by the apex body to stimulate and revamp the economy through structured refinancing and loans. Source Guardian Nigeria Read More

IMF Advocates Currency Derisk To Attract FDI Into Africa - The international Monetary Fund(IMF) has stressed the need to address currency risk, exit risk as well as project risks which hinders foreign investments into Sub Saharan Africa. It also said more innovative thinking can help realise the transformative potential of infrastructure on the continent. Source LeadershipNG Read More

FG Has Repaid $150m Out of $2bn Chinese Loan - Amaechi - Minister of Transportation, Rotimi Amaechi, on Wednesday, said the Federal Government has repaid up to $150m out of the $2bn Chinese loan borrowed for rail construction. Amaechi spoke when he featured in Channels Television's 'Politics Today' programme monitored by The PUNCH. Source Punch Read More

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Nigeria Commemorates 2021 World Blood Donor Day, Targets Voluntary Donations - Nigerians are encouraged to become voluntary non-remunerated blood donors, as data indicate that less than 5% of all blood donation in Nigeria come from voluntary unpaid donors. Source APO Group for World Health Organization (WHO) - Nigeria Read More 


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Tony Elumelu Foundation Trains Over 200,00 African Entrepreneurs Across 54 African Countries - The Tony Elumelu Foundation (TEF), Africa's leading philanthropy empowering young African entrepreneurs from all 54 African countries, has successfully trained over 200,000 entrepreneurs in core business management skills as part of its 2021 TEF Entrepreneurship Programme. Source Tony Elumelu Foundation Read More 

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