Nigeria in 1min: Economic, Business and Financial Headlines - 180121

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Monday, January 18, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Proshare Ecographics

 

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COVID-19 Health Updates

  • 16th of January 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 108,943 cases (New: 1598)
  • Discharged:  85,367
  • Deaths: : 1420 (New: 7)

Source: NCDC Read More


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Lagos State Budget 2021: Rekindling Hope, Riding Expectations - At a media briefing held on Thursday, January 14, 2020, the Lagos State Government gave a breakdown of its 2021 budget which it called a 'Budget of Rekindled Hope'. The heart of the budget leveraged its THEMES agenda that encapsulated the broad socioeconomic goals of the administration. Source Proshare Research Read More

Headline Inflation Increases by 15.75% YoY In December 2020, 0.86% Higher Than November 2020 Rate - The consumer price index, (CPI) which measures inflation increased by 15.75 percent (year-on-year) in December 2020. This is 0.86 percent points higher than the rate recorded in November 2020 (14.89) percent. Source NBS Read More

Nigeria's Misery Index Rises as Inflation Reaches 15.75% - Nigeria's headline inflation rate rose to 15.75% in the month of December 2020 (from 14.89% in November) according to a recent report published by the National Bureau of Statistics (NBS), the inflation rate represented the highest monthly rate increase since the beginning of 2020. Source NBS Read More

Oil and Gas: The Future is Gas - With the United Kingdom (UK) announcing that it would ban fossil fuel vehicles in 2030 and with other nations making similar pronouncements, the future of diesel and premium motor spirit oil appears dim. Source Proshare Research Read More

2021 Economic Outlook - Light at The End of The Tunnel - 2020 is a year many will never forget! The pandemic caused the biggest economic recession in decades. From the oil market to the capital market, the global economy faced a downturn in such an unprecedented manner as a result of the coronavirus outbreak. Global GDP is expected to contract in the year and rebound by 4.3% in 2021. Source Atlass Portfolios Limited, A Member of CITITRUST Group Read More

 

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What To Expect From The Markets This Week - 180121 - According to the CBN, the top 10 non-oil exporters in Nigeria exported $57.74m goods in August 2020. The amount earned by the top 10 exporters in Nigeria, declined by -22.8% from $74.48m worth of goods in July to $57.74m goods in August 2020.  Source Proshare Content Read More

Heir Holdings, Core Investor in TRANSCORP Acquires 45% of OML 17 from Shell, Total and ENI - Heirs Holdings (HH), the  core investor in Transnational Corporation of Nigeria Plc ("Transcorp") Significantly Expands Oil and Gas Portfolio. Acquires 45% of OML 17 from Shell, Total and ENI. Source NSE Read More 

 

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Reduction of Import Levy on Cars - Fall Out of AfCFTA - One of the key changes in the new Finance Act 2020 is the reduction in the import levy on cars from 30% to 5%. This is in addition to a reduction of import duty on Tractors from 35% to 5%, and on mass transit vehicles for transport of more than 10 persons and trucks from 35% to 10%. Source FDC Read More

Sharing Of Content Through Online Platforms - Considering Digital Piracy In Nigeria - Like many industries around the world, the creative industry has undergone evolution; from the use of three dimensional (3D) printers to compact discs (CDs) to Digital Versatile Discs (DVDs), and since the late 90s, the internet. The impact of digital technology on the Nigerian copyright space cannot be over-emphasised. Source Davidson Oturu, Frances Obiago and Oluwatobi Oluwasanya of Aelex Read More

AfCFTA: Commodity Exchange Positions Nigeria for Effective Operations - The Nigeria Commodity Exchange (NCX), has been positioned to facilitate efficient export of commodities as the African Continental Free Trade Agreement (AfCFTA) takes off. Source Vanguard Read More

Minister Seeks Growth of Non-Oil Exports, Inaugurates Committee on EEF - The Minister, Industry, Trade and Investment, Adeniyi Adebayo has inaugurated the steering committee for the implementation of the Export Expansion Facility (EEF) advising that if a country does not grow its non-oil exports, the economy would remained vulnerable to external shocks with attendant ripple effects of devaluation, inflation and unemployment. Source The Nation Read More

Remittance from NLNG Surpasses FG's Target by N63.6bn - The share of dividend remitted to the Federal Government by the Nigeria Liquefied Natural Gas company between January and December 2020 exceeded the projected target in the 2020 revised budget of the government by N63.62bn. Source Punch Read More

Goldman Sachs Nudges U.S. Growth Forecast Higher on Biden Stimulus Plan - Analysts at Goldman Sachs Group raised their U.S. growth forecast for the second time this month on expectations that President-elect Joe Biden's fiscal stimulus plan will hasten the economy's recovery from the COVID-19 pandemic. Source Reuters Read More

France Wants Suspension of 'Poisonous' U.S.-Europe Trade Spat - The European Union and the incoming administration of U.S. President-elect Joe Biden should suspend a trade dispute to give themselves time to find common ground, France's foreign minister said in remarks published on Sunday. Source Reuters Read More


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COVID-19: Lagos to Upgrade Healthcare Infrastructure - Lagos state government has committed to upgrading and building a robust healthcare infrastructure that is fit-for-design and meets best international standards. The state's Commissioner for Health, Professor Akin Abayomi, disclosed this at a recent media forum where he discussed the strategies in place to effectively mitigate the COVID-19 pandemic risks. Source WebTV Read More

Rethinking Insurance as a Social Service - Insurance, as we know it today, is a BUSINESS of NUMBERS and still satisfies the original idea of managing risks in a collective manner for the good of one. The more the number of people and businesses we have subscribing to insurance, the better our chances of addressing the issues that hinder and break us. Source OpEd By Ekerete Ola Gam-Ikon  Read More

Total Assets Under Contributory Pension Hit N12.29tn - The total assets under the Contributory Pension Scheme rose to N12.29tn as of the end of November 2020. Figures obtained from the National Pension Commission on its report on 'Unaudited report on pension funds industry for the period ended 30 November 2020' revealed on Friday. According to the figures, N80.14tn of the funds had been invested in Federal Government securities.  Source Punch Read More


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